Blog
October 30, 2018

Developing a Retirement Plan – increases your sale price

There is one obstacle in the way of a successful sale of your practice that might surprise you. It has nothing to do with your clients or staff. No. It’s your imagination! What do we mean by that, you ask yourself... Many accountants simply cannot imagine life after divestment of their practice. In my experience, accountants don’t retire; they just find new goals. And they are like Olympic champions (stay with me here); without a gold medal to work for,…
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Blog
September 28, 2018

How to add 20% to your practice value – the hook

What would you do if your new financial year started with one of your key staff walking out the door with $200,000 of your fees? Wouldn’t happen? I have seen it on many occasions. And while I lament the passing of the honourable handshake in business as much as the next person, I have to believe the evidence of my own eyes. The question is, why is this happening? Because it can. Let me explain. Accounting is still a relationship…
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Blog
September 20, 2018

Macquarie AFS Benchmarking Report

It is out, the ‘Macquarie AFS Benchmarking Report’. A fantastic insight into Macquarie Bank’s professional arm and what their stats are surrounding the Profession.   Go to their landing page, click the ‘Download the report’, it will scroll down for the standard ‘populate your details’ and BINGO download a copy of the report:   Link: https://goo.gl/ZoHj7p   In summary, the industry is on the move, acquisitions are still sought, a strong push of systems and procedures intertwined with technology is pushing up metrics and the…
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Blog
August 8, 2018

The Seduction of Growth (gurus)

Are you being seduced by a GROWTH story that could harm your firm? Have you noticed how many growth gurus there are these days. You know the ones, good-looking, silver tongued motivational speakers and authors, bouncing around on stage like they’ve just chugged two energy drinks. Growth gurus have a story, a mantra: Growth is Good. Growth is King. If you aren’t growing, you're dying. Growth is a silver bullet that will solve all your problems. Because if you are…
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Blog
August 8, 2018

2018 M&A Pulse Report

Have you been involved in a merger or acquisition in the past 5 years? Would you like know more about the challenges accounting and financial advisory firms face in successfully integrating following M&A? The 2018 M&A Pulse Report will provide feedback on key aspects of M&A strategies for accounting and financial advisory firms focusing on: Brands, Clients, Teams, Systems and Processes wrapped in Cultural Integration If you’ve been directly involved in M&A deals within your firm (as a buyer or as…
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Blog
July 16, 2018

Happy New Financial Year

It’s the silly season for accounting practices again: busy meeting crazy expectations from clients and scribbling notes to self (as the dollars roll in) – ‘cut hours; increase fees; spend more time with family’. As one door closes, another opens. Banks are hiving off their wealth management divisions as fast as they can, trying to get ahead of the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services. Blockchain platforms proliferate as fast as opinions…
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Blog
May 16, 2018

Accounting firm values maintain trajectory amid royal commission fallout

Accounting firms that refused to succumb to the allure of financial planning have never looked better. Nothing reinforces the value of a good accountant quite like a federal budget. Morrison’s announcement last week contained no less than 33 tax changes ranging from personal income tax reductions, to instant asset write offs for small business, and tweaks to self managed superannuation funds. Try wading through that quagmire without the aid of a sensible accountant and your sanity intact. Not likely. On…
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Blog
May 14, 2018

Meet Deloitte’s Home-Grown AI That Eats Bank Rec for Lunch

Originally posted by Sholto Macpherson on Digital First: LINK HERE  How fast can you categorise a list of 130 transactions? Could you do it in under an hour? Deloitte has built an app that can do just that, without human intervention. This week in a keynote at Sydney’s Oracle Open World conference, Deloitte’s chief data scientist, Gavin Whyte, showed a slide with the results of a recent machine-learning experiment in bank rec. Whyte had convinced a sceptical customer of Deloitte’s tax and…
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Blog
May 11, 2018

SMSF Audits Under Pressure – Again

Its seems many in the industry are not amused at a sudden decision (pending) to push SMSF Audit out to once every three years. The questions raised is simply does this mean SMSF Auditors can still charge the same fee times 3 or is it they have just taken two thirds of the value off the business that has had many people invest their hard earned money and more valuable, time, without consulting the people who have maintained the Audit…
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Blog
March 12, 2018

How to value a CA firm – Back to Basics

Forget the valuation, sale terms are where mergers and acquisitions are won or lost. The most common question our team get asked at accountancy conferences is ‘what am I worth?’ Of course, what practitioners mean by this is, what is the value of my accounting firm, or a partners’ share of a firm upon succession or transfer? There are usually three reasons for asking this question: someone is buying into or exiting the practice, buy/sell or key person insurance is…
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