Accountants Daily Podcast Network

On this Christmas special of UTH, host Imogen is joined by CA ANZ president Tinashe Kamangira, who shares details about his achievements during his presidential term. When asked how he found himself as the CA ANZ president for 2024, Kamangira's answer was "a lot of luck." Tune in to this bonus 2024 episode to hear about: Kamangira's final outlook for the year as president on a personal and on a broader industry level. What Kamangira's term as CA ANZ president was like, including the highlights. His achievements and passions. Kamangira's approach to educating and connecting with high school and university students. How to support and bolster smaller accounting practices and sole practitioners. The horizon for the accounting industry in 2025.

On the first official episode of Under the Hood, Tracey Scotchbrook from the SMSF Association joins Imogen and Lee-Ann to chat about all things currently happening in the superannuation space. A significantly complex and technical industry, tune in to hear Tracey's take on: Key attention points in the super industry this past year. What challenges the industry faced this year and what challenges are on the horizon for 2025. The future of Div 296 tax and other bills proposed by the government. Super issues and the impacts this may have on accountants.

On this episode of AD Insider, host Imogen Wilson is joined by Hall Chadwick partner Kathleen Vouris and Crouch Amirbeaggi managing partner Shabnam Amirbeaggi to chat all things insolvency and a lack of female representation. In Australia, women make up only 10 per cent of insolvency practitioners, revealing a huge gap that yearns to be filled. Amirbeaggi, the first registered female liquidator in the country, shares her journey from the beginning to the present and how she has continued to enjoy the highs and lows of the industry. Vouris, working alongside her father who has been in the insolvency game for 50 years, reflects on how her career has shaped her perspectives and how she has always felt supported by those around her. Amirbeaggi and Vouris also share insight into how the industry brought them together to form a friendship and support system of their own.

In this episode of AD Insider, chartered accountant and storyteller, Heather Smith, and chartered accountant and partner at The Bean Counters, Tyler Caskey, are back with tech updates for the third quarter of 2024. Smith and Caskey touch on multiple topics in this episode, sharing the latest news about features, functionalities and updates in the accounting technology world. Key highlights from the episode include: The 3 * 3 Strategic Vision shared by Xero's CEO at Xerocon Nashville. AI-rich NetSuite updates from Suite World and Cloud World, Las Vegas. Intuit's Enterprise Suite release and MYOB's new partnership with Silverfin. Testing Australian-based Pinch Payments alongside solutions like Stripe and GoCardless. Funding announcements from Re-Leased and ProjectWorks and acquisitions including Tradify. Smith and Caskey will speak at the upcoming Access All Areas event hosted by ChangeGPS on Wednesday, 27 November in Melbourne.

UTH has been launched to provide more technical insight and discussion into the accounting industry's ins and outs. Hear firsthand what is going on behind the scenes, who is making waves and how changing legislation and requirements continuously impact accountants, their roles and their interactions with clients. We are thrilled to introduce the head of tax education at Accurium and Tax Banter, Lee-Ann Hayes, to co-host this new podcast branch. Hayes will join journalist Imogen Wilson on UTH to chat with industry stakeholders and facilitate a more practical and sophisticated conversation.

ChangeGPS general manager and popular accountant advocate, David Boyar, jumps onto AD Insider to share his views and opinions on the current activity in the accounting industry. Boyar shares his passionate views about the disadvantages accountants have faced over the last year, and how these will likely persist into 2025. Touching on aspects from policy reform and rapidly changing obligations to professional body activity and AI adoption, Boyar expresses his perspective on it all. The episode also announces the Access All Areas event hosted by ChangeGPS in Melbourne on 27 November. The event is designed by and for accountants to connect and learn from one another during an overwhelming and uncertain time.

On this episode of AD Insider, Alan FitzGerald dives into the world of AI and how accounting firms can use it to transform their processes, operations, and services. Founder of Practice Connections Advisory, FitzGerald shares his extensive experience, knowledge, and personal opinions on AI and how it can elevate the accounting industry during a time of significant change. Touching on all aspects from benefits and challenges to risks and forecasts, FitzGerald bases his discussion on findings highlighted in the recent Changing the Game report by Intuit QuickBooks. FitzGerald says AI is the way forward for the accounting industry – tune in to this episode of AD Insider to find out why. If you'd like to discover how Australian accounting firms are leveraging technology to stay ahead of the competition and secure their future success, download the full report at intuit.me/accountanttech for valuable insights, practical tips, and real-life examples.

Momentum Media is thrilled to be hosting the sixth annual Women in Finance Summit and Women in Finance Awards in Sydney on 15 November. In the sixth episode of the Women in Finance Podcast series for 2024, sponsored by CPA Australia, host Imogen Wilson is joined by Jenny Wong, tax lead of policy and advocacy at CPA Australia. Tune in to hear about: How Wong found herself working within the tax advisory space. The benefits and challenges working in tax can present. Advice for young up-and-coming women in the tax profession. And much more!

Parras & Associates accountant Nick Parras and Pristine Finance broker Marinko Radomir share how working together has helped support their clients and strengthened their businesses. In this latest episode of Accountants Daily Insider podcast, host Miranda Brownlee and Annie Kane, managing editor of The Adviser, speak to Nick and Marinko about their specialisation in high-net-worth and medical professionals and how they work together to deliver the best outcomes for these clients. Tune in to find out: How working with brokers can also benefit accounting firms. Tips for finding broking partnerships that are the right fit for the accounting firm. Shared and unique challenges in each profession. How they work with high-net-worth clients.

Paul Dove joins Imogen Wilson on this week's episode of AD Insider to discuss how outsourcing can benefit accounting firms in light of current issues and industry struggles. Cloudstaff is a remote staffing solutions provider that helps innovative companies around the globe find their "dream team" of staff. Dove is the senior vice president of sales at Cloudstaff and is quite the guru when it comes to the ins and outs of outsourcing. He shares his personal experience and knowledge of how this mechanism can help transform and alleviate the accounting industry. Dove chats about his role at Cloudstaff, his personal experience and shares his knowledge of how this mechanism can help transform and alleviate the accounting industry.

Lana Weldon and Doriena Parsons from Moore Australia jump onto AD Insider to discuss the current talent shortage in the accounting industry. Sharing their passion, experience and love for the industry, the power duo touches on why the accounting industry is struggling to attract young talent, why they aren't being retained, and what we can do to change it. Like all industry members, Weldon and Parsons emphasise the point that accountants aren't just "number crunchers" but creative minds that help our economy achieve anything and everything. As a collective it is up to the accounting industry, its peak bodies and companies to portray the lifestyle, work, possibilities and opportunities available to young talent in the accounting profession.

Ex-accountant-turned-mindset coach and psychotherapist Danii Nastov shares the importance of overcoming overwhelm in the accounting industry. Like any professional career, there is a certain expectation to be consistently "firing on all cylinders" when in reality, this is neither achievable nor sustainable. Nastov provides insight into her career as an accountant, the overwhelm, stress, and burnout she constantly experienced and how she eventually managed to pull herself out of this cycle. Nastov touches on where this "hustle culture" and expectation comes from, as well as how to recognise and deal with it while maintaining a strong and consistent work ethic.

Partner and director of Accru Felsers, Steven Zabeti, shares key lessons and insights from his long and successful career as an audit specialist. Following his recent award win as partner of the year, Zabeti offers valuable advice to younger accountants aspiring to move up the career ladder and chats about some of the challenges and wins from his own career. He also reflects on the evolution of technology throughout his time in accounting, his firm's approach to innovation, and where he sees the future of accounting heading. Zabeti also discusses how his firm's focus on quality and teamwork has led to its positive client outcomes and the expansion of the firm.

Founder of award-winning firm Latitude Accountants, John Saade, chats to Accountants Daily about his 20-year career in accounting and the bespoke client solutions fuelling the firm's growth. After taking out the award for fast growing firm in the recent Australian Accounting Awards, Saade discusses why his clients value tailored solutions and services that go beyond just a transactional service. He also shares the firm's plans for expansion and why the firm remains dedicated to supporting small-business owners as it expands into new locations around Australia. With many firms struggling to find talent, Saade also chats about the firm's approach to attracting younger accountants by building up the culture of the firm; creating a fun environment; and highlighting the purpose and vision of the firm, which is to support the small businesses in the community. He also discusses some of the challenges that lie ahead in the current economy and how his firm is helping small businesses through more challenging times.

Heather Smith and Tyler Caskey break down the latest developments and features in the accounting technology space for June and July. In this latest episode, technology expert and commentator Heather Smith and Tyler Caskey, partner at The Bean Counters, provide their insights on what's been happening in the fast-moving accounting technology space. Smith and Caskey delve into the developments across the biggest accounting software platforms including QuickBooks, Xero and MYOB as well as some of the emerging features on Ignition, Employment Hero and Dext. They also chat about the establishment of software platform Zoho in Australia with the software provider recently setting up its first Australian headquarters in Adelaide. Smith also shares her valuable tips for training stuff on new software systems.

George Haramis chats about emerging advice opportunities for accountants following advancements in digital advice and what's next for accountantsGPS. AccountantsGPS founder and CEO George Haramis talks to Accountants Daily about what his platform is doing to actively address the advice gap and the barriers facing accountants wanting to provide clients with greater access to advice services. With many clients seeking advice on areas such as super but unable to afford the high cost of advice, digital advice may be a potential solution to meeting these clients' needs. Haramis gives insight into why he started accountantsGPS and what progress has been made since its launch in 2023 with participating firms. He also discusses how offering digital advice services can benefit accounting firms and their relationships with clients. AccountantsGPS is also offering a promotion for firms that want to subscribe and test out the platform. Accountants can use the promocode code WEB100GPS to access: A one-month free subscription for the accountantsGPS platform. A 20% reduction off a monthly plan, for a limited time only to COB Friday, 16 August. Savings between $600pa to $2,900pa. Call 1300 24 24 42 to speak to the accountantsGPS team.

CGW Lawyers partner Fletch Heinemann shares some of the critical considerations for businesses engaging contractors with audit activity in this area on this rise. In this episode, Heinemann discusses two major High Court decisions, Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd and ZG Operations Pty Ltd v Jamsek, and the implications they've had on contractor arrangements. He also explores how the introduction of the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023 affects how businesses determine whether workers are employees or contractors. Heinemann warns businesses on some of the key issues to watch out for when contracting sole traders, including potential payroll tax concerns. With audit activity from both the ATO and revenue offices in this area on the rise, he also provides insight into how businesses should prepare for a potential audit.

Tax debt specialist Olga Koskie explains why it's not all doom and gloom in relation to payment plans and tax debts despite a shift in the ATO's approach. In this latest episode, Tax Assure director and principal Olga Koskie shares what she's currently seeing in practice in terms of the ATO's approach to tax debts and the types of terms it is willing to agree to with payment plans. While the ATO is now firmly back in active collection mode, Koskie says it is still possible for businesses with tax debts to obtain affordable and sustainable payment plans. She sheds light on the factors the ATO is looking at when considering when to grant payment plans and what is likely to lead to a more favourable outcome. Koskie also explains what initial steps businesses with these debts should be taking and how they may need to structure their arrangements based on their specific circumstances, such as projected cash flow.

Heather Smith and Tyler Caskey delve into the latest features, integrations and developments across QuickBooks, MYOB and Xero over April and May. Accounting app specialist Heather Smith and technology enthusiast and partner at The Bean Counters, Tyler Caskey, share their thoughts on some of the recent updates across accounting apps in the past two months. They chat about the release of several new features by QuickBooks including the spreadsheets sync feature and the release of the fixed asset register and some recent integrations on the platform. They also touch on some of the big announcements in the space including Xero's decision to retire Planday and changes with its pricing plans. Smith and Caskey also highlight some of the other useful features launched across practice management and business management software platforms recently.

Cooper Grace Ward Lawyers partner Sarah Lancaster provides an update on the payroll tax issues continuing to plague medical practices and the critical planning needed in this area. In this episode, Lancaster shares some of the highlights from her upcoming presentation at the ACE Accounting Conference & Expo next month. She discusses the potential audit risks facing medical and allied health practices following the rulings that were issued by various revenue offices last year and what firms need to be doing now to manage these risks. Lancaster also sheds light on other payroll tax issues being audited by state revenue offices and where businesses need to improve their record keeping.

A bids and tender specialist has seen a dramatic increase in small to medium accounting firms bidding for government contracts in the past year. In this episode, Jason Cooney, director at The Tender Team, explains why smaller accounting firms have become more courageous with bids for government contracts more recently and some of the reasons for their success. Cooney discusses the types of contracts that smaller accounting firms are winning and how they can stand out from other competing firms. He also offers tips and considerations for the tender process and how firms can prepare to make the process smoother.

Michael Fingland explains the vital role that stress testing can play for businesses in an economy "teetering on the edge of recession". In this latest episode, Vantage Performance chief executive Michael Fingland gives a rundown on the concept of stress testing and how businesses can utilise this strategy to prepare for further headwinds in the year ahead. Fingland explains that with consumer spending pulling back and the economy softening, businesses should be analysing what outcomes might arise with a dip in cash flow, a drop in revenue or with other, more specific, challenges. Businesses can then put in a place a "rapid-fire turnaround plan" that can be implemented if any of these scenarios happen, he says. He also provides his predictions on business conditions for the remainder of 2024 and what the main challenges will be.

Heather Smith and Tyler Caskey delve into the latest technology transformations and feature and functionality updates for the start of the year. In this episode, accounting apps specialist Heather Smith and Tyler Caskey, partners at TheBeanCounters, discuss recent developments in real-time banking transactions, direct digital receipting and multi-currency transactions. They also explore updates and new features in the reporting space across cash flow forecasting, automatic workflows, intercompany loan reconciliations and ESG. Heather and Tyler also chat about some of the big announcements in the accounting tech space including the launch of WorkflowMax by BlueRock and Xero ending classic invoicing later this year.

There are so many amazingly successful women in the finance industry, but only a small number have a strong brand and online presence in this traditionally male-dominated industry. As we celebrate International Women's Day, we want to help more women raise their profile and showcase the incredible professionals in this space. In this episode, partnered by Mortgage Choice (part of the REA Group), we're picking the brain of its executive manager, corporate communications, events & franchise marketing, Sally Chadwick, to find out: How to build a brand presence. The benefits of having a strong brand presence. Top tips to help you get started today. And much more!

Family businesses ripe to pass on often need help after getting stuck in their ways, says the principal of a financial advisory firm. A spike in succession planning in the wake of COVID-19 has created a wealth of opportunities for advisers and virtual CFO services, says one finance specialist. Principal of iFin Capital and iFin Advisory, Nathan Hogan, said some strong family businesses got stuck in their ways and needed some help to make the transfer. "We're seeing a real spike in the last 12 months of this activity of passing on things to generations," he said on the latest Accountants Daily Insider podcast. "A lot of it really is around really good family businesses that have done well and generally they've had an internal finance manager or someone who's started as a junior and worked their way up. "Sometimes those businesses have the biggest issues because there has been a bit of inaction for a long time and they might not be looking around the corner as much as you would like to see from your CFO."

Outsourcing will be part of the answer for some, but finding a senior locally will remain a problem, says Trent McLaren. The accountancy profession looks in vain for a talent shortage silver bullet and some firms face a tough decision about whether outsourcing is part of the answer, according to the co-founder of marketing and sales consultancy, Journey, Trent McLaren. "When we say there is a shortage of accountants, we're saying there's a shortage in Australia, right?" he said on the latest Accountants Daily Insider podcast. "There are people in other countries that are happy and willing to do the work that our new generation of people don't want to do. "This is something that some people will have to either bite with, say either I don't want to do any more work, I don't want to win any more fees … or they're going to see more people embrace this global, remote teams type environment, where my team member is just based wherever they need to be." "There's no silver bullet. That's the thing. Even if I go and load up on offshoring outsourcing, there's still a capability piece that I'll have to draw a line on at some point. "I'm still going to need a senior at some point locally."

Following the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. In this episode, we chat to Rebecca Warren, executive general manager of small-business banking at CommBank, about how she navigated a historically male-dominated industry over her 20-year career and why she believes inclusion and diversity are not just morally imperative, but key to achieving superior business results. Tune in to find out: Why she loves commercial finance. The secret power of 'quiet achievers'. How CommBank is creating a more inclusive and supportive work culture. And much more!

Following the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. In this episode, we chat to Suzanne Wood, state general manager residential broker Victoria/Tasmania at Westpac Group (and state chair of the Women of Westpac employee advocacy group), about how she climbed the career ladder in banking and the power of having strong female role models. Tune in to find out: How she learnt the art of having difficult conversations. The perils of unconscious bias and how to tackle them. How Westpac is supporting women through the Women of Westpac employee advocacy group. And much more!

Grammatical errors and other easy signs of fake messaging are gone and "wealthy, trusting" Australia has become a favourite target. AI has taken the rough edges off cyber scams and removed the easy "tells" in fake messages such as typos or grammatical errors, says one digital security specialist. "Now they just have ChatGPT correct the text – they just say 'write this email as an Australian business person," said Niek Dekker of Eftsure on the latest Accountants Daily podcast. "That was done the moment it came out." He said AI had also made some countries that were difficult to hack, such as Japan, more vulnerable. "They were always a bit out of target because not everybody knows the business culture or the language. Since generative AI has come, they see an increase in scams." He said Australia had become a favourite target for hackers because we were wealthy and trusting. "That makes us prime targets for these criminals."

The financial advice regime has failed to deliver guidance to SMSFs through its licensing rules and the Quality of Advice Review offers little prospect for change, according to the CEO of two fintechs aiming to bridge the gap. George Haramis said some accounting firms acquired licences to offer advice to SMSFs but providers fell away, leaving almost $900 billion in superannuation assets largely unguided. "We know that accountants can deliver tax advice, but in reality they get asked all the time to cross the line inadvertently by their clients," Mr Haramis said on the latest Accountants Daily podcast. "They don't. They fall back to the tax advice and guidance and refer people to financial advisers." "But it's always surprised me that the inability for them to give personal advice to some extent is not is not catered for by the government and the regulators – particularly what came out of QAR."

Ahead of the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. In this episode, we chat to Anjali Crossette, manager of motor operations at non-bank lender Liberty, about breaking barriers and misconceptions about car finance and why she believes the industry needs to showcase gender diversity across every rung of the career ladder. Tune in to find out: Why the finance industry is an attractive industry to work in for women. The progress being made in gender diversity in car finance. How Liberty is leading the way by example. And much more!

Ahead of the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. In this episode, host Maja Garaca Djurdjevic is joined by Olympian and financial adviser at HLB Mann Judd, Sarah Carli, to discuss how she made her way from the track to financial advice. Ms Carli, who competed in the 400-metre hurdles at the Tokyo Olympics in 2020, reveals the valuable skills she has learned as an adviser that have positively impacted her athletic career, as well as how she balances being a professional athlete with working full time. Tune in to find out: The importance of a supportive work environment. How she balances her professional and athletic commitments. How there are more transferable skills between athletics and advice than many might expect. And much more!

Ahead of the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. Deslie Taylor, principal at Mortgage Choice Ormeau in Queensland, is one of the top brokers in the country, having settled over $1 billion in loans in her 16-year career and taken home numerous awards including Mortgage Broker of the Year at the Women in Finance Awards multiple years in a row. In this episode, we chat to Ms Taylor about how she runs her award-winning brokerage and find out from Aaron Slater, general manager of distribution at Mortgage Choice (principal partner of the Women in Finance Summit and Awards 2023), how we can help support and create more inclusive workplaces. Tune in to find out: The power of being an empathetic leader. The art of practising continuous improvement. How Mortgage Choice's Aspire program is supporting women in finance. And much more!

Tax debt hangovers from the pandemic are behind the rise in SME insolvencies but adverse economic conditions now drive company wind-ups and it will only get worse, say two specialists in the area. Speaking on the latest Accountant Daily podcast, Jirsch Sutherland national managing partner Bradd Morelli and Sydney partner Andrew Spring said people on fixed incomes were cutting back and hitting sectors that had barely recovered from Covid. "We might avoid a technical recession but we will definitely come into – if we're not experiencing now – a per capita recession," said Mr Morelli. "I struggle to see how the conditions can't worsen over the next 12 or 18 months." Mr Spring said economic impacts often manifested in tax debt. "The reasoning behind why the tax debt has accrued is impact at top line, at revenue line, which can largely be a result of the economic impacts at consumer level around discretionary spend, or higher costs."

Ahead of the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. Joanna James is an advocate for constant reinvention and resilience, having adapted to change over her career in the finance space herself. Having worked in the lending space for more than 20 years – including as the general manager of non-bank lender Mortgage Ezy – she now helps support women in building successful businesses through Artemis Space, a women's community group delivered by the Finance Brokers Association of Australia. In this episode, Annie Kane sits down with Ms James to find out: Why success is subjective. The power of visualisation, emotionalisation and manifestation. Why she believes the finance industry is a great industry for women. And much more!

Ahead of the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. Tanya Sale co-founded mortgage aggregation group outsource Financial with Andrea Tassis 13 years ago, with Tanya now one of the very few female CEOs in the mortgage industry. In this episode, Annie Kane sits down with Ms Sale to find out: How a piggy bank triggered her love of finance Why she started her own aggregation business Why she believes support is critical to succeed as a female business leader And much more!

Maxed-out credit cards together with household savings at a 20-year low are alarming portents for the looming recession, says turnaround specialist Michael Fingland. The founder and CEO of Vantage Performance said the increased costs of servicing a mortgage had depleted cash built up during the pandemic and it was business as usual for credit card debt. "Inflation is coming down because the household savings rate is now at such a low level," he said on the latest Accountants Daily podcast. "Also through Covid the average credit card balance dropped by a third … it's just tipped back up at the end of the June quarter, back up to the peak of where it was pre-Covid." "The economy, in terms of discretionary spending, is now exhausting itself." "Look at the US and Europe – when you go into a recession with a very low household savings rate the recession is worse because there's just no buffer."

Enforcement action without warning is an unmistakeable sign that the ATO has adopted a tougher line on debt recovery, says a tax debt specialist. "We're absolutely seeing an increase in enforcement action, an increased focus on individuals – so directors and not just the company – and an increase in enforcement action without any warning," said Olga Koskie, a director and principal at tax debt negotiation specialist Tax Assure. Speaking on the latest Accountants Daily podcast, Ms Koskie said two factors underlined a change of mood at the ATO. "One is a focus on compliance – on lodgements on time, on payments on time, and the history of the compliance of a company or an individual or a business is affecting whether or not they're getting payment plans," she said. "And the second is ongoing viability. So if they don't believe a company has the ongoing viability or is able to demonstrate ongoing viability, there may not be as many second chances."

Artificial intelligence and other emerging technologies throw up fresh ethical challenges for accountants who need to be aware of the pitfalls, says RMIT honorary professor of accounting Brendan O'Connell. Speaking on the latest Accountants Daily podcast alongside CPA Australia ethics policy senior manager Keddie Waller, Mr O'Connell said AI brought issues such as privacy and consent to the fore. "If you're using AI to solve a problem relating to a client, if you feed that into AI then it becomes a public document. So there's a privacy issue there," he said. "If you're analysing the data of a client, you want to make sure that you've got their consent to use it for particular purposes." Ms Waller said the accounting ethical principles, spelled out in APES 110, remained unchanged, but special guidance was being developed to cover emerging issues. "What the code has done over time in trying to respond to that is provide more guidance, more contemporary issues for … professional accountants to think about in how to apply those fundamental principles to the situations they're facing," Ms Waller said.

Artificial intelligence will never usurp accountants, although firms that fail to embrace the technology have the most to fear, according to the marketing leader for accounting and advisory at Intuit QuickBooks, Damien Greathead. "I don't think it's going to replace accountants," Mr Greathead said on the latest Accountants Daily podcast. "I think it's going to replace those accounting firms, bookkeeping firms, that don't embrace it, that don't recognise that artificial intelligence can do certain tasks very efficiently and very effectively." Firms that adopted the technology would have more time to spend on client relationships because "accountants are in the people business". "They're in the business of helping their clients remain compliant, giving their clients peace of mind, helping them be successful in either their business or personal wealth. "I don't think that will ever go away, that relationship."

We are effectively in a recession already with near-zero GDP growth and many industries under pressure, says turnaround specialist Michael Fingland. Mr Fingland, CEO of Vantage Performance, said its focus on helping to save troubled businesses meant it witnessed changes in the economy "roughly six months before the insolvency profession". "It's feeling very eerily a bit like the onset of Covid and certain elements of the GFC," Mr Fingland said on the latest Accountants Daily podcast. "There are certain industries that are really starting to come under significant pressure. "GDP figures were 0.2 per cent growth – that looks and feels like a recession because that's an average score. When you're at such an anaemic growth level like that, it looks and feels like a recession in most industries." "Now June quarter I think will definitely be a negative and September most likely negative, so officially, we won't be told that we're in a recession until November." "But at 0.2 per cent GDP [growth], that's effectively recessionary territory."

A 90-degree turn from healthcare to financial health turned out to be a winning move for Isagani Manaois of TaxSmart Cafe, who was named Property Specialist Accountant of the Year at the recent Australian Accounting Awards. "When I moved to Australia I started studying accounting because of the flexibility," he said, after the 24-hour shift work of nursing had taken its toll. It was a double win for TaxSmart Cafe and for Filipino migrants, with colleague Joynivee Chua winning the award for Accounting Support Staff of the Year. Like Mr Manaois, Ms Chua studied to help her move but she began with a degree in computer science before making the switch. "It took a while, but I finally got an opportunity to start studying accounting," she said, after her software nous helped TaxSmart Cafe embrace a whole range of financial software. "I finished cert four in accounting and bookkeeping and now I'm continuing an accounting degree."

Awards are vital to boost accounting in the eyes of students, says Mazars Sydney managing partner Matthew Ashley, because attracting talent to the profession is a key challenge. Mr Ashley, who won Partner of the Year at the recent Australian Accounting Awards for the second time in a row, said everyone faced the same problem but awards were part of the solution. "We need to be doing more things to elevate accountants … celebrate success more as a profession," he said on the latest Accountants Daily podcast. "The more we can do in investing in PR for the industry itself will help ensure we're getting the talent pipeline coming through in terms of people leaving school and going to university wanting to study accounting and using it as a foundation for their career." If Mr Ashley needed proof that his approach could work he had to look no further than his own Mazars Sydney team, which was a stand-out at this year's awards with two other winners: New Partner of the Year in international tax specialist Lauren Hill and Rising Star of the Year Nadia Afrin.

"Never give up!" is the message from Natalia Clack, winner of the Excellence Award at the recent Australian Accounting Awards, who overcame the challenge of learning a specialty and setting up her own business after moving here from Russia 20 years ago. "If you decide to come to another country and things are not going smooth, just push and be resilient, and make sure that you make your decision today and you follow through with your decision," she says on the latest Accountants Daily podcast. The experience of Ms Clack, who also won the award for Superannuation Specialist Accountant, resounds in a profession where more than 50 per cent of practitioners were born overseas. "Every day you try to improve your business, you try to grow your business, you face the challenges, and you think that all this effort doesn't get recognised," she said. "But at the end of the day, it gets accumulated. So whatever you're doing, bit by bit, drop by drop, you get this accumulation of your strength, of your success, of your achievements, of your mentality. "And at the end of the day, you will get your award one way or another."

Tax on Chain discusses some of the major tax issues in the cryptocurrency space and the strong demand for specialist tax services involving crypto assets. Director of Tax on Chain, Oliver Woodbridge, outlines some of the biggest gripes for accountants dealing with crypto assets and the difficulty in navigating the tax framework. With regulatory guidance in the area of crypto severely lacking, he also talks about the importance of the ATO providing further advice in this area. Oliver also highlights some of the developments happening in the cryptocurrency and blockchain landscape and what the next year ahead looks like for this space.

Specialist accounting firm Darkwave discusses the outlook for creative industries and where accountants can play a guiding role. Darkwave director Meredith Fannin highlights some of the challenges facing those working across entertainment, music, performance, TV and film over the next 12 months, including the rising cost of living and advancements in AI. As a firm specialising in the creative industries, Ms Fannin outlines some of the ways accountants can provide value to these types of clients through financial planning, cash flow management and detailed budgeting. She also chats about the recovery of the creative industries from the difficult COVID-19 period and what the next financial year is likely to bring for different parts of the industry.

Accountants and their clients will have some unique strategy dilemmas to consider in the lead up to 30 June this year. In this episode, we share a conversation with one of our sister brands, The SMSF Adviser Show. Tim Miller, SMSF technical and education manager at Smarter SMSF and Smarter SMSF chief executive Aaron Dunn share a range of tips, traps and strategies SMSF professionals can look to employ with their clients in the lead up to 30 June. Mr Miller highlights some of the key contribution strategies to think about and why increasing mortgage repayments may drive an uptick in downsizer contributions, particularly in the 55 to 65 age group. He also discusses some of the dilemmas faced by SMSF professionals and their clients in relation to pensions with the general transfer balance cap set to index to $1.9 million on 1 July.

KeyPay co-founder and head of product at Employment Hero Phil Bernie outlines some of the upcoming challenges with payroll for the year ahead and where Australia's employment system could be improved. Mr Bernie discusses what some of the main hurdles will be for accountants next financial year including the continued rollout of single touch payroll phase 2, the start of payday super in July 2026, and a tougher compliance focus by regulators. He shares some of his predictions in terms of regulatory changes, including a move to paying BAS tax weekly or fortnightly, and also discusses some of the complexity in Australia's employment system and some aspects that could be simplified.

The current advice framework creates significant issues for unlicensed accountants looking to provide advice on the proposed $3 million threshold, warns CA ANZ. In this episode of the Accountants Daily podcast, Tony Negline from CA ANZ shares his thoughts on some of the recent developments happening with advice reforms and superannuation policy. With the government looking to introduce legislation for the experienced pathway for advisers soon, Mr Negline discusses CA ANZ's views on the measure and concerns about the absence of a sunset clause. He also highlights the need for further reform to create a fairer regulatory environment for accountants and why the Quality of Advice Review didn't go far enough. He also explains why the $3 million threshold will create new difficulties for unlicensed accountants due to the way the existing framework operates and why it needs to change.

Accountants are prone to a raft of common mistakes that hold them back but can be avoided with planning, says Rob Pillans, founder and principal consultant at Planet Consulting. A former accountant himself, Mr Pillans admires the profession "but I do see some things a bit too often that I would love accountants to be doing a bit differently", he said. "I've categorised those things into three broad areas: team, clients, and systems and processes." He said the problems were perennial but getting the team right was always top of the list. "If you don't have that clear vision and direction for the firm that you can articulate to the team or get them involved in building it, go back and start there. Because if you get clear about that it guides a lot of the decisions that get made about the other aspects of the business."