Business Advisory News For Accountants

In mid-2015, accountancy businesses are facing a wide range of challenges.  Accountants need to develop strategies to respond to the challenges to maintain the accountancy profession’s premier rating as the “trusted adviser” to small/medium enterprises.These challenges include:•    Effects of “Digital Disruption” – Deloitte has predicted that professional firms (of which accountants are part) will suffer a 32% change in their businesses, due to the effects of “digital disruption”, if they do nothing over the next few years.•    The Australian Taxation Office (ATO) is proceeding with a plan to introduce Standard Business Reporting (SBR) which the ATO believes will result in a “red tape reduction” of, at least, $500M per annum.  The vast majority of the “red tape reduction” is expected to relate to accountancy fees.  This will encourage small/medium enterprises to ask for their “red tape” discount!  There is a strong possibility that the Australian government will promote this “red tape” benefit to small/medium