Business Advisory News For Accountants

Are you famous for adding value?     Virtually every accountancy business in Australia does tax returns.  Some firms claim to be “famous” for tax but how do you differentiate yourself in a crowded market place?   The beginning of a new financial year is an appropriate time for an accountancy business to stop, reflect and take stock on where your accountancy practice is headed over the next few years.   We are living in a situation where there is undoubtedly digital disruption going on in the community, affecting accountancy firms and a wide range of other businesses.   Another particular concern to accountants is the Standard Business Reporting system that is currently being phased in by the Australian Taxation Office (ATO).  The ATO is very confident that this is going to cause at least a $500M per annum reduction in professional accounting fees. How much of this is likely to affect your firm?   Taxation returns are becoming more of a commodity product and there is the ongoing increase in overseas competit