From The Trenches

When Xero goes down does CTO Mark Rees get a red alert alarm in the middle of the night? Is it red flashing lights and blaring alarms? 

Listen to find out as Paul Meissner goes 1:1 with Mark Rees at Xerocon

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There are so many new payment apps now. 

Some of them are payments but cheaper and other build great workflows to solve business problems you currently have. 

And there is a ton of work being done to help banks understand Xero data. 

And the person overseeing this strategy is Xero's Leigh O'Neill. 

Check out our other Xerocon Interviews.

4 Minutes and 31 Seconds with Jo Lyons @Xerocon https://omny.fm/shows/from-the-trenches/4-minutes-and-31-seconds-with-jo-lyons 

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New Xero APAC Managing Director Jo Lyons has the energy one needs to take on this enormous job.

In this 4 minutes and 31 second floor walk interview Jo and Paul capture the energy of Xerocon. 

Check out our other Xerocon interviews

Financial Services and Xero - What and Why with Leigh O'Neill - EGM Financial Services 

Where's the product? With Mark Rees CTO

Huge thanks to Xero for comping Paul and Dave some Xerocon tickets. 

See omnystudio.com/listener for privacy information.

It's a nervous feeling as we get ready for for the biggest gathering of the industry in 3 years with the 3,000 odd attendees slightly eclipsing the 13 odd people who went to the IPA crypto conference. 

This is the retail junket we have all been looking for, the most accessible one that has sold out by attendees, was over sold to sponsors and stands to re shape the energy in the industry. 

And we discuss, if we don't expect major product announcements, and if the content is more wokey, techy, thoughy leadershipy stuff you could get anywhere then why did it sell out? And why are we so excited?

Well, because this is the greatest peer accounting community in the region and the industry clearly craves coming together. 

In this years preview Dave and Paul cover:

Is this a tech conference or an accounting conference?

What we're looking forward to 

What we want to learn

Who we want to meet (hint, it's you). 

Software Vs Accountants Futsol Penalty Shootout

Want to kick a ball at the head of a software vendor (And be ok with them kicking back)?

Software Vs Accountants Futsol penalty shoot out will go ahead live at

Time 2.00 PM

Day 2 Wednesday 

If you want to attend send Paul, Dave or Trent a message on social media or email [email protected] 

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Best on Ground

Tyler Casky takes the Moral High ground on paid influencers https://www.linkedin.com/posts/tylercaskey_i-love-little-innovations-like-this-they-activity-6964724147667025920-k72D/?utm_source=linkedin_share&utm_medium=member_desktop_web 

The rise of Workplace TV

• Madmen
• Succession
• Halt and Catch Fire 
• Silicon Valley
• Industry
• https://www.newyorker.com/culture/cultural-comment/the-new-season-of-industry-and-the-rise-of-workplace-tv/amp 

Pauls Rant  got 50k Linked In views -  but is he right? 

https://www.linkedin.com/feed/update/urn:li:activity:6963277532511043585/ 

Progress on the Gender Pay Gap at the Big 4 

https://www.afr.com/companies/professional-services/financial-review-consulting-salary-guide-2022-23-20220808-p5b815 

Paul

Excel formula’s: ​​https://www.linkedin.com/posts/asifmasani_financial-modelling-formulas-ugcPost-6965610625259454464--7kU?utm_source=share&utm_medium=member_desktop

We need a Recession so tech staff find out what hard work looks like https://twitter.com/JohnWRichKid/status/1561023740577779713 

Worst on Ground 

David

Quiet quitting isn't real - we used to call it being lazy, this is just the old gen thinking the new gen work less - https://www.accountantsdaily.com.au/appointments/17457-excess-overtime-fuels-quiet-quitting-epidemic 

This is what 16% homeloans look like - Literally  https://www.linkedin.com/posts/james-n-nicol_these-are-not-high-interest-rates-this-activity-6968392410934501376-kJ4j/?utm_source=share&utm_medium=member_desktop 

Nonsense Mission Statements getting called out https://www.afr.com/work-and-careers/management/ashurst-should-accept-its-purpose-is-not-extraordinary-20220722-p5b3qc 

Paul

CPA too late on capacity to pay letters 

https://www.accountantsdaily.com.au/business/17328-avoid-capacity-to-pay-letters-warns-cpa-australia 

Chartered Accountants Launches another review  - we don't care, what matters is implemented changes.

Intuit has rebranded to a simpler font. Why? https://www.intuit.com/blog/news-social/unveiling-our-new-intuit-logo/?cid=soc_employee-ambassador&utm_channeltype=LinkedIn 

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What a week to make worst on ground. No matter how hard you tried, some other company did it worse.

Xero are pulling their much loved version 1 reports. That was a show until…

KPMG got caught cheating and CA did barely anything about it. That was a show until…

CAANZ took 18 months to do what little they did causing all three accounting bodies to get a please explain from the Professional Standards Authority and somehow found a way to defend their actions and blame their processes instead of any one person.

Sounds like the type of unaccountable culture that could lead to….say……systemising ethical breaches.

Best on Ground

David

Xero’s Emotional Tax Return Campaign https://www.linkedin.com/posts/joseph-lyons-au_running-your-own-business-is-an-incredibly-activity-6949868389066514432-7Qly/?utm_source=linkedin_share&utm_medium=member_desktop_web  

Accountants Daily new Editor Phil King is capturing the mood of the industry with tech news and industry voice

Paul

New Xero product - Xero go. Interesting given the current app already has a lot of the functionality.  https://www.xero.com/blog/2022/07/xero-go-for-uk-based-sole-traders/ 

Beta testing new tech is good for the customer. 

AI in Food - https://www.afr.com/technology/pizza-giant-gets-into-maths-of-preparing-food-before-orders-arrive-20220713-p5b1g0 

Worst on Ground

Paul

CA can’t uphold the ethics of the profession 

https://www.afr.com/companies/professional-services/professional-regulator-blasts-shocking-delay-in-kpmg-cheating-probe-20220718-p5b2jn 

1. Perception that CA treat big firms better than small may not be true 
2. CAANZ blame their processes, but what about their people? Who is actually responsible?
3. The by-laws can’t punish the right entities
4. How important is being part of the Professional Standards Authority? 

ANZ - MYOB - Suncorp - Myob

https://www.arnnet.com.au/article/699933/anz-drops-myob-acquisition-talks/ 

David

Rezza hood manages to upset accountants and bookkeepers in one overly salesy Hpost

https://www.linkedin.com/posts/rezahooda_accountants-accountingandaccountants-activity-6953303419453378560-b5xX/?utm_source=linkedin_share&utm_medium=member_desktop_web 

Mass Media Fear mongering on interest rates makes us dumberhttps://www.linkedin.com/posts/michaelhutchens_australias-mass-media-reporting-of-the-reserve-activity-6949950144876290049-rnjx/?utm_source=linkedin_share&utm_medium=member_desktop_web 

Atlassian is so unprofitable but we worship them

https://www.smartcompany.com.au/startupsmart/analysis/atlassian-unprofitable-valuation-adam-schwab/ 

Why VCFO Fails https://www.linkedin.com/feed/update/urn:li:activity:6947990583122513920/  VCFO association is part of the solution they spend their time trying to educate on the difference  https://vcfoassociation.com.au/ 

__________________________________________________

This Episode is brought to you by ChangeGPS - Growth Profit Systems making accounting client friendly (brought to you means Dave did it on ChangeGPS time). 

Register for the 2022 Financial Statements + Tax Return Workpapers Masterclass

Monday 1st August 2022

1:00-2:00pm AEST

2022 Financial Statements + Tax Return Workpapers Masterclass (changegps.com.au)

Do you want to get your entire team to have an efficient and standardised Year End process?

Invite the whole team - even your juniors! - for our 2022 Financial Statements and Tax Return Workpaper Masterclass. With a consistent “one-way for everyone” approach, your firm will be able to:

• work efficiently to deliver year end, the same way, for all clients 
• de-risk by ensuring all work is produced to an exact quality standard
• train your employees with a comprehensive client service system and simplified workpapers 

You'll join ChangeGPS Founder, Timothy Munro, and CEO, David Boyar who will deep dive in to our most popular workpapers, utilised by thousands of accountants across Australia.

Register now 2022 Financial Statements + Tax Return Workpapers Masterclass (changegps.com.au)

Join us to learn:

• Why “one way” of doing things across your entire firm maximises your production and minimises your review time
• The balance your team needs to take to keep your jobs profitable without becoming an ATO auditor on every transaction!
• Why Excel workpapers strike the accountant's perfect balance between standardisation and flexibility
• Why Excel Workpapers and Xero Workpapers combine for management review perfection
• How to get your clients engaged in the year end process without relying on a threat from the ATO

PLUS: See how your client’s TAX OBLIGATIONS should be recorded at year end on their Balance Sheet and how our 2022 Tax Checklists help prompt your team to ensure this always happens!

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The orange, and widely loved Dext (Previously Receipt Bank) has had an interesting run.

Widely regarded as the best technical product for receipt automation, it's been a different couple of years for this fast paced start-up!

Dext Chief Revenue Officer Alistair Newman says they're bigger, and better and have new ways to build relationships with you their customer. 

But the accounting community has a lot of questions, and we are lucky to sit down and get some real answers from Al himself when he was down under in Australia last month. 

In this episode we discuss the rebrand to Dext, the widely discussed pricing changes, the acquisitions and where the company is headed next. 

We give a hearty Trenches congratulations to Al for this interview. 

He sat there and took the direct elephant in the room questions like an absolute pro.
Well done mate, as a community we really appreciate it. 

________________________________________________________________

Dext are proud sponsors of From The Trenches - Trenches Summit 2.0

Check out the Dext's Keynote at Trenches Summit 2.0  

The Australian Accounting Tech Report: Solving the time/tech conundrum. A talk by David Boyar, Glenn Castle, Michael Johnson and Cassandra Scott

Register Here https://summit.fromthetrenches.com.au/talks/dext-keynote/ 

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Best on Ground

Accounting Coaches that prove their value – with a p and l!

https://www.linkedin.com/posts/sharonsnetwork_business-accounting-coaching-activity-6923203081497182208-EN8M/?utm_source=linkedin_share&utm_medium=android_app

Even when McKinsey stuffs up they win

https://twitter.com/MattZeitlin/status/1517279854135107584

What happens after you sell your payroll app? Richard McLean (@richviking99) / Twitter

If you work for a tech company and rely on your shares instead of your wages/bonuses you’ll probably lose out

https://investing1012dot0.substack.com/p/valuations?s=r

Paul – Not best or worst, just really interesting seemingly lots and lots of LinkedIn new job posts. Not great resignation but Great Movement. Divipay have 14 jobs open! https://www.linkedin.com/feed/update/urn:li:activity:6936623969076658176/

ChangeGPS have 3 open positions Work with Us (changegps.com.au)

Worst on Ground

Power to accountants doing what the bodies aren’t

https://www.linkedin.com/feed/update/urn:li:activity:6927750334123556864/

Meanwhile the IPA and CA submissions were dated AFTER the advertised due date after having 6 years to get their act together!

If Benny Hill music had a font type it would be the new sage logo https://www.business-live.co.uk/professional-services/software-giant-sage-unveils-new-23796099

Accounting Bodies Out of touch with the urgency of s100a 

Xero Roadshow Review

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Best on Ground

Paul

Tech wont change your life much in the next ten years - here’s why https://twitter.com/sweatystartup/status/1505125330817802244 

Fast Collapse:

https://www.axios.com/fast-checkout-startup-collapse-029d1601-6d4f-43a4-b816-bd4b15771bbe.html 

AccountexAU launch 

What it needs to prove: That it can make a fair profit for it’s substantial risk with the available quality content providers https://twitter.com/AccountexAus/status/1511555738430500864 

Farewell Craig Walker https://twitter.com/storminwalker/status/1509699836463005698 

David

A new Practice Manager Consideration

I recently got asked if the practice management solutions actually solve a problem (so many firms just use excel) - CAA use Karbon. Paul uses excel and XPM and we hear about FYI docs all the time but PWC has chosen….Monday https://www.linkedin.com/posts/mondaydotcom_global-alliance-with-kpmg-ugcPost-6902266804081958912-8qPt/ 

Tinder for tax

Gofar making FBT simple and is calling itself Tinder for Tax 

https://www.gofar.co/ 

How GoProposal gets it’s staff to work in the office https://www.linkedin.com/feed/update/urn:li:activity:6917789747926949888/?commentUrn=urn%3Ali%3Acomment%3A(ugcPost%3A6917789738972110848%2C6917964958639030272) 

Even Jerry Seinfleid knows big firms aren’t better https://twitter.com/buccocapital/status/1510249981789282304 

Worst on Ground

Dave

Frustrated how we seem to keep printing money? Monopoly has your answer https://twitter.com/biancoresearch/status/1510254967113748485 

The war in Ukraine - and the impact on accountants with clients doing business in Russia https://www.linkedin.com/posts/daniel-rosenblatt-trade-law_sanctions-russia-belarus-activity-6905150591698644994-Vdha/ 

Accounting Bodies are Failing. 

Accounting Bodies gloss over their systemic failures around talent and there aren’t enough accountants to lodge returns. 

1. They are the accountant makes
2. There aren’t enough accountants
3. We lose the battle for talent on campus 
4. We focus on mental health after the damage is done and do nothing to stop the system that creates the mental health issues s100a retrospective changes is the best example
5. Who will lodge the tax returns in 10 years? CPA seems to focus on their total members not their tax lodgers.

https://www.accountantsdaily.com.au/business/16806-accountants-turning-from-technicians-to-problem-solvers/amp 

Small Practitioners don't have a voice - s100a proved it - No seat at the table yet again

ATO says industry asked for s100a guidance? But who asked? Who is actually your voice here? Check out who sits on the ATO’s consultation group. Did they represent you? https://www.ato.gov.au/general/consultation/consultation-groups/stewardship-groups/private-groups-stewardship-group/ 

The current advocacy system is designed to get you to comply, not to represent you.

Independence? IPA CEO appointed to TPB Board making a judge, jury and executioner 

https://www.tpb.gov.au/news-media/media-releases/tax-practitioners-board-welcomes-two-new-members 

1. The TPB accredits the IPA - From their website
1. Professional associations may be accredited by us as a recognised tax agent or BAS agent association if they meet certain requirements in the Tax Agent Services Regulations 2022 (TASR). 
2. The IPA Accredits Accountants - From their website 

The IPA is a professional accounting body which sets professional and ethical requirements for its members, which they are required to uphold.

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5 years ago Paul Meissner stood in the door frame of David Boyar's office at the fancy co-working space WorkClub on Collins St Melbourne. It was so fancy, by co-working standards that it hard original parquet floors.

Arguing about something Xero had just done Megan Velo, who seemed to do all of David's client work, suggested the two should start a podcast.

Ron Lesh and BGL backed it.

5 years of tech promises, tech deliverables, delayed tech, industry body fails, and change that was sped up by a pandemic went past. 

An active community desperate for a voice was developed. 

Trent McLaren was appointed as CEO. 

Then Linked In reminded Dave and Paul, it was their 5 year anniversary and they just so happened to be booked for a live show at the ChangeGPS Summit on the Gold Coast. 

So Dave and Paul did what they've done so many times before. They hit record. 

Joining the show

BGL CEO Ron Lesh

From the Trenches CEO and DiviPay head of accounting Trent McLaren 

See omnystudio.com/listener for privacy information.