From The Trenches

Listen to learn:-

• The major announcement - the trenches team is expanding
• How changing your firms purpose can win the war of talent in the accounting industry 
• Why it is hard to establish relationships in the accounting sector
• How the world would be if it only had accountants
• Governments blaming accountants for their forecasting faults
• Why tech companies need to separate bookkeeper and accounting messaging 
• Why top line growth doesn't make you happy
• David explains the plan and session for the Trenches GPS Summit on May 2022

Best on Ground 

Paul 

Real time dashboards are overkill https://www.linkedin.com/posts/lukalovosevic_data-automation-realtimeanalytics-activity-6889545309546938368-XEzY/  

ReckonOne is more popular than most of us think, great results from Reckon

https://www.reckon.com/au/media/half-year-financial-report-2021-reckon-delivers-strong-results/

The IPA SHOULD host their tax deductible junket conferences in Fiji otherwise we can't justify any benefit at all to Australian members for this https://www.accountantsdaily.com.au/business/16650-ipa-and-the-fiji-institute-of-accountants-announce-partnership 

David

Baker Tilly Changes it’s purpose away from lodging tax returns https://www.linkedin.com/posts/alan-whitman-357ab91_purpose-nowfortomorrow-activity-6896447373279911936-9rV3/ 

We don’t celebrate raises often but HNRY raising 16m at a 100m valuation is good for Australian Accountants https://www.stuff.co.nz/business/127646547/wellington-startup-hnry-eyes-expansion-after-securing-16m-investment 

The IRS joins Tik Tik - hilariously https://twitter.com/dhtoomey/status/1488270707406614528 

Poor accounting leads to $5billion in extra rail payments https://www.abc.net.au/news/2022-02-09/nsw-government-criticised-over-accounting-by-auditor-general/100816682  and Lance Rubin responds https://www.linkedin.com/feed/update/urn:li:activity:6897288212595798016/ 

Worst on Ground

Paul 

More traditional accountant bashing:

https://www.linkedin.com/feed/update/urn:li:activity:6897992721726795776?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6897992721726795776%2C6898074647389175808%29

David

The busted client https://twitter.com/IraGilligan/status/1487146713949343753 

The connected/Xero/Tech Savvy accountant is still news to the average business owner even though it’s ten years old https://digitalmag.theceomagazine.com/anz/march-2022/innovate/nick-urry/ 

Outdated Hiring Practices - We are not who we worked for we are what we do https://www.linkedin.com/posts/activity-6897313048122544128-qS8U 

Quotes from the Episode

“I don't know how people can attract anyone to the profession when for 20 years they said the profession is not going to exist.” Paul 

“One thing that's hard to replicate in the accounting industry is the relationship.” David

“Financial models are wrong because the drivers are wrong” David

“There’s a difference between a model being wrong and the actual application of accounting standards.” David

“We are not who we worked for. We are what we do.” Tyler 

See omnystudio.com/listener for privacy information.

Welcome To 2022 - where all you need to do is not stay at home and live a little to start enjoying life again. 

Best On Ground

David

The cool young accountants are sharing their salaries on Reddit https://www.reddit.com/r/AustralianAccounting/comments/s0fjr0/salary_thread/  

Staff need the best tech to work well at home so the practice leaders should own IT  https://www.linkedin.com/posts/activity-6880013227548397568-OI8_/ 

Paul

Lorilyn Wilson perfectly explains how one can look stupid trying to make the USA Tax System simple https://t.co/czIDGNiaDE   

Phenomenal Leadership Tips from NFLs Best young coach. (this is the bloke with the get back coach  This is what a Get Back Coach is What it's like to be Sean McVay's 'get back' coach | NFL Films Presents) 

Dave Kline on Twitter: "Sean McVay is the winningest active NFL coach. He's 35 years-old & 3 other current NFL head coaches worked for him. Sean McVay's leadership principles for Competitive Greatness🧵 https://t.co/bKoPRRh7op" / Twitter 

Worst on Ground

David

Company's are so desperate for your attention one offered David a set of Apple Air Pods, $250 cash and $750 on an amazon card!

The irony of GLOBAL tech giants realising they can't only employ in the Bay Area https://twitter.com/patrickc/status/1480647701221896195 

The great resignation is Fake https://www.afr.com/work-and-careers/workplace/great-resignation-may-be-just-around-the-corner-20211122-p59b2d 

Paul

Ask a dumb question get a dumb answer - this is the worst poll of all time https://www.news.com.au/finance/money/wealth/how-much-aussies-think-they-need-to-earn-to-have-a-good-life/news-story/6e3d352916da228379e032df476b4e0a 

In 2014 people thought Australia had too many accountants https://www.smh.com.au/business/does-australia-have-too-many-accountants-20140212-32huu.html 

Software Companies who can't differentiate between Accountants and BookKeepers 

See omnystudio.com/listener for privacy information.

2022 has produced a focus on gender inequality in the accounting industry with both CAANZ and Intuit producing detailed reports about the current state of play. 

Sometimes the story is told as a battle of Men v Women and that likely won't produce results that bring positive returns to firm owners and positive experiences for accountants impacted. 

For many, actively engaging in the gender pay gap can be scary, for many, the floor is lava and we don't want to fall. 

But without awareness progress can't happen so From The Trenches is proud to present this episode together with Intuit Quickbooks and their new Gender Equity in the Accounting Profession report  

Get the Report Here  https://www.accountantsdaily.com.au/gender-equity-in-accounting-addressing-the-career-cliff 

In this episode David Hosts Intuit Head of Accounting Shaye Thyer who has assembled an epic panel including:

• Kylie Parker from Lotus Accounts who started her own firm and is one of only 2 female led firms in the 2020 AFR Top 100 
• Peter McCarthy from Principal Precision  - Taxation Accounting and Management who won the Australian Accounting Awards Diversity and Inclusion Award. 
• Paul Janzs from Professional Partners who advocates for equality so he can help raise his boys to the values he lives in his practice. 

See omnystudio.com/listener for privacy information.

Listen to hear Paul Meissner flinch as someone who clearly isn't an accountant get's called on and these other fine stories.

Best on Ground

David

There are a lot of acquisitions going on

https://www.datadear.com/blog/2021/09/we-are-pleased-to-announce-the-technology-acquisition-of-datadear-by-intuit/?fbclid=IwAR0D2o4544adL3nTl8CZkh0G1pgC5oKN2suk0WZWdMs1kQDPcmCuyB8eO5o 

https://www.enterprisetimes.co.uk/2021/10/05/sage-buys-proposal-software-vendor-goproposal/ 

https://www.afr.com/companies/financial-services/hub24-to-triple-customer-base-with-class-deal-20211018-p590sr 

Elon Musk is an Accountant 

https://www-businessinsider-com-au.cdn.ampproject.org/v/s/www.businessinsider.com.au/elon-musk-productivity-hack-daily-routine-5-minute-slots-2021-10/amp?amp_gsa=1&_js_v=a6&usqp=mq331AQIKAGwASCAAgM%3D#amp_tf=From%20%251%24s&aoh=16342519063940&csi=0&referrer=https%3A%2F%2Fwww.google.com  

Paul

ChangeGPS is Xero's Practice App of the Year https://www.linkedin.com/posts/davidboyar_xeroawards-unbeatableaccountants-activity-6853906282974474240-0Z7M  

Practice Protect Cloud Apps report is one glorious set of actual data that let's you know what apps firms are using. https://hub.practiceprotect.com/cloud-apps-report-2021 

Orange Girl herds Xero's sh*t fixing team in a glorious corporate response https://twitter.com/orangegirlnz/status/1443927056669155364  

Worst on Ground

David

When award winners go to jail https://twitter.com/eringriffith/status/1443563933357395978/photo/1 

ITR pricing is too cheap

https://www.linkedin.com/posts/activity-6849466529642352640-lqAH/  

Paul

A 5 year old blog isn't relevant anymore so don't post it on socials 

https://www.linkedin.com/posts/markwickersham1_the-3-reasons-you-should-have-a-brochure-activity-6845718677178851328-cvLy 

Linked in Polls need to stop

See omnystudio.com/listener for privacy information.

David chats to ICB CEO Amanda Linton and Beyond Blue Deputy Chair Kate Carnell about why we should view investment in Mental Health training the same way we view investment in technology. 

Register for their Summit Session https://summit.fromthetrenches.com.au/talks/mental-health-session/  

Sign up to the New Access Program https://www.beyondblue.org.au/get-support/newaccess 

See omnystudio.com/listener for privacy information.

What happened? It was Orange, it was loved, now it's Dext, it's three things not one and got dealt a savage hand by pockets of the social media world. 

But the strategy makes sense if you dig in to it. 

Listen to David Boyar ask Paul Lodder - Product Domain Expert (and a seriously accomplished accountant), What happened to Receipt Bank?

Want more? 

Register for Paul's session at Trenches Summit " https://summit.fromthetrenches.com.au/talks/dext-keynote/ 

See omnystudio.com/listener for privacy information.

54 Speakers

5 Industry Bodies

19 Event Partners

2 Plucky Hosts 

1 Awards session

Stupid amounts of CPD 

September 13 and 14 2021

https://summit.fromthetrenches.com.au/ 

See omnystudio.com/listener for privacy information.

Get your early bird tickets to the Trenches Summit right now to keep up to date with a summit that has the best of the best without any of the worst.

https://summit.fromthetrenches.com.au/coming-soon/

Best on Ground

Paul  

Speed Dating with your work hat off  helps you compare apples with apples when considering tech solutions.

David 

Learning has genuine value – it's the only way to improve anything that is keeping you down.

Trent McLaren (Divi Pay)

The side events, it feels like a 5 day music festival – Accountingpalooza 

Jack Kay (ChangeGPS)

The best ones are when expectation meets reality. Content is focused without marketing spin  

Worst on Ground

Paul  

 When tech delivers content outside the core problem the tech solves (wait for the stoush with Trent over why).

David 

Too many speaking slots in narrow talent pool. The slots are becuase vendors paid even if they don’t have quality content to deliver.

Trent 

With a Vendor Hat on it’s clear the pay to play model make ROI didn’t correlate . Events who used to charge 20k for an inperson event shouldn’t charge 20k for a virtual one.

Content programs are commercially led and commercial outcomes can conflict with attendee priorities 

See omnystudio.com/listener for privacy information.

Compliance is not dead, but it's not perfect so David Boyar interviews Paul Meissner to get the state of compliance revenue.

The biggest problem is how revenue is generated. Some tech companies try to solve this by assuming revenue from compliance is a dying source but no one in practice really believes it's going anywhere.

In this episode David Boyar interviews Paul Meissner to find the three problems with how revenue is generated from compliance services. 

1. It's too easy to discount
2. Too many services are bundled into the annual fix fee
3. Don't do the annual price increase "just because you can"

Some of these points may be relevant to you, some may bolster your confidence in what you are currently doing and some, well they might make you mad. 

See omnystudio.com/listener for privacy information.

A linked in post titled Cotchy Vs Xero shows how well the accountant, Pat Mannix from Paris Financial, understood his clients (startups) and how different they were to the needs of his traditional 70 staff practice in Melbourne.

Like most accountants Pat is passionate about what matters to his business, and his clients. Listen to hear why:-

• Client’s by because of the service they get not the tech the accountants use

• Discretionary (Family) Trusts are still an excellent tool for saving tax

• Accountants know more about SMSF’s than most other professionals yet still can’t advise on the them properly.

Agree? Disagree? Think more info is needed? JOIN THE CHAT on www.fromthetrenches.com.au 

Read the responses first!

Response: Rebecca Mihalic FCA - When a family trust is not right for a trading entity 

Response: Grant Abbott - How To: Use Deeds to Overcome Trading Trust Issues

See omnystudio.com/listener for privacy information.