From The Trenches

We've been talking a lot about family business on trenches. So here is a treat for you.

Want to know how La Porchetta combines family values with good governance? 

To celebrate the launch of David's new show, Backbone Podcast, here's a sample of his interview with Sara Pantaleo. 

Sara is the CEO of La Porchetta, Family Business of Australia Vic and Tas Chair and Director of the Moira Kelly Foundation and a Director of the Franchise Council of Australia.

Listen to the full episode at www.backbonepodcast.com.au or on iTunes, Google Podcast and Spotify.

Backbone is proudly brought to you by Sequel CFO and Judo Bank.

See omnystudio.com/listener for privacy information.

You should go to Xerocon.

Paul Meissner

6 reasons to get to Xerocon

• Networking
• Addons all in 1 place
• Partner stage (content done practically)

David Boyar

• Refine your vision 
• Re energise yourself
• Benchmark yourself

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

Best on Ground

• Nature vs nurture. The goal of parenting is often a nurturing, equality method, but in a family business context or performance based rewards, there is often a clash. Jon Kenfield has some great content.  https://www.linkedin.com/posts/jonkenfield_familybusiness-business-conflict-ugcPost-6565414094575415296-F3hA
• Why do accountants rely on their feelings when giving advice? Because they’re wimps. https://www.entrepreneur.com/article/337496
• Hot desking, love it or hate it. We discuss if the people who dislike it are just disappointed they cannot hide in an office playing solitaire?https://www.afr.com/work-and-careers/workplace/the-hidden-hell-of-hot-desking-is-much-worse-than-you-think-20190729-p52bom
• BGL are demo-ing new tech at RegTech and the crowd are loving it. No wonder they're AFR’s 5th most innovative company https://twitter.com/BGLdot/status/1159613260317904896?s=20
• Large cultural shift is happening at ANZ bank where staff bonuses are being removed. Bonuses often drive selfish behaviour were highlighted in the Hayne review. This is the first sign of fundamental changes. https://www.afr.com/companies/financial-services/anz-dumps-bonuses-for-performance-dividend-20190805-p52e2z
• We way thank you and farewell to MYOB CEO Tim Reed. https://www.accountantsdaily.com.au/appointments/13373-myob-ceo-tim-reed-steps-down

Worst on Ground

• Hotshot entrepreneur racks up over $3.6m in debts. With social media, how people promote themselves can belie their true performance.  https://www.theaustralian.com.au/nation/clients-burnt-by-airbnb-hotshot-callum-forbes/news-story/9d5340d5691c17fa5dcdabe579ec70f0
• The Westpac account opening saga continues with excellent customer service.
• Uber posts a $7.7b loss as revenue growth stalls. If not for UberEats, growth would be negative. https://www.smh.com.au/business/companies/uber-shares-dive-as-it-posts-7-7-billion-loss-20190809-p52ff2.html
• Is it a scam? The it’s hard for the ATO to communicate whilst telling us not to trust every bit of correspondence saying it’s from the ATO. https://twitter.com/DavidBoyar/status/1159608567961272320 

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

Best on Ground

• Congratulations to our friends at Judo bank on their new capital raise pumping more $$ into the business lending space https://www.afr.com/companies/financial-services/judo-bank-raises-400m-in-second-round-equity-raise-20190726-p52b4t
• If you have to ask your accountant about the assesability or deductability of something, you probably already know the answer. https://twitter.com/cbriancpa/status/1154775607470886914?s=20 
• Awesome VR use of the moon landing https://time.com/longform/apollo-11-moon-landing-immersive-experience/ 
• The accounting profession v the accounting industry. https://www.linkedin.com/feed/update/urn:li:activity:6558622154890588160/ 
• Deliveroo finds a tax and super planning solution for their drivers https://www.itwire.com/strategy/deliveroo-partners-with-solo-smart-in-tax-arrangement-for-delivery-riders.html

Worst on Ground

• Would you give your staff 12 weeks life leave? https://matadornetwork.com/read/australian-company-paid-life-leave/amp/
• Social selling accounting ledger subscriptions? https://twitter.com/QuickBooks/status/1151957060923351055?s=20  

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

Listen to David as he interviews Ben Thomson, the Founder and CEO of Employment Hero, as they discuss about how they raised $22 million and how they are on a mission to reduce the number of wage scandals.

The cover:

• Why we are partnering with Employment Hero.
• What they are going to spend their $22 million on.
• The journey to becoming a hero in payroll scandals and how to become a great employer.
• Taking on the mental health of the members and how Employment Hero help with this.
• From making mistakes to running a tech business and how Ben built a massive company.
• The fundamental source of the big scandals.
• Finally, Ben talks about how they provide value to their clients.

Head to www.employmenthero.com/ftt to find out how they can help your clients.

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

On the back of a tweet from a self confessed (USA) thought Leader who is just flogging software. Paul asked, “Should small businesses start with a review of the tech available or start with their own processes and how to improve it which might include software?”

David

1. Use swimlanes to map processes

2. I use asana for my processes, for example we have a month end system for a client that covers what checks need to be done on automated data dumps, how to check manual journal calcs, what info we need from different people and asana is system used to CONTROL the process

3. Balance what you need with what tech can do.

Paul

3 tips for the Process vs Systems dilema:

1. Technology Must Start with Streamlined Processes

2. Solve a Problem. Don’t Just use a New System

3. Process Mapping

For more check out Freedom Mentoring

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

Best on Ground

• This Excel feature is amazing. Take a photo and upload it straight top Excel. 
  https://support.office.com/en-us/article/insert-data-from-picture-3c1bb58d-2c59-4bc0-b04a-a671a6868fd7
• ABS has an app. For those stats nerds out there, this is awesome. Has key economic indicators and also 2016 Census info on postcodes, etc. You can also customise your own Key Indicators. 
  https://twitter.com/ABSStats/status/1153514839249170433?s=20
• A linked in profile description that makes the complex simple.
  https://www.linkedin.com/in/arfitzgerald/
• After years of banks spinning their performance to us ANZ’s brilliant new add shows the spin small business owners use to appear successful. 
  https://twitter.com/ANZ_AU/status/1131340918810976256

Worst on Ground

• BREAKING | National Australia Bank was today forced to admit an embarrassing breach of 13,000 customers’ personal data, including contact details and driver’s licence numbers . 
  https://www.theaustralian.com.au/business/financial-services/national-australia-bank-admits-to-data-breach-13000-customers-affected/news-story/d690644976567e6f645022c5ebabd114
• ACCC’s 23 recommendations to take on the large digital businesses. Could get ugly. Interesting take on journalism suffering. 
  https://www.accc.gov.au/media-release/holistic-dynamic-reforms-needed-to-address-dominance-of-digital-platforms
• David had to open a bank account and it took 45 minutes. Should it? Hear the story in this weeks episode.

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

Best on Ground

• Judo: First 7 graduates through FINSIA (Financial Services Institute of Australasia). One of our commitments at Judo is around professionalism within the financial services industry and within our community. 🙌 Congrats 🎉👍: https://www.linkedin.com/feed/update/urn:li:activity:6555249916137037824 
• The TPB’s 72-hour complaint resolution program has now been cancelled after it was revealed that the professional associations were not consulted on the matter:  https://www.accountantsdaily.com.au/business/13280-tpb-pulls-the-plug-on-72-hour-complaint-resolution-trial
  
  
• Paul says there is no new tech, here is how tech is speeding up the actuarial certificate process for super funds.  https://www.bglcorp.com/2019/07/15/applying-fintech-to-actuarial-certificates/?utm_source=BGL+Master+List&utm_campaign=502e4fdb12-EMAIL_CAMPAIGN_2018_10_18_01_02_COPY_01&utm_medium=email&utm_term=0_5a91541961-502e4fdb12-68307887
  
  https://www.theverge.com/2019/3/1/18246429/microsoft-excel-covert-photos-data-tables-editable-table-ai-feature
   
• Microsoft will kill Slack. Raises a great point about big players adding features that supersede smaller systems, especially when the customer already uses that bigger system (more sticky): 
  https://www.vox.com/2019/7/9/20686206/microsoft-teams-slack-facebook-snapchat-copy

Worst on Ground

• Navid King, Senior Tax Lawyer at King Lawyers
• Fake ATO email: I received a fake email yesterday from “Australian Taxation Office”. Has anyone else received this email? This is obviously a scam as it has been sent from “ato.com.au”, not “ato.gov.au”. If you receive this email, do NOT open the attachment. Hopefully, the Australian Taxation Office will look into this and put out an alert to warn the public. If you are not sure whether an ATO email is genuine, do not reply to the email or open the attachment. Call the ATO on 1800 008 540 or visit ato.gov.au/scams.
  #ato #tax #taxscams #taxreturns #australia: https://www.linkedin.com/feed/update/urn:li:ugcPost:6554469965918023681

• MYOB Payment summaries email error is big to us, but small in the scheme of data breaches.
  https://i.stuff.co.nz/business/world/114020220/kafkaesque-meltdowns-over-myob-in-australia-as-certificates-go-to-wrong-recipients
  
  Here are some details on Aussie breaches this year https://www.webberinsurance.com.au/data-breaches-list 
  
  
• This is what marketing at the bottom end of the ITR market looks like https://www.ozbargain.com.au/node/470492 and here’s the type of leads you can get https://www.anytimeprofessionals.com.au/Tasks

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

This week, Paul and David explore the concept of the Hybrid Professional, as outlined in this TEDx talk by Sarabeth Berk, and its application to the accounting profession.

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.

Best on Ground

• ABS Getting in to the social media swing with social engagement on the Rugby State of Origin: https://www.linkedin.com/feed/update/urn:li:activity:6554599885642010625
• Lot’s of taxpayers lodging early. Anyone advising to hold off on claiming a refund should be an advisor. Never delay a refund, cash is king. ATO are very clear that future tax legislation will amend the return.   https://www.accountantsdaily.com.au/tax-compliance/13258-lodgments-spike-by-88-per-cent-as-taxpayers-ignore-advice 
• Tech is lying to you if it says it creates insights. Tech doesn't, you do. https://twitter.com/Paul_BarnesACCA/status/1149017223928963072?s=19
• Can accounting solve issues in Indigenous communities?  https://twitter.com/IndigenousIAA/status/1147759367288045568?s=19
• Can you save money buying a jet instead of flying Qantas? For the staff perk, who cares! https://www.linkedin.com/feed/update/urn:li:ugcPost:6555566884006227968/ 
• Paul’s BGL webinar on the Modern Compliance Advisory Firm. Massive turnout. Over 500 registrations. Compliance is certainly not dead.

Worst on Ground

• ATO Changing definition of Taxi: @Uber says it's disappointed with the outcome, but is working with @ato_gov_au to address the "inconsistency" in the law whereby Uber is the same as a taxi when it comes to having to pay GST, but not when it comes to getting FBT exemption https://www.abc.net.au/news/2019-07-08/no-tax-breaks-for-employers-using-uber/11283184
• Hilarious satire on business books https://www.smartcompany.com.au/people-human-resources/professional-development/business-self-help-books-fck-off/
• Records fall as this tweet packs more jargon from a motivational speaker than the avge sales email to an accountant https://twitter.com/GrantCardone/status/1149830800717877248?s=19

About Us

From the Trenches is brought to you by Paul Meissner from Freedom Mentoring and David Boyar from Sequel CFO. Proudly sponsored by BGL and The Outsourced Accountant.

See omnystudio.com/listener for privacy information.