Welcome to Episode 9 of Reality Cheque

Its finally here, the annual CA ANZ Remuneration Report is out and you can find it here: 

For those who aren't across this report, it is pulled together from data obtained via a voluntary survey completed by CA’s in Australian and New Zealand.

Before we go further, a big thank you to episode sponsor Aider for supporting this episode.

Aider helps you run a proactive firm by providing you the tools to offer advisory services to all of your clients. Their AI product automatically scans for GST errors which in turn means you're working with clean data files to offer better advisory services.

Back to the show..

This is not just public practice focused, including those working in commerce, government, not for profits, etc. 

In this podcast Shaye kicks off by touching on the report highlights: 

• 70% increase in respondents from last year, with 7700 CAs participating.(Shoutout to Dave & Paul for helping to promote more activity across the membership base. https://www.fromthetrenches.com.au/podcast/2022/10/24/action-required-does-caanz-deserve-a-pay-rise)
• The split was still fairly similar between men and women respondents from 2021. 
• Total remuneration has grown by 11%
• Gender Pay Gap has reduced 4%
  
  

Then Shaye & Becc dig further into the data:

Comparing Data & Assumptions:

• Hard to compare to last year as the data presented is not apples for apples.

Who actually got paid more:

• Becc questions if the pay increase really is because the accounting profession is seen to be attractive or is it just representative of the desperate fight for talent
• The entry level salaries have increased in public practice with a decrease in salaries for those who have been around for 20+ years. 
• Is this because we need to pay our teams more, but aren't raising our prices enough?
• How long is this redistribution of wealth sustainable for? 
• Shaye compares to what's happening in the States where the partners have increased their income greatly in the last year, but not so for their staff
  
  

Compliance is not dead:

• The firms that leant into compliance and charged for it in the last few years would have done really well in the last few years. 
• But how many below mid-tier charged well for all that grant work?

Gender Pay Gap:

• Shaye talks through whether the work on closing the gender pay gap has been good enough (spoiler alert - both Becc & Shaye say no)
• Becc surprised that transparency was more important than flexible work by the respondents to help the pay gap
• Why don’t people believe there is a gender pay gap when the data proves different?
• Becc & Shaye discuss what they believe will actually help close this gap faster

What keeps us motivated:

• Across the board and unrelated to the gender pay gap, men & women across Australia & New Zealand across all ages note flexible workplaces as the most important factor beyond remuneration

What would we like to see:

• More like for like comparatives in the report
• One page analysis that breaks up just whats happening in the profession, more granularity needed.
• More analysis of the gender pay gap and understanding of the data
• CA ANZ, CPA, IPA get together on the gender pay gap like they did on mental health
• A redo of the CA ANZ Narrowing the Gender Playbook that has more teeth https://www.charteredaccountantsanz.com/news-and-analysis/news/accountants-urged-to-act-on-uncomfortable-numbers?cid=E~D~GPG_Launch~CAANZ~202202 

 

Captain Obvious:

What gets measured gets done

See omnystudio.com/listener for privacy information.

Welcome to Episode 8 of Reality Cheque.

This episode is brought to you by Access Offshoring.
Are you struggling to manage capacity in your firm? Missing client demands? Finding it hard to hire the right talent? 

Speak to the team at Access Offshoring about how you can improve your profit, qualify of life and look like a rockstar with your clients. 

Episode 8 | Show Notes

The accounting industry is getting some face to face love again with Conferences and events are back after all those covid lockdowns. This has menat Shaye & Becc have been able to record this podcast in the same room together!

As with anything there is good, bad and ugly with events

The Good stuff

• Becc & Shaye met at a conference - Xerocon 2019 - where would we be if this never happened
• After a few years trapped at home the ability to get out and see each other again has been great
• Live networking is back on the agenda
• What makes good content: 
• Practical information that you can take back to your firm
• Tech demonstrations that are played out in real life scenarios so you can see how it really works in practice
• Topical updates and the things you need to know - real CPE - from great and engaging presenters
• IT'S ALL ABOUT THE DELIVERY

The Bad stuff

• Boring tech demonstrations
• Technical updates delivered poorly
• Bigger events struggling to deliver something that caters to different streams of attendees
• Late delivery of agendas/themes/topics impacts attendee expectations
• Multi-days are hard to focus on the content and stay engaged for time poor accountants
• Has the way we consume information changed?

The Ugly stuff

• Poor behaviour at events
• Shaye & Becc own up to overindulgence in the past - is this still ok? Was it ever ok? It's still a work event.
• Navigating sexual harrassment not just at events, but also in the workplace
• IMPORTANT UPDATE: Since recording this podcast the Australian Parliament has passed new legislation to bring in seven of the recommendations from the Respect@work report into sexual harassment. You can find more details here: https://www.abc.net.au/news/2022-11-28/respect-at-work-sexual-arassment-rules-pass-parliament/101706978

#CaptainObvious

 

See omnystudio.com/listener for privacy information.

Welcome to episode 7 of Reality Cheque.

This episode is supported by Aider: Helping you to scale advisory services across your entire practice. 

Find out more about Aider's innovative platform here.

 

Show Notes from Episode 7

Attracting and retaining talent - controlling what we can control

AccountantsDaily Strategy Day

• Believe or not - the Great Resignation

Becc says FACT - but not driven by Covid. Accounting is far from sexy, especially right now. Shaye says FACT - the great resignation f-this!

A generation of feeling undervalued looks to the greener grass outside the industry

Dear tech friends - please don't steal all the accountants or there might be none left ;)

How do we resolve  - call it moving past trauma, or a need to unlearn ‘the way we’ve always done things’

Have we forgotten to invest in accelerating our onshore teams when building our offshore capacity?

BusinessDepot investing heavily in part time under-grad positions to nurture love for our profession in our next generation of firm owners. 

Unlearning that they need to do what we did - work full time and try to finish uni full time and be in overwhelm and burnout from day 1 in the profession.

Treating adults as adults - trust them to work flexibly from day 1

Tara Fitness LinkedIn Post 

Definitely tricky with undergrads and those that have not yet leaned to organise themselves in a professional setting.

It's our obligation to invest in growing these capabilities with them, rather than sending them out into the wild to figure it out themselves.

Ensuring we give credit where it is due - reward and recognise genuinely

Channelling Pink - I’m not here for your entertainment…. Nor am I here to make you look good.

Who else resonates with the feeling    “Always the scapegoat, never the s/hero”......

Are we really lacking the capability and skills?

Is it technical skills, or is it more about EQ and how to regulate wellness?

Can we pledge to be a good human leading good humans?

Becc shares the amazing top down leadership culture at Business Depot and 

Shaye announces that there may be a glimmer of hope for a future return to practice for her…

#CaptainObvious

Taxpayer gets massive ATO penalties for taking tax advice from someone who is not a 

registered tax agent.  https://www.accountantsdaily.com.au/regulation/17739-why-clients-need-a-warning-over-fringe-tax-advice 

See omnystudio.com/listener for privacy information.

Welcome to Episode 6 of Reality Cheque.

A huge thanks to Content Snare for supporting this episode. 

Use Content Snare: The easy, stress-free way to gather content and documents

CAANZ steps up and delivers some impactful guidance for accountants with struggling construction clients.

Help your clients with the right tech to combat labour shortages and operational inefficiencies. 

Acuity Magazine article

When the support, education and community is not forthcoming from our industry partners, is it really so bad that our accounting tech partners step in and facilitate?

Bloody Director IDs 

Even if you’re dead - you still need one. FFS.

Accountants are sacking clients who won’t get it because of tin hat conspiracies

Link

Being cyber safe is not at risk by ASIC or the ATO - its the basic lack of data security in your firm

#GlobalBookeepingWeek

#InternationalAccountingDay

Getting chummy with a good bookkeeper - another way for accountants to get out of 

their own way, delight clients and be successful

Top 5 things in the way for accountants

• Fear of loss of scope
• Fear of loss of client
• Arrogance?
• Ego?
• All sounds like fear, doesn't it

What makes a great bookkeeper - Certified, experienced and willing to work together for 

the best outcomes for the client.

Tips for getting the most out of your golden triangle

Put the client ahead of our ego

Leave ego at the door, respect each other’s craft

Manage scope first with an adult conversation with your bookkeeper

#CaptainObvious

Of course sole traders won't pay Super if they’re cash strapped

See omnystudio.com/listener for privacy information.

Welcome to Episode 5 of Reality Cheque with Shaye & Becc.

Are you coping ok? It's not easy out there. R U OK? 

Shaye and Becc dive deep into some hard-hitting topics. We all thought things were going to get better after COVID but it hasn't ended. If anything it's gotten harder.

Mental health is important and we ask that if you're doing it tough out there, please reach out, speak to friends, family, colleagues and friends in the industry who will know what you're going through.

- This episode is supported by Aider. Check out how they help accountants scale advisory services across your entire practice.

Show Notes: 

• 2:45 The intensity in the profession right now is next level - are you ok?

  It's harder now than in covid - how could that be a thing?

• 4:00 Accountants should get a bonus from the government for rolling out all their initiatives

• Client expectations are blowing the scope budget because they’re panicking, not coping

• 7:40 What could we do differently to bring some relief to the intensity?

• 8:10 Sack clients - it'll make you feel better

• • Bec outsources the operational side of her recent merger - unheard of!  Thank you Clarity Street
  • Hire someone to take on as much non-chargeable tasks from chargeable team members  

    10:00 Reduce your opportunity cost by shifting tasks that are not your greatest impact activity

• 15:50 Bec gets ‘pissed off!' Accountants bridge the gap between Government and tax payers but they come after us as well. It's not good enough!

• 16:40 The Optus breach and the impact it's had on firms and their clients. Becc's horrified that not enough firms understand the impact this can have on your clients. 
• 17:50 2FA Exists for a reason.
• 22:02 Shaye talks through poor scope and expectation management with our clients and how to best avoid it. Managing scope is so important in today's trying times.
• 28:34 Becc talks through Lee Dunsford's latest venture nine25, a platform that allows wage earners to get their income in real-time. No more fortnightly or monthly payroll?! Or.. is it completely horrifying that people can't wait a week to get paid? 
• 35:00 Shaye & Becc introduce their no-shit sherlock segment or.... the Captain obvious segment. Headlines and news stories - that shouldn't be stories... because it's bleeding obvious. 

 

 

See omnystudio.com/listener for privacy information.

Welcome to Season 1 - Episode 4 of Reality Cheque

Thanks to our Access Offshoring for their support of Reality Cheque.

Access are ‘The Offshore Accounting Recruitment Specialists’, if you're interested in learning more about hiring high quality accountants overseas, learn more here.

1.00 Nothing today is pure WOG or BOG, somewhere in the middle

1.20 Automation in Audit. 

Lots of clunky software still in place, huge reliance on repetitive grunt work done by humans instead of the tech. Resource stretching and boring work creates an environment of errors and rush through. 

There is a rolling AFR article tracking audit issues at the big4: https://www.afr.com/companies/professional-services/court-actions-against-deloitte-ey-kpmg-and-pwc-20190404-p51avg

Greater adoption of technology can help lift burden from humans and AI can be used to look for exceptions and detect anomalies. Good friend Sholto Macpherson wrote a great article in acuity: https://www.acuitymag.com/technology/automatic-audit 

Some of the tech that exists now includes: 

MindBridge - Explainable AI and Audit

Dext Precision: https://dext.com/au/products/precision

Xbert: https://www.xbert.io/

10.30 Conferences bringing people together

Shaye & Beccs womance began at XeroCon

Intuit Connect in Vegas is a known as the biggest and best conference in the accounting world

Xerocon

DreamForce

https://quickbooksconnect.com/ 

13:45 Having the freedom to choose family over work

Choosing between Tayah’s graduation and QuickBooks Connect (in Vegas no less) was a no brainer for Shaye.  No fear, complete safety, complete support from her boss and organisation.  

Shaye now feels safe enough to make these choices after years of working in an industry that made her feel frightened to prioritise family. 

Becc shares regrets over earlier choices and actions where work was chosen over family. 

This kind of inclusivity costs nothing - it's all about culture.  So why does our industry still stigmatise prioritisation of family?  Biiiiig miss for millennial parents…. Biiiiig miss for the sustainability of our industry.  Worst on Ground for the rehab required after leaving public practice ;)

DE&I at Intuit

23.50 Insolvency causing nightmares 

Beccs client going through insolvency is cause actual nightmares

Did she do enough?

Where is the education in our industry to help identify businesses in strife - haven't seen anything since the beginning of covid - but the issues are happening now?

How do the membership bodies decide what education to push out?

29:40 Imposter syndrome - something wrong with Becc

30:40 Xero & Intuit coming together to educate the masses on eInvoicing. 

The man, the legend, Simon Foster, suggests that Intuit and Xero demo together on an eInvoicing webinar with the CA ANZ, and earns Shaye’s undying love and respect hahaha

https://store.charteredaccountantsanz.com/Are-you-eInvoicing-Its-secure-and-efficient-but-is-it-for-everyone?quantity=1&custcol_lll_eventdate_opt=18&custcol_lll_eventyear_opt=7&Location=Online&custcol_lll_eventmonth_opt=8

Shaye & Becc shout out to Damien Greathead https://www.linkedin.com/in/damiengreathead/ for being a great human

See omnystudio.com/listener for privacy information.

Reality Cheque: Season 1 - Episode 3

Thanks to Content Snare for supporting this episode. 
Find out more Content Snare here.

Show Notes
Shaye has FOMO, Becc rubs it in with all her travel plans.

4.04 Women in Finance awards https://www.womeninfinanceawards.com.au/ 

Last year’s esteemed winner ofc The Excellence Award - Miriam Holme (Radelaide represent) 

https://www.linkedin.com/in/miriamholme 

6.40 Worst On Ground (WOG): Payroll, oh my, payroll.  Get it wrong, the best way to stuff up your culture, and possibly land you in jail.   If you can’t afford to pay your staff right, your business is not viable.  Don't do your own payroll unless you know it's configured right!

https://www.accountantsdaily.com.au/regulation/17395-fwo-recovers-record-500m-in-unpaid-wages 

Fair Work Ombudsman

https://www.fairwork.gov.au/ 

Apps that help you stay payroll complient:
- Tanda - Rostering, Attendance and Award Compliance Software

https://www.tanda.co/ 

- Deputy - Rostering, Timesheet and Time Clock Software 

https://www.deputy.com/ 

16.00 WOG: Construction industry needs more support!  Make sure you don't go into the 

industry with your blinkers on - you need at least 5 months capital. 

https://www.accountantsdaily.com.au/business/17355-building-industry-needs-legal-scaffold-to-trade-through-crisis

12.30 Best On Ground (BOG): - Negative Camber the Motorsport Show.  Allyship in Motorsport - lack of 

representation from artists signed to entertain at the upcoming Adelaide 500

https://www.italiauno.com.au/

Negative Camber - The Motorsport Show

https://open.spotify.com/show/0JoD9i6RZ5lvRfMPzQeWr3 

The Adelaide 500

https://adelaide500.com.au/ 

The artist line up lacks diversity. https://citymag.indaily.com.au/culture/big-surprise-white-men-to-headline-the-adelaide-500/ 

Netflix: Drive To Survive

https://www.netflix.com/au/title/80204890

29:25 BOG - Empathy is your SUPERPOWER:
Lifting learnings into our firms from empathetic leadership in sport.  Controlling the controllables and leveraging empathy as a superpower.

https://www.afr.com/work-and-careers/leaders/ted-lasso-s-leadership-lessons-for-ceos-20220718-p5b2dz 

Ted Lasso: https://tv.apple.com/au/show/ted-lasso/umc.cmc.vtoh0mn0xn7t3c643xqonfzy

Fridays with Fitz https://www.instagram.com/fridayswithfitz/?hl=en 

Mark Fitzgibbon https://www.linkedin.com/in/mark-fitzgibbon-3754504/ 

 

See omnystudio.com/listener for privacy information.

It was a tough week. Grumpy clients, difficult ATO….

Thanks to Weel for supporting this week's episode. Spend management, streamlined.

Becc - Worst on ground

Becc’s worst on ground is Shaye. Offer clients fee discounts - hell no!  How can we  incentivise clients to send their tax work in at times of the year that are not super busy in the firm?  Becc share’s her tips for how to discount effectively without undermining the value of your services.

The offending webcast https://www.accountantsdaily.com.au/webcasts/17246-5-tips-for-a-more-efficient-financial-year-in-your-firm 

Aly and Andrew’s podcast https://www.accountingadventures.com.au/ 

Becc - Best on ground

ASIC for booting a bad actor.  Bad eggs bringing the image of the profession down and driving up the cost of compliance in our businesses.

The naughty guy https://www.moneymanagement.com.au/news/financial-planning/asic-bans-adelaide-adviser-over-early-super-release

Shaye - Best on ground

Project Alfred Accounting industry salary checking tool reveals what we know in real life that the gender pay gap is definitely real and bleedingly obvious.  A shout out to our blokes, our allys working to make this something we never have to talk about again. Liam McNamara - you legend.

Liam’s awesome work https://www.linkedin.com/posts/shayethyer_accountingandaccountants-activity-6960894083959599104--Ruv?utm_source=share&utm_medium=member_desktop

Where does the power really sit in the CA ANZ when it comes to addressing gender pay gaps and diversity and inclusion more widely? 

UK mandatory reporting on gender pay gap - https://www.gov.uk/government/collections/gender-pay-gap-reporting 

ICAEW’s view  https://www.icaew.com/insights/viewpoints-on-the-news/2021/oct-2021/gender-pay-gap-and-the-accountancy-profession-time-for-a-rethink 

CAANZ 2021 Remuneration Report https://www.charteredaccountantsanz.com/news-and-analysis/news/latest-ca-remuneration-survey-uncovers-work-landscape-and-vast-gender-pay-gap 

Shaye - Worst on ground

Controversial article banned by professional body in the US.  The controversy - saying out loud that the accounting industry fails to retain talent. More ostriches with heads in the sand pretending nothing is wrong….

The Cloud Accounting Podcast https://www.cloudaccountingpodcast.com/ 

The controversy https://www.linkedin.com/posts/blaketoliver_how-to-fix-the-leaky-cpa-pipeline-activity-6961045028962017280-5I2j?utm_source=share&utm_medium=member_desktop 

See omnystudio.com/listener for privacy information.

How did year end reviews go for your team?  Did you anticipate the asks from the team? What does that mean for this coming year’s profitability?  Because accountants are standing up and asking to be valued!

How much do accounting firms really stand in their own way when it comes to the path to awesome?  A lot, is the answer.  How much pain do we really need to be in to recognise that the time to change traditional practices is NOW?


A huge thanks to Change GPS for their support on this episode.
Legendary frontline accounting apps that transform your practice and your working life.

Show Notes:

Becc 

Spriggy Helps your kids learn about money.

https://www.spriggy.com.au/

Best on Ground

PWC appoints first ever chair WOMAN!

https://www.afr.com/companies/professional-services/pwc-s-first-chairwoman-pledges-to-focus-on-firm-s-culture-20220714-p5b1qf

Greater adoption of AI is critical, like, right now.

https://www.afr.com/work-and-careers/education/the-ai-challenge-must-start-in-schools-20220624-p5awbn

https://dayofaiaustralia.com/

Worst on Ground

PWC’s chair appointment was super critical - especially given the concurrent scandal around another PWC partner (who has since resigned) busted for men-only gatherings (including strip club outings) where allegedly the five most attractive women in the firm were rated.     https://www.afr.com/companies/professional-services/pwc-partner-accused-of-rating-female-staff-leaves-firm-20220713-p5b17l 

Shaye

Accountants democratizing access to financial education is awesome - looking at you Rebecca White!

https://www.bdo.com.au/en-au/financial-education 

Best on Ground

Accountants ask to be valued - payrise please!  But some firms have other ideas….. https://www.accountantsdaily.com.au/appointments/17149-accountants-chase-pay-rises-above-6

Worst on Ground

Women’s participation in the workforce is at an all time high - but the accounting industry still snoozes on access to this key talent pool.

https://www.smh.com.au/business/the-economy/silver-linings-the-surprising-way-the-pandemic-has-helped-women-at-work-20220717-p5b26z.html

Shout out to amazing gender equity aly Peter McCarthy - love your work!

See omnystudio.com/listener for privacy information.