Reality Cheque with Shaye and Becc From the Trenches

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 documentsCAANZ 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 ChequeThanks 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.