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13 BIG issues in the NZ Accounting Profession

By The Team | July 23, 2014

Phil Richards, the co-founder of SmartPayroll has been on a journey for the past 10 years to make Payroll Easy. Thanks to YOU SmartPayroll is now the #1 Cloud Payroll Company in New Zealand with over 10,000 clients, paying 150,000 people every month over $2B pa and over 1,000 Accountants supporting, referring and using SmartPayroll.  G’day! SmartPayroll is now in Australia so if you have any clients wanting a great cloud payroll solution with our famous Payroll Angel Service, check us out here.

 

Phil Richards CPA – Co-Founder of SmartPayroll and Award Winning Entrepreneur, founder of 9 companies and in 2011/12 he bought 14 Small Accounting Practices
Phil Richards CPA – Co-Founder of SmartPayroll and Award Winning Entrepreneur, founder of 9 companies and in 2011/12 he bought 14 Small Accounting Practices

We couldn’t have done it without YOU, so a huge THANKS from all the team at SmartPayroll.

 

Phil has been an Accountant (CA for 18 years now CPA) and Practice Owner just like you. He talks with Accountants everyday and loves helping them in their practices. However, he has never seen Accountants so nervous about the future and have so many questions about the uncertainty ahead and how scared and nervous they are.

 

 

13 BIG Issues in the NZ Accounting Profession

– Compliance fees are dropping fast, approximately, 20% in the last 3 years

– Fee commoditisation and packaging up isn’t the answer  to everything

– Bookkeepers are being armed with the tools to really threaten Accountants

 Clients are less loyal, more likely to sue and more mobile than ever

– Clients can’t always afford Value Added Services

– Finding Good staff is hard work and their wages keep climbing

– Outsourcing is the new trend and BUZZ Word in the industry

– We Accountants are being told that the majority of our revenue needs to come from Value Added Services

– Cloud Technology is changing the industry faster than expected and clients are becoming more self sufficient

 Tax simplification and the IRDs Business Transformation Programme is further threatening future compliance revenue

– There is more and more talk of using Social Media in our practices, but what does this mean and do you do it?

– As Accountants in many cases we are actually not great business advisors and have never owned a business other than an accounting practice

– Succession still remains a hot topic – older practitioners are holding on longer because they don’t have enough money to retire.  Whilst younger Accountants don’t want the extra risk of equity for not much more money!!!!