Watching the recent changes in the Australian real estate sector has been interesting, along with comments about McGrath and the newly formed “The Agency”. An interesting comment surfaced recently: “Going back before the float I could see the fragmentation of the industry – the huge impact the internet is having on our business model, the unprecedented low stock levels, and how …
Australian Accountants have big problems: Disruption hits hard in professional services.
We live in interesting times, but there is no denying disruption over the past 20 years since the internet and email burst onto the scene. Uber, Airbnb and Xero have been around for over a decade, and yet at the same time we still have rampant use of desktop bookkeeping and accounting software here in Australia. A little over a …
After the Compliance is gone… Empty nest syndrome for Accountants
We talk to a lot of accountants, and their big fear of Automation, Cloud and Outsourcing is what will I do when the Compliance work is gone, or at least reduced so much that they have spare time on their hands. Recently the discussions have centred around the fact that the world post Compliance is really a greenfield opportunity, and …
Simple Australian “I” returns disappear from Australian Accountants’ Compliance work
Technology is changing the way taxpayers worldwide interact with tax authorities. And it isn’t any different in Australia. The move towards self-lodging is inevitable for many reasons. Looking back into last century, Australia has had e-tax software for self lodgement since 1999 and for 15 years it was the only way for self-lodging individuals to lodge their tax return online. The …
Blockchain DLT option to replace CHESS
In the press last week was more about the changes about to affect the CHESS System. As reported, the Australian Securities Exchange (ASX) has moved further down the track in developing a post-trade settlement system that will eventually replace the incumbent CHESS (Clearing House Electronic Sub-register System), and a blockchain-based system remains the front-runner. We’ve certainly been mentioning the disruptive …
NPP Disruption in real time payments coming this year…
Well this is the year when the NPP is due to be launched. Hailed as a game changer in the banking system that has the potential to transform how you pay for everything. Certainly this is a much needed system. Australians have certainly embraced electronic payments, but the payments systems behind electronic payments is certainly dated. The new piece of …
Philippines – A race to the bottom for “per seat” costs
We recently saw a Philippines labour service provider advertise for a “seat fee” of sub Aus$200. This is certainly setting the scene for a race to the bottom for “per seat” costs. The current race is reminiscent of any overcrowded market. People smell cash, and a lot of new entrants come into the market. Prices are forced down to early …
Will Australia’s minimum wage force more work offshore?
Quick Question: In what country is it permissible under law to pay a minimum wage of US$2.13 per hour plus tips, or US$4.25 an hour for the first 90 calendar days of employment if under 20? Ok so yes, we agree the US$7.25 minimum wage in the US is probably a more reflective figure. But it’s still remarkably lower than the …
Clients won’t queue … Lessons for Australian Accountants from Australia’s Restaurant scene …
In a news article last month, Sydney diners were increasingly unwilling to stand in line waiting for their dinner. With more options for dining out and online booking at people’s fingertips, fewer diners were willing to queue for restaurants. As the article notes, people are becoming less and less patient. And “People don’t even want to wait for their coffee in …
Bring the jobs home… Australian compliance heads for a wild ride…
It’s been an interesting year. First we had the surprise of Brexit, then the surprise of the US elections and now there are rumblings in the Australian market. Whilst it will be interesting to see whether jobs will be brought back to America, there is likely to be some fallout in Australia. More recently there have been headlines in Australian news: …