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Tomorrow’s CFOs –Transformational Leadership in the C-Suite

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Chien Dang

The growing importance of Chief Financial Officer (CFO) roles due to globalisation and business complexity has led to the need of increased expectation for CFOs to become business strategists. Equipped by technology advancement, the role of a CFO is now transforming.  

Conventionally, CFOs are required to direct the company accounting, ensure the financial information accuracy, and monitor the financial health of the company. However, the future candidates for CFO positions might experience a change in their conventional roles. Future CFOs will be expected to not only good at interpreting the numbers but also developing and supporting their companies’ business strategies. The CFO will become more progressive to act as the CEO’s right hand man, especially when it comes to strategic decision making. 

The change in CFO role could not happen without the impact of technology. Innovative technology are disrupting and challenging the conventional definition of being a CFO. Technology is indeed the significant factor that is transforming the role of the CFOs.

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Innovative technology enables cloud accounting to flourish. Systems like XERO provide CFOs access to real time data and insights of their companies’ performances. With advanced machine learning, XERO could learn to complete multiple manual tasks which are currently performed by human. The automation feature of XERO allows CFOs to have more time and resource for strategy analysis, thus results in a better decision making. 

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MOULA offer from Tailored Accounts

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Tailored Accounts is pleased to announce our partnership with Moula - the trusted Australian business loan provider. There are three key reasons why your business may need external finance.

  1. Are you expanding your business in 2017? Expansion involves cost such as renovations, rent, new staff payrolls, and marketing. An extra financial resource could be very helpful to cover your expenses and accommodate the growth of your business.
  2. Are you looking to buy new machines and equipment? Computers, kitchen supplies, machinery are critical resource to run the business, but their costs might not be affordable for your budget. A loan for these purchases should be considered. 
  3. Are you planning on increase your inventory? If you are a retailer and you want to stock more inventory for new year sales, then you might be interested in getting an additional source of finance to acquire more inventory. 

 

Moula offers unsecured loans across Australia, up to $250,000 for periods of 6 – 12 months with a simple interest rate starting at 0.75%* applied against your outstanding balance. It takes just 10 minutes to apply for a loan, and you will get an answer from Moula within 24 hours and, once approved, the funds will be in your account by the next morning. Click here to apply and learn more about Moula products today. 

 

 

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Single Touch Payroll & four things that business owners should know

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Harry Hoang

Single Touch Payroll (STP) is now becoming compulsory for businesses, which have minimum 20 employees. You will be required to report on the new system from 1st July 2018. What needs to be prepared to get ready for the new system? Would there be any impact on your business transaction or cash flow?

Here are few check points to ensure that you are ready for STP:

1.      Your STP readiness: If you have 20 or more employees on 1st April in a later year, you will commence reporting under STP from the next 1st July. It means you will have a minimum of 3 months to organise your systems & procedures to meet requirement of STP.

3-month period is not sufficient to prepare thoroughly for the change if your accounting system has not been ready for STP. You should check with your software provider NOW to ensure they are STP if you plan to have 20 employees in the next 6-12 months. As a XERO Gold partner, we can confirm that XERO will be compliant with STP.

                                                                                           

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#AccountantChange - What might the future of accounting and business?

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Have you ever wondered how you we would operate our businesses in the future? How could we make an impact to change? How accounting practice could be improved in the future? Watch our #AccountantChange videos and find out the answers! 

In October 2016, Harry initiated #AccountantChange project. He asked experts, entrepreneurs, and students about their thoughts on future of accounting and business. The answers were amazing. Please subscribe to our channel for more interesting discussions daily. If you wish to share your thought with us, feel free to This email address is being protected from spambots. You need JavaScript enabled to view it. usLet's us together envision a future of our business world. Watch the full playlist here

 

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What can XERO tell us about leadership (Part 2)

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Fuzuki Nishimura

XERO entered Australian accounting software market seven years ago. They used to be a boutique-sized business; however, they brought a disruptive innovation that has changed the landscape of accounting industry. Software used to be installed in our computers; and accounting data were handled mostly offline from our desktops. When XERO came out, we just loved it. It allows us to access data from multiple devices. Our clients could now enjoy seeing financial reports from their mobile devices.

                                                                         

Many of our clients love XERO because it is highly customised to their business needs. A grocery owner, who has been our client for more than four years, shared with me that XERO was the best software to handle hundreds of transactions and still able to generate real-time report. That is the reason clients choose to subscribe and stay using XERO for long term.

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Financials & Accounting Workshop for IACT 2016 participants

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Tailored Accounts was pleased to conduct the Financials & Accounting workshops for more than 30 participants from the IACT 2016 competition teams. This is an important training for all teams before the idea pitching date. Accounting knowledge is the key to convince the judge on the credibility of your ideas!


The teams were interact with workshop instructor, raising interesting questions, and sharing their experience in dealing with financial issues in start-up projects. Cashflow, budgeting, and financial forecast were our hot topics. Great discussion among the teams!

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What can XERO tell us about Leadership? (Part 1)

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Harry Hoang

Coming back from XEROCON SOUTH in Brisbane, I kept asking myself about what have we learnt from the event. In the past, we tried to figure out the most suitable accounting software for our business and clients. XERO was the best choice. When at XEROCON SOUTH and talking to my colleagues, I realised that XERO is embarking in a leadership position in cloud accounting, which has never been taken by other big players.

I was keep asking myself about what we have gotten from the event. I asked staff to write few words about their personal feeling so we can consolidate to a good article for B2B this month. Personally, as a CEO of an accounting practice, I am thinking more about the direction, the leadership of the accounting industry in which XERO play a very important part of the Eco system. 10 years ago we all know that MYOB, QuickBooks are the most popular accounting software for SMEs and Accountants.

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ATO Announcement: PAYG Tax Tables Changes by 1 October 2016

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Dear customers,

Please be informed that PAYG Tax Tables will be updated to reflect all the changes by Saturday, 1 October 2016. Details of the changes could be accessed HERE

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We encourage you to stay updated from the changes. XERO system will be updated accordingly as per the PAYG tax change. Should you have questions regarding the change, please contact us at  02 6169 5196. Our accountants will assist you with the information. 

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Opportunities for SMEs

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The Business Research and Innovation Initiative (BRII) is offering grants to help SMEs develop solutions that could help to solve public sector challenges. This is the opportunity for you to be the consultant of these government departments

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  1. On the spot technology for measuring pyrethroid surface residue, Department of Agriculture and Water Resources (DAWR).
  2. Tracking the effect and value of information products, Australian Transaction Reports and Analysis Centre (AUSTRAC).
  3. Digitally enabled community engagement in policy and programme design, Department of Industry, Innovation and Science and the Department of Social Services.
  4. Improve transparency and reliability of water market information, Department of Agriculture and Water Resources (DAWR).
  5. Sharing of information nationally to ensure child safety, Department of Social Services.

Visit BRII website here today and start applying for the grants. Application deadline is 30 November. 

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Tailored Accounts - Employsure partnership for your better workplace relations

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Tailored Accounts is delighted to announce our partnership with Employsure - the Australia’s leading workplace relations specialist. As Australia’s leading workplace relations specialist, Employsure is proud to be assisting over 10,000 businesses nationwide, to set the solid foundations of businesses success, starting with a fair and safe workplace.

Each day, their Advice team receives an average of 550 calls from clients seeking advice on their employment relations or work health and safety. Last year alone, their consultants travelled over 1.5 million kilometres to conduct workplace reviews, identify areas of non-compliance and also managed over 989 claims associated with workplace concerns.
Available day and night, Employsure is always here when our clients need us most so they can focus on what they do best – running their business.

There are case studies to learn from the failure of other companies in managing their wage systems, one of them is the underpayment of wage by 7-Eleven. This shows us the importance of having a fair and safe work space. 

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7-Eleven: an example of what not to do

The case study by Employsure

7-Eleven is the largest convenience store in Australia. With over 600 stores nationwide, it is currently under heavy media spotlight for all the wrong reasons.

In September 2015, the ABC’s Four Corners program conducted a joint investigation with Fairfax Media Limited, discovering the convenience store giant was guilty of systematic underpayments of wages, doctoring of payroll records and blatant exploitation of overseas employees.

Recently, a Brisbane franchisee was fined $400,000 for the underpayment of 12 employees. This is the largest penalty ever imposed in Australia by a court following action by the Fair Work

Ombudsman (FWO). In addition, the FWO found that 7-Eleven franchisees were falsifying payslips in an attempt to hide underpayments. Employers are obligated under the Fair Work Act to provide their employees with a record of wages paid, which includes their rate of pay, the gross and net amounts paid, any deductions made from the pay and the details of any incentive based payment.

It is also imperative to know which Modern Awards cover your business and the varying employees you engage, to ensure you are meeting your obligations. Employsure can help determine which of the 122+ Awards you must adhere to for your business.

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The partnership of Tailored Accounts and Employsure could bring benefits to all clients. Employsure is here to offer free workplace advice for all clients of Tailored Accounts and help you navigate what could otherwise be seen as a minefield. As Australia’s leading workplace relations specialists we can answer any questions you have regarding minimum rates of pay, the Modern Awards relevant to your business to assist with understanding and meeting your obligations as an employer. Here is our partner representative information for business enquiry.

Peterson Collarde  

m: 0428 469 626 | e: This email address is being protected from spambots. You need JavaScript enabled to view it. | w: http://employsure.com.au

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