Welcome to the Spring issue of Powerline.
Growing your business is very much like growing a garden. A garden doesn't grow overnight. You need to invest time and energy into the process and a business is no different.
At Power Tynan, we are constantly working on ways to make our client experience better. We put a lot of resources into ensuring that we are up to date with the latest technology and keeping up to date with changes to legislation.
As highlighted in the last Powerline, from 1 July 2016 accountants can offer strategic financial advice and consider superannuation options when advising clients, but only if they became licenced. In order to continue to deliver the high level of quality financial strategic advice to our clients, our senior advisers have all obtained a Diploma of Financial Planning, and we have become Authorised Representatives of SMSF Advice. This new legislative requirement has changed the way we provide and present this advice to our clients, and we have already seen benefits for clients who have been through this new process.
Many proposed changes to superannuation were put forward in the May 2016 budget, and the Government recently issued a media release regarding the revised changes. While none of these proposals have been legislated as yet, the draft is set to issue sometime in October. An added benefit of our partnership with SMSF Advice is access to expert guidance, ensuring we will be able to quickly respond to the legislation and advise our clients of their options in relation to these changes.
With technology moving at an ever rapid pace, we've been testing new accounting software solutions, add-ons and apps, and will be showcasing these to our clients who will benefit from them in the near future.
As you may have also seen, we now offer a full bookkeeping service for our clients. As a part of this service, we undertake an internal efficiency review of the business’ financial systems. This internal efficiency review process is also available to clients who still want to do their own books, but would like us to review their systems and processes.
Internally, our in-house process engineer and his team are working on a new and improved client portal and electronic document system, which will be made available to our clients soon.
Amanda Kenafake and myself will be taking part in TSBE's AccessChina'16 business delegation, travelling to Shanghai, China for a five day program aimed at activating business opportunities in agriculture in Asia, health & aged care, tourism, mining & resources, education and sustainable design and manufacturing.
Finally, we are extremely proud to have made the finals of the Australian Accounting Awards in an unprecedented ten categories. This is an incredible achievement and we wish our individual finalists all the best. The winners will be announced at a Gala Ball in Sydney on Friday 14 October 2016.