How did you grow tax practice?
After working for the ATO, I joined to Success Tax Professionals in November 2017. I built my practice mainly from client referrals, advertising and having a great location.
What is your focus?
- Running a conveniently located practice in the Thornlie Square Shopping Centre with high traffic, plenty of parking and surrounded by a hub of well-patronised retail shops.
- Understanding client needs and providing a quality relationship centred service.
- Marketing/ Advertising;
- Adding value through referrals to other third-party services.
What are your views on the future of the accounting industry?
The accounting industry is one of the first to be impacted by technology.
If you want to make the most out of a career in this field, there are two important things for you to know about the future of accounting:
- Technology won’t take your job, but it will change it. As machine learning and artificial intelligence make fast advancements, administrative-accounting jobs will eventually be phased out and replaced with the technology that does these jobs faster and more efficiently. However, that doesn’t mean your job is at risk!
- Try to have a specialty. If you can create a niche for yourself and become an expert in a particular subfield of accounting, you will be that much more valuable.
Many industry accountants never go beyond the basics and this means opportunities are not presented to their clients. This means savings are typically missed and these can be substantial. Producing a tax return might generate a tax refund of say $1,000 for a particular client, yet for the exact same client tax planning services might generate $2,700 by just applying one strategy. Just imagine if you are able to apply 5 strategies or 10 strategies – savings can be substantial.’
How do you approach tax planning with clients?
Tax planning is key for my business, as clients can save tax by implementing the tax strategies. I need to understand their financials, motivations and circumstances. I analyse the client’s data and provide a practical useful tax planning report.