#62 - Should Accountants Renew Their Professional Memberships?

The boys have been all over the country but they converge for another week to bring you the latest in the accounting industry, including issues at tax time, managing risks in your business and even a ‘fake profit’ discussion.
This week’s 5-in-5 is with Michael Stapleton, Virtual CFO at Pro Vertiaet, and the boys delve into the reasons why accountants (often automatically) renew their professional memberships.

Before you jump into the episode, make sure you buy a ticket to our EOFY party – link is in the show notes.

From The Trenches’ - Real Life in the Accounting Industry presented by Paul Meissner and David Boyar.
https://www.fromthetrenches.com.au/

Show Notes

EOFY Party Tickets:
https://www.eventbrite.com.au/e/from-the-trenches-eofy-party-tickets-46873441726

2:15 Best on Ground

Paul

9 Tips to Save Cash, Manage HR Risk and Protect Your Business
https://www.sequelcfo.com/yourfinancialmentornews/video-9-tips-to-save-cash-manage-hr-risk-and-protect-your-business
An absolute must if you’re in the advisory space, bravo Dave.

Dave

We Work Details Run Rate Revenue and Fake Profit
https://news.crunchbase.com/news/wework-details-run-rate-revenue-and-fake-profit/
‘Management Accounting is Sexy Again’

9:10 Worst on Ground

Paul

TPB Finds Unregistered Agents Online, Launches New Tax Time Campaign
https://www.accountantsdaily.com.au/professional-development/11774-tpb-finds-unregistered-agents-online-launches-new-tax-time-campaign

Dave

Tax Accountants Pretending They’re Helping Their Clients at Tax Time
‘This one hits close to home’

20:57 5 in 5 Summary:

Dave sits down with fellow Virtual CFO at Pro Veritate, who talks about his experiences and challenges in the virtual space from a tax outcome, forecasting and client management perspective.

Michael also talks about his post on jargon in the industry, which has gained a lot of traction. If you haven’t seen it yet, check out his video here:
https://www.linkedin.com/feed/update/urn:li:activity:6414477521508798464

Find Michael on Twitter (https://twitter.com/cashflowjedi), LinkedIn (https://www.linkedin.com/in/michaelstapletonvirtualcfo/) or his website (www.proveritate.com.au).

28:16 In Depth Topic:

Last Friday Dave posted a screenshot of a reminder he received to renew his professional accounting body membership, which received varied reactions and responses. So the boys decided to have a discussion about what’s on accountant’s minds before they hit the buy button:

Paul
• The effect from a tax practitioner perspective
• The need for stat declaration declaration

Dave
• The training influence and benefit
• The value-add from a client perspective