How to take advantage of a world of opportunity? Insights from the 2013 CPA Congress

Last week I was fortunate to be able to attend the CPA Congress in Adelaide. There were amazing presenters from across Australia which provided for inspiration and thought about the Australian economy and the future for small business.

There were two particular presentations that challenged me as a business owner and business advisor to many small businesses.

Carolyn Creswell

Carolyn is the owner of Carman's Fine Foods, winner of Telstra Australian Business Woman of The Year, TV personality with Network Ten's Recipe to Riches, and a mother of 4 young children. I was fortunate enough to speak with her after the event and thanked her for being a positive role model for female business owners and entrepreneurs.

Carolyn's passion for great customer service is inspiring. During her presentation, she made the particularly relevant comment that business owners should 'find what your clients needs are and help them solve their problems, not yours'. So often we hear that the key to starting a business is to find something you are passionate about and do what you love. Yes, this is important, but the fundamental issue is that a small business is not about the owner, its about the customer or client and providing solutions to customers needs. It's the principle that if you "help enough other people get what they want, you will get what you want".

Deloitte - Digital Disruption - Short fuse, big bang

Every industry is facing 'digital disruption' (digital, being the internet). Deloitte have studied this disruption (and when it will occur) and the scale the internet disruption is expected to impact the different business industries (the Big Bang). For a small business owner, they have the choice to either ignore the impact internet is having on their industry or create opportunity from it.

The presenter made the interesting comment that most small business owners are still operating the same way they did 10 years ago, yet customers are NOT acting the same way they did 10 years ago. Customers socialise, interact, engage and make decisions extremely differently to the way they did 10 years ago. The presenter highlighted that business owners need to catch up to this asap or they are headed for the big bang. Think about your own business. What have you changed over the last 10 years? If you have a website, are you utilising this effectively? Is being social part of your strategy? Are you using the same old accounting software that you were using 10 years ago? Are you being disrupted or are you the disruptor?

At Flinders Accounting we have embraced our Flinders Connect program which assists small businesses to connect to cloud technology including accounting, CRM, inventory, point of sale, e-commerce and payroll solutions. Flinders Connect has given our small businesses the competitive edge to prosper, succeed and create opportunity from the digital disruption.

Check out Digital Disruption - Short fuse, big bang video below:

Not lodging your tax returns? You might be missing out!

I have seen a huge amount of new clients over the last couple of months that, for some reason or another, have got behind in their taxes. While I do not encourage this and there are serious penalties imposed by the ATO, there are great benefits for sorting out your tax.

1. Peace of mind

A client of mine said that they drove past my tax signs every day to work and everytime they did so, they remembered they had to do their taxes. After seeing me they were amazed at how quick and easy the process was. They no longer had the niggling reminder every time they drove past my sign to lodge their taxes! I also had one client worried that they wouldn't let him leave the airport because he hadn't done his taxes. Whatever you might be worrying about in relation to your taxes, one of our friendly and understanding Accountants are here to help you and deal directly with the ATO on your behalf.

2. Tax Refunds

A lot of clients that I see receive tax refunds. Just in the last week I have helped clients receive thousands of dollars back in refunds for every year of tax outstanding. This was a complete surprise to some of them and they certainly won't be late with their tax returns in future! Its important to note that this isn't the case all the time and its best to contact us to discuss your situation.

3. Other factors

Not having up-to date taxes can affect other extremely important areas. Often Centrelink won't pay certain benefits, like the child care rebate or family tax benefits, if you and your partner have not lodged your tax returns each year. Also, its important when applying for loans that your taxes are up to date as the lender generally requires this information.


Flinders Accounting can help:

I've helped clients from all over Australia with their tax. Email me at miriam@flindersaccounting.com to discuss your situation. I can generally access most of your payment summaries, bank account interest and some other forms of income from previous years within minutes.

Flinders Accounting offer a special fixed fee price to clients with outstanding tax returns.