Mar 4, 2015
There are many challenges facing accountants and, indeed, the whole business community. These could be summarised as:
· The economy – interest rates are not at the current level to assist borrowers. They’re indicative of an economy that has significant problems.
· There are depressed business situations in some areas around Australia. This leads to businesses closing or making significant staff retrenchments.
· “Digital disruption” keeps on affecting businesses in all sorts of ways.
· Standard Business Reporting (SBR) – the Australian Taxation Office intends to implement this strategy from 1 July this year, which the ATO believes, will have a significant “red tape reduction” effect on accountants, even though the government will maintain that it’s good for business.
In these circumstances, accountants have a choice. You can either meet the challenges and provide the services the marketplace wants, or retreat and hope things will improve in the future.