Winner's’ Post

Embarking on your journey in an accounting firm as a newly joined staff member can feel like stepping into a whirlwind of excitement and challenges. But fret not! Here are some invaluable insider tips to help you not only navigate but also excel in this dynamic environment: 1.     Embrace Learning: Be open to soaking up knowledge like a sponge. Ask questions, seek guidance from senior colleagues, and never stop learning. The accounting landscape constantly evolves, so staying curious and adaptable is key.   2.     Master Time Management: Time is your most precious resource. Learn to prioritize tasks effectively, set realistic deadlines, and use time-blocking techniques to stay organized amidst the chaos.   3.     Develop Strong Communication Skills: Clear and concise communication is essential in the accounting world. Whether it's discussing financial reports with clients or collaborating with team members, honing your communication skills will set you apart.   4.     Attention to Detail: Accuracy is non-negotiable in accounting. Pay attention to the finer details, double-check your work, and maintain meticulous records to always ensure accuracy and compliance.   5.     Build Relationships: Cultivate positive relationships with your colleagues, clients, and stakeholders. Networking within the firm and beyond can open doors to new opportunities and valuable insights.   6.     Stay Calm Under Pressure: Deadlines, audits, and client demands can create high-pressure situations. Cultivate resilience, stay composed, and tackle challenges with a cool head. Remember, you've got this!   7.     Seek Feedback and Mentorship: Don't be afraid to seek feedback on your work and actively seek out mentorship opportunities. Constructive feedback can help you grow professionally, while mentorship provides invaluable guidance and support.   8.     Maintain Work-Life Balance: In a hectic environment, it's easy to burn out. Prioritize self-care, set boundaries, and make time for activities outside of work that bring you joy and relaxation.   9.     Stay Updated on Industry Trends: The accounting landscape is ever evolving, with new regulations, technologies, and trends emerging constantly. Stay informed about industry developments through professional development courses, webinars, and networking events.   10. Stay Positive and Flexible: Embrace challenges with a positive attitude and a flexible mindset. Adaptability is key in the accounting world, so embrace change, learn from setbacks, and keep moving forward.   By following these tips and staying true to yourself, you're on track to thrive in the world of accounting! Keep pushing forward with determination and positivity – your success is just around the corner! ASQ Consulting Group Malaysia #unitylove #happyenterprise #taxexperts #asqconsultinggroup

Few people know, and even fewer care, that 10th November is 'International Accounting Day'. Did you know? Did you care? 😎 Yes, really. It’s a thing. And apparently, it has been since it was first celebrated as "Accounting Career Day" in California back in 1972. Who knew? I first mentioned it in a post here in 2018. Then again in 2021. These days we're told that the day honours Luca Pacioli, the Italian mathematician and mate of Leonardo da Vinci, who gave us the first written description of double-entry bookkeeping in 1494. [This is also why the awards being presented by the ICB UK (Institute of Certified Bookkeepers) after tomorrow's #BookkeepersSummit are known as the LUCAs] But what does this day actually mean for accountants in the UK? Especially as this year it coincides with, what I think we can all agree is, a more important commemoration: Remembrance Sunday. Intuit Quickbooks has produced a double page spread wraparound for the Business and Money section of the Sunday Times today. Whilst there's no mention of International Accounting Day, the main headline is: Every client needs an accounting hero. The software cliaming to be 'for the hero behind the heroes'. So perhaps more of a nod towards the main event today? I don't recall seeing anything like this before. Is it in other papers too? As regards 'our' day, it’s not like anyone’s rushing out to buy us cards or bake a balance-sheet cake (though that would be nice). Maybe it’s a day for clients to pause and appreciate the vital role accountants play in keeping businesses running smoothly 😎 Or perhaps it’s a day for us to celebrate each other—because we deserve it 🤗 So, here’s my challenge to you: 1️⃣ Clients: Why not publicly thank your accountant today? A quick LinkedIn recommendation or testimonial goes a long way—and costs less than a coffee! 👍 2️⃣ Accountants: How about celebrating with a fun office activity tomorrow? A spreadsheet-inspired bake-off? Or a toast to Pacioli at the pub? 🤣 3️⃣ Everyone: Share your most cringe-worthy "audit humour" or favourite accounting anecdote. Let’s embrace the day with a bit of fun 😁 What are you doing to mark International Accounting Day? Or are you ignoring it entirely? 😉 ~~~~~~~~~~~~~~ 🤓 I'm Mark Lee - supportive pragmatic mentor for accountants 🧐 Sole decision-maker for your accounting practice? 🤗 Need practice-focused support, guidance, encouragement, or a sounding board? 👍 Want to benefit from my experience and insights? 👉 Get in touch and let’s see if I could support or guide you

What is your teams’ higher purpose? What turns them on as a team? What makes it all worth while? Other than owning and managing a café for a number of years I have always been in a role that provided services like accounting, audit, Finance, KPIs or project services to internal customers like business units. Throughout those service provision years I have kept my professional development hours up and kept fully informed with the latest in these spaces. I loved it! I became an expert in these fields, So I kept on showcasing my expertise to the internal business unit customers. It all changed when I bought the café. All of a sudden I had to translate my expertise into happy and satisfied customers. They didn’t care about the latest Lease Accounting Standard. So, all day long at the café I was meeting THEIR needs and solving problems that got in the way of them having a wonderful experience at the café. I would go home satisfied that I had made these customers happy and solved problems along the way to make them happy. I had found my higher purpose. Making people happy by solving problems along the way. You didn't let any problem get in theway of a happy customer. I think at times we are caught up in our own world of technical mastery and less on meeting our customer’s needs and solving problems along the way that make them happy. Being of service to others gives you that higher sense of purpose. Help your team find their purpose by servicing your customers and by solving problems along the way, and not by showcasing your proficiency in a technical field. What brought you more satisfaction?...Knowing the latest accounting standard or feeling good about making your customer (both internal and external) happy? If you would like to explore what a higher purpose can do for your team please email me at george@alphaacumen.com.au or call me on 0419 015 745 Picture: Me and sunlight coming through at Watsons Bay

Accounting in Hospitality - Insights from an Industry Perspective For those of us who work closely with the hospitality sector, it’s clear that success goes beyond great food, service, or ambience. Behind every thriving restaurant, café, or hotel is a well-structured financial strategy driven by accounting expertise. Why Accounting Matters in Hospitality The hospitality industry is unique—it’s fast-paced, customer-focused, and often operates on tight margins. Experienced accountants understand that financial decisions made today can have a direct impact on tomorrow’s guest experience. From budgeting and forecasting to managing cash flow and compliance, accounting provides the data-driven insights that guide these decisions. Key Financial Challenges and Opportunities 1. Cost Management: Food, labour, and overhead costs can quickly erode profit margins. Effective cost control is essential, and accounting professionals help identify areas where savings can be made without sacrificing service quality. 2. Revenue Analysis: Understanding which products and services drive the most value is crucial. Accountants use detailed revenue analysis to help businesses refine their offerings and pricing strategies, ensuring they meet market demand while maintaining profitability. 3. Cash Flow Management: In hospitality, cash flow can be unpredictable. Accountants play a pivotal role in planning for seasonal fluctuations, ensuring there’s enough liquidity to cover operational expenses even during quieter periods. Balancing Passion with Financial Prudence Hospitality is a passion-driven industry, but without solid financial foundations, even the best ideas can struggle. Experienced accountants bring a balanced view, combining passion with prudence, ensuring that hospitality businesses can continue to innovate while staying financially sustainable. At the end of the day, accounting isn’t just about compliance or tax returns—it’s about empowering hospitality businesses to make strategic decisions that align with their values and goals. For those in the industry, working closely with accountants who understand the unique challenges and opportunities of hospitality can make all the difference.

Leadership the key component to addressing the number one issue facing the accounting profession, talent attraction and retention. We will all need to up our leadership game to inspire the next generation of accountants to the profession. This panel discussion will be jam packed with insights from leaders in the know.

McDonalds, Maccie D's, Maccies Ⓜ️ Whatever you call them and whatever you think of them, you can't deny that they are very... 🤖 Consistent ⚡ Efficient 💰 Successful Could you accounting firm learn from Ronald McDonald... Absolutely! The McDonald Brothers build the game changing Speedee Service System in 1948 to deliver perfect burgers in a matter of seconds! 👨🍳 Specialist Roles Having accountants doing a million and one jobs is not efficient. Onboarding new clients springs to mind, it's so time consuming and means your existing portfolio often get overlooked. Having specialist roles in house such as an on-boarder is a game changer, they are much quicker than the accountant, as they do it day in and day out, and by the time the job gets handed over to the accountant the hard admin slog is done! 👩🍳 Become Experts In The Basics (Use Limited Tech For All Clients) McDonalds don't use 5 different types of burger, they use one. If you really want to be efficient, pick the best tech for your clients and use it for all of them. We used Xero + Dext Prepare for over 750 + Clients, staff were experts, they were efficient, it was far easier to manage operationally and clients got the best service possible. 👨🍳 Nail Down Processes Great processes and training on these processes never hurt did they. Leaving some room for creativity, instructions on how to produce Accounts, VAT Returns, Bookkeeping can help deliver consistency and make the review process a lot easier. Accountants do love a review point, but the back and forth is definitely not efficient, so a self review processes can also be a game changer and empowers junior accountants to get an eye for the detail. We used Dext precision in practice to standardise our payroll, onboarding, bookkeeping and VAT returns. We built customised repeating workflows, that allowed our team to produce and self review work in a timely manner (I know I work at #dext, but it does work and it is top tier) Be more Maccies!! #Automation #accounting #xero

What every aspiring accountant needs. infact, Taofiq Olalekan Jimoh FCCA FFA FTA FIPA this is even for seasoned professionals in the field as this advice is for every Accountant that aims to be relevant and valuable.

Change starts with good leadership. If accounting practices are going to survive and thrive in the coming years - especially with the challenges around talent attraction and retention - accounting leaders need to be thinking differently. Looking forward to this panel with Mark Holton, Will Buckley, Beth O'Leary and Peter Walker at #aias24.

🤔 What does the future of accounting leadership look like? 🤔 It's no secret that the world has changed over the last few years and that people are looking at their lives differently. People are seeking work with purpose, they are looking for more balance between work and personal life, they are more aware of their mental health and the impact it has on them and those around them, they are looking for alignment with their values. So what does that mean for leaders in accounting practices moving forward? ❓ Do we need to be looking at different models and structures for leadership to make our practice sustainable? ❓ What do we need to be doing differently to support our employees in their career and life choices? ❓How do we tackle issues around mental health and stress in the workplace? ❓What can we do to bridge the gap between different generations in the workforce and accommodate diverse needs to improve talent retention and attraction? This thought-provoking panel addresses the pressing need for recalibrating leadership skills in the face of a workforce marked by age, gender, and cultural diversity. Panel Moderator, Mark Holton, is a seasoned professional with over 35 years of experience, specialising in providing strategic guidance to accounting firms seeking to excel in today's competitive landscape. He's held roles as a Chairman, Company Director, Consultant, and Business Strategist, and understands the unique challenges that accounting firms face. Will Buckley has held numerous leadership positions, the most recent as Country Manager for Xero Australia. Will's "big end of town" leadership experience combined with his "small end of town" experience of working in and with accounting practices gives him a unique perspective on leadership structures that will transition firms into a sustainable future. Beth O'Leary is an accomplished Human Resources Director, ICF Professional Certified Coach (PCC) and Diversity Leader with expertise in leadership, strategy development, coaching, diversity & inclusion programs and culture change. She is energised by doing work that matters and creating high performing businesses and communities where people thrive through building culture, connection and collaboration. Peter Walker is the Practice Director and Principal Clinical Psychologist at Peter Walker & Associates Clinical Psychologists. He is highly regarded in his field and over the past few years has been working with an increasing number of accounting professionals dealing with increased levels of stress and anxiety in the workplace. This discussion is not just a reflection on the current state of leadership within practices, but a forward-looking exploration of how leaders can actively shape the future of the accounting profession. Join us for an interactive, action-oriented session at #aias24. Get your tickets here 👉 https://lnkd.in/gQys5fh8 #accountingandaccountants #leadership #accountants #accounting