The accounting landscape in Australia is experiencing quite the transformation—whether we like it or not. With clients eager to maximise their refunds and the constant wave of technological upgrades, we accountants are juggling much more than just numbers. Not to mention the regulatory roller coaster and the ongoing challenge of finding qualified staff – honesty: the struggle is real.
In this blog post I’m going to take you through some of the struggles that some of us Australian accounting firm owners face today. I’ll also take you through the ways in which I’ve learned to combat these over the 13 years that I’ve been in practice.
Even though some of these struggles are relatively unique to our industry, I know that some of our clients will be able to relate to them.
The Pressure of Client Expectations
Clients often expect us to work magic, turning a mediocre tax year into a financial windfall. But while we may be good with numbers, we’re accountants, not magicians.
Our commitment is to always secure the best possible tax outcome for you, but we do this strictly within the boundaries of the law. We’re not here to bend the rules, or do anything that could land you (or us) in hot water with a tax audit.
We take pride in fostering a culture of transparency and accuracy because we believe in contributing to a tax system that’s fair and trustworthy. Sometimes though, despite our best efforts, clients aren’t thrilled with their tax outcome.
Take this scenario: last year, you got a hefty refund, and let’s be honest, you probably barely glanced at the tax return before signing off on it. Fast forward to this year, and your circumstances have shifted, leading to a significant amount payable. Even though our team has provided detailed summaries and explanations, it’s easy to feel frustrated or disappointed. Please remember, we’re in this together, and our goal is always to keep you on the right side of the tax man, even if it’s not always the news you were hoping for.
Trust & Empathy
If you’re staring down the barrel of a cash flow crisis, you’re not just looking for someone to fill out forms. You need reassurance, a steady hand, and maybe even a little bit of moral support. That’s where we come in. We’re the ones who offer a calm voice of reason when you’re feeling overwhelmed, regardless of if it’s guiding you through a tough decision or just being a sounding board for your concerns.
Contemplating a major business move? Expanding your operations or investing in new opportunities? We’ll help you see the bigger picture, weigh the risks, and make informed decisions that align your their long-term goals.
Ours is a role that demands not just technical expertise but also a deep understanding of each client’s individual journey, aspirations, and even fears.
Staffing
Most people need an accountant, making the profession inherently busy. As businesses grow, decisions around staffing and scaling become a key concern within most businesses, including accounting firms. However, growth brings challenges…
Finding skilled accountants and bookkeepers in Australia today is like searching for unicorns. The high demand and limited supply make it challenging for firms to grow without overburdening their teams.
Another common problem around staffing, unfortunately boils down to integrity and entrusting team members with direct client contact. Definitely not an issue isolated to our industry (in fact, we’ve had clients across all industries complain of this problem); the wrong hire can exploit this trust, leading to entitlement and even client theft.
If you entrust the wrong team member with full client contact, not providing any additional value or incentive to stay with you and your business, then prepare for the possibility that these clients or customers will stay where the relationship has been built. In order to mitigate this possibility, ensure that your team member’s align with your business values and uphold the utmost professional integrity. If this happens to you, take the lessons! Ensure your team is comprised of solid people, ensure your contracts are iron-clad, ensure that YOU maintain the relationships with your clients, and value-add in all ways possible.
Tech and Automation: Keeping Up with the Joneses (or the Robots)
Technology is moving faster than a toddler on a sugar high, and as accountants, we’re constantly trying to keep up. The pace of change is relentless—one minute we’re mastering a new software, and the next, there’s an update or a completely new tool that we need to integrate into our workflow in order to stay competitive as an online firm. Sure, automation can save time and streamline processes, but it also means we need to keep learning new tricks just to stay in the game.
Let’s be real though—no app, no matter how sophisticated, is ever going to replace the wisdom, judgment, and personal touch that we bring to the table. Our clients may sometimes be dazzled by the latest AI tools and assume they can handle everything with the push of a button, but the reality is far more complex. Tax laws, business strategies, and financial planning require a deep understanding of context, nuances, and human factors—things that algorithms just can’t grasp.
Data Security: Protecting Our Clients and Our Sanity
In the digital age, securing client information is a constant challenge, with new threats emerging daily. Our secure portal, TaxDome, acts as a digital fortress, offering a centralised, encrypted environment for managing client communications, document storage, and workflows. TaxDome not only minimises risks but also ensures ease of use, allowing clients to securely access and upload documents from anywhere. At Freshwater Tax, we maintain the highest standards of confidentiality and trust, safeguarding our clients’ information in an ever-evolving threat landscape. To us, our Tax Dome portal not just a tool; it’s essential for protecting the data integrity of our clients.
Regulatory Changes: The Constant Game of Catch-Up
The ATO like to keep us accountants on our toes! Just when we’ve learned one set of rules, the ATO throws another curveball, leaving us scrambling to adjust.
Our clients rely on us to understand these changes completely, in order to ensure that they remain compliant and avoid any unnecessary headaches. It’s our job to interpret these new regulations, apply them to our clients’ unique situations, and do so in a way that keeps their financial lives running smoothly.
This requires continuous learning, adaptability, and a sharp eye for detail—qualities that aren’t just nice to have, but absolutely essential in our line of work. Not only do our team have many years of experience in navigating our tax law, but we have a genuine and keen interest in doing so. This interest is ultimately the key reason that we are able to keep up, and honestly enjoy the many tax courses, conferences and seminars that we regularly attend.
Work-Life Balance: The Elusive Goal
Balancing work and life? That’s a joke, right?
For us accountants, especially when tax season rolls around, the idea of work-life balance often feels more like a fantasy than a reality—kind of like expecting a full night’s sleep with a newborn at home. The demands pile up, deadlines loom, and before you know it, you’re spending more time on Xero than with your family.
As much as we might joke about it, burnout is no laughing matter. It’s a real issue that can sneak up on you if you’re not careful, turning the job you love into a source of constant stress. (Burnout if actually rife in our industry).
So how do we keep our sanity (and our family life) intact when the pressure is on? It all comes down to setting boundaries, being strategic with our time, learning when to say no, providing realistic turnaround times and limiting our client intake.
The importance of limiting our client intake and providing realistic turnaround times
One of the key ways that us here at Freshwater handle all of the above challenges is actually by limiting our client intake and providing realistic turnaround times. We would rather have fewer clients and provide a high-quality service, than risk being stretched too thin – leading to many of the problems identified above.
Particularly during our busier periods (July – November), we place limits on our intake of new clients. Ultimately, I want to focus on personally knowing all of our current clients and maintaining the strong relationships that we’ve built. By doing so, I ensure that each client receives the attention they deserve, with the assurance that their needs are met thoroughly and within realistic timeframes. This approach not only preserves the quality of our service but also reinforces the trust and confidence our clients have in us.
Conclusion
The challenges we face as accountants—managing client expectations, adapting to technology, securing data, and navigating ever-changing regulations—are not unlike those encountered by many small business owners in other industries. We all grapple with high demands, evolving landscapes, and the struggle to find and keep good people. Balancing these pressures while striving to deliver quality service is a common thread that connects us.
Just like you, we’re committed to providing value, maintaining integrity, and building strong relationships, even when the path is anything but smooth. Whether you’re a café owner dealing with staffing headaches, a retailer navigating supply chain disruptions, or a service provider adapting to new technology, the journey is filled with similar trials. But it’s through these challenges that we find resilience, refine our processes, and ultimately strengthen our businesses.
At Freshwater Tax, we understand the ups and downs of running a small business because we live them every day, just like you. And that’s why we’re dedicated to being more than just your accountants—we’re your partners in navigating the complexities of business, standing by you every step of the way.
Interested in becoming a Freshwater Client? Please feel free to submit your enquiry here.
