Michael Kwaaitaal

Are you making any of these accounting mistakes? We’ve outlined the top 5 accounting pitfalls that small business owners trip over, so you don’t have to make the same mistakes #businessadvice #SmallBusiness #accounting

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The AICD webinar on AI governance has been very interesting. The key message is that board directors need to focus on AI from various perspectives: principles and practices, strategy, governance, and infrastructure. It's important for us to start thinking about it now. Initially, the focus will be on risk management. However, the biggest opportunity lies in exploring AI's potential. How can we use AI to optimise business operations and discover new opportunities? Boards need to work with management to see how AI can play a significant role. There are also safety and ethics issues to consider. We must tackle these challenges head-on. The AICD has developed some useful resources and frameworks, which have been very helpful.

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Is your association in a position to Secure Government Grants in 2025? The Australian Government allocates over $800 million annually in business grants, with state governments adding millions more each year. Is your association prepared to access some of this funding? Join our webinar this Thursday, October 31st at 12 noon AEDT, where expert Angela Krepcik, Association Executive Services Consultant, will guide you through the grant application journey. With extensive experience as an association CEO, grant writer, and former Victorian Government grant assessor, Angela provides invaluable insights on: 😎 Understanding the grant application process and assessment criteria 😎 Evaluating your association’s readiness for grant success 😎 Best practices for submitting a winning proposal 😎 Navigating approval, compliance, and contractual obligations 😎 Demonstrating the impact of grants on your association’s growth Don’t miss this chance to enhance your association’s funding potential. To gain insider tips and strategies that could make a real difference for your association register in the link in the comments below #grantwriting #association #associations

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On now at #ACCPANC24 Tony Jones facilitates a panel on Securing the Future: Insights on Financial Sustainability for the Sector at #ACCPANC24 with (pictured from left) Michael Lye from the Australian Government Department of Health and Aged Care , #Agedcare Taskforce member Mary Patetsos Aged & Community Care Providers Association CEO Tom & StewartBrown ’s Grant Key message: Grant Corderoy: We have to wait for three years to see the benefits of the changes; we won’t know impact until end of FY 2028. In residential aged care, until we get sustainable return on accommodation we won’t get the investment needed. We’ve got to educate society that accommodation is part of care, but only direct care is paid for by government. In home care, price must be right to be sustainable. We have to change our approach to look at the revenue line. Tom Symondson: the reform that is happening at the moment is the great shift from aged care being something belittled … to a rights based Act, a more grown up conversation…. What hopefully passes before Christmas will give us a basis for that conversation. We can now talk about people paying for things they have all their lives. We can talk about investability. These are principal changes that have to happen. They give us the ability to grow further. It will take time for the full benefits of reform to come through. My hope is home care will be sustainable. It will be 3 or 5 or 8 years after the legislation is passed. We have to have the patience to sustain the distance. Mary Patetsos: The job is not done, but we have progressed… Not all providers are the same. And not all consumers are the same… We need a mix of providers to survive this process. As providers we have to be innovative in the way we provide services in rural areas. There are some good services out there in the bush and we need to get out there. On sustainability, We’re stabilising but we’ve got a long way to go. We need to have confidence to borrow and seek funding to do the job we want to do. Providers need sustained profitable years so banks are interested in us. And providers are going to have to take leaps of faith to upgrade their facilities. Michael Lye: We think we have it right. It’s a big deal the minister has got bipartisan agreement. We are trying to bend the curve to ensure programs like aged care are sustainable over time. One of the benefits of a progressive model towards contributions, is as a person’s wealth increases, the system will recalibrate. With adequate funding providers can start to think about innovation. We need to improve some things about this model as we go along. Australian Ageing Agenda #agedcarenews

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One day, in the future, if the world has not imploded, the AICD's Foundations of Governance course book will use this as a case study in what not to do, and how not to do it.. ttps://https://lnkd.in/gsQ4wnsj

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The demand for Virtual CFO (VCFO) is rising in Australia. But what exactly is the role of a VCFO, and why are they becoming a go-to solution for companies? Virtual CFO are an increasingly sought-after choice for businesses that need high-level expertise but don't have the budget, or immediate need for a full-time CFO or senior financial executive. VCFOs are typically experienced professionals with a strong background in managing finance, and they work with companies on a part-time basis. Rather than being employed full-time, VCFO are compensated for the hours they work or the specific value they bring, making them a flexible and cost-effective resource for companies of all sizes, particularly small and mid-sized businesses going through transformation.    At first glance, VCFO may seem similar to interim CFO, as both provide leadership and strategic expertise temporarily. However, a key distinction lies in how they operate. Interim CFOs are usually brought in to fill a leadership gap during a transition period, focusing are generally fully dedicated to one company during their interim period. VCFO, by contrast, often work with multiple clients simultaneously, dividing their time across organisations that may have different needs and schedules. This gives them the ability to apply lessons learned from one business to another, creating a dynamic flow of ideas and best practices. Their part-time commitment allows businesses to access high-caliber expertise without needing the full-time dedication or ongoing salary that a traditional executive role would require. Since VCFOs work part-time, businesses can scale their engagement up or down depending on current needs. This flexibility is ideal for companies experiencing growth or those that require expert input for a specific project. If your business is in need for a VCFO, please contact Trihalo Accountancy!

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Geesch.. Say what you will at times about #auspol debate & ocassions of lack of focus on the things that matter to the everyday Australian. The Time Magazine cover in the States has been the dominating 24-hr media cycle issue in the US presidential contest race. It’s a great cover! And no, it isn’t Melania or even Camilla, as a participant in the debate inferred?! 😳 It also sat alongside the apparent, cyber hacked and technically flawed Twitter / X interview of the ‘times’ between Elon & Donald J Trump. If no other outcome from that episode it has helpfully shifted more magazine copies of TIME off a newsstand. This ‘media event’ tells us a lot - or maybe very little? That the latent influence of the mainstream legacy media can still prevail, particularly when it intersects with the new form. That ‘good content’ in a variety of forms, still really, really matters. That no matter the comms platform, an ability for content to ‘frame’ a situation and/or moment (a tight US Presidential race) can influence and in particular if social media can easily feed and carry it. Just ask #raygun Maybe another future case study in media and content management in the political contest, albeit it is the US! Also speaks well on how Australian media managers and influencers are generally pretty good at keeping relative check on issues in our own patch & wheelhouse of influence. #auspol #usa #uspolitics #trump #kamala #media #msm #spin #uselection #timemagazine #X #issuemanagement #communicationsstrategy RoyceComm #planetamerica

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In this webinar hear CPA Australia’s policy experts discuss and distill the key announcements from the 2024-25 Australian Federal Budget. 🌎 It will include discussions on key budget announcements on taxation, superannuation, industry support, household support and the broader economy. Register now.

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📣 An hour ago the Australian Accounting Standards Board held a special board meeting with Climate Related Financial Disclousres on the agenda. And good news for your Friday! We have two new standards (you can read the board papers here: https://lnkd.in/gkPn334y) 🧮 AASB S1: This one covers the general requirements for disclosing sustainability-related financial info. It's voluntary for now, not a mandatory standard under the Corps Act. 🧮 AASB S2: This climate-related disclosure standard is mandatory, meaning it’s a must for entities when preparing their sustainability reports. It’s a big step forward for sustainability reporting in Australia! 🦘 If you want to understand what this means for your organisation, book a time to chat with the Accoutning Support Help Desk at Sumday led by Lindsay Ellis 🤓 https://lnkd.in/gmM7axqM or hit up a firm in the Sumday directory here: https://lnkd.in/g6sXcpqk 💜 Time to get on with it ✅

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There are plenty of board types (directors, consultants, commentators etc) that throw around the terms “governance”, “corporate governance”, good governance” and “governance literacy” assuming that readers know what they mean. It’s supposed to be a safe assumption that board people and the industry that supports and educates SHOULD know… But. Unfortunately. It’s not always the case. 10 years of reviewing board performance and teaching directors I’ve found one constant. A singular concerning constant. No one agrees on how to define governance. Even my industry, researchers, “experts” or “experienced” board members. Deep down, we think we know, and perhaps we do sort of, but it’s not universal and certainly not universally agreed. It’s a problem. People on board (all types) not truly understanding what they are there to do because they don’t understand what “governance” actually means. Is it systems? Is it processes? Is it the legal stuff? Is it accepted practices? Is it structure or frameworks? Is it accountability? Is it ethical decision-making? Is it oversight or foresight? Is it an umbrella term for all of the above and more? How did we make it so confusing? Why do we have Governance and Risk Committees when risk management is part of governing? For me, that’s like saying PIN Number or Bao Bun or Naan Bread 😂 When in doubt I now always fall back to the definitions from my friend Matt Fullbrook. Corporate Governance (as in the governance of any incorporated entity) is the act of people making decisions in corporations. A “governance-literate” individual knows not just the what and how but also the why of their work. They appreciate the broader impact on trust, organisational resilience, and stakeholder relationships. And, most importantly, it includes a willingness to stay informed about emerging governance trends and challenges, including the influence of technology, ethics, and sustainability on decision-making. Please let me know your thoughts below. Do you agree with me?

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Is tax and/or Inland Revenue NZ something that you're scared of? On 30 July Campbell Rose and I will be presenting a webinar to give an update on Inland Revenue's compliance focus, as well as explaining how you can get your taxes sorted to be ready if Inland Revenue propose an audit or start the disputes process. You can register here: https://lnkd.in/gbVPTCN3 #tax

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With tax time right around the corner, it’s important to stay on top of your reporting and employer obligations. 💼 The Australian Taxation Office shares their tips to help you with your payroll governance, including single touch payroll, fringe benefits tax and pay as you go. Read the tips 👇

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Great insights from the recent Institute of Directors in New Zealand Directors' Fees Report from EY. I found it most interesting that board workloads are increasing. The median hours worked by non-executive #directors rose to 178 (up from 132 in 2023, and 111 in 2022). IoD General Manager of Learning and Engagement Dr Michael Fraser PhD MInstD says increasing demands on time are familiar territory for directors. This is the second consecutive year the number one reason for turning down a governance role was the time commitment, he says. “While the idea that we are in a ‘permacrisis’ is perhaps overused,” Dr Fraser says, “this sustained increase in hours over the past few years is exactly what we saw during Covid-19. I suspect that board input is increasingly being sought by management to help smooth out short-term issues, they are not just the guardians of long-term strategy anymore." I have had discussions with several executives that have stated governance roles are vastly overpaid, for very little work eg. very few hours and meetings. While this may speak more to their specific organizations and boards, I've also heard this view more widely at times. Also while acknowledging that many trustee roles are voluntary or paid a stipend, the hours can be significant. I talked to a governance professional recently who noted that as chair in a paid governance role, they reviewed their hours and were working for well under minimum wage. This is even more significant in charitable sectors where the organization cannot provide as much, or limited secretarial or financial support and this sits with the board. I know when I first started as a chair I saw a significant increase in required time, lessening as I found my feet in the role. That then is always blown out of the water in key times eg. senior management replacements, staff or board passing, community or weather crises, financial instability or audits, media attention, new projects requiring increased stakeholder engagement - especially when they all come at once. Time and workload has become the number one criteria that I now run across all boards before I consider applying or accepting an invitation. Not to shirk any responsibility, but to be sure I can meet the organisation's needs and expectations and my own work, personal and family obligations. What is your experience with #board and #governance workloads? Source: https://lnkd.in/gfJ42Tth Full 2024 Directors' Fees Infographic: https://lnkd.in/gAp36y2P

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Happy Saturday. Thursday marked the launch of a bold and invigorating marketing campaign by Chartered Accountants Australia and New Zealand, titled ‘Make Epic Things Happen’. ‘The Accountants’ trailer has been playing before the highly anticipated blockbuster, Deadpool & Wolverine in a large number of cinemas around Australia and New Zealand, supported by social media and digital advertising and there's also a dedicated webpage MakeEpicThingsHappen.com. It’s already sparking vibrant conversations and earning applause across social platforms within our accounting community! In the face of a significant talent crunch, with fewer young individuals drawn to careers in accounting, I do hope this campaign resonates deeply with those of us who value our profession. Despite these challenges, many of us cherish the paths we’ve chosen. For me personally, accounting has been more than a career - it's been a gateway to countless opportunities and remarkable experiences with so many more to still come. This year holds particular significance for me as I celebrate 25 years as a business owner and 28 years as a proud Chartered Accountant. Additionally, my involvement with several CA ANZ and ATO committees and working groups is a way of giving back to the profession that has enriched both my life and my family’s. It's a privilege to contribute to shaping the future of accounting, ensuring it continues to offer abundant opportunities for the next generation. I'd love to hear from you - would you choose accounting again? What are some of the EPIC things you’ve achieved or experienced thanks to your career in accounting? Let’s unite and inspire each other with our stories. Your journey might just be the catalyst that encourages more young individuals to embark on this rewarding path. I am also deeply passionate about ensuring that we do not lose our incredible accountants and owners of small and solo practices. With all that has happened in recent years (and recent weeks), it's crucial to remember the EPIC beginnings and the potential to reignite that passion. Share your story and let’s remind each other why what we do is not just a job, but a calling to make epic things happen! https://lnkd.in/gxEN3MBP

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Key findings revealed. The CPA Australia 2024 Business Technology Survey explores how AI and emerging technologies are driving innovation. Tune in to gain expert insights from a leading tech and finance expert.

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Why does your CFO want to leave?? In the dynamic landscape of aged care in Australia, the role of the CFO is becoming increasingly complex and critical. Recent observations indicate that a significant portion of CFOs in this sector are facing unique challenges that might contribute to their high availability for new opportunities. The aged care industry is grappling with several key issues: Regulatory Changes: The constant evolution of regulations requires CFOs to stay ahead of compliance requirements while ensuring financial stability. Funding Pressures: With funding models shifting and financial sustainability being a primary concern, CFOs must navigate the delicate balance between cost management and delivering quality care. Workforce Management: Managing the financial aspects of a large, often underpaid workforce while maintaining morale and service quality is a tough balancing act. Technological Advancements: Integrating new technologies for better care delivery and operational efficiency demands significant investment and strategic financial planning. Aging Infrastructure: Many aged care facilities require substantial investment to update or replace outdated infrastructure, adding another layer of financial complexity. Given these multifaceted challenges, it’s not surprising that many CFOs might be exploring new opportunities, at a significantly higher rate than other aged care executives. As someone deeply interested in the aged care sector, I find these insights crucial for understanding the current state of financial leadership in this space. Sharing these perspectives not only highlights the critical issues at hand but also opens up discussions on how we can collectively support and enhance the role of finance leaders in aged care. If you're a CFO or leader in the aged care sector facing these challenges or have insights to share, I’d love to connect and discuss how we can navigate these complexities together. Your experiences and perspectives are invaluable in shaping the future of aged care finance. #agedcare #CFO #financialleadership #executivesearch #australiaagedcare #execuitveturnover

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A very interesting outcome from a CPA Survey which found that Australian small businesses are bottom or near to the bottom of the class when it comes to growth over the last 12 months. The report also found that Australian small business owners are the least likely to expect their national economy to grow in 2024, while also being the least likely to expect their revenue from overseas sales to increase.  

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The latest question posed to the National Economic Panel  https://lnkd.in/gjvdvQGH asked us to evaluate the potential economic impact of President-elect Trump’s proposed policies. Below is my analysis.   I thought I'd never have to discuss the economics of tariffs again. Yet here we are. If President-elect Trump introduces the tariffs he has promised, along with tax cuts, the U.S. economy may see short-term growth but at the cost of higher inflation. However, this growth would not be sustainable. Even if we set aside the likelihood of retaliatory measures from U.S. trade partners, tariffs inevitably lead to an inefficient allocation of resources, which will ultimately stifle economic growth. The negative impact of U.S. tariffs would ripple through the global economy, first affecting China and then Australia and other trading partners. Moreover, these measures will undermine the international trade system that the U.S. itself has helped build and sustain over decades. This weakening of global trade institutions would diminish the U.S.'s economic and political influence on the world stage. From an environmental standpoint, a U.S. withdrawal from the Paris Agreement and a reversal of progress toward net-zero emissions would push us closer to catastrophic climate outcomes.

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📊 Ethics: A Must-Have Focus for Boards in 2025 The Ethics Index compiled by the Governance Institute of Australia highlights a widening "Ethical Expectation Deficit," signaling the need for directors to closely monitor evolving ethical concerns as we enter 2025. Key insights: Cost of Living Impacts: Public skepticism about pricing practices and access to essential services like healthcare. Sectoral Trust Trends: Media remains the least trusted, while education and charities face declining ethical perceptions. Emerging Issues: Growing scrutiny around AI ethics, cybersecurity, and climate action, with heightened expectations for leadership accountability. For boards, this serves as a roadmap to prioritise ethical risk management, align strategies with public expectations, and fortify trust. I'll be using the report to anticipate and address challenges for the companies I support in 2025. Access the full report here: https://lnkd.in/gDZmSRsq #BoardInsights #EthicalLeadership #2024EthicsIndex

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