Artificial intelligence (AI) is rapidly finding its way into accounting practices. From drafting emails to automating repetitive tasks, many firms are experimenting with AI tools to improve efficiency. A newer development is the rise of “vibe coding” where users build small applications or agents using AI prompts rather than traditional coding. 
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While the technology is impressive, it raises an important question for accountants. If an AI-built application mishandles client data or causes a loss, how does that interact with professional indemnity (PI) insurance? 

Where responsibility is likely to sit
From a professional indemnity perspective, the core principle remains unchanged. A PI claim responds where an accountant has breached their professional duty and a third party has suffered a financial loss as a result.

If an accountant chooses to use AI to build or deploy an application and that decision leads to client data being exposed, misused or relied on incorrectly, the liability is unlikely to rest with the AI provider alone. In many cases,
responsibility would sit with the accountant who decided how and where the tool was used, what data it could access, and how it was rolled out.

This is particularly relevant where client information is uploaded, connected, or made accessible to systems that were not designed or approved for that purpose.

AI mistakes are not a surprise 
There is an important distinction emerging in this space. 
Using an AI tool is one thing. Publishing or deploying an AI agent that interacts with systems, data or workflows across a firm is another. 

Simple tools used by individuals for drafting or idea generation generally present a different risk profile to agents that can read files, process data, trigger actions or integrate with other platforms. As agents become more capable, the consequences of design errors or poor controls become more serious. 

PI and technology 
PI insurance does not insure technology itself. It responds to alleged failures in professional services. 

If an AI-related issue results in an allegation that an accountant failed to protect client data, failed to exercise due care, or relied on outputs that should not reasonably have been relied upon, that is where PI exposure may arise. 

This makes risk management around AI use critical. 

Practical risk management steps 
Accounting firms do not need to avoid AI completely. However, sensible controls matter. 

Limit publishing, not experimentation 
Allow individuals to build or test simple agents that make repetitive work easier, but avoid firm-wide deployment without oversight. When an agent is published across a practice, it should be reviewed in the same way as any other system or process change. 

Be clear on access and permissions 
Before rolling out any AI agent, understand exactly what it can access and what it can do. Key questions include what data it can read, what actions it can take, and what external content it connects to or collects. 

Update your AI policy 
Many existing AI policies focus on tools rather than agents. Agents raise different questions, including who can create them, who can approve publication, how they are tested, and what happens if something goes wrong. Policies should evolve as the technology evolves. 

Avoid client data where possible 
Where practical, keep client data out of experimental or untested AI systems. The fewer touch-points between AI and sensitive data, the lower the professional and privacy risk. 

An evolving conversation 
AI in accounting is still developing. The technology is moving quickly and professional standards, client expectations and regulatory guidance are still catching up. What is acceptable today may look very different in a year. 

For most practitioners, the key takeaway is not that AI should never be used. It is that using AI carries the same professional responsibilities as any other tool or system. Thoughtful controls and clear governance help reduce the risk that an efficiency experiment turns into a professional indemnity issue. 

AI does not change the fundamentals of professional responsibility, but it does introduce new ways that things can go wrong. Reviewing your professional indemnity cover alongside your firm’s approach to technology, data and governance can help ensure you are protected if a claim arises. 

Want an obligation-free quote? 
We specialise in providing professional indemnity insurance to Australian accounting professionals. Depending on your circumstances, you could benefit from Accountancy Insurance’s PI Shield scheme. Otherwise, a tailored professional indemnity insurance policy can be created specifically for your needs. 

• Accountants, click here. 
• Bookkeepers/BAS Agents, click here. 
• Tax Agents, click here. 

A huge thanks to Karen McDonald from accountancy insurance for providing us with this tailored article on AI in accounting. Want to learn more? Don’t hesitate to reach out to the team at accountancy insurance.

Moving from a single-entity corporate structure to a multi-entity structure is a significant step in a business’s growth journey.

It is often driven by overseas expansion, corporate acquisitions, more sophisticated tax structuring (IPco and Opcos) or the build-out of a multi-site business (hotels, bars, gym clubs, and garden centres being some typical examples).
​
For scale-up Technology businesses, this is often accompanied by Venture Capital fundraising activity.

Exciting commercial progress - but for finance teams, it also typically means a surge in complexity: 

• cross-border intercompany transactions and recharges
• transfer pricing complexities
• consolidated level reporting and budgeting
• more exacting investor reporting requirements
• the need for due-diligence proof financials

Finance teams will be familiar with the challenges involved in managing multiple ledgers in Xero or QuickBooks. From maintaining intercompany counterparties in balance to battling a group consolidation spreadsheet with ever increasing complexity, the manual workload can feel oppressive.

GATHER.nexus was built by a team with years of experience in managing finances in multi-entity scale-up businesses, through multiple investor due diligence rounds. 

The GATHER Platform delivers a single, unified workflow for multi-entity finance operations, reporting and analysis.

With the GATHER Platform, your team can manage the end to end multi-entity workflow across Intercompany Control, Group Financial Reporting, and Group Financial Planning modules in an intuitive, structured, and auditable manner:

Intercompany Control: 

• Replace manual journals with a quadruple-entry posting engine that automatically generates counterparty entries (including across currencies) for invoices, bills and journals, keeping your ledgers in balance in real-time
• Automate intercompany recharges with splits, mark-ups and discounts
• Track intercompany counterparty pairs throughout the month with matrix and timeline views
• Identify then fix any period end reconciliation issues with a centralised matching and posting engine

Group Financial Reporting: 

• Move away from manual spreadsheets with AI-assisted GL mapping and automated eliminations, including FX differences in reserves journals with full backing calculations
• Validate underlying financial data and elimination postings in audit-ready consolidation working papers – with three level drill down analysis
• Cross reference consolidation working papers with work performed in the Intercompany Control module
• Natively handle complex consolidation scenarios (partial consolidation, acquisitions) without the need for spreadsheet export/import

Group Financial Planning: 

• Prepare GATHER-level budgets by division or region for actual vs. budget analysis
• Natively roll-up divisional budgets to create a Group Budget
• Analyse trends and variance with three level drill down

With the GATHER Platform, the days of juggling manual spreadsheets or siloe’d single point solutions to manage multi-entity workflow and reporting challenges – happily - become a thing of the past. 

A huge thanks to the team at GATHER.nexus for providing us with these insights into modern multi-entity workflows. Want to learn more? Don’t hesitate to reach out to the team at Gather.nexus.

Book your demo or sign up for a free 30-day trial here.

Every AML session follows a familiar pattern. The presentation wraps up, the slides disappear, and then the real questions start. 

That is when the chat fills up with what people are actually concerned about. 

After running multiple AML discussions with hundreds of accounting professionals, the same themes kept surfacing for Seamlss. Most firms are not ignoring AML. They are simply unsure how to begin. 

When attendees were asked where they were at: 

• More than half had not started preparing 
• Around a third were researching but felt uncertain 
• Fewer than one in ten felt confident they were on track 

If that sounds like you, you are not behind. You are typical. 

Below are the questions firms are asking most often, and the answers that matter. 

Do we need to verify all existing clients before July 2026? 

No. This is one of the biggest misunderstandings. 

Clients you already act for before 1 July 2026 are treated by AUSTRAC as pre commencement customers. That means customer due diligence is not automatically required. 

Verification is only triggered if: 

• You need to lodge a suspicious matter report, or 
• The client’s circumstances change in a way that increases their risk 

If you have 200 clients on your books on 30 June 2026, you are not expected to verify 200 identities immediately. The requirement is to have systems in place so you can act when something changes. 

One important exception does apply. If you provide a new designated service to an existing client after 1 July 2026, due diligence must be completed before that service begins. 

Same client. New service. New obligation. 

We act as registered office for clients. Does this count? 

Yes. Registered office services are specifically listed as a designated service. 

Many firms do not think of this as a service because it is something they have always done. It may only come into play when ASIC correspondence arrives or details need to be updated. Even so, it is still captured under the reforms. 

If you were already providing this service before 1 July 2026, those arrangements fall under the pre commencement rules. There is no immediate requirement to verify clients unless something triggers action, such as: 

• A change to the registered address 
• An ASIC notice that requires your involvement 

Some firms are choosing to stop offering registered office services altogether. Others are keeping it and incorporating it into their AML program. Both approaches can be appropriate, but the key is making a deliberate decision rather than leaving things on autopilot. 

What if I am a director or shareholder in a client structure? 

This is also captured. 

Acting as a nominee director or shareholder is a designated service, even when it is done for estate planning or administrative reasons. This often affects accountants more than they expect. 

In these situations, the AML focus is on identifying and assessing the beneficial owners of the structure. In many cases, that is the same individuals you already advise. 

There is still some uncertainty about how these arrangements will work in practice. The good news is that existing arrangements are treated as pre commencement, which gives firms time to document them properly and include them in their AML framework. 

What about clients with foreign shareholders or payments we make for them? 

There are two separate considerations here. 

If you make payments on behalf of clients from accounts you manage or control, that activity is a designated service. 

Foreign ownership does not automatically make a client high risk. However, it is a factor in your risk assessment. Depending on the ownership structure and jurisdiction involved, it may increase the overall risk rating. 

For existing clients, the pre commencement rules still apply. Many firms are now thinking about whether their monitoring processes would actually identify unusual activity if it occurred. That is where the real work sits. 

Will clients feel uncomfortable being assessed as high risk? 

Some may, and that is not a reason to avoid it. 

AML compliance is becoming standard across professional services. Lawyers, real estate agents and financial advisers are all dealing with similar requirements. Most genuine clients understand that these checks are regulatory, not personal. 

Enhanced due diligence may involve: 

• Asking more questions about source of funds 
• Understanding business activities in more detail 
• Requiring internal approval before proceeding 

If a client reacts poorly to reasonable compliance questions, that response is useful information in itself. 

If a client receives cash, do we need to report it? 

The ten thousand dollar threshold reporting obligation applies when you receive or pay physical cash. A client disclosing cash income for BAS or tax purposes does not automatically trigger a report. 

That said, patterns matter. If a client regularly receives large amounts of cash that do not align with their business profile or reported income, it is worth looking more closely. 

Cash heavy businesses are not inherently suspicious. Unexplained cash is. 

Why are financial planners not included? 

In many cases, they already are. 

Financial planners usually operate through product providers such as fund managers and platform operators. These organisations are already reporting entities and handle AML checks at the product level. 

The Tranche 2 reforms are aimed at professional services that were not previously covered, including accountants, lawyers, real estate agents and trust and company service providers. 

If a financial planner is also providing accounting services or establishing structures, those activities are treated the same way as any other firm’s. 

What firms should focus on now 

More detailed AUSTRAC guidance is expected in early this year, that will clarify many of the grey areas. 

For now, most firms do not need a lengthy AML manual. They need clarity on three core things: 

First, identify which designated services you actually provide. Many firms are doing more than they realise. 

Second, do not panic about existing clients. The pre commencement rules give you breathing room. Readiness is more important than speed. 

Third, plan how onboarding will change from 1 July 2026. Consider what information you will collect, how identity will be verified, and how the process will work in practice. 

Support is available 

Preparing for AML does not have to be a solo exercise. 

Many firms are working through the same questions and challenges, and having the right support can make the process far more manageable. Whether it is understanding which services are captured, planning changes to onboarding, or staying aligned with evolving guidance, help is available as firms move toward the July 2026 deadline. 

For firms using Seamlss, AML preparation is being built directly into the platform. AML is also being embedded into client onboarding, so compliance becomes part of day-to-day workflows rather than an extra administrative burden. 

A huge thanks to our friends at Seamlss for providing us with the insights needed for this article. Want to learn more? Don’t hesitate to reach out to us or directly to the team at Seamlss. 

Let’s be honest, getting paid on time shouldn’t be one of the most tedious, time-consuming tasks in a business. But for many service providers, it still is. 

If you’ve ever sighed at the thought of another reminder’s email, a spreadsheet full of outstanding invoices, or awkward conversations about late payments, you’re not alone. And that’s exactly why more businesses are turning to Pinch Payments, a smarter, simpler way to take the admin out of accounts receivable. 

What Is Pinch? 

Pinch is a payments platform that helps businesses collect what they’re owed, without the manual hassle. It’s an Australian-built platform that connects with the systems accountants and bookkeepers already use, like Xero, MYOB and QuickBooks, and automates the entire payment process from invoice to reconciliation. 

It works by syncing with your accounting system, detecting new invoices, and giving customers a range of payment options: once-off card, direct debit, flexible payment plans, or pre-approved automatic payments. 

In plain terms, invoices get paid more reliably, and businesses spend less time chasing money. 

We’ve also seen strong uptakes from bookkeepers and accountants who recommend Pinch to their clients as part of a smoother, more modern accounts receivable workflow. 

Why It Matters to You (and Your Clients) 

Clarity Street exists to make accounting systems; people and processes work together simply and seamlessly. Pinch fits right into that philosophy. It’s all about reducing friction, saving time, and helping businesses get back to work that actually matters. 

Here’s what Pinch does well: 

• Auto-pay on invoice due dates 

With pre-approvals in place, payments can automatically run on the due date. No chasing, no reminder emails. 

• Flexible payment options 

Customers can pay via card, direct debit, or choose a payment plan that suits them, and you still get paid. 

• Seamless accounting integration 

Invoices, payments and reconciliations all sync automatically with Xero, QuickBooks or MYOB, meaning less manual work and fewer errors. 

• Secure, customer-friendly portal 

Clients manage their own payment methods and preferences in a secure hosted portal, reducing back-and-forth and making the experience smoother for everyone. 

• Built-in support for ongoing revenue 
  

If your clients invoice regularly, think monthly services, classes, memberships or retainers, Pinch handles that recurring revenue cleanly and reliably. 

Why Professional Advisers Recommend It 

We hear a lot from advisers and firms that the biggest win with Pinch isn’t just technology, it’s peace of mind. 

Here’s what they tell us: 

• “It just works.” From setup to daily use, Pinch delivers predictable results with minimal fuss. 
• Fewer client questions about payments. Because the process is clear and automatic, clients don’t ring up their bookkeeper every week about a missing payment. 
• Faster cash flow. Businesses are getting paid closer to, or on, the invoice due date. 
• No more DIY spaghetti. Pinch replaces ad-hoc workarounds with a clean, unified workflow. 

Pinch also holds one of the highest ratings in the Xero App Store for payments tools, and the reviews are full of business owners noting how much easier it has made their processes. 

Does This Sound Familiar? 

If you or your clients have: 

• Lost hours reconciling old invoices, 
• Felt frustrated by manual payment reminders, 
• Struggled with client reluctance around payment terms, 
• Or wished for a system that just worked, Pinch could be the missing link. 

Curious to Learn More? 

If Pinch sounds like it could simplify how you or your clients handle payments, it’s worth a closer look. The setup is straightforward, and once it’s running, the day-to-day tends to look a lot calmer, fewer overdue invoices, less manual reconciliation, and fewer “just following up” emails. 

A huge thanks to our friends at Pinch for providing us with the insights needed for this article. Want to learn more? Don’t hesitate to reach out to us or directly to the team at Pinch. 

From 1 July 2026, Australian employers will be required to pay superannuation at the same time as wages, rather than monthly or quarterly. Super contributions will also need to reach employees’ funds within seven calendar days of payday. 

This is a major shift in the way businesses manage payroll and compliance, and for accountants and bookkeepers, it’s more than a legislative change. It’s an opportunity to lead clients through transformation, strengthen internal workflows, and position your practice as a strategic partner. 

Why This Change Matters Beyond Compliance 

Quarterly super cycles have shaped small business workflows for decades. Payday Super breaks that pattern entirely. Employers accustomed to end-of-month or quarterly payments will need new processes, new reconciliations, and a new mindset. 

Practices can add real value by helping clients: 

• Understand pay-run cycles and the impact on super payments 
• Reconcile more frequent contributions 
• Maintain cash flow and compliance 
• Communicate changes clearly to employees 

This isn’t a simple payroll update. It’s a firm-wide project. Practices that plan, prioritise and phase the rollout will not only protect clients but also elevate their own operational maturity. 

Turning Compliance Into Capability 

Payday Super is a catalyst for building stronger client management processes and internal workflows. The practices that start planning now, rather than reacting in mid-2026, will gain a significant strategic advantage. 

XBert isn’t just a payment tool, it’s a work intelligence platform that helps practices plan, assign and monitor complex change programs. Payday Super is the perfect opportunity to use it. 

A Framework for Transition 

Every practice is different. Your client base, service model and technology stack will shape how you manage the transition. Here’s a practical approach: 

1. Assess and Segment 

Identify clients who need the most support: 

• Clients still paying quarterly or manually 
• Those using automated payroll systems 
• Clients using clearing houses that will be retired (like the ATO Small Business Super Clearing House) 

Use XBert to tag and group clients. Early segmentation lets you prioritise high-risk clients and plan communications efficiently. 

2. Plan and Communicate 

Many businesses still don’t know the change is coming. Clear, consistent communication is critical. 

XBert lets you create task templates and communication playbooks, from initial education emails to follow-ups and documentation requests. Automate due dates, assign responsibilities, and track outreach to ensure nothing slips through the cracks. 

3. Align Systems and Data 

Each client’s payroll and accounting setup must handle more frequent payments and reconciliations. 

XBert tasks can verify: 

• Pay-cycle frequency and super setup 
• Fund details and clearing-house connections 
• Authorisations for direct super payments 

Risk alerts highlight missing or inconsistent data, letting your team fix issues before they affect compliance.
 
4. Test and Transition 

Consider a staged rollout. Piloting payday-aligned super with a small group of clients before 2026 allows you to test communications, timing, and reconciliations. Capture lessons learned in XBert and apply them across the client base. 

5. Monitor and Optimise 

Ongoing monitoring is key once clients are live. XBert can alert you to anomalies like missed pay runs, unusual variances, or delays. Giving you proactive oversight of compliance in real time. 

Building Change Confidence 

Effective change management is about clarity, consistency and accountability. XBert supports all three: 

• Clarity: Visualise every step of your transition plan and track progress by client group, team member or due date 
• Consistency: Use templates and automations to standardise communications and processes 
• Accountability: Boards and Insights make it easy to see what’s overdue, blocked or assigned, so nothing slips through 

XBert becomes your command centre for Payday Super, integrating with the systems your clients already use. 
 
What Great Looks Like 

By mid-2026, every employer will be paying super on payday. Firms that start early will already have: 

• Mapped client readiness and documented processes 
• Automated communications and education workflows 
• Standardised internal processes for setup, testing and monitoring 
• Reduced manual chasing through proactive alerts 
• Positioned themselves as strategic advisors, not just compliance partners 

This is how practices turn a legislative change into a competitive advantage. 

Leadership Through Transition 

Change on this scale doesn’t happen often. Focusing only on compliance misses the bigger picture: leadership is guiding clients and your team through uncertainty with a clear plan. 

Payday Super gives accountants and bookkeepers a chance to be visible as architects of smarter, more efficient systems. By using XBert to manage the transition, practices demonstrate the same principles they teach clients: visibility, structure, accountability, showing that good governance drives good business. 

Next Steps 

• Explore client data: check pay cycles, super setup, and clearing-house use 
• Map your transition plan in XBert: create milestones through to 1 July 2026 
• Build and test workflows: start with communication templates and readiness tasks 
• Engage your team early: refine processes collaboratively 
• Review and adjust: keep up with legislative and ATO guidance 

Starting now spreads the workload over 4-6 months and avoids last-minute rushes. 

Leading the Way 

Payday Super will challenge payroll practices, but it also brings transparency and trust. XBert gives your firm the tools to manage this change confidently. From first communication to steady-state operations, across all clients and teams. 

Lead the transition. Design the workflow. Build the smarter practice. With XBert, compliance becomes capability, and capability becomes opportunity. 

A huge thanks to our friends at XBert for providing us with the insights needed for this article. Want to learn more? Don’t hesitate to reach out to us or directly to the team at XBert. 

 

It’s 10 a.m. 

Do you know how your firm is performing right now? 

For many accounting practices, mornings are a scramble: emails piling up, meetings running over, spreadsheets scattered across systems. Partners chase updates, managers juggle workloads, and admins piece together numbers. By the time you know what’s happening, half the day is gone. 

High-performing firms do not wait. By 10 a.m., they already know who is at capacity, what is on track, and where bottlenecks are forming. This visibility keeps teams focused and partners in control. 

Here are the five metrics you should check every morning. 

 1. Team Capacity and Utilisation 

Why it matters: Your team is your biggest asset and your biggest bottleneck if workloads are not balanced. 

What to look for: 

• Staff falling behind productivity targets 
• Gaps between target and actual billing 
• Recoverability trends 
• WIP levels versus targets 

Impact: Early insight allows you to reallocate work, support underperforming staff, and maintain consistency across the firm. 

Where to see it: The Team Member Overview Dashboard shows all key KPIs in one place, giving a clear morning snapshot beyond timesheets. 

2. WIP (Work in Progress) 

Why it matters: Unbilled WIP represents revenue tied up in ongoing work. Daily monitoring prevents bottlenecks and ensures work converts to cash quickly. 

What to look for: 

• Total WIP by firm, partner, or manager 
• High or ageing WIP needing attention 
• WIP trends indicating capacity issues 

Impact: Helps balance workloads, prevent backlogs, and make timely billing decisions. This improves cashflow and profitability. 

Where to see it: The WIP Management Dashboard provides real-time visibility on unbilled work, interim charges, and workflow efficiency. 

3. Job Status and Turnaround Time 

Why it matters: Knowing the progress of every job keeps teams focused and deadlines on track. 

What to look for: 

• Unallocated open jobs 
• Jobs nearing or past deadlines 
• Bottlenecks in review or waiting on input 
• Proper job allocation to the right team members 

Impact: Early visibility lets you step in before delays or capacity issues affect delivery. 

Where to see it: The Job Management Dashboard shows active jobs by stage and assignee, helping partners and managers keep projects on track. 

4. Billing and Collections 

Why it matters: Healthy cashflow depends on timely billing and collections. Daily review ensures revenue is captured and clients are billed consistently. 

What to look for: 

• Billing performance versus targets 
• Jobs awaiting approval or invoicing 
• Billing variances compared to previous periods 
• Aged receivables for prioritised follow-ups 

Impact: Smooth cashflow, improved financial forecasting, and better client relationships. 

Where to see it: The Overall Billing Dashboard provides detailed views of billing performance. It lets you act quickly and optimise revenue collection. 

5. Profitability 

Why it matters: Profitability shows whether work is generating value. Daily checks reveal where margins are slipping and where resources could be better allocated. 

What to look for: 

• Profit margin by job, partner, or manager 
• Jobs with costs exceeding billing 
• High-cost client groups or service lines 

Impact: Informed decisions on pricing, workload distribution, and client mix. This ensures growth remains sustainable. 

Where to see it: The Overall Profitability Dashboard compares job costs with billing in real time. It highlights unprofitable jobs and top-performing areas. 

Make Proactivity Your Morning Habit 

Top firms do not wait for month-end reports. Daily visibility allows proactive decision-making instead of reacting to yesterday’s issues. 

Dashboard Insights consolidates data from XPM, WorkflowMax, Karbon, FYI, and more into one place. No more manual reports, no digging through systems. Just instant visibility on the metrics that matter. 

When you can see everything clearly, you can manage proactively every single day. 
 
A huge thanks to our friends at Dashboard Insights for providing us with this article. Want to learn more? Do not hesitate to reach out to us or directly to the team at Dashboard Insights. 

From Ledgers to One-Click Reconciliations 

Michelle started her career reconciling bank accounts manually in ledger books. One cent out of place, and she’d spend hours tracking it down. That discipline stayed with her, but so did the desire for better systems. 

Today, her firm is fully cloud-based, using Xero and AccountKit to automate the bookkeeping tasks that previously consumed her time. These aren’t trendy add-ons, they’re essential tools that save hours, improve accuracy, and let her deliver higher-quality service without working longer hours. ​

The biggest time-savers? Three key areas in AccountKit: 

• Inter-entity loan reconciliations 
• Equipment finance schedules 
• Prepayment automation 

Inter-Entity Loans Made Simple 

Managing loans between multiple entities can be messy. One of Michelle’s clients has eight entities that regularly transfer money. Without automation, this would mean hopping between files, checking line by line, and hoping nothing was missed. 

With AccountKit, everything balances with a single click. Only the outliers need attention. 

“It easily saves me two to three hours a month for just that one client,” Michelle says. “And it’s not just the time, it’s the accuracy. I can’t bill a client for three hours just to reconcile their own accounts, but the work still needs to be done properly.” 

Equipment Finance, Handled from Day One 

Another win comes with equipment loans. When a client buys a vehicle, Michelle sets up the loan and interest schedule in AccountKit. The system posts entries automatically, so she doesn’t have to revisit it each month. 

“No stress. I just check that it’s all green down the page,” she says. Even small discrepancies between supplier figures and system calculations are usually immaterial, and the accounts remain accurate all year, not just at year end. 

Without this automation, Michelle admits she probably wouldn’t bother managing equipment loans in detail, it would simply take too much effort. 

Prepayments Without the Manual Hassle 

Prepayments used to mean recurring journals, monthly checks, and constant adjustments. Now, Michelle sets them up once in AccountKit and reviews a summary each month. 

Accounts remain accurate, the P&L is clean, and items like insurance or work cover are spread over the full year rather than hitting in one lump sum. 

Without automation, she says, many prepayments wouldn’t even happen, the manual effort simply isn’t worth it. 


Saving Time, Delivering Better Results 

The biggest benefit isn’t just hours saved. Automation allows Michelle to provide accurate, accrual-based bookkeeping at a price clients can afford. Without it, some work would be unprofitable or unaffordable. 

“It lets me offer a higher level of service that would otherwise be too time-consuming,” she explains. 


Testing Tools, Raising Expectations 

Michelle isn’t just using AccountKit for current task, she’s exploring upcoming features like document storage, workflow automation, and client collaboration. 

“I wasn’t impressed at first, but the updates have made a big difference,” she says. “I’ve got a demo coming up for the full workflow tools and I’m keen to see how far it’s come.” 

Her ideal setup includes centralised workflow tracking, task assignment, and clear visibility, especially useful for staff management or succession planning. 

“If I ended up in hospital tomorrow, I want someone to log in and know exactly what to do.” 


A Tech Stack Built on Trust 

Michelle has tried many systems over the years. What keeps AccountKit in her stack isn’t just the features, it’s the support. 

“The support team is great. They actually improve the product based on feedback,” she says. 

Automation in AccountKit is now a core part of her daily workflow. Even if no new features were added, she says she would keep it for inter-entity loans, prepayments, and equipment finance schedules. 
 

Can You Afford Not to Automate? 

Michelle’s journey shows the difference between doing bookkeeping the hard way and using technology to work smarter. 

If you’re still manually managing inter-entity loans, recurring journals, or prepayments, consider this: 

How much time are you losing each month, and what could you do with it instead? 

A huge thanks to our friends at AccountKit for providing us with the insights of their recent case study for this article. Want to learn more? Don’t hesitate to reach out to us or directly to the team at AccountKit. 

Across the accounting industry, the reaction to AUSTRAC’s Tranche 2 reforms has been predictable.

Webinars.
Policy templates.
Identity verification tools.
Consultants offering implementation support.
There is no shortage of activity.

But there is a structural misunderstanding happening in real time: 
Tranche 2 is not a KYC problem. It’s an operational governance problem.
​
Firms that treat it as a verification exercise will struggle.
Firms that treat it as infrastructure will be ready.

The Trap Most Firms Are Walking Into

Right now, many accounting firms are doing one of the following:

• Purchasing a KYC or ID verification tool
• Downloading generic AML/CTF policy templates
• Assuming existing practice management systems will stretch to cover the gap
• Waiting for clearer regulatory guidance before acting

Each of these actions feels productive.
Individually, they solve fragments.
Collectively, they do not create a defensible AML/CTF framework.

Under Tranche 2, firms will need to demonstrate:

• A documented AML/CTF program tailored to their designated services
• A structured and repeatable risk assessment methodology
• Clear client risk rating logic
• Ongoing customer due diligence processes
• Documented internal controls
• Staff training records and attestations
• Suspicious matter reporting readiness
• Centralised record keeping and evidence retention
• Oversight by an appointed compliance officer
• Proof that the program operates in practice

This is not a document exercise.
It is a system design exercise.


What AUSTRAC Will Actually Look For

Regulators are not asking whether you purchased software.

They will ask:

• How do you assess and document client risk?
• How do you identify and record beneficial ownership?
• How is enhanced due diligence triggered?
• How do you evidence ongoing monitoring?
• Where are your training records?
• Who oversees the program?
• Can you demonstrate that controls are embedded in workflows?

Compliance is not what exists on paper.
It is what is operationalised and evidenced.
Fragmented tools make that difficult.

​
The Real Risk: Fragmentation

In many firms, early Tranche 2 preparation looks like this:

• Policies saved in one system
• Risk assessments built in spreadsheets
• Verification handled through a third-party provider
• Training tracked manually
• No central evidence register
• No consolidated audit history
• No structured program review cycle

On the surface, each element appears compliant.
But when review time comes, leadership is left stitching together evidence from multiple sources.

That is stress.
That is inefficiency.
That is exposure.


The Shift From Tools to Infrastructure

​Tranche 2 requires something more integrated.

Firms need:

• Guided, standardised risk assessment workflows
• Embedded client verification logic
• Defined escalation and enhanced due diligence triggers
• A structured AML/CTF program aligned to accounting services
• Centralised document and evidence management
• Training tracking with attestations
• A compliance officer dashboard
• Full audit history across actions and decisions
• Ongoing program review capability

In short, firms need compliance infrastructure.
Not another isolated tool.

Why Acting Early Matters

July 2026 may feel distant.
But building a defensible framework is not something done in a week.

The firms that will move confidently into Tranche 2 are the ones building structure now:

• Standardising onboarding workflows
• Defining risk logic
• Embedding verification triggers
• Centralising evidence
• Assigning clear oversight responsibility

​That work compounds over time.
Panic does not.

​
See What a Defensible Framework Looks Like

If your firm is currently mapping out its Tranche 2 response and wants clarity on what a complete, operational AML/CTF framework looks like in practice, the Nelvo team is offering structured walkthrough sessions for accounting firms.

These sessions cover:

• How risk assessments integrate into client onboarding
• How verification and beneficial ownership workflows operate
• How documentation, evidence and audit history are captured
• How compliance officer oversight is managed
• What day one readiness actually looks like​​​

​

Artificial intelligence is no longer something businesses are “thinking about”. It’s actively shaping how teams work, make decisions, and protect their data. 

To better understand how organisations are adopting AI and strengthening cybersecurity, Strategic Group recently ran an industry-wide survey. The results offer a clear snapshot of where Australian businesses are at, what’s holding them back, and what’s driving momentum. 

With more than 100 participants across Australia, spanning accounting, advisory and technology sectors, the findings highlight some strong themes worth paying attention to. 

Key Insights from the Survey 

1. Mindset Comes Before Technology 

One of the clearest messages from the survey is that AI success starts with people, not platforms. 

• 73% of businesses say mindset is a bigger barrier than technology 
• 64% are investing in data literacy to upskill their teams 
• 42% are testing AI through pilot programs before rolling it out more broadly 

What this tells us: 
Technology alone won’t deliver results. Businesses that build a culture open to automation, experimentation and continuous learning are seeing faster uptake and better outcomes. 

2. Data Strategy Is the Backbone of AI 

AI is only as effective as the data behind it. Without the right foundations, even the best tools will fall short. 

Survey respondents highlighted: 

• 78% see data quality as the most critical factor for AI success 
• 59% have implemented data governance frameworks 
• 34% struggle with siloed systems that limit data access 

What this tells us: 
Clean, connected and well-governed data is essential. Businesses are focusing on data mapping, integration and security to unlock meaningful AI insights. 

3. AI Is Being Used in Practical, Everyday Ways 

The conversation around AI has moved well beyond theory. Businesses are applying it to real workloads right now. 

Common use cases include: 

• 68% using AI for reporting and data analysis 
• 54% applying AI to email drafting and document summaries 
• 27% trialling tools like Microsoft Copilot for forecasting and advanced insights 

What this tells us: 
AI is already saving time and reducing manual effort. Teams are using it to streamline operations and refocus their energy on higher-value work. 

4. The Barriers Are Real, But Manageable 

While enthusiasm for AI is strong, the survey also highlighted some consistent challenges. 

• 62% are most concerned about data privacy and security 
• 41% report resistance to change from staff 
• 38% find integration with existing systems difficult 

What this tells us: 
Successful adoption requires balance. The most effective businesses are pairing technology with change management, training, and tools that integrate smoothly with their current systems. 

Looking Ahead: Building Sustainable Momentum 

The long-term outlook for AI adoption is clear. 

• 81% expect AI to significantly impact their industry by 2026 
• 67% plan to increase AI investment in the next 12 months 
• 44% are joining AI-focused working groups to share insights 

What this tells us: 
AI isn’t a short-term experiment. Businesses that stay curious, connected and adaptable are positioning themselves for long-term success. 

 AI and the Bigger Picture 

Businesses are no longer hesitating when it comes to AI. Many are actively embracing it as a tool for innovation, efficiency and competitive advantage.  

Importantly, AI isn’t about replacing people. It’s about supporting them. Organisations that invest in data literacy, automation and collaboration are creating stronger, more future-ready teams. 

This shift represents a broader transformation. Businesses aren’t just responding to change, they’re driving it, using AI to improve decision-making, optimise operations and strengthen client outcomes. 

What This Means for the Future of AI 

The message from the survey is consistent and clear. Businesses that lean into AI with the right mindset, strong data foundations and practical tools are pulling ahead. 

AI should be seen as an enabler, not a threat. When used well, it creates space for strategic thinking, innovation and higher-value work. Organisations that embrace this shift are setting themselves up for smarter growth and more resilient operations. 

For those wanting to explore the findings in more depth, Strategic Group has compiled a full report with detailed insights and practical recommendations. 

 
A huge thanks to our friends at Strategic Group for providing us with the insights needed for this article. Want to learn more? Don’t hesitate to reach out to us or directly to the team at Strategic Group. 

As wealth is passed from one generation to the next, trust deeds often sit at the heart of a family’s financial structure and outline the mechanisms intended to enhance the protection of trust assets as well as defining where the control of the trust lies. ​

​The problem? Many trust deeds are carrying hidden flaws. Gaps in amendment histories, technical execution errors, or simple clerical mistakes can unravel even the best-laid succession plans. And these issues often don’t surface until a critical moment, like a restructure, trustee change, or when it comes to an SMSF, a death benefit distribution. 

Below, we break down where trust deed defects typically arise, why they matter, and what advisers can do to reduce the risk for their clients. 

Where Things Commonly Go Wrong 

1. Breaks in the Deed History 
Trust deeds are commonly amended to reflect restructures or changes in law. Over time, changes are made to: 

• trustees and appointors 
• income and capital distribution rules 
• streaming provisions 
• trustee powers 
• foreign person exclusions for state-based surcharge duty 

If earlier amendments are missing, inconsistent, or don’t align with the original deed, the result is an incomplete or unreliable historical chain of deeds. 

This is especially common with SMSFs. A missing or invalid amendment can create uncertainty about what rules actually apply, calling later trustee decisions into question. In serious cases, this can lead to compliance issues, SIS breaches, or outcomes that don’t reflect the member’s intentions, particularly around death benefits and tax. 


2. Execution Errors and Technical Defects 
Even when the intent is clear, deeds can fail if they aren’t executed properly. 
Some common issues include: 

• deeds witnessed by parties to that same deed 
• required entities not being included as parties 
• companies signing deeds before they legally exist 

A simple example highlights the risks that a chain of SMSF deeds may face: 

• The original deed gives the members the power to remove and appoint trustees. 
• A later deed of amendment records a trustee resignation and replacement, but the change is made by the outgoing trustee, not the members. 
• The appointment may be invalid because it didn’t follow the governing rules for the SMSF contained in the relevant deed . 
• Any decisions made by the “new” trustee could also be invalid as a result. 

Small technical missteps like this can undermine  later actions undertaken by the trustee in later years. 

3. Clerical Mistakes That Snowball 
Not all defects are complex. Many are administrative, but still problematic, such as: 

• incorrect or incomplete individual names 
• trust or fund names recorded incorrectly 
• amendments relying on the wrong clause 

Left unchecked, these errors can weaken the legal integrity of the historical chain of trust or SMSF documents over time. 

Why These Issues Matter 
Trust deeds are meant to provide certainty, especially when control shifts or assets move between generations. 

When defects exist, that certainty disappears. 

• The consequences can include: 
• control passing to unintended people 
• beneficiary entitlements not matching family intentions 
• disputes between family members 
• legal challenges 
• adverse or unexpected tax outcomes 

These problems usually surface at exactly the wrong time, when families are already navigating change, stress, or loss. That's why partnering with a trusted document provider like Acis is essential, because precision and compliance aren’t optional when protecting your clients’ wealth. 

 
What Advisers Should Be Doing 

Best practice is to be proactive, not reactive. 

Advisers should ensure that every trust deed amendment is valid, enforceable, and consistent with the full history of the trust. That means: 

• reviewing the entire chain of deeds 
• confirming execution requirements have been met 
• checking amendments align with the original deed and any subsequent amendments 

This reduces the risk of disputes, invalid trustee actions, and unwanted tax or control outcomes down the track. 

At Acis, this review process is built into every trust and SMSF amendment order. By identifying potential issues early, advisers can make informed decisions about rectification before delays, costs, or reputational risk arise, and before transactions like restructures or finance applications are held up. 

If you’d like to understand how the deed chain review process works, or how historical issues can be identified and corrected early, reach out to the Acis team for more information. 

A huge thanks to our friends at Acis for providing us with the insights needed for this article. Want to learn more? Don’t hesitate to reach out to us or directly to the team at Acis.