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TASA updates: How engagement letters can help you meet new compliance rules

13/7/2025

 
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With recent updates to the Tax Agent Services Act (TASA), accountants and bookkeepers in Australia now have more requirements around client communication, with certain updates now being mandatory. The good news? With the right approach, you can use your engagement letters to easily and effectively comply with this section of the updated rules.  

Our good friends at Ignition recently released a blog article and webinar on this topic. With so many accountants reaching out to us and still scrambling on this topics, we thought it a good idea to reshare it!

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10 Core Functions of an Integrated Accounting Firm

4/7/2025

 
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At Clarity Street, we believe that a firm’s tech stack should not just be a collection of tools — it should be a strategically aligned ecosystem. One that empowers teams to work smarter, not harder, by reducing friction, improving visibility, and delivering a better client experience at every touchpoint.

The wheel you see above
represents the
10 foundational pillars of a modern accounting practice. Each area is essential — not just for operational efficiency, but for building a business that’s sustainable, scalable, and competitive in a rapidly changing landscape. Importantly, we’ve purposefully chosen not to name specific tools in this blog.

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Are you still manually uploading costs into XPM?

1/7/2025

 
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Most accounting firms aren’t tracking software costs properly in Xero Practice Manager.

Some try, but it means exporting invoices, cleaning spreadsheets, figuring out the right job, and hoping the import doesn’t fail. Others don’t even start, because it’s too time-consuming.

That’s how disbursements get missed. That’s how jobs look more profitable than they really are. One firm found they had missed over $40,000 in software charges by relying on guesswork and memory!

Practice Connect from Rechargly solves this. It sends software costs straight into the correct XPM job automatically. No admin. No uploading. No gaps.

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A Strategic Approach to Manage ATO Obligations

18/6/2025

 
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Do you have clients with ATO Debt? 

In the dynamic landscape of Australian taxation, accountants often navigate the intricacies of client financial obligations to the Australian Taxation Office (ATO). With deadlines looming and statutory requirements intensifying to unprecedented levels, ensuring clients have the necessary liquidity to meet their tax obligations is paramount.

​In this context, a more flexible, unsecured loan can serve as a strategic financial tool, providing clients with the agility needed to manage their tax liabilities effec
tively while maintaining their cash flow.
 ​

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Scaling Reporting Without the Stress: EMAsphere Enters the Australian Market

3/6/2025

 
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In recent years, the role of accounting and advisory firms has shifted significantly. What used to be centered around compliance and historical financials has expanded to include forward-looking advice, data-driven insights, and the expectation of regular, high-quality reporting. 

Meeting these expectations isn’t easy. Many firms find themselves caught between growing client demands and internal resource constraints. Delivering monthly reporting at scale, tailoring reports for different client segments, managing increasingly complex data requirements — all of this puts pressure on teams that are already stretched. 

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Tax Planning: From Excel to AI

29/5/2025

 
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You’ve heard the question many times: “How can I save tax?” 

It sounds simple, but your answer defines your value. If you're fumbling through spreadsheets, manually tweaking assumptions, or delaying a response until “later,” you’re not just losing time - you’re losing trust, opportunity, and revenue. 

Tax planning isn't optional anymore. It’s a core advisory service that smart firms are using to strengthen client relationships and grow profit. 

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AI-powered Threats Accountants Must Know in 2025: Is AI a Friend or a Foe?

14/5/2025

 
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Fraud attacks and data breaches have evolved, and with artificial intelligence (AI) now in play, they continue to do so. Think of creative yet unobtrusive, costly, and painfully disruptive attacks - that’s the AI-powered reality. 

Imagine receiving an email that looks identical to a trusted client’s request, capturing the very tone, language, and message urgency that feels genuine, down to a signature that matches with unsettling accuracy. Or maybe the perfectly recognisable voice of a colleague on the other end of the line giving you precise instructions to transfer funds.   

But the catch? None of it is real. And this isn’t hypothetical.  


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You’re Sitting on a Goldmine of Efficiency – But Are You Even Using It?

16/4/2025

 
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Most accounting firms don’t need more software.

They just need to use what they already have properly.

It’s easy to get caught up in the busy-ness of compliance work and client deadlines. But if you’ve invested in SMSF software and haven’t taken full advantage of what it can do, then you’re not just missing out, you’re leaving serious efficiency, profitability, and team sanity on the table.

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Revolutionise WIP billing with Finlert's latest solution!

8/1/2025

 
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With many firms moving to upfront or packaged pricing, most new technology is focused in this direction. This often leaves the more traditional "time/cost billing" firms, also stuck working with legacy technology like MYOB-AE or APS. 

Clarity Street are VERY big fans of transparency when it comes to invoicing, so we typically promote upfront or retainer style billing for the bulk of clients work. But, we also know there are a large proportion of our readership that still do WIP-based billing, something that Xero Practice Manager (XPM) can struggle with, particularly if you have multiple billing entities or complex client billing needs. 

Recently we have had access to an all new WIP management and invoicing product which will allow you to easily and intuitively produce WIP based invoices, while still existing in the Xero ecosystem (including XPM!).

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Clarity Street's Book Club List for Personal & Professional Development!

17/12/2024

 
Over the last few years, we've had a number of wonderful industry contacts, clients and advisors tell us about their favourite personal and professional books... Books they have recommended that Clarity Street should read in order to develop our skills!

The list is varied and wonderful... oldies and new books. Full of professional, business and personal development topics - areas we all need improvement in. 
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    Author

    Clarity Street was conceived from years of engaging with Accounting firms on a daily basis and a constant desire to make Accounting firms & SME’s more efficient and profitable. 

    The observations and opinions in the articles written here, aim to challenge, inspire and provoke change into making your business better!  

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  • Home
    • About Us
    • About Our Clients
  • Work with Us
    • Our App Stack
    • Project95
    • Guided Implementations
  • Book A Meeting
    • Get in touch
  • Partners
    • Business Improvement / Coaching
    • IT
    • Outsourcing
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  • Resources
    • Guides & Tools
    • Blog
    • Webinars
    • Speed Dating with Clarity
    • FOMO Friday
  • Login
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