 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.  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.  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!). 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.   Our friends at Dashboard Insights have released their highly anticipated FY24 Benchmarking Report, packed with valuable insights and key trends that reveal growth opportunities for Australian accounting firms. Here at Clarity Street, we’ve carefully reviewed the report and have identified some of the standout takeaways that we believe deserve special mention. These insights aren’t just about benchmarking performance—they highlight actionable areas where firms can improve, evolve, and ultimately thrive in today’s competitive landscape.
 Effective practice management is essential for the success of any accounting firm. Without a structured approach, firms can easily fall behind on critical tasks, jeopardising profitability and client satisfaction.
The key to thriving in this space is balancing job management with a clear focus on key performance indicators (KPIs) that drive results. Let’s break down the 12 essentials for efficient practice management that will help your firm stay on top of operations.  ATL Network Pty Ltd, a specialist professional services broker that helps practitioners navigate their succession journey while achieving above-market outcomes in Australia, announces a groundbreaking find in its recently released 2024 Accounting Practice Valuation Report. The report, compiled after analysing data from over 600 accounting firms across Australia, highlights a significant market shift in practice valuation.
 Before the idea of BAS Ready was born, there was a simple frustration that every time the quarterly BAS for clients were due, it was impossible to know which Xero client accounts were up to date and which were a mess.
Only a few clients would let you know when they had their accounts up to date, and the rest would think you magically knew when it was ready to go. It was taking more time to chase clients to get their accounts up to date than it was to complete the work. The team at BAS Ready decided to find a way to relieve this pain point, with a focus on making it as simple and stress free as possible to use.  Running a business comes with its fair share of challenges, from reducing overhead costs, streamlining systems and processes, to hiring the right people. Fortunately, there is a strategic solution to address these head-on: offshoring.
 Finlert have released an exciting new app in the accounting space that allows you to keep Stripe invoices in sync with Xero to give you more accuracy, save you hours per week and avoid mistakes! SubSync by Finlert is here to help you focus less on manual errors, and more on core business and management!
In this blog post, we go through a SubSync customer case study, and how using this app has completely changed their business. |
AuthorClarity 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. Archives
May 2025
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