What does it mean to you to be a Director of McPhail & Partners?
The firm has always held a special place in my heart this is where I started my career back in 2003. Having spent 8.5 years working with a great group of people and forming close relationships with clients I made the decision to move to London in 2011 which I feel helped me grow both personally and professionally.
When the opportunity arose to re-join the firm upon my return to Australia in 2015 I didn’t hesitate to accept the invitation from Brian and Wayne to come “home” and I’m very proud to be able to help lead the business into the future.
McPhail & Partners has been a successful business for over 70 years. What value can you add to the business?
I think it is important to offer staff and clients the confidence that comes with continuity. Having spent over 11 years at the firm I understand our culture and our values which I am determined to uphold. However we also need to grow and adapt as the world around us changes so with the experience I gained overseas I think I bring fresh thinking to the management of our business which can help us to be successful for many more years to come.
For a business to evolve and succeed it needs to be able to move with the times and remain relevant to clients, how will you ensure this continues to happen in the coming years?
It is important that we embrace technology and find new and better ways to collaborate with our clients. However, we also understand in this digital world that the security around our personal information is critical.
The introduction of our secure online client portal has been a great addition to our firm and it allows us to interact securely and in real time with our clients. We are looking at further developing this tool and providing more content over the coming year.
What type of work do you enjoy doing and do you have any specific skills that clients may not be aware of?
Personally, I get great enjoyment from assisting and educating clients that are just starting out in business or investing. Whether it is advising on the most appropriate structure, assisting with establishing their accounting systems or explaining the taxation implications of their decisions, I find it very satisfying to be able to help them get on the right path.
I also enjoy working within the Superannuation space where I am a Limited Authorised Representative of Merit Wealth Pty Ltd. This allows me to speak with clients about their Superannuation and the appropriateness of using Self-Managed Superannuation Funds.
The world of accounting has changed a lot over the years; what has been the biggest change you have seen and how would you summarise the way in which you can add value to businesses and professionals?
Certainly, the biggest change I have witnessed has been the introduction of Cloud Accounting. With bank data feeds and the ability of these systems to learn from past transactions, we have seen an increase in the accuracy of the financial data we receive and greater efficiency in completing compliance work. This allows us as Accountants to move away from a historical or retrospective approach and spend more time with our clients dealing with what is happening here and now.
What immediate changes to do see over the next twelve months?
I think the next 12 months will be relatively quiet in the tax space as the dust settles from the major shake-up to the Superannuation laws that took effect on 1st July 2017. I suspect we will see an increase in the ATO’s compliance activities as they look to strengthen the integrity of the system and ensure the industry has applied the new rules correctly. This was part of the reason we took the initiative to offer the Audit Shield policy to all clients back in October.
From a personal perspective, the biggest change for me and my family will be the arrival of our 2nd child in June 2018.
McPhail & Partners has built an enviable reputation over the years with many long-standing clients. However, for a business to grow it needs new clients, what types of businesses and professionals can benefit from using your services?
We take great pride in forming long-term relationships with our clients as we assist them through all the stages of their work/business lives. We are always happy to welcome new clients to the firm and we find the best way to attract new clients is via a referral from an existing client or business partner.
Whether it is tax, audit or business advisory services I feel we have the capabilities in our team to help clients from all walks of life regardless of what industry they operate in.