Category: Uncategorized

How can you help Australia’s disadvantaged youth?

Posted on | by Danielle Graham | Leave a Comment on How can you help Australia’s disadvantaged youth?

How can you help Australia’s disadvantaged youth?

Irrespective of the broad-reaching impact of COVID-19, this year has been especially tough for Australian children and young people growing up in poverty; those who cannot choose their circumstances.

According to the 2020 report* from ACOSS/UNSW on Poverty in Australia, 1 in 6 Australian children now live in poverty. For these children, even the most basic of life’s necessities are hard to come by.

Perhaps worse, children in families experiencing financial disadvantage are now more likely than ever to fall behind with their learning, since they generally have less access to vital learning materials and books in the home environment.

With most schools now requiring laptops or tablet computers for in-class and home learning, those who cannot afford these necessities struggle to achieve the continuity of education needed to succeed academically.

The Smith Family have been working to improve the lives of Australian children in Australia for over 100 years. Their flagship program – Learning for Life – supports 58,000 students with long-term support for their education and post-school support programs that aim to transition these children into the workplace.

Children who have a disadvantage in learning early on in life are more vulnerable to future hardships. They can often fall into what The Smith Family describes as the “Cycle of Disadvantage”.

The Smith Family aims to break this cycle by providing programs that give disadvantaged Australian children the support and resources they need to keep pace with the rest of the class.

This is achieved through a number of intervention initiatives such as learning clubs and programs aimed at the community, arts, literacy, numeracy and mentoring, amongst others.

The Smith Family relies heavily on donations from individuals and corporations to deliver these valuable programs. These donations help support young Australians to create better futures for themselves.

QuickFee makes an annual Christmas donation of $5,000 to the Smith Family. This donation aims to provide immediate support to the established programs to deliver long-term positive benefits for impacted children and their families.

 

To donate to The Smith Family, you can click here to set up a one-off or monthly donation to help provide access to learning and life education support programs.

 

*Poverty in Australia report link: https://povertyandinequality.acoss.org.au/wp-content/uploads/2020/02/Poverty-in-Australia-2020_Part-1_Overview.pdf

Donation link: https://www.thesmithfamily.com.au/donate

 

Tips & Tricks: How to recruit & retain talent

Posted on | by Danielle Graham | Leave a Comment on Tips & Tricks: How to recruit & retain talent

What does the Great Resignation mean to Australia’s Accounting Industry?

There is no denying that the Great Resignation is a hot topic at the moment as Australia waits to see if our job markets will go the same way as the US.

In a recent webinar on recruiting and retaining the best talent, accounting industry experts Bruce Coombes – QuickFee, Craig West – Succession Plus, Alistair Barr – Striver and Stephen Watts from TOA Global discussed the potential impact of the Great Resignation on the accounting industry in Australia.

Who are the hardest to recruit and retain right now?

There is no clear-cut winner (or loser) in this respect. Striver’s Founder and CEO, Alisdair Barr indicated that finding and securing the best talent for those in 2–5-year entry-level roles are extremely competitive at the moment. This is mainly because whilst they may be fresher recruits – and less expensive – they have some experience and can provide billable hours from the moment they start.

Conversely, Succession Plus are seeing the market for higher-level roles tightening up and recruiting senior positions is becoming increasingly challenging. The power that desirable senior-level staff have in this shifting job climate means that more money and more benefits are making it to the negotiating table than ever before.

What are recruits looking for?

What happens in our job market is not just about a need for compensation in the traditional monetary sense. Instead, there is a greater desire for increased flexibility in working hours, days and location, and different benefits to what is generally on offer.

The flexibility and freedom many of us have experienced with working from home is not something most people want to give up that easily. On the contrary, there is a definite appetite for it.

However, not all employees love the idea of working from home every day. Sure, it has benefits in terms of flexibility, but how does that impact the incidental networking in the lunchroom or social get-togethers. For a graduate, bumping into the managing partner and striking up a conversation over coffee gives them a level of visibility they cannot achieve through zoom. Craig West, CEO and Founder of Succession Plus, says one of the most complex challenges right now is how employers can successfully build a corporate culture for people who have never met face to face. Weighing up all of these factors will undoubtedly be challenging, and we will likely see some creative solutions in the near future.

How important is a good culture fit?

Finding an employee that is right for the role and the company culture has always been a challenge, but it is has been even more challenging recently working remotely.

Having a clear understanding of the drivers for employees in this new environment and being able to put into place strategies that you can execute well and believe in is essential. Employees want to work for something they believe in. For younger workers, this may mean providing clarity on growth and development, and for more senior employees, it may mean giving equity options.

Keeping in touch with the community also has value, especially for the younger employees. Corporate responsibility and genuine community support keep your business connected to things that your staff believe in.

What makes employees want to leave?

Craig West calls this the Decision Point. This is the point when you weigh up your level of satisfaction with your current situation and whether there are better, more attractive situations. Many factors go into this decision, such as limited growth opportunities, reduced work/life balance, being underpaid, job insecurity, poor workplace culture, and high-stress environments.

If there are more attractive offers available, then the decision to move away from these stress factors becomes that much easier to make.

How do you balance the various flexibility needs?

As the pandemic drags on and the operational requirements continue to change, managing the differing preferences can be challenging. Therefore, creating a balance between working from home and working in the office is vital.

Stephen Watts from TOA Global calls this strategy Perform to Play. If your team is performing well while working remotely and it works for the business, it is reasonable to continue allowing this option. When expectations are clearly set, and dialogue is kept open, there is no reason not to allow flexibility.

Being consistent across all channels of the business is even more critical. For example, if one team has the option to work from home and another doesn’t have the same opportunities, it will generate discontent. Being consistent across the business will circumvent this.

How do smaller firms compete with the big players?

Providing employees with a voice at the table is easier for smaller firms than for big players. At the large firms, the table is just too big to hear every voice! Being able to speak up and be heard has enormous value for everyone, from the freshest graduate to the longest standing team member.

Providing good mentoring opportunities is also essential. Opportunities for growth and development tailored to the individual and their goals will always have a place in keeping staff happy.

So how can you recruit and retain the best talent in the face of a looming Great Resignation?

Have different options in your toolkit. Whether those options are flexible working arrangements, increased wages, paid paternity leave or a day off on your birthday – the most important thing is that they need to be visible to your team. Communicate these things clearly and openly and be ready to answer questions around them honestly. Transparency is the key here.

Offer appropriate compensation. This means offering a wage within or above market value and providing a compensation model that reflects the return on investment you will see. You are investing in an asset at the end of the day. Understanding what motivates the employee and trying to meet what is reasonably in your power will drive their engagement and increase their return on investment to the company. It’s a win-win if executed successfully.

Give people a voice. Ensure your team feel that their voice counts and that they are empowered to speak up. However clever you think you are, there will always be better, more creative ideas from your team. You may not implement every idea, but if you don’t give people an opportunity to be heard, you will never hear that great idea.

Effectively collaborate. One thing is sure – collaboration skills will be vital not just for employees to work effectively but also for businesses to ensure they have the suitable systems in place to facilitate a varied working style.

Glenn McGrath: Building Resilience

Posted on | by Valerie Baillairge | Leave a Comment on Glenn McGrath: Building Resilience

Any life event that causes us stress can have a significant impact on our ability to thrive and succeed at work and home. Having a strong understanding of resilience and calling upon tried and tested management techniques would undoubtedly help us withstand said challenges.

QuickFee recently had the pleasure of co-sponsoring a virtual event with Australian cricketing legend, co-founder and President of the McGrath Foundation – Glenn McGrath. Glenn’s easy-going nature and naturally positive mindset have helped establish his ability to maintain composure and positivity in times of adversity and endure challenges that may have set the rest of us back.

Glenn’s story started growing up in the small town of Narromine in Country NSW, playing different sports and building the foundations of his cricketing career. Through his sporting highs and lows, the personal tragedy of losing his wife Jane and ultimately founding the McGrath foundation, Glenn had to learn to overcome adversity and manage pressure.

So how does one of the greatest cricketers of all time maintain resilience and handle the pressure?

Glenn has developed and refined four fundamental principles which he relies upon to get through life’s challenges and build his resilience.

 

Self-belief

“What really matters is how we feel about ourselves and what we allow to affect/impact us. It comes from knowing yourself, having self-belief, plus planning and preparing as well as you can”, said Glenn McGrath. Self-belief and the ability to handle pressure needs comes from within. So putting yourself out there and ‘having a go’ is the best way to build up your belief in yourself and your abilities.

When stressful situations presented in his sporting career, Glenn focused on the process and concentrated on getting the next thing done to the best of his ability. According to Glenn, when you focus on one thing at a time, you don’t feel the pressure of the whole situation weighing on you.  Getting through these challenging situations teaches us that we can endure and trust in our abilities.

It is how you pick yourself up and lean on the support from others that helps you get the perspective you need.

 

Be prepared

This one goes two ways; be prepared as much as you can for everything you do and be prepared to work hard when you do it!

Whether it is throughout his 14-year cricketing career or in his ongoing philanthropic work at the McGrath Foundation, Glenn always applies his solid work ethic and works hard to achieve the best outcome. So when you put in the time and effort to prepare for something – from a T20 match to a board meeting – don’t let yourself down by giving less than 100% on the day.

Preparation won’t necessarily prevent things from going wrong, but it does mean that when you have planned for what you know is coming, you will have more capacity to deal with the unexpected.

You need to be ready to make mistakes too! Accepting that mistakes have happened and learning from them will help you build up your resilience over the longer term and prepare you for the next time you encounter a similar situation.

Your plan may not always work out in your favour, but you make things a little easier on yourself by taking control of what you can.  Glenn says that “the moment we start resting on our laurels and give that control away, everything starts getting that little bit harder”.

 

Never be satisfied

Glenn might be the only one of us who took a miracle catch at the Adelaide Oval in 2002 – but he does know that even when things go as right as they did that day, there is always room to improve.

The good times will always be there to look fondly back on and think about what worked in our favour, but what about when things don’t go well?  In those times, Glenn says that we should use them as motivation and analyse why they happened, whether we can control it, and then work on improving next time. Give yourself time to slow down and collect your thoughts so that they don’t control your emotions.

On the pitch when things went wrong Glenn says, “I would tell myself that’s gone, no matter what I do I can’t change it and tried to focus on the next ball and bowl it as well as I could”. So, when things are beyond your control, don’t waste your mental energy trying to change them – take what you can from it and use it next time. The same rule applies to the past – no matter what you do, you can’t change what has happened, so try to focus on the next thing. When we continue to learn from our experiences, we can tap into this reservoir of experience the next time we encounter a similar situation.

 

Have fun

Even when Glenn was batting – which he freely admits was not his strongest aspect of the game – he says he still tried to have fun. If he got taken out for a duck that didn’t stop him giving it his best and enjoying the challenge of working with the guy at the other end of the pitch.

There is something to be said about living very much in the moment and seeing the best in every situation.  A very clear positive mindset resonated from everything Glenn talked about in his chat with us. If his story alone was not inspiring enough, his approach to life, in general, is certainly admirable. He believes that you should have fun and enjoy every minute you have, and it’s such a simple sentiment but sometimes one that we overlook.

On the pitch when things went wrong Glenn says, “I would tell myself that’s gone, no matter what I do I can’t change it and tried to focus on the next ball and bowl it as well as I could”. So, when things are beyond your control, don’t waste your mental energy trying to change them – take what you can from it and use it next time. The same rule applies to the past – no matter what you do, you can’t change what has happened, so try to focus on the next thing. When we continue to learn from our experiences, we can tap into this reservoir of experience the next time we encounter a similar situation.

 

Whilst the world continues to throw new and interesting challenges at us – whether it’s a pandemic, a personal loss or something as common as a cold – if we have a strong sense of self-belief, work hard and just have fun we will continue to build our reserves of resilience.

Fintech Happy Hour – Episode 2:
Top 7 companies or start-ups for accountants in Australia

Posted on | by Valerie Baillairge | Leave a Comment on Fintech Happy Hour – Episode 2:
Top 7 companies or start-ups for accountants in Australia

The Best Accounting Tech Companies In Australia

It is no secret that competition to win accounting clients is getting fiercer and fiercer. With accountants acting as the gatekeepers of small businesses, we look at what technology has come into the market for accounts over the last few years?

One of the greatest changes that has happened in the accounting world is the cloud.

The shift to the cloud has been enormous across the board. It has impacted our ability to work on any file, at any time, in any place. Meaning you could work on client matters at home, during a lockdown, at the office or even the beach.

 

 

1.  Xero

The sheer volume of accountants and their clients embracing Xero over the last ten years has been transformational. Before Xero came along, how would you have gone through a lockdown situation without being able to see how your business is performing? The number of companies embracing Xero now and creating plugins is significant. 

 

2.  Futrli

Futrli helps their clients save money by analysing and finding gaps in their cash flow and then helps them to plug that gap. That not only helps the accountant, but that information can be passed onto the customer, who in turn, can do their own cash flow analysis. It aids the accountant by enabling them to have a visual conversation with their client rather than a spoken one.  

 

3.  Swoop

It’s not all about tech! The accountant’s job is to interpret what comes out of the tech, and Swoop helps the business to access the money and services it needs to grow. Whether that be funding via government grants, savings on international money transfers or a range of other options that can be better prescribed when you are using the right analytical tools in the first place.

 

4. Practice Ignition

Practice Ignition takes the routine and mundane tasks of sending and following up on client proposals and makes it seamless – the time-saving value of that alone is significant. In addition, the proposals themselves are put together in such a fantastic way with second to none presentation. Being able to plug into Xero, QuickBooks and MYOB is also invaluable.

 

5.  QuickFee

Accountant’s love getting paid and love seeing their clients get paid. If there is a technology that allows your clients to have a positive experience when paying a bill, then that is a game-changer. QuickFee allows your clients to pay in the time they need. Knowing that both you and your client is taking care of is phenomenal.

 

6.  Business Fitness

Business Fitness has end to end technology that creates efficiencies. The How Now document management product takes the standardised processes and creates productivity.

 

7.  Paytron

Paytron automates and simplifies processes. They also allow you to handle the international payment all on one platform. It’s convenient and solves a problem that is annoying by taking away the static and friction in a business process and allowing the business to do what it’s good at doing.

If we look to the future – what sectors of the accounting industry may be ripe for disruption in the next few years? Anything routine such as simple data matching processes will likely be replaced. A computer can do a routing process better than any human can, leaving people to what they are good at.

How To Best Tackle Payment Objections

Posted on | by Valerie Baillairge | Leave a Comment on How To Best Tackle Payment Objections

Win more work and have less payment disputes  

You’ve probably been faced with payment objections more than once. We’ve all heard it before: “The price is too high for me”. This can be one of the most frustrating situations for businesses, especially those who are selling services and can spend a considerable amount of time preparing a quote.

Fee objections are common in sales. There are several reasons why prospects would reject a quote. Sometimes, it is only part of an expectation that pushing back on cost will get them a discount. However, a ‘no’ can also mean that the person doesn’t understand the “value” they are getting for the cost. 

Whatever you’re selling, the best response to a price objection is to showcase the most valuable parts of your products/services. You don’t need extensive training to learn how to handle payment disputes. You simply need to further investigate the reasons behind your clients’ objections.

 

What Motivates Clients To Reject An Offer?

Businesses are in need of advice now more than ever, from legal and accounting to communications and crisis management. Meanwhile, outsourced professional services are often seen as “optional” by prospects who don’t understand how important it is to seek expertise. The ones that need your services the most would often be the most hesitant and reluctant to pay for it.

It is however important to not undervalue the service you are offering as a first approach. While discounting has its place in the sales process, being too keen to reduce your margins could lower your service perceived value. You should get paid what you are worth, and fee rejection offers you a window to really demonstrate your true value.

Price disputes are normally the results of one of these three circumstances:

  1. Unrealistic expectations. One of the reasons why your client might be declining your fees might be that they don’t understand the full scope of what they are paying for. If they say that your fees just seem high, this might mean that they don’t understand the ROI they might get from your services. It puts you in a position to objectively define what is included in your offer. Make it clear what you can accomplish on a short and long term for them and their business. Using clear and concrete examples, or introducing case studies and other clients’ success stories as proof points can reassure them.
  2. Cash flow and budget problems. If your client affirms that they can’t afford your services at the moment, it is important to get a better understanding of where the issue is truly coming from. First of all, you can ask them if the price is the only thing that’s keeping them from signing. This gives the person the opportunity to express any other concerns they might have.

    Once you’ve cleared all other objections, it is time to explore how you can make your fees more affordable. An easy solution to cash flow problems is to offer flexible payment solutions. QuickFee offers client-centric flexible payment solutions that let your clients pay over time instead of in a lump sum.

    Alternatively, you can also explore solutions to fit your services into your clients’ budget. You can ask how much your client is ready to pay and redefine the scope of a project accordingly. If you decide to discount your price, make sure that it serves your business long-term strategy. You can offer a lower fee for a period of time for example and then default back to your normal price, or accept to discount under the condition of signing a longer term agreement.

  3. Competition. Your client might already satisfied with their current providers or they might have found cheaper quotes online. “Expensive” is relative. Once you find out what the person is comparing your product or service fees to, you can then uncover what extra value you’re bringing to justify the extra cost. You must put on your investigator hat to discover your client’s true needs and see if they are being met. 
    Once you find the gaps, you can customise your offer and differentiate on value.

     

How To Showcase The Real Value Of Your Services?

Lack of trust in your brand or services might be the underlaying problem behind a fee objection, as well as not understanding the need or urgency for a specific service. To convince a prospect, the first step is to address the above. 

Improve Trust In Your Expertise And Your Brand
Improving your ability to present yourself as a trustworthy expert in your field starts by showing empathy, listening carefully to your clients and prospects and investing in your own brand.

It is important to understand that a sale is not about you, but about your client. Make empathy a priority during sales meetings. A sale starts by building the relationship with the client. Put yourself in your prospects’ shoes and turn the conversation towards their own needs instead of defending your products or services. The key is to not to try too hard to impress and only offer advice once your client had a chance to thoroughly explain their situation. Positioning yourself as someone who can listen and acknowledge your client’s concerns will present you as a trustworthy, genuine advisor. This quality will increase the value of your services in the eyes of your prospect and help reduce friction when discussing fees.

You might also want to build more brand awareness and create content that showcases your expertise. Case studies and clients’ success stories are a good way to prove the quality of your service. You can also produce white papers, e-books or video clips which include free advice.  Building expert content will help back up your claims and show evidence of your expertise.

Brand expert Stephen King once said: “A product can be copied by a competitor; a brand is unique. A product can be quickly outdated; a successful brand is timeless.” Make sure to emphasise the authority your business has in the market. Positioning your brand right can help convince your prospects of the extra value you offer and justify higher fees. 

Reinforce The Need And Urgency Of Your Services For Your Clients

Are your services truly aligning with the needs of your prospects?

Pause and listen to your clients before responding to understand your client’s needs. Once you’ve acknowledged your client’s objections, ask open-ended questions to clarify and understand what are their current objectives. They might not realise how much added value your services could bring to help them reach their goals faster.

If you see an opportunity, present them with an overview of what results they could get by hiring your services. Make sure to give concrete examples and include numbers if possible. It is also time to share relevant stories and expert content you might have created. Relatable clients’ testimonials can create more confidence in your services.

 

Offer Your Clients Flexible Payment Options

If cash flow problems are still an issue, expanding your payments options could help you win more clients and reduce payment objections. QuickFee offers a wide range of flexible payment options that suit every client’s needs. 

If you’d like to learn more about flexible payment options, schedule a demo with one of our experts to learn more.

Schedule A Demo

How including flexible payment options in your marketing strategy can help grow your legal practice?

Posted on | by Valerie Baillairge | Leave a Comment on How including flexible payment options in your marketing strategy can help grow your legal practice?

Why Payment Options Should Be Part of Your Legal Marketing Strategy

The 2020 annual benchmarking study conducted by the Australasian Legal Practice Management Association (ALPMA) has identified revenue growth, cashflow and lock up as the main financial challenges for law firms, with work in progress (WIP) and debtor days often exceeding 90 days.

As clients seek certainty in fees and flexibility when it comes to payment, many firms had to move away from traditional billing, looking into alternative to ensure their practice’s profitability. With the impact of COVID-19 and many clients accessing Government stimulus and Job Keeper programs, it is now, more than ever, time to rethink your
payment collection strategy.

Consumers are making decisions based on their favourite payment methods, so offering greater flexibility can help you convert more prospects. Best of all? It’s incredibly easy to include payment options in your legal marketing strategy.

 

4 Easy Steps to Showcase Your Payment Methods

Step 1: Offer alternative payment methods.

Want to really stand out from the competition? There are several flexible payment
frameworks offered on the market. If you are seeking a client-centric approach with payment plans specifically created for legal services, QuickFee offers solutions adapted to your client’s needs. Here is a list of the different payment solutions currently offered:

Step 2: Create a dedicated payments or pricing page on your firm’s website.

Did you know that pricing and payment pages tend to be the most visited spots on websites? All you have to do is add an online payment portal link or payment landing page to your site’s navigation bar. It’s not the only thing prospective clients will consider, but it might help get them in the door. See an example here

Step 3: Give your clients a payment link at every single touchpoint.

Online payment methods are appealing because they’re convenient. Increase that convenience by adding your online payment portal everywhere. That means including it on invoices, flyers, and any other communications so that the link will always be available.
As a bonus: This can also help reduce your accounts receivable over time.

It’s a good idea to include your payment link(s) in all the following places:

  • Invoices
  • Emails
  • Web pages
  • Banners
  • Table tents
  • Flyers

Step 4: Include payment methods in your call-to-action.

If your firm is already committed to a strong legal marketing strategy, it’s even easier to start promoting payment options in your PPC campaigns. Add “Now accepting flexible payments” to every call-to-actions, on your forms or web pages.

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Fintech Happy Hour – Episode 1:
5 things businesses can do in lockdown

Posted on | by Valerie Baillairge | Leave a Comment on Fintech Happy Hour – Episode 1:
5 things businesses can do in lockdown

Five things businesses can do in lockdown

At some point, we all go through a challenging time, and these are especially exacerbated during lockdown. Here are five things you can do during a lockdown or testing times with your business.

 

 

1.  Continue to connect and engage with your team.

The pandemic is completely redefining the way teams communicate and work. It is important for businesses to continue and connect with team. Some ways teams can engage online can be activities like Pino and Picasso and team zoom online drinks.

 

2.  Taking a break

Sometimes we get caught up and working long hours. Whether it be going out on your lunch break and taking a walk in the sunshine or taking it a step further and taking a day of annual leave or a couple of weeks of leave, it gives you time to reset and comeback reinvigorated.

 

3.  Look after your customers

Now is the time to build loyalty with your customers. After all, these are people whom you have worked so hard to get on board to become your clients. It can not only build a stronger relationship, but it can become a better business environment.  It may be as small as a check-in phone call to see how they are going or holding a virtual event with them.

 

4. Utilise technology

We live in a technology-driven world, and many of these platforms can help streamlines your business. For example, Slack is used both within QuickFee and to connect externally with people outside of the business and can be used across many different platforms too.

 

5.  Block out time for creative thinking

While working remotely has many advantages and can save you time, it can mean you lose some of the valuable time you may have previously used for creative thinking. Such as during the drive to and from the office. Ensure you block out some time in your diary or calendar to have time to yourself and allow creative or inspiring thoughts to develop.

CEO Sleepout 2021 – Bruce Coombes slept out again!

Posted on | by Valerie Baillairge | Leave a Comment on CEO Sleepout 2021 – Bruce Coombes slept out again!

The Vinnies CEO Sleepout is an annual event that aims to help change the lives of Australians experiencing homelessness. This year, QuickFee Australia’s Managing Director Bruce Coombes took part for the 4th time, raising over 13,000 dollars to provide food, accommodation and essential services to people at risk of experiencing homelessness.

Specifically, the funds raised by Bruce will provide 37 individual support programs, 97 beds and 391 meals – making a real impact to the lives of people experiencing homelessness and living below the poverty line.

Bruce joins us today to answer a few questions about his experience at the annual Vinnies CEO Sleepout.

Can you tell us what motivated you to be part of the CEO Sleepout?

BRUCE COOMBES: “I think it’s probably been said by many people before, mental health is something that, by the grace of God, could affect any of us and the step from there to homelessness is not that great.  Equally, homelessness doesn’t choose, it’s not that someone just woke up one day and said ‘oh, I don’t want to live in a house anymore’.  It’s a sequence of events or some very unfortunate circumstances and I have empathy – so let’s help these people.”

Can you describe the general experience of the event?

BRUCE COOMBES: “Most people I think, certainly myself, would describe it as quite a moving event. We have people that Vinnies have helped over the course of a period of years come and speak to us and share a bit of their journey.  In almost every case it’s a heart wrenching story and there’s some sad tales of domestic violence involved, that put you in a place where you truly are humbled and realise that what you’re doing truly is making a direct difference.”

How did you manage the cold?

BRUCE COOMBES: “I can absolutely 100% assure you that there is not a lot of give in concrete. You literally sleep on one piece of cardboard on a very cold concrete pavement.  In Sydney we do it down at the White Bay cruise terminal, so you get a nice fresh breeze as well, and its cold.  It’s as simple as that. This is the experience.  For us, we chose to do this, for many others there is no choice. Tonight, they have to do exactly the same thing.”

What is your general feedback about the food?

BRUCE COOMBES: “Very much a soup kitchen style experience, the food consists of your choice of three different soups and a bread roll. So, for the vast majority of middle-class people that would put us in bed hungry and again, that’s a fresh experience for most of us.  

Again, the people we are helping would be doing that every night.  It’s sustenance, it’s certainly not what we would all call, in the middle-class world, dinner.”

Did you actually get any sleep?

BRUCE COOMBES: “Well, I’m very fortunate to be blessed with the ability to sleep almost anywhere.  Most of our team can attest to that. So, ignoring the very much an unknown requirement apparently to be a CEO – which is the ability to snore loudly – the ability to sleep is actually not too bad.  

Thankfully I had a nice warm sleeping bag which is now being donated literally as we speak to a homeless person.  But in the absence of that, with a thread bare blanket, and not a particularly lot of warm clothes it would be very difficult. We are very fortunate to have slept rough but in fact not as rough as those we are helping.”

Did you interact much with the people around you?

BRUCE COOMBES: “Yeah, you do. The vast majority of people don’t know each other.  There are a few teams.  You can do this as a team’s event.  But the vast majority of us don’t know each other. It was nice to see the number of multiple years participants, same as myself, who have done it and it was great to see people who have done it for the very first time. It’s a good thing to see this continuing momentum.”

What were your key learnings?

BRUCE COOMBES: “It’s the least you can do. The absolute least you can do for those who, in most cases through no fault of their own, find themselves without a bed to sleep in tonight and to be able to do something which contributes to that, gives them a meal. One of the great things that Vinnies does is they go beyond giving you something to eat and a blanket at night to helping you find a home, helping you find share accommodation, helping you find social housing, helping you find a job. They have a service which actually helps the children of mums, which have had to leave a domestic violence situation, just with homework. One of the speakers last night shared how her eldest daughter is now doing a double degree at university. This money, everybody’s contribution, is making a difference.  Not to one generation but to many.”

You have been involved in this event for a few years now, has your vision of the event and the cause evolved throughout this time?

BRUCE COOMBES: “With last year being COVID affected, it was totally different, it was really nice to be back and seeing, probably I’d say a greater level of enthusiasm than I’d seen two years prior. So, its great to see new people embracing it and some old hands still doing it – keeping it alive. Keeping the important amount of fundraising alive for basically the 116,000 Australians that don’t have a permanent home tonight.”

After experiencing this, what do you think is the biggest challenge for a person experiencing homelessness?

BRUCE COOMBES: “I think the challenge is ‘how is this going to change’?  Tonight, I’m going to sleep in a warm bed, I’ll probably have a lovely two course meal or whatever.  These guys are going to have soup and bread again.  I think, what do you need more than anything to sustain life – you need hope and Vinnies bring hope. So, I think the challenge is knowing that there is a way out.”

To learn more about the event or support the cause, please visit the CEO Sleepout Website.

accountants building a bridge over the advice gap

Bridging the Advice Gap: Why Accountants Need to Shift to a Client-Centric Model

Posted on | by Valerie Baillairge | Leave a Comment on Bridging the Advice Gap: Why Accountants Need to Shift to a Client-Centric Model

Last month, CPA Australia released a report on The Value of Advice. As many financial advisors already know, the chasm is widening between those who have access to professional advice – and those who don’t.

Now CPA Australia has shown exactly how this “advice gap” impacts our economy. Australians could expect an economic uplift of $630 billion each year if everyone had access to proper financial advice.

Why Does Access to Advice Matter?

Keddie Waller – the CPA Australia head of public practice – recently joined host Jotham Lian on Accountants Daily Insider to discuss these findings. Although the estimated $630 billion figure would only be possible in an ideal world, it shows why cash flow makes a difference, even on the individual level. After all, when you average that number across the entire Australian population, it comes out to an extra $24,000 per person.

“That $24,000 figure [is an] average across all of Australia, so it would be different depending on the individual circumstances if this was in real life. But really what we wanted to show was that if you get the advice model right – if you get more people accessing advice – it’s going to have great benefits not only to them as an individual, but to their communities and, more broadly, the Australian economy.”

Keddie Waller, CPA Australia

For small business owners, getting that additional $24,000 could mean the difference between keeping the lights on and shuttering the doors. In an interview with PYMNTS.com, QuickFee CEO Bruce Coombes offered a similar perspective, based on his experience working with small business owners across the globe:

“There was a survey done a few years ago and one of the questions for business owners was: ‘If you could have any amount of money to transform your business, what would it be?’ And the answer was $50,000 – that’s all.”

Bruce Coombes, QuickFee

So why do people have such a hard time getting financial advice and making the most of their money? Waller attributes this problem to regulatory siloes in the Australian accounting industry.

Although the industry treats services like “mortgage broking” and “credit planning” as distinct areas, the average person doesn’t discriminate. Clients often turn to their preferred accountant only to find that they don’t offer the specific service they need.

How Do We Eliminate the Advice Gap?

The CPA Australia report highlights the long-term need for thoughtful changes to our regulatory system. Individuals and SMEs need great financial advice more than ever, and yet policymakers are misunderstanding their concerns and goals.  

Although lawmakers will play an important role in changing this situation, accounting professionals don’t have to wait for regulatory reform. The report also recommends that Australian advisors start moving to a “client-centric model of advice.” That means redefining your firm’s services and processes to better meet client goals.

3 Ways Accountants Can Reach the Right Clients Now

There’s no doubt that accountants are in a special position to help individuals and businesses through these difficult times. Here are a few ways accountants can move towards a client-centric model right now – and start bridging the advice gap in their communities.

1. Promote financial literacy. 

In the Value of Advice report, SMEs and consumers demonstrated much lower financial literacy than they believed they had. At the same time, both groups reported that they wanted more help with budgeting, savings, retirement planning, and making investment decisions.

Firms can fill that need by promoting financial literacy within their networks and communities. In fact, this is one area where grassroots efforts could have a much deeper impact than regulatory changes. As a local advisor, you can help the next generation become better at managing personal finances or building sustainable businesses.

A few ideas for promoting financial literacy:

  • Volunteering with local schools to teach children about personal finance
  • Organizing financial events/ webinars with local business owners
  • Reaching out to employers to discuss 401(k) plans and benefits with their employees
  • Publishing articles and guest posts on financial topics that matter to you
  • Making financial courses accessible to under-served groups and communities

2. Offer payment methods your clients will appreciate.

Until recently, many accountants didn’t even offer online payments. Although that has shifted, professionals are still reluctant to use alternative payment methods that could add value for their clients.  

According to the 2019 Consumer Payments Survey by the RBA, demand has risen for more flexible payment methods like “Buy Now, Pay Later” payment plans. The pandemic has only accelerated this trend in Australia and across the world.

All businesses and individuals struggle with cash flow at times. An easy payment plan option allows you to free up liquidity on both sides of the table. (You’ll also make your services more appealing to the people who need them.)

3.  Add more content resources to your online marketing campaigns.

Great marketing does more than just sell products: It educates your target audience about how they can benefit from your help. One of the best ways to overcome the advice gap, then, is to improve your online marketing efforts and share information about your unique services. Typically, this means creating blogs, eBooks, webinars, and other educational resources to share on your website and in marketing campaigns.

A few questions to keep in mind when you’re producing content:

  • What terms and topics would your ideal clients be looking for online?
  • Are there any questions that keep coming up with your clients? How can you best answer these questions?
  • Do you have a specific niche or skillset that could set your content apart?
  • Does the terminology you’re using make sense from the client’s point of view? What terms would they most likely be confused about?

By producing content on financial topics, you can raise the profile of your firm and educate your core audience at the same time. That’s a win for everyone. 

At QuickFee, we offer payment solutions that make it easier for accountants to help their clients. Contact us to learn more about our payment plan and financing products!

How QuickFee Instalments Can Help You Grow Your Business

Posted on | by Valerie Baillairge | Leave a Comment on How QuickFee Instalments Can Help You Grow Your Business

How QuickFee Instalments Can Help You Grow Your Business

Offering structured payment plans is one of the fastest ways to scale your business, without having to invest another cent in sales or marketing. QuickFee Instalments empowers your clients to pay their fees in 4 interest-free instalments, with no risk and no recourse to you and your firm. It’s the first-ever non-recourse instalment payment plan designed specifically with professional service providers in mind.

Here’s how it works.

Product Breakdown: QuickFee Instalments

Unlike other “buy now, pay later” solutions, QuickFee Instalments doesn’t issue any new debt to the user. Instead, it uses your client’s existing credit card, removing the need for formal credit checks and applications. It also allows clients to avoid penalty interest, because it does not immediately charge the entire amount.

As an example: If you bill your client $2,000 and they pay with QuickFee Instalments, they only pay 1/4th of the amount for the first month (in this case, $500). The remaining balance is reserved on the credit line until it is paid. This hold is not visible to banks and does not affect your client’s credit score.

After your client agrees to use Instalments, here’s what happens:

  1. Instalments seeks authorisation to reserve the full amount on your client’s preferred credit card.
  2. Meanwhile, it charges 1/4th of the total to the card.
  3. You and your firm get paid in full within 2 business days of the first transaction.
  4. For the second month, Instalments repeats the “authorise and charge” process again, authorising the remaining balance and charging the next instalment.

How Do I Use QuickFee Instalments?

There are dozens of ways to use payment plans to your advantage, whether your goal is to win more business or eliminate aging receivables. At QuickFee, we’ve funded over $300 million in fees worldwide, and in the process, we’ve gathered some insight on best practices for using payment plans.

Depending on how you use it, Instalments can:

  • Be used as a friendly collections alternative
  • Make your fees more appealing to prospects
  • Enable you to sell more of the services your existing clients need
  • Allow your clients to split up fee payments across multiple accounts
  • Streamline your entire payment and invoicing process

With QuickFee Instalments, you’re adding another valuable financial tool to your firm’s toolkit – and improving cash flow for your clients and your firm at the same time. Best of all? It’s free to get started: There are no monthly fees or long-term contracts.

Ready to learn more? Contact us at 02 8090 7700 or apply online to start offering Instalments.