Episode 32: GST Anniversary and 20 years of disruption in the accounting industry
Sam reflects on 20 years of disruption in the accounting industry, since the introduction of the GST two decades ago, plus what’s important for accountants and advisors in the future of the industry.
Sam explores what has and hasn’t changed for the accounting industry since 2000, and why accountants haven’t had to shift from the common deadline-driven, reactive behaviours—yet! She explains what the industry can learn from the disruption of the last 20 years about our clients’ needs, and why we must educate them both around financial literacy and basic business habits.
Finally, Sam covers how our behaviour as an industry towards disruption over the last two decades has been amplified this year, and the mindset changes we need in order to be reflective and proactive in these uncertain times.
Listen to an excerpt
What we cover in this episode
Sam’s insights and reflections on the introduction of GST two decades ago
What has and what hasn’t changed for the accounting industry since then
The disruption of GST and the technology changes in the industry since 2000
Why accountants haven’t had to shift from the common deadline-driven, reactive behaviours (yet!)
What has and hasn’t changed for our clients since the advent of GST in 2000
Understanding our clients’ “Panadol needs” versus their “Vitamin needs”
Why we need to help educate our clients both around financial literacy and their basic business habits
What our industry can learn from the disruption of the last 20 years about our clients’ needs
How our behaviour as an industry over the last two decades has been amplified in 2020
What the data tells us about the accountant’s role as central advisors
The mindset changes we need to be reflective and proactive in these uncertain, disruptive times
Quotes
“I have the privilege of being an accountant that has lived through both [disruptions]. Obviously for 30th June 2000, I was right in the midst of GST as an advisor, and this time round, I probably just have a little bit more space and time to reflect because I'm not doing tax anymore.”
“When GST came in, we had plenty of notice about it. But there was still a lot of us buying GST compatible [software] right up to the 30th of June 2000. So, like with STP which we've seen recently, there was a very reactive and deadline-driven…implementation of technology. I don't think that some of our behaviour has, from a disruption point of view, actually changed that much.”
“Obviously, reflecting back we've always got the power of hindsight, but it's really interesting to see that perhaps our behaviour with disruption [as an accounting industry] it hasn't changed since 2000.”
“Perhaps as accountants, we could have helped our clients get a better understanding of cash flow [and avoiding bad habits that lead to GST debt.]”
“We need to educate more around financial literacy, and what that means rather than just what's in the bank at the time so spend it. [As an industry] we’re really starting to see that a lot of small to medium businesses do live hand to mouth and how we might be able to help them?”
“From 2000 to 2020, the client's needs haven't changed. And I think we've still got to really as an industry pull up and give ourselves the space to say how can we meet those needs a little bit more proactively?”
Enjoying the Show? Let us know!
Are you a fan of The In Demand Accountant podcast? If the ideas and tips we share in each episode are inspiring you to become a more powerful professional, advisor and leader, subscribe to the show and leave your honest review to let us know!
Head over to Apple Podcasts to subscribe and review - would mean the world to us!
