Employee entitlements and consultation are often overlooked during a deal, giving rise to numerous issues. Fortunately, says employment relations specialist Rachael Smith, getting it right is easier than you think.

While it’s not unusual for an accounting firm to invest in various types of software to increase efficiency, gather valuable data and automate low-value tasks, many are still hesitant to embrace technology that automates engagement and prevents scope creep.

Estate planning around your accounting practice shouldn’t be daunting or difficult, but it must be done right. Clear instructions on the succession plans or sale of a company can save that business. However, a lack of specific direction can result in messy legal and financial complexity, and tangled relationships.

The sale of an accounting firm requires careful planning and strategy. Transaction advisor Kev Ryan shares his insight into the essential ingredients for sale success.

For a successful strategic partnership after a merger, flawless due diligence and complete cultural alignment are essential.

Many think the biggest challenge in selling an accounting business will be in haggling over the price. But agreeing value, Kev Ryan says, is the easy part. Rather than wondering whether they’re paying the right amount for an accounting business, says transaction advisor Kev Ryan, buyers are instead focussing deeply on the target company’s “fit”.

When the demands of his accounting business became overwhelming, Maurice Sucevic found a way to continue doing what he loved, without all the admin.

With a significant number of accounting firm owners looking towards a well-deserved retirement over the next decade, the industry will see an increasing number of mid-tier practices in the mergers & acquisition market.

Progression Group is a long-standing business advisory firm based in Heidelberg, Melbourne, servicing various industries, including real estate, construction, and transportation. With a team of twenty accountants and four support staff, they focus on business improvement strategies, offering formal board advisory services tailored to enhancing corporate governance.

Established in 2005, the business formerly known as MG Partners is a Melbourne-based Accounting, Tax and Financial Planning firm established by Mike Haberfield and George Kapiniaris. After 18 years of running their own firm, MG Partners has built a strong client base and even expanded by incorporating an accounting business with an Associate, Les Silpert of Davenports Financial Solutions in 2018.

There are over 37,400 accounting businesses in Australia, according to IBIS World. The majority are small to medium enterprises (SMEs). Yet, despite building a sector that brings in $27 billion in revenue per annum, accountants don’t get enough credit for their entrepreneurialism and business acumen.

Each February, Australia Day sees the summer break come to an end and with school recommencing, Accountants that have been considering the year ahead start calling my office. It is by far my busiest month with enquiry levels reaching their peak.