Accounting Gross Profit does not equal Insurable Gross Profit One of the problems with business interruption insurance is that the accounting terms such as Gross Profit and Gross Income used in insurance policies does not have the same meaning as accountants or business people use. The important differences are not usually taught at university and so clearly there is potential for misunderstanding. Sadly, this is a common mistake which is often not realised until claim time...
“Art without some business clues is doomed and business without imagination is stagnant.” - Peter Raos For my wife and I, no visit to Auckland is complete without a quick ferry ride to Auckland's central seaside heritage arts village Devonport to check out Peter Raos’ glass studio and gallery. During our recent visit we had the pleasure to spend some time with Peter and discuss his work and the world of the master glass artist. Malcolm...
Whether you are in the chocolate making business, a manufacturer or running a large accounting practice - the challenges of cash flow are usually common to all. Sky News Business Weekend invited FeeSynergy Founder and Managing Director Malcolm Ebb and KPMG Partner Leanne Hegarty to participate in a special report on business cash flow. The report also references the recently announced Westpac FeeSynergy partnership and how the FeeSynergy Collect debtor management platform is freeing up cash to enable accounting...
Direct Debits - “With great power comes great responsibility” Whether it was Voltaire or Spiderman’s Uncle Ben who is best known for this phrase does not matter – the phrase is however pertinent when it comes to the topic of direct debits. Being entrusted to pull money from a client’s bank account is no small thing! The underlying basis for direct debit transactions is trust. When a client enters into a direct debit arrangement with a service...
Hot off the press! FeeSynergy is proud to announce it has partnered with Westpac. This partnership stems from both organisations working together over the last few years to bring innovative, low cost, transactional banking services to FeeSynergy’s accounting and legal clients. We started working closely with Westpac 4 years ago in the development of the FeeSynergy payment gateway. The FeeSynergy payment gateway was designed specifically for accounting and legal firms and is powered by Westpac’s PayWay solution....
Who Dares Wins Over the last 20 years, Australia has emerged as a maker of some of the world’s best single malt whisky. Tasmanian distillers have been at the forefront of the Australian industry however a Melbourne based distiller, STARWARD, has recently emerged as a leading producer of award-winning whisky. We asked STARWARD’S founder David Vitale about his vision and recipe for success in a mature global market. What was the vision that drove you to start...
The ever-developing industry that is digital marketing is proving to be extremely beneficial for businesses of any niche. With constant competition comes constant developments in strategy, software and implementation. Which is very quick in the digital world. An underutilised service within the myriad of options in digital marketing is an ‘oldy but a goody’, Email Marketing. It is often referred to as the "hidden gem". Email marketing is proven to increase engagement, traffic, leads and sales when...
One of our long-standing and favourite client firms, Power Tynan have hit the big 50year mark! This award-winning firm is an industry leader and plays an important role in the Stanthorpe and Toowoomba communities. “It’s been an incredible journey, and I feel privileged to have been a part of it” said CEO Amanda Kenafake. “Over the years, we have had to change a lot to keep up in today’s fast-paced environment, but was has remained the same...
Scientist, Runner & 2014 NSW Australian of the Year Finalist At the Financial Review Client Choice Awards back in March, I was sitting next to Greg Winnett, Audit Partner from Accru Melbourne. We were chatting away about some of the interesting people we meet “along the way”. He started telling me about his client Dr Tom Denniss and I knew that I wanted to interview him for this newsletter. Having researched Tom’s story, I am somewhat...
Dan Beck | Director | PT 2.0 As we come into a new financial year, one of the biggest chores a lot of firms go through is cleaning up their client database. Nobody likes it, it takes too long and it’s inconsistent - but what if it didn’t have to be? We live in a data-fuelled world and work in a data-driven industry, and there is no surprise that a lot of the innovations that have arisen...
