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The year 2015 was a “major year of change” for the accounting profession and industry as a whole, according to an award-winning accountant.
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Award winner reflects on 'major year of change'
04 January 2016
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Shannon Smit, director of SMART Business Solutions and Taxation Advisers, and recipient of the Partner of the Year (less than $1 billion in revenue) Award at the 2015 Australian Accounting Awards, identified shifts in cloud technology and the licensing space as the most influential of 2015, coupled with the changing attitudes of clients themselves.
“Clients are trying to become a bit more financially savvy themselves, which is actually a good thing for all advisers when they start to learn more on the financials themselves,” Ms Smit stated.
“We can get involved in more complicated matters than maybe just some of that day-to-day wisdom,” she added.
Ms Smit told AccountantsDaily she is currently undertaking the licensing process herself, a process that has changed her tune on the licensing topic that has gripped the industry throughout 2015.
“Surprisingly, I thought it was a necessary evil, but I’m actually really enjoying it,” she said, detailing a positive experience that results in well-rounded advice for clients.
“Clients are going to be expecting more proactive advice, and now that’s going to be coupled with financial advice, so I think that’s a win for us in the long run, and gives us the tools to give more of that strategic advice and not just focus on compliance.”
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Ms Smit, who also heads up specialist firm Transfer Pricing Solutions, noted a continued public and political emphasis on the issue of transfer pricing, as high-profile cases involving multinationals such as Chevron are played out in the courts, and large-scale tax avoidance measures are implemented by the government.
Overall, however, Ms Smit stated that the economic outlook looks strong heading into 2016, with “a lot more optimism on business in general”.
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