Blog

Hello Clients and Friends of Yield

Welcome to our summer 2023 edition of our newsletter where we will update you with some of the exciting developments at Yield, provide insight into the affairs of our clients, staff changes, plus much more.

Since the the formation of Yield over 7 years ago we have had a strong focus on technology, we moved our systems to the cloud, adopted Xero for the benefit of our clients, eliminated timesheets and started the paperless journey. We were innovative in developing online tools to streamline our business processes and were instrumental in the development of Australia’s leading tax planning software.

As part of our desire to embrace technology and the change it brings, we introduced monthly staff tech meetings all those years ago and have been focusing on the advancement of technology in the accounting, finance and small business sectors ever since. Many of the applications we have explored are now used by Yield and/or in our clients business operations.

Over the last year there has been a significant emphasis on developing an understanding of Blockchain Technology, Cryptocurrencies (crypto) and to a lesser extent Artificial Intelligence (AI). In particular we established a crypto focus group called “The Cryptonauts” to research crypto projects and to develop specialist skills in the practicable application of the technology and its use cases. The cryptonauts present informative topics at our monthly tech meetings to ensure skills and knowledge are shared with the team.

We also have made a crypto investment for our staff to help foster interest in the space and can happily report that the investment has already made a handsome return. Fingers crossed it continues !

At Yield we pride ourselves on innovation and the use of technology whilst providing

fertile ground for continuous professional growth and a strong sense of achievement within the team.

Later in the newsletter we announce the culmination of many of these efforts in an exciting new business start-up.

Scott Bendotti – Manjimup Building Supplies

After 31 years with Nick and Alex Velios successfully steering the ship, Manjimup Building Supplies (MBS) is now going through an exciting transition, with local Scott Bendotti purchasing the business.

Scott has been in the local building industry for a number of years with his business “Scott Bendotti Building”, servicing the southwest region. Scott recognised opportunities in the industry with MBS and the timing was right for Nick and Alex.

Despite being new to the store management scene, Scott is motivated to continue to provide an exceptional service to the local community and has engaged a skilled and astute team to assist. Scott brings a wealth of experience and knowledge of the needs and demands of the local builders, contractors and homeowners and feels there are subtle changes to the business he will introduce.

Nick and Alex Velios, have consistently delivered an outstanding service to our local community. Scott would like to extend his thanks to both Nick and Alex for their invaluable support during this transitional phase and looks forward to continued community support for MBS. Clearly spending locally means that the wealth is circulated locally and helps to keep all of our local business’s vibrant.

Yield Accounting Group would like to congratulate Scott on this new venture and look forward to working closely with him to accomplish his goals for the business

ATO and MyGov 

We are all aware that in this modern world the method of communications is changing very quickly. You have received and are reading this newsletter via digital means. There is a strong push now for most agencies and banks that all interactions are made via digital methods. This includes the Australian Tax Office (ATO).

The ATO uses several different methods of communicating with clients, however the ATO’s preferred communication method is via client’s mygov accounts. The ATO also uses Email, SMS, Agent Digital, ATO Online and Paper. As mentioned, the days of paper correspondence are numbered, as such you need to make sure the ATO has your correct email address and mobile phone number recorded.

At Yield we can access most client ATO information via the portal, however, many communications will be sent directly to our clients. We have robust systems and procedures in place such that we know when most ATO client information is expected to arrive and can monitor those communications. Whilst every effort to check across the correspondence platforms is made, there’s no guarantee that all notifications from ATO to you will be viewed. Therefore, we ask our clients assistance to inform us and forward unusual or irregular information so that we can assist you to deal with the content in a timely manner.

The best way of keeping on top of your tax obligations (lodgements and payments) is to regularly check your mygov inbox and your digital devices. When receiving notifications from the ATO you must also be diligent and look out for any scams, if you’re unsure please contact us so we check your details with the ATO and verify the integrity of the message.

Blockchain Tax Solutions

The adoption of crypto and blockchain technologies continues to rise at a rapid rate in Australia and abroad. It is estimated that 4.5 million Australians currently own
crypto as compared to 4.2 million in 2022 and 3.4 million in 2021. This rapid growth in adoption creates increasing demand for specialised tax and advisory services within the crypto sector.

Blockchain Tax Solutions Pty Ltd (BTS), is our new start-up which has been established to capitalise on what we believe to be an unprecedented opportunity in this emerging industry. We aim to bridge the divide between crypto and taxation, empowering individuals with innovative tax solutions and personalised strategies to enhance wealth.

BTS which will operate parallel to Yield in its formative years will be focused on the online market for crypto related tax and advisory services. The BTS website which is under construction and nearing completion will be unveiled in the months ahead. We plan to go live at the start of the new financial year.

By cultivating strong brand recognition and a digital presence through active marketing, and community engagement, BTS aims to harness these opportunities and position itself as a leader in this space as the industry evolves at a remarkable pace.

The launch of BTS will provide a unique opportunity for our staff to gain knowledge and experience in this emerging industry. Moreover, the dynamic nature of the industry promises a constant learning curve, ensuring our team remains engaged, challenged and at the forefront of accounting and tax for the crypto community.

We will keep you informed on progress as the new business takes shape.

Demystifying Crypto Workshops

In the previous section we introduced BTS and outlined our intention to explore what we see as an amazing opportunity to tap into an emerging niche market and to broaden our reach to a wider audience.

We also believe that fantastic opportunities will become available to our clients and the broader community as the crypto industry evolves, however believe its important to start the education process now, to ensure you are well placed to seize opportunities as they arise. Don’t be complacent in the face of crypto’s growing relevance.

As part of our commitment to empowering our community and ensuring it doesn’t get left behind in the use of this new technology, we’re excited to announce a series of workshops that we will be running from our Manjimup Office in the new year titled “Demystifying Crypto”.

As the workshop title suggests crypto remains a mysterious and often misunderstood area for many. By running these workshops we aim to break down complex concepts, address concerns and unravel some of the mysteries surrounding crypto. 

The workshop content will include the following: 

• What is crypto?
• Why the hype?
• Investing in crypto
• Transacting with crypto
• Storage and security
• Taxation issues
• Investment strategies
• Open floor

In essence these workshops are all about arming our clients and other community members with the knowledge and understanding to identify opportunities and risks, so sound decisions can be made in this rapidly evolving financial landscape.

Please contact our Manjimup office on 97771909, our Pemberton office on 97761909  or email admin@yieldgroup.com.au to secure a spot at one of our upcoming workshops. Dates and times to be announced early in the new year.

Making life easier with AI

Artificial intelligence (AI) has been both a huge disrupter and enabler for businesses of all shapes and sizes. AI is no longer just a pipe dream of science-fiction. It has become a vital aspect of today’s world and has meant businesses or employees can and are becoming more productive by leveraging the many AI tools for business activities.

In the past, the application of AI was limited to big corporations and technology-based businesses. Only they could afford the high costs of developing and implementing such systems. However, AI technology is now easily available and accessible to small businesses as well. The benefits it can bring to small businesses cannot be ignored.

ChatGPT

You’ve no doubt heard of ChatGPT, a free to use AI chatbot that allows you to ask any type of question (a ‘prompt’) that will then generate a human-like response.

For example, you could add the following prompts and ChatGPT will generate a human-like response:

• Create an email template that asks customers to leave a Google review for an electrical business.
• Suggest 10 blog topic ideas for my chalet operation.
• Create a social media post promoting the opening of my new cafe.

Following your prompts, you can continue engaging in that chat by asking for more specific information surrounding a topic, concept or idea.

For small businesses, this AI tool can be used in many different ways like generating ideas for content, marketing and strategy, finding specific information and more.

The key is to learn how to use ChatGPT for fundamental activities that can manually take you a long time, then you can build on the response that has been generated.

Think of it as your personal assistant.

Summary

AI is no longer a technology reserved solely for larger corporations and tech-based start ups. Small business owners can now easily integrate AI enabled systems into their business processes and see substantial benefits.

If you haven’t already tried ChatGPT you can access it by clinking on the following link at www.openai.com and then clicking “Try ChatGPT”. You’re in for a treat !

Health and Wellness

Staff were treated to a lovely experience with Gwen at Pump Hill Farm Chalets last Thursday prior to celebrating the end of year with a delicious lunch at Forest  Lodge Resort in Pemberton.

We arrived at the Healing Sanctuary at Pump Hill Farm and made ourselves comfortable on our Yoga mats. Gwen guided us through a gentle neck and shoulder stretching exercise. We then settled back onto our Yoga mats for an hour of deeply restoring sound therapy. Feeling very relaxed we enjoyed the sunshine on the deck and the magnificent views across the farm and forest
surrounds.

Staff can thoroughly recommend the experience and we hope to incorporate some more meditation and relaxation therapies into our workplace in the future.

In the current climate we live in, our busy lives can be all consuming and we often don’t allow enough time to focus on our mental health and wellness. We believe that prioritising mental health is integral to a fulfilling life. Just as we strive for balance and harmony within our team at Yield, we encourage you all to explore avenues that contribute to your own well-being.

Staff Updates 

2023 has seen some changes in staff in both our Pemberton and Manjimup offices. 

Kelly Cabassi is leaving the Yield family at the end of this year.  Whilst we are sad to see Kel leave, she is looking forward to exploring new exciting opportunities. 

We were also sad to say goodbye to Georgina in August this year.  Georgina worked with the team in our Pemberton office for 3 years.  The travel bug was calling, so she set off for some adventures overseas. 

We also welcomed two new fantastic staff members to our team;

Gemma Collins

In April 2023 we welcomed Gemma Collins on board.  Gemma is currently working 1 day per week in the Pemberton office whilst juggling young children.  Gemma is a qualified Accountant and comes with a wealth of experience in self-managed superannuation funds.

Stephanie Antoniazzi

Last month our newest employee Stephanie Antoniazzi commenced working part-time in the Manjimup office.  Stephanie moved with her family to Manjimup recently and is taking on many of our bookkeeping jobs previously managed by Kelly.  Stephanie is looking forward to recommencing her career in the accounting industry. 

Christmas & New Year Closure

Yield will be closed over the festive season from 5.00pm Thursday 21st of December 2023, and reopening for business at 8:30am on Tuesday 2nd of January 2024.

From all of us here at Yield, have a wonderful Christmas and New Year ! We look forward to working with you in 2024.

Disclaimer 

The Material contained in our newsletter is no more than general comment for the benefit of clients and associates of Yield Accounting Group. Readers should not act on the basis of the material contained in our newsletter without taking professional advice relating to their particular circumstances.

Liability limited by a scheme approved under Professional Standards Legislation.