In this video series, Mark Livingston explains the 5 different specific factors that affect those in professional practice.

1. Duty of Care

This is a legal concept that has been amplified increasingly by consumerism. We all know that Codes of Practice can be very general but it is important to mitigate risks wherever possible and to have proper systems and Professional Indemnity/Liability insurance in place.

2. Education

Education requirements for those entering the Accounting Profession are more demanding than ever. However, the bigger problem is how to get those Continuing Education (CPD) points done, given the workloads we are dealing with day to day.

3. Employee Management & Protection

Just as the duty of care to clients has become more of an issue, so too is our duty to employees, how we deal with their problems, and even the way they treat other employees. As employers, we are now vicariously liable for what happens in the workplace, even between employees. Recent sexual harassment cases where the boss was not even on the premises have highlighted this as a major problem.

4. CyberSecurity

Even small firms are now the subject of hacking. The Aust Government and several professional associations have various checklists and suggestions for how to protect your business.

5. Time Fees V Specific Service Fees

This has become a changing area of business. Impacting Financial Advisers, Lawyers, and now Accountants. How do you provide value for money but are also properly rewarded for our work?