There is a saying “nothing stays the same”, and this is particularly so in business. At Power Tynan, we have recently completed some major renovations within our business. These renovations are not building type renovations, but more structural and operational.

It has been agreed to separate the Morgans part of Power Tynan from the Accounting and Advisory services of our business, allowing them to operate independently.

To our joint clients, there will be no major change as we will continue working together to ensure client goals are achieved, and joint interviews will still be held. The operations in Toowoomba will still be housed at 618 Ruthven Street; however we will eventually have separate entrances. In Stanthorpe, all appointments will remain at 142 High Street.

While mentioning renovations, the Stanthorpe office has had a facelift with the downstairs area being transformed into an open plan layout. This has allowed for greater communication between staff as well as more efficient operations. If you are in the office, please ask for a guided tour!

That is all the news from Power Tynan, but what about you? It has been a somewhat different financial year, where we have seen certain businesses perform very well while other sectors are struggling.

As business owners, it is important to ensure you are ‘on top of’ all parts of your business. This time of year is a time to reflect on the last twelve months and plan for the coming year.

The word disruption is everywhere at the moment, and the ATO itself is causing all businesses to change the way they do things. The changes to date are just the beginning, so it is important to be ahead of the game. Technology is affecting every industry and is moving rapidly. Do not be afraid of the change - embrace it, but do not do it on your own. Join industry groups to see how other firms are handling the change, or attend presentations relevant to your business.

We have been engaged by leading groups to assist in implementing technology and processes to support these changes. It is challenging and sometimes confronting, but after the implementation you wonder what all the fuss was about! Implementing new technology by itself will not help a business - it is vital to carry out a process and improvement review in order to obtain the maximum benefit from the technology spend.

If you need a hand, just ask your adviser - if we can help, great, but if we can’t we will point you in the right direction.

Please prepare for the new financial year and enjoy the challenges all businesses face, as we will be better for it as individuals and businesses, as well as the economy as a whole.