As business operators ourselves, the Directors of Abacus Australia know first-hand that a profitable Accounting practice is only achievable when clients are provided with valued services. That’s why at Abacus, we provide more than just insurance for Accountants.
We add value to every business we work with.
Insurance for Accountants, By Accountants
Abacus was founded to provide a Professional Indemnity Insurance product that specifically meets the needs of Australian accounting practices. Focusing on the needs of our members, we stand for the interests of professional Accountants in public practice across Australia.
We help our members with more than just fulfilling insurance requirements.
We source services and products that will help our members meet and exceed their clients’ increasing expectations. We are committed to promoting and encouraging the highest standards of professional practice so that our members become their clients’ most trusted financial advisers.
Our Perspective on Today’s Accounting Environment
With extensive experience across the Accounting industry, we know the unique challenges faced by businesses and business owners in the sector. We know that today’s accountants have to adapt the way they do business due to changing technologies. They are also consistently challenged with staying in touch with other developing changes that affect their clients’ businesses.
In today’s accounting environment, many accounting practices are becoming more agile, and are better placed to take advantage of emerging opportunities. However, sometimes these practices lack the resources to be able to act on available opportunities.
Changing client expectations and increased use of technology means that tax and compliance work, long the bread and butter of an accounting firm, is declining in value. This is affecting every other aspect of the practice’s ability to perform including productivity, skills required and marketing approach.
Our unique ‘People and Practice’ has been created to address some of these issues that our clients are facing. The program looks at performance and profitability through the eyes of the business manager and offers simple practical solutions from a well-resourced management support team. Find out more about our ‘People and Practice’ service here.
Insurance For Accountants: Inspired by Previous Challenges to Accountants
The late 1980s was a turbulent period in Australia’s economic history: a recession; a string of high profile corporate failures; and changes in the tax system including capital gains, fringe benefits and company tax. For accountants this added up to increasing levels and complexity of compliance.
Smaller accountants were disproportionately affected by the requirements. Triggered by the cost of Professional Indemnity Insurance where the premiums and claims of larger firms drove up the overall costs to the industry, a group of accountants came together with an idea to support Australia’s smaller accounting practices.
In 1990 this group formed a company limited by guarantee offering an alternative PI insurance product sourced specifically to meet the needs of a small practice.
By setting up as a not-for-profit organisation, Abacus Australia has been able to focus on the needs of its Members. Since its inception Abacus has experienced a significant increase in memberships and is well placed for continued growth.