Buckley operates in the law practicing industry focusing on the financial services, government enforcement, and litigation areas. It also works in white-collar, financial crimes, and complex civil litigation. It was founded in 2009 and is based in Washington, DC.
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Latest Buckley News
Mar 17, 2023
We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later. Dismiss Sponsored by Xero Normal text size Advertisement In much the same way that lawyers can find themselves acting as counsellors, the nation’s accountants and bookkeepers are becoming holistic advisors for their clients, dealing with everything from employee management to navigating rising interest rates and inflation. That is the view of Dinesh Aggarwal, founder and managing director of Fortuna Advisory Group , who says that inflation and the looming threat of recession are among the top challenges facing his clients today. Economic pressures such as inflation and the threat of recession are having a big impact on businesses. Credit:Xero “Next comes the skills shortage and the potential increase in wages,” says Aggarwal, whose Perth-based firm is among the Australian Financial Review‘s Top 100 Accounting Firms . “Economic turbulence and uncertainty are also very much front of mind for small and medium businesses, as is technology adoption.” Aggarwal’s views echo many of the findings of the State of the industry report by the global small business platform Xero. The report found that over half (56 per cent) of the more than 550 advisors surveyed felt their clients would need more support. Aggarwal says these pressures paired with the skills shortage creates emotional stress for business owners and their employees. He adds, “A lot of it is worrying about the sustainability of their business, which can undermine its viability. “Often clients make wrong decisions under stress, which highlights the need for an advisor who has a close relationship, and one who checks in with their client on a regular basis.” Trust is a key ingredient in the advisor-small business relationship, especially as 79 per cent of advisors say most or some of their clients leant on them more in the second half of 2022. Advertisement Credit:Xero Will Buckley, country manager of Xero Australia, says that for many small businesses across the country, rebounding from the pandemic has been a difficult journey. “After experiencing such an extended period of uncertainty, small businesses have been turning to their advisors for support in navigating the pandemic’s ripple effects,” says Buckley. One of the encouraging impacts, however, was that it supercharged digitalisation. Business owners had to adapt their operations quickly, and many of them turned to technology to navigate the changing environment. “This trend has continued, with over a third (34 per cent) of advisors now helping their clients adopt digital technology like cloud accounting software that can help make running a business more efficient.” For practices, on the other hand, Xero’s research also shows there is a greater reliance on technology for scale among growth firms. Not only does adoption of digitalisation help create efficiencies and improve productivity, firms that use a range of apps and digital tools are more likely to have higher revenues. Advisors have become business partners One of the key findings from Xero’s research is the changing role of accountants and bookkeepers. “Advisors are increasingly viewed as holistic business partners, supporting their clients in more ways than traditional compliance and tax services,” says Buckley. “They have a wealth of knowledge and large business networks that can be a great resource to leverage in everything from recruitment and mentorship, to connecting with other small business owners for support.” They are now providing small businesses with value-added support with app and software set up (34 per cent), HR advisory (30 per cent), and startup mentoring (26 per cent). Meanwhile, there is a monetary cost to all this extra advice, with nearly half (45 per cent) of firms expecting they’ll need to increase service fees in response to inflationary pressures. “While seeking out an advisor comes with an initial financial investment, the knowledge gained by having a great relationship can deliver significant returns in the long-term, especially during tough economic times,” says Buckley. The new world of work Xero’s research also reveals that hybrid working is here to stay for the foreseeable future. “It’s clear that people want greater flexibility when it comes to where and how they work, and it’s great to see the industry embracing this.” With the pandemic acting as a catalyst, hybrid working options are attracting talent to the industry. In fact, 35 per cent of practices are offering flexible work to mitigate hiring challenges. As a result, advisors are tapping into a broader talent pool, being able to collaborate across interstate and globalised teams more efficiently. The key to enabling this? Cloud technology and online systems. Meanwhile, “The remaining 17 per cent of firms that are mandating teams to work full time in the office might start to struggle with talent attraction and retention. The expectation from employees post-pandemic is that there is a level of flexibility to their working arrangements,” says Buckley. What does the future hold? Data from Xero’s Small Business Index show it has been a slower couple of months for small businesses across Australia, with sales and jobs growth dropping, “However, the data also shows signs that the inflationary pressures that have been keeping small business wages high could be starting to ease,” says Buckley. “This can provide some relief in the short-term, however, down the track, it can impact consumers’ ability to spend locally.” Keeping on top of cash flow, responding to customers’ needs, and staff retention will be critical focus areas for business owners over the coming months. “We encourage Australians to spend with small businesses when they can, as they play such a vital role in Australia’s economy,” says Buckley. “For advisors, the State of the industry report is a sign of what’s to come. The findings show cloud technology will become increasingly important in order for advisors to free up time to spend on expanded offerings for small businesses owners. “On the whole, we’re seeing a move away from traditional ways of doing things towards a more strategic, digital and adaptable industry that’s ready to help power the engine room of our economy.” To learn more, visit www.xero.com/au . Save
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When was Buckley founded?
Buckley was founded in 2009.
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Buckley's headquarters is located at 2001 M Street NW, Washington.
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