1 00:00:03,900 --> 00:00:07,500 Jennifer Duke: Welcome to the Fear and Greed business interview. I'm Jennifer Duke. 2 00:00:07,830 --> 00:00:10,320 Jennifer Duke: We might already be into September, but I reckon it's 3 00:00:10,320 --> 00:00:12,750 Jennifer Duke: a safe bet that plenty of businesses are yet to 4 00:00:12,750 --> 00:00:17,160 Jennifer Duke: finalise their tax for the last financial year. Unsurprisingly, research 5 00:00:17,160 --> 00:00:20,910 Jennifer Duke: from accounting software company Intuit QuickBooks suggests that almost one 6 00:00:20,910 --> 00:00:24,450 Jennifer Duke: in three small and medium-sized businesses consider tax time one 7 00:00:24,450 --> 00:00:27,059 Jennifer Duke: of the most stressful times of the year. So, I 8 00:00:27,059 --> 00:00:29,670 Jennifer Duke: wanted to do something a little bit different today. I'm 9 00:00:29,670 --> 00:00:33,179 Jennifer Duke: joined by not one, but two guests. Damien Greathead is 10 00:00:33,179 --> 00:00:36,930 Jennifer Duke: Accountant and Advisor Lead at Intuit QuickBooks, Australia, a supporter 11 00:00:36,930 --> 00:00:39,210 Jennifer Duke: of this podcast. Damien, welcome to Fear and Greed. 12 00:00:39,780 --> 00:00:41,370 Damien Greathead: Wonderful to be here, Jennifer. Thank you. 13 00:00:42,269 --> 00:00:44,880 Jennifer Duke: Our other guest started out as an accountant before finding 14 00:00:44,880 --> 00:00:48,150 Jennifer Duke: huge success as a comedian, radio presenter, and more. You've 15 00:00:48,150 --> 00:00:50,940 Jennifer Duke: probably heard of him, Anthony "Lehmo" Lehmann. Good morning, 16 00:00:51,540 --> 00:00:54,000 Anthony 'Lehmo' Lehmann: Jen, it is a pleasure to be here, and dare 17 00:00:54,000 --> 00:00:57,840 Anthony 'Lehmo' Lehmann: I say it, longtime listener, first time guest. Very excited. 18 00:00:58,950 --> 00:01:01,230 Jennifer Duke: So before we get to tax time, I really have 19 00:01:01,230 --> 00:01:03,840 Jennifer Duke: to know, how did you go from 10 years as 20 00:01:03,840 --> 00:01:07,078 Jennifer Duke: a chartered accountant to becoming a successful comedian? How does 21 00:01:07,078 --> 00:01:08,129 Jennifer Duke: a transition like that ever happen? 22 00:01:10,139 --> 00:01:13,830 Anthony 'Lehmo' Lehmann: Yeah, well, it certainly didn't happen overnight, but I was a chartered accountant for 23 00:01:14,520 --> 00:01:20,970 Anthony 'Lehmo' Lehmann: 10 years. I say from 1991 to 1997. A little maths joke 24 00:01:20,970 --> 00:01:29,279 Anthony 'Lehmo' Lehmann: there for you, Jen. But it was from 1991 to 2001 and I did standup comedy 25 00:01:29,279 --> 00:01:32,069 Anthony 'Lehmo' Lehmann: at the same time, for seven of those years. So, 26 00:01:32,069 --> 00:01:37,350 Anthony 'Lehmo' Lehmann: it was a very slow transition from accounting into comedy. 27 00:01:37,860 --> 00:01:40,920 Anthony 'Lehmo' Lehmann: I didn't wake up one morning, go, " You know what? I 28 00:01:41,670 --> 00:01:45,209 Anthony 'Lehmo' Lehmann: might have a crack at jokes." But because I'm an 29 00:01:45,209 --> 00:01:48,990 Anthony 'Lehmo' Lehmann: accountant and I'm very conservative, it took me a long 30 00:01:48,990 --> 00:01:52,560 Anthony 'Lehmo' Lehmann: time to quit my day job. I really had to 31 00:01:52,560 --> 00:01:54,900 Anthony 'Lehmo' Lehmann: make sure I was in a position to have a 32 00:01:54,900 --> 00:01:57,900 Anthony 'Lehmo' Lehmann: crack at this career. Whereas most comedians I know just 33 00:01:57,900 --> 00:02:00,090 Anthony 'Lehmo' Lehmann: go... They throw in their day job at the drop 34 00:02:00,090 --> 00:02:02,880 Anthony 'Lehmo' Lehmann: of a hat and focus on comedy, but I really 35 00:02:02,880 --> 00:02:03,750 Anthony 'Lehmo' Lehmann: took my time with it. 36 00:02:04,020 --> 00:02:06,300 Jennifer Duke: Well, it's probably pretty good that you did, because I 37 00:02:06,480 --> 00:02:08,550 Jennifer Duke: believe that one of your comedy shows is called Taxing 38 00:02:08,550 --> 00:02:11,010 Jennifer Duke: Lyrical. So you obviously got a lot of material from 39 00:02:11,010 --> 00:02:13,380 Jennifer Duke: the accounting industry that helped. What do you think it 40 00:02:13,380 --> 00:02:15,720 Jennifer Duke: was about accounting that gave you so much humor? 41 00:02:15,990 --> 00:02:19,290 Anthony 'Lehmo' Lehmann: You know what? One of the things that I really 42 00:02:19,290 --> 00:02:23,789 Anthony 'Lehmo' Lehmann: tapped into in that show, is the lack of respect 43 00:02:24,000 --> 00:02:27,090 Anthony 'Lehmo' Lehmann: that I think accounting gets from people. A, people say accountants 44 00:02:27,450 --> 00:02:30,389 Anthony 'Lehmo' Lehmann: are boring, which I completely disagree with. I think accountants 45 00:02:30,389 --> 00:02:32,400 Anthony 'Lehmo' Lehmann: aren't boring, and I blame Monty Python for that. I 46 00:02:32,400 --> 00:02:37,049 Anthony 'Lehmo' Lehmann: think Monty Python's characterisation of accountants back in the sixties 47 00:02:37,049 --> 00:02:41,549 Anthony 'Lehmo' Lehmann: and seventies led people to this conclusion that accountants are boring. 48 00:02:41,969 --> 00:02:43,950 Anthony 'Lehmo' Lehmann: I don't think that's the case. I just think accountants 49 00:02:43,950 --> 00:02:47,550 Anthony 'Lehmo' Lehmann: need better publicity, Jen. I think accountants need their own 50 00:02:47,550 --> 00:02:50,548 Anthony 'Lehmo' Lehmann: TV show, which believe it or not, we don't have, 51 00:02:50,849 --> 00:02:54,900 Anthony 'Lehmo' Lehmann: There are TV shows for vets and doctors and lawyers. 52 00:02:54,900 --> 00:02:58,380 Anthony 'Lehmo' Lehmann: Even ice road truckers get a TV show. I think 53 00:02:58,440 --> 00:03:01,590 Anthony 'Lehmo' Lehmann: accountants should have a TV show and some working titles 54 00:03:01,590 --> 00:03:06,389 Anthony 'Lehmo' Lehmann: for the TV show, Bondi Accountant could work. Accountant Wants 55 00:03:06,389 --> 00:03:09,540 Anthony 'Lehmo' Lehmann: a Wife, that's another option, or So You Think You 56 00:03:09,540 --> 00:03:13,200 Anthony 'Lehmo' Lehmann: Can Add. I reckon that could work as well. So, 57 00:03:13,650 --> 00:03:17,399 Anthony 'Lehmo' Lehmann: we just need better publicity. So, it was the divergence 58 00:03:17,400 --> 00:03:20,280 Anthony 'Lehmo' Lehmann: between my view of accountants and the general public's view 59 00:03:20,280 --> 00:03:24,900 Anthony 'Lehmo' Lehmann: of accountants, was my main focus in that particular show, and 60 00:03:25,230 --> 00:03:28,048 Anthony 'Lehmo' Lehmann: I told a few stories from my time as an accountant. 61 00:03:28,950 --> 00:03:31,739 Jennifer Duke: Well, maybe Damien will bring you in a little bit 62 00:03:31,740 --> 00:03:35,280 Jennifer Duke: here with some of your stories in the accounting landscape. 63 00:03:35,639 --> 00:03:37,800 Jennifer Duke: Where are most SMEs up to in terms of their 64 00:03:37,800 --> 00:03:41,160 Jennifer Duke: tax process right now? We're in September. Have they wrapped 65 00:03:41,160 --> 00:03:44,100 Jennifer Duke: up FY23, or are we still working through it all? 66 00:03:44,970 --> 00:03:48,420 Damien Greathead: Oh Jennifer, I think people are only... those SMEs, they're 67 00:03:48,420 --> 00:03:51,150 Damien Greathead: just getting started on their tax processes. I think the 68 00:03:51,150 --> 00:03:55,020 Damien Greathead: simplest tax returns and in terms of pay-as-you-go type client, 69 00:03:55,230 --> 00:03:58,500 Damien Greathead: they're probably filed, they've probably filed themselves, but any of 70 00:03:58,500 --> 00:04:01,950 Damien Greathead: those folks with a slightly complicated return, such as having 71 00:04:01,950 --> 00:04:05,850 Damien Greathead: a business, they're probably still deep in the process of 72 00:04:05,940 --> 00:04:09,269 Damien Greathead: still getting their documents together, getting everything in order and 73 00:04:09,270 --> 00:04:12,869 Damien Greathead: getting a complete set of records over to their accountant. 74 00:04:12,870 --> 00:04:15,570 Damien Greathead: I think that is one of the big challenges in 75 00:04:15,570 --> 00:04:19,589 Damien Greathead: the accounting industry, is these time deadlines and this squeezing 76 00:04:19,589 --> 00:04:23,250 Damien Greathead: of time as accountants sit there waiting for their clients 77 00:04:23,250 --> 00:04:25,139 Damien Greathead: to get the data into them so that they can 78 00:04:25,139 --> 00:04:27,328 Damien Greathead: get to work doing what they do best, which is 79 00:04:27,420 --> 00:04:30,360 Damien Greathead: processing that data and then finding ways in which they 80 00:04:30,360 --> 00:04:33,599 Damien Greathead: can minimize the tax liability for their clients. 81 00:04:34,080 --> 00:04:36,900 Jennifer Duke: Definitely. What are some of those kind of bigger mistakes 82 00:04:36,900 --> 00:04:38,669 Jennifer Duke: that you're seeing SMEs making right now? 83 00:04:39,420 --> 00:04:41,039 Damien Greathead: Well, I think one of the biggest mistakes that we 84 00:04:41,040 --> 00:04:44,099 Damien Greathead: see is that people just aren't organised. I think a 85 00:04:44,099 --> 00:04:48,179 Damien Greathead: lot of people leave their tax responsibilities until the last minute, 86 00:04:48,420 --> 00:04:51,210 Damien Greathead: and a whole lot of that stress... There's as many 87 00:04:51,210 --> 00:04:56,760 Damien Greathead: as 30% of the population procrastinates and holds off because 88 00:04:56,760 --> 00:05:01,050 Damien Greathead: they don't really understand the process associated with the year-end tax. 89 00:05:01,259 --> 00:05:03,630 Damien Greathead: But one of the key things that we found, is 90 00:05:03,630 --> 00:05:06,238 Damien Greathead: that just being organised throughout the course of the year, 91 00:05:06,270 --> 00:05:09,420 Damien Greathead: collecting information throughout the course of the year, using technology 92 00:05:09,420 --> 00:05:13,200 Damien Greathead: to do that, means that come tax time, everything's at 93 00:05:13,200 --> 00:05:16,710 Damien Greathead: your fingertips, everything can be sent to your accountant with 94 00:05:16,710 --> 00:05:19,500 Damien Greathead: the click of a button, and that actually alleviates an 95 00:05:19,500 --> 00:05:22,710 Damien Greathead: enormous amount of stress for the SME business owner. 96 00:05:23,369 --> 00:05:24,659 Jennifer Duke: I feel like that needs to be all of our 97 00:05:24,659 --> 00:05:29,010 Jennifer Duke: tax New Year's resolutions, start using the technology properly and 98 00:05:29,010 --> 00:05:29,940 Jennifer Duke: get on top of it all. 99 00:05:30,060 --> 00:05:32,339 Damien Greathead: Well, it's the funny thing, the apps that are out 100 00:05:32,339 --> 00:05:36,118 Damien Greathead: there, and QuickBooks has a great mobile app obviously, which you can 101 00:05:36,120 --> 00:05:39,149 Damien Greathead: snap pictures of your receipts, Invoice on the Go. So, 102 00:05:39,150 --> 00:05:41,488 Damien Greathead: there's no real reason that we should be doing our 103 00:05:41,490 --> 00:05:44,760 Damien Greathead: accounting or bookkeeping at the weekends or in the evenings. 104 00:05:44,760 --> 00:05:47,339 Damien Greathead: It should be on the go if we enable that 105 00:05:47,339 --> 00:05:49,200 Damien Greathead: technology to do exactly that. 106 00:05:49,680 --> 00:05:51,300 Jennifer Duke: Stay with me. We'll be back in a minute. 107 00:05:57,719 --> 00:06:01,050 Jennifer Duke: My guests today are Aussie comedian, Anthony "Lehmo" Lehmann, and 108 00:06:01,050 --> 00:06:05,310 Jennifer Duke: Damien Greathead from Intuit QuickBooks, Australia. So, let's look at 109 00:06:05,310 --> 00:06:07,440 Jennifer Duke: setting up better for the year ahead, as we were 110 00:06:07,440 --> 00:06:09,900 Jennifer Duke: talking about. It's not too late right now. If you 111 00:06:09,900 --> 00:06:11,730 Jennifer Duke: haven't done all those things and you are sort of 112 00:06:11,730 --> 00:06:14,279 Jennifer Duke: staring down the barrel right now of how do you 113 00:06:14,279 --> 00:06:17,339 Jennifer Duke: get back on top of it, what's your best advice? 114 00:06:18,150 --> 00:06:20,730 Damien Greathead: Best advice, if you're not talking to an accountant or 115 00:06:20,730 --> 00:06:24,330 Damien Greathead: bookkeeper, it's definitely worth the investment. They can help you 116 00:06:24,330 --> 00:06:27,750 Damien Greathead: identify the right tools for your business from an accounting 117 00:06:27,750 --> 00:06:30,389 Damien Greathead: perspective. So I think my number one piece of advice, 118 00:06:30,389 --> 00:06:32,789 Damien Greathead: if you don't have a good advisor in that accounting 119 00:06:32,790 --> 00:06:36,269 Damien Greathead: and bookkeeping space, find one. Because they will help you 120 00:06:36,270 --> 00:06:39,600 Damien Greathead: get set up now, which will allow you to track 121 00:06:39,600 --> 00:06:42,510 Damien Greathead: everything throughout the course of the year, and actually probably 122 00:06:42,510 --> 00:06:44,549 Damien Greathead: give you a whole bunch more value and a whole 123 00:06:44,550 --> 00:06:47,580 Damien Greathead: lot more insights into what's actually happening in your business. 124 00:06:47,849 --> 00:06:51,509 Damien Greathead: Interestingly, out of the research, one in three was stressed 125 00:06:51,570 --> 00:06:55,440 Damien Greathead: by tax season, but as much as 25% weren't concerned 126 00:06:55,440 --> 00:06:58,560 Damien Greathead: about tax time, because they were connected to an accountant. 127 00:06:59,520 --> 00:07:02,339 Jennifer Duke: So, we are only eight weeks in. So, you're basically 128 00:07:02,339 --> 00:07:05,070 Jennifer Duke: saying, "No one panic, it's okay. It's not too late. 129 00:07:05,070 --> 00:07:06,868 Jennifer Duke: You can still fix this if it's a mess." Right? 130 00:07:07,290 --> 00:07:08,220 Jennifer Duke: That is the takeaway. 131 00:07:08,428 --> 00:07:11,789 Damien Greathead: Yes, absolutely, Jennifer. I think there's plenty of time to 132 00:07:11,789 --> 00:07:14,850 Damien Greathead: get on track for the new financial year. Obviously if 133 00:07:14,850 --> 00:07:19,110 Damien Greathead: we're reaching into the glove box and the shoebox to 134 00:07:19,110 --> 00:07:21,630 Damien Greathead: get last year's receipts and whatnot, there's not much we 135 00:07:21,630 --> 00:07:24,359 Damien Greathead: can do about that now, but we can certainly focus 136 00:07:24,360 --> 00:07:25,379 Damien Greathead: on the new financial year. 137 00:07:25,739 --> 00:07:28,199 Jennifer Duke: So Lehmo, is it hard to motivate people once the 138 00:07:28,199 --> 00:07:31,500 Jennifer Duke: pressure of tax time has passed? It's like that New 139 00:07:31,500 --> 00:07:33,720 Jennifer Duke: Year's resolution that I was talking about. Everyone says they're 140 00:07:33,720 --> 00:07:36,150 Jennifer Duke: going to do better, and then eight weeks later you 141 00:07:36,150 --> 00:07:37,800 Jennifer Duke: are putting your receipts back in the shoebox. 142 00:07:38,400 --> 00:07:42,239 Anthony 'Lehmo' Lehmann: Yeah, exactly. QuickBooks has done some great research asking people 143 00:07:42,240 --> 00:07:45,060 Anthony 'Lehmo' Lehmann: about the stress of tax time, and here's some interesting 144 00:07:45,150 --> 00:07:49,559 Anthony 'Lehmo' Lehmann: numbers for you, Jen. 17% of people have said they would 145 00:07:49,710 --> 00:07:52,470 Anthony 'Lehmo' Lehmann: rather sit in the middle seat of a long haul 146 00:07:52,470 --> 00:07:55,890 Anthony 'Lehmo' Lehmann: flight than do their tax return. Now, that is saying 147 00:07:55,890 --> 00:07:58,380 Anthony 'Lehmo' Lehmann: something. If you've ever sat in the middle seat of 148 00:07:58,380 --> 00:08:01,170 Anthony 'Lehmo' Lehmann: a long haul flight... I can't sit in the middle 149 00:08:01,170 --> 00:08:03,389 Anthony 'Lehmo' Lehmann: seat of a Melbourne Sydney flight, let alone a long 150 00:08:03,389 --> 00:08:03,900 Anthony 'Lehmo' Lehmann: haul flight. 151 00:08:04,080 --> 00:08:04,800 Jennifer Duke: Or a train. 152 00:08:05,010 --> 00:08:08,670 Anthony 'Lehmo' Lehmann: Yeah, 18% would rather make small talk with an unpleasant 153 00:08:08,670 --> 00:08:13,110 Anthony 'Lehmo' Lehmann: neighbour than do their taxes, and one in five Aussies 154 00:08:13,110 --> 00:08:17,100 Anthony 'Lehmo' Lehmann: would rather pick up dog poo than complete a tax return, 155 00:08:18,000 --> 00:08:20,429 Anthony 'Lehmo' Lehmann: which I am very happy to pick up my own 156 00:08:20,429 --> 00:08:23,340 Anthony 'Lehmo' Lehmann: dog's poo. It's other dog's poo that I have an 157 00:08:23,340 --> 00:08:26,460 Anthony 'Lehmo' Lehmann: issue with. So, it causes a lot of stress for people, 158 00:08:26,700 --> 00:08:28,650 Anthony 'Lehmo' Lehmann: and we kind of picked up on this in the 159 00:08:28,770 --> 00:08:33,030 Anthony 'Lehmo' Lehmann: series of sketches that I did with the QuickBooks team. 160 00:08:33,540 --> 00:08:36,389 Anthony 'Lehmo' Lehmann: If you put it off for the whole year, you're 161 00:08:36,389 --> 00:08:41,429 Anthony 'Lehmo' Lehmann: courting a very stressful end of financial year. Just to 162 00:08:41,760 --> 00:08:47,040 Anthony 'Lehmo' Lehmann: be on top of your financial situation, it's actually empowering. I 163 00:08:47,040 --> 00:08:49,950 Anthony 'Lehmo' Lehmann: know with myself, once I've finished my tax, I have 164 00:08:49,950 --> 00:08:53,189 Anthony 'Lehmo' Lehmann: a deep sense of satisfaction. Instead of sitting in the 165 00:08:53,190 --> 00:08:55,500 Anthony 'Lehmo' Lehmann: middle seat, it's like being upgraded to business class, Jen. 166 00:08:55,500 --> 00:08:57,690 Anthony 'Lehmo' Lehmann: That's the joy I feel. 167 00:08:57,690 --> 00:09:00,208 Jennifer Duke: There needs to be a carrot dangled at the end of 168 00:09:00,208 --> 00:09:02,880 Jennifer Duke: the tax process, like a box of chocolates that waits 169 00:09:02,880 --> 00:09:04,348 Jennifer Duke: for you right after you've done it. 170 00:09:04,380 --> 00:09:10,228 Anthony 'Lehmo' Lehmann: Yeah. But to me, I say... Because comedians are notoriously 171 00:09:10,230 --> 00:09:15,840 Anthony 'Lehmo' Lehmann: bad when it comes to doing their taxes. I know one in particular, he didn't 172 00:09:16,320 --> 00:09:21,870 Anthony 'Lehmo' Lehmann: do a tax return for eight years, and it was quite a 173 00:09:21,870 --> 00:09:25,650 Anthony 'Lehmo' Lehmann: successful period in that guy's career, and when he eventually 174 00:09:25,650 --> 00:09:28,169 Anthony 'Lehmo' Lehmann: got around to catching up on it all, it was 175 00:09:28,170 --> 00:09:33,179 Anthony 'Lehmo' Lehmann: a very expensive and stressful time for him. You just 176 00:09:33,179 --> 00:09:36,569 Anthony 'Lehmo' Lehmann: can't let it go. But I say to certainly my 177 00:09:36,570 --> 00:09:40,590 Anthony 'Lehmo' Lehmann: comedy friends, and this applies to all SMEs, if you 178 00:09:40,590 --> 00:09:43,170 Anthony 'Lehmo' Lehmann: get on top of it and you do it, as 179 00:09:43,170 --> 00:09:47,040 Anthony 'Lehmo' Lehmann: I said, the sense of satisfaction from being on top 180 00:09:47,040 --> 00:09:51,209 Anthony 'Lehmo' Lehmann: of your financial situation is worth more than any carrot 181 00:09:51,210 --> 00:09:53,368 Anthony 'Lehmo' Lehmann: you can dangle at the end of it, because it 182 00:09:53,369 --> 00:09:56,160 Anthony 'Lehmo' Lehmann: allows you, even if your financial situation is not great, 183 00:09:56,160 --> 00:09:57,780 Anthony 'Lehmo' Lehmann: it enables you to plan for the future. 184 00:09:58,440 --> 00:10:01,620 Jennifer Duke: That's a great point. That's a really great point. Damien, 185 00:10:01,620 --> 00:10:05,039 Jennifer Duke: Intuit has a lot of data at its disposal. What 186 00:10:05,040 --> 00:10:07,409 Jennifer Duke: does it tell us overall about those benefits of a 187 00:10:07,410 --> 00:10:09,899 Jennifer Duke: small business working with an accountant or bookkeeper and that 188 00:10:10,679 --> 00:10:13,380 Jennifer Duke: digging your way out of a situation and that future planning? 189 00:10:13,890 --> 00:10:17,190 Damien Greathead: Yeah, a couple of really interesting data points, Jennifer. First 190 00:10:17,190 --> 00:10:21,210 Damien Greathead: one being that stress that I mentioned earlier. So, 25% 191 00:10:21,210 --> 00:10:26,100 Damien Greathead: of Australians that don't find the end-of-year tax process stressful, 192 00:10:26,130 --> 00:10:29,340 Damien Greathead: they're connected to an accountant and bookkeeper. We know that 193 00:10:29,400 --> 00:10:33,270 Damien Greathead: the job satisfaction and business satisfaction as much as three 194 00:10:33,270 --> 00:10:36,630 Damien Greathead: times higher for those business owners that are connected with 195 00:10:36,630 --> 00:10:40,770 Damien Greathead: a really great accountant or bookkeeper. Also, we know that 196 00:10:40,830 --> 00:10:44,399 Damien Greathead: the likelihood of success, so the survival rates of small 197 00:10:44,400 --> 00:10:49,319 Damien Greathead: businesses beyond five years, those survival rates triple when you 198 00:10:49,320 --> 00:10:52,170 Damien Greathead: are connected with an accountant or bookkeeper. A lot of 199 00:10:52,170 --> 00:10:54,929 Damien Greathead: people think, " I'm a startup, and I can't afford an 200 00:10:54,929 --> 00:10:57,779 Damien Greathead: accountant or bookkeeper," but I would actually say that you 201 00:10:57,780 --> 00:11:01,409 Damien Greathead: can't afford not to have an accountant or bookkeeper, particularly 202 00:11:01,410 --> 00:11:03,839 Damien Greathead: in those early days, to make sure that you're set 203 00:11:03,839 --> 00:11:06,118 Damien Greathead: up correctly, to make sure you've got the right tools 204 00:11:06,119 --> 00:11:08,460 Damien Greathead: in place, to make sure your cashflow is in a 205 00:11:08,460 --> 00:11:11,580 Damien Greathead: really great position because you might have great profits, but 206 00:11:11,580 --> 00:11:14,730 Damien Greathead: if you don't have cashflow coming into the business, that's 207 00:11:14,730 --> 00:11:19,858 Damien Greathead: incredibly stressful as well. So survival rates, threefold beyond that five- 208 00:11:19,860 --> 00:11:22,559 Damien Greathead: year mark when you're connected to an accountant or bookkeeper. So, 209 00:11:22,889 --> 00:11:26,610 Damien Greathead: ask your friends, ask your colleagues or your local network 210 00:11:26,640 --> 00:11:29,910 Damien Greathead: who they go to for their accountant and bookkeeping, and 211 00:11:29,910 --> 00:11:31,708 Damien Greathead: I'm sure they'll be able to help you get set 212 00:11:31,710 --> 00:11:32,490 Damien Greathead: up for success. 213 00:11:32,970 --> 00:11:35,370 Jennifer Duke: Damien and Lehmo, thank you both so much for talking to 214 00:11:35,370 --> 00:11:36,030 Jennifer Duke: Fear and Greed. 215 00:11:36,420 --> 00:11:39,569 Anthony 'Lehmo' Lehmann: An absolute pleasure, Jen. Thank you for having us on. 216 00:11:39,960 --> 00:11:41,969 Damien Greathead: Jennifer, thank you so much. Big fan of the podcast 217 00:11:41,969 --> 00:11:44,130 Damien Greathead: as well, and Lehmo, love your work. Thank you so much. 218 00:11:44,670 --> 00:11:47,760 Jennifer Duke: That was comedian and former accountant, Anthony "Lehmo" Lehmann and 219 00:11:47,760 --> 00:11:51,750 Jennifer Duke: Damien Greathead, accountant and advisor lead at Intuit QuickBooks Australia, 220 00:11:51,750 --> 00:11:54,450 Jennifer Duke: which is a supporter of this podcast. This is the 221 00:11:54,450 --> 00:11:57,299 Jennifer Duke: Fear and Greed Daily interview. Join us every morning for 222 00:11:57,299 --> 00:12:00,480 Jennifer Duke: the full episode of Fear and Greed, Australia's best business podcast. 223 00:12:00,870 --> 00:12:04,020 Jennifer Duke: I'm Jennifer Duke, economics correspondent for Capital Brief and filling 224 00:12:04,020 --> 00:12:05,848 Jennifer Duke: in for Sean Elmer. Have a great day.