Title: Principal accountant
Organisation: Jan F Sharples
Location: Tarragindi, QLD
IPA status: FIPA [/fastfacts_content][/fastfacts]What prompted you to set up a home-based practice and how did you go about it?
I had young children at the time – in fact I was pregnant with my daughter Anderleigh, who’s now 32. She has two older brothers, Andre, now 39, and Nathan, who’s 36 and has followed me into accounting.
I set up the business working through another accountant, and when I had attracted enough clients, he encouraged me to go out on my own, recommending I become a tax agent. I went off to the University of Queensland and then Griffith University to study the tax law I needed to become a tax agent, then continued studying until I eventually obtained my Bachelor of Commerce degree (I had to take a break during the course for major neck surgery). In the meantime I kept the business going, just blocking out the hours I needed to attend lectures.
How has this affected your work/life balance?
It was difficult in the early days, but overall I think it has worked out well. At first I’d just make appointments during school hours, or after hours once my husband was home. I know I could probably have become more prominent by getting out and having an office, and a couple of times I did think of sharing with somebody. But there always seemed to be logistical difficulties compared with having a home base.
One thing I didn’t get right is the phone system in our current house. The main line for the business rings in the house as well as the office, and people will telephone expecting attention at the oddest hours. So I’d strongly advise anyone setting up a home office to have a discrete office phone that you don’t answer after hours, but send to a message bank. That solves a number of family tensions.
What further study did you do and how has this benefited your clients and your practice?
In 2008, I started studying for my Australian Financial Services Licence (AFSL), because a company for which I was an authorised rep said all reps had to be qualified in financial services (although not necessarily have a licence) before they could sell its investment products into funds. However, when the government foreshadowed new laws regulating the provision of financial advice, I decided to apply for my AFSL and received it in December 2010.
I’ve been interested in super since way back – it was the area in which I did my major project at university – and currently work with about 35 SMSFs (and audit another 20–25). I didn’t want to lose these or run the risk of losing compliance work, too, if clients had to go elsewhere for financial advice. Now I’ve got the licence, it means that when the new laws come into effect, clients know I can legitimately provide them with financial advice regarding their super funds.
What are your plans for succession in the practice?
The present plan is for my son, Nathan, to take over – he’s currently completing his Masters in tax law at UNE. Many of my major clients already go direct to him, as do most new clients.
I’ll probably taper off and eventually just do the elderly clients. The oldest was 103 the other day and there are several in their 90s, but they include some fairly astute investors. Eventually, of course, there won’t be many left, so it’ll be natural attrition!
You and your husband travel extensively. How do you manage this with clients?
In the early days we travelled at less busy times like January or the school holidays, although we’d always have someone covering the phone. Since Nathan became a registered tax agent around six years ago, we’ve had more freedom to travel when we like.
Ron and I have visited 70–75 countries, starting in 1968 when we took off for our honeymoon 10 days after our wedding and didn’t come back for four years! My most vivid travel memories include the ancient Mayan ruins in Tikal in Guatemala and Harbin in China with its ice and snow festival and Siberian tigers. We’ve just got back from Machu Picchu and the Galapagos Islands and next year we’re off to the US to photograph the winter wildlife in Yellowstone National Park.
Where do you see yourself five years from now?
I’ll still be doing some work, but also continuing to travel and indulging in our other passion, photography – a great way to relax and forget the office.
