How being named IPA Member of the Year helped get Daniel Hay’s practice racing

As a passionate amateur race-car driver, Daniel Hay knows a thing or two about moving fast – and that is exactly what his firm Power2 has been doing since he was named Institute of Public Accountants Member of the Year in 2021.

Since then, the Queensland firm’s client base has grown by more than a quarter, now spanning more than 4,300 across Australia as well as in Mongolia and Canada, focusing mainly on building/construction, healthcare, finance and professional service SMEs.

This growth includes clientele the firm took on during lockdown, proactively assisting sole traders and SMEs with navigating government assistance, as well as clients Hay has served since he began his accounting career in Mackay in 2003.

“Some of those are among my largest, with one turning over $29 million annually and employing more than 120 staff,” he adds.

Assisting Hay in managing this workload are 25 staff across three office locations – two in Brisbane and on north in Caboolture – along with his fellow directors.

Earning the award

It was Hay’s exceptional personal service that stood out prominently when he received the IPA award.

According to the judging panel: “It’s evident from the countless client testimonials that he truly is a dedicated accountant, trusted advisor and friend.”

Nominees highlighted his “unselfish dedication to mentoring and sharing ideas with his peers”, his “ability to connect with clients and colleagues” and his “willingness to go the extra mile”.

Fast forward to 2024, and the Brisbane accountant’s genuine interest in his clients’ lives, as well as their business affairs, continues to attract new business to the firm, bolstered by the IPA award.

“I was quite chuffed to win the recognition,” says Hay. “I didn’t realise how many people I had helped over the years and the impact it had on their lives.

“Now some of the comments I received in the nominations are published on our website and that has been a real game-changer in acquiring new clients in this era of Google reviews.”

Leading digital change

Originating from Mackay, the young accountant relocated to Brisbane in 2012.

He holds a Bachelor of Accounting, Diploma of Financial Planning and a Certificate IV of Mortgage Broking and Finance. He is also a qualified Justice of the Peace and a registered tax agent.

He credits his ability to remember every client detail – “I have an elephant’s memory” – and his keen interest in technology with helping him stand out from the crowd.

“Technology is a passion,” says Hay. “I invested in systems and adopted changes earlier than most tax agents and implemented these into my client businesses. This has assisted with reducing bookkeeping times and helped with ATO reviews and audits.”

While clients can sometimes be hesitant with technology, Hay guides them through applications such as Dext, Tradify or Crewtracka as well as software such as MYOB, Xero, Quickbooks and Cashflow Manager.

He has also played a significant role in testing and supporting key software systems for prominent entities such as MYOB, Access Group, Dext, and the Australian Taxation Office (ATO). His contributions include early adoption testing of MyGovID and thorough testing of the login and connection processes for the Online services for Agents. These efforts were crucial in facilitating the transition from the tax agent portal and Auskey process to more streamlined and efficient digital solutions.

The face of accounting

Post-lockdown, Hay emphasises the importance of face-to-face time with clients.

“Apps like Zoom or Microsoft Teams can be useful, but servicing and retaining clients benefits greatly from the personal touch,” he says.

“Our firm has set itself up to do planning, restructuring, start-ups, closures and succession planning and, often, that involves getting to know whole families.”

Power2 also supports community groups, including sponsorship for the local rugby group Yatala Yarrabilba Rams Junior Rugby Union Club and the National Rodeo Association.

Outside of work his interests include cricket, cycling and motor racing.

"I primarily compete at local circuits but have also had the opportunity to race at Mount Panorama in the Challenge Bathurst. Through racing, I've forged numerous friendships and even gained clients along the way."

A long-time member and fellow of the IPA, Hay regards the organisation as a supportive family. “If I need some advice or professional assistance, it is available to me,” he says. “The IPA leads the way in supporting members.”

Click here to nominate a member or a firm for an award. Nominations close June 30.