The Boyce Insider December 2023
15 December 2023
The Boyce Insider - December 2023
End of Year note
As we approach the end of another remarkable year, I wanted to take a moment to express my sincere gratitude to you, our Boyce community.
Your partnership with us has been instrumental in driving our shared achievements. Your support and feedback have been invaluable, shaping the way we approach our work and driving continuous improvement. It is truly a pleasure to work with clients and partners who share our values of innovation, integrity, and the relentless pursuit of excellence.
Looking ahead, I am excited about the possibilities that the upcoming year holds. Our team is committed to going above and beyond to not only meet but exceed your expectations. We anticipate delving into new projects that will showcase the depth of our expertise and the innovative solutions we can bring to the table.
May this festive season bring joy, prosperity, and moments of well-deserved rest. On behalf of the entire Boyce team, I wish you and your loved ones a joyous holiday season and a prosperous New Year.
Embracing Australia’s AI Month in Small Business
Executive Business Unit Leader - Boyce Business Advisory, Superannuation and Assurance Services
Artificial intelligence (AI) is a rapidly growing field that has many applications and benefits for business in Australia.
Scheduled from November 15th to December 15th, 2023, AI Month is dedicated to spotlighting Australia’s AI proficiency and championing the responsible creation and adoption of AI to bolster our domestic AI sector and gain a competitive edge in the global arena.
The National AI Centre’s (NAIC) “Australia’s AI ecosystem momentum” reports there is a growing appetite for AI in Australian business, with business using AI to grow revenue and improve efficiency. Some of their key findings in relation to AI-related technologies specifically in the commercial sector include:
The benefits of AI-related technologies are clear, with an average growth of $361,315 reported for each AI-enabled solution, however the successful implementation of these solutions typically involves the work of at least 4 AI technology and service providers.
A recent study by Xero revealed that half of small business owners now believe the rapid development and adoption of AI will have a positive impact on their business. However, this belief is tempered by the 80% of business owners who continue to hold ethical concerns regarding development outpacing regulation, data privacy and worker displacement. NAIC advocates for the adoption of a “Responsible AI” approach. Responsible AI is founded on empathy, fairness, transparency, and accountability. Business can also access the Responsible AI Network a collaboration of expertise and advice to navigate regulation, technology, and ethics in the AI ecosystem.
A Boyce Hero, Dimity Fish
For over two decades, Boyce has been more than just a workplace for Dimity Fish. In this interview, Dimity shares insights into the reasons behind her enduring commitment to Boyce, the evolution of her role, and the rewarding experiences that have defined her journey.
Adapting to Life Changes
One of the key factors that has kept Dimity at Boyce for so many years, is the company's unwavering support during her various life transitions. From navigating university and the CA program to starting a family, Boyce has been a steadfast companion, accommodating changes in roles and work-life balance. The company's acknowledgment of the importance of work-life balance has played a pivotal role in Dimity's prolonged tenure.
From Cadet to Advisor
Reflecting on her professional journey, Dimity started as a cadet in business services back in 1998, specializing in financials and tax. Over the years, she transitioned to audit, eventually becoming an audit manager for approximately seven years. Today, Dimity holds the position of a senior manager in the Boyce Business Advisory Team, showcasing Boyce’s commitment to nurturing talent and facilitating career growth.
Culture of Care:
When asked about the most rewarding aspect of working at Boyce, Dimity spoke of the relationships forged with both clients and colleagues –
“The Boyce culture has a large focus on care for clients and care for staff. Care for people, either professionally or personally is important to me, so its nice to have these values aligned.”
She recalls her experience of flying from Moree to Sydney with Cooma colleagues in a small plane, an event from the early years that left a lasting impression, “it was the smallest plane I have ever been on – I think about a 20 seater – I have never listened to the safety announcement so thoroughly.”
Additionally, the introduction and implementation of the Goods and Services Tax (GST) in 2000 marked a significant period, highlighting the resilience and adaptability of both Boyce and its clients in the face of change.
As Dimity continues her journey at Boyce after 25 years, these memories and experiences serve as milestones, illustrating not just the professional growth but the personal connections and shared endeavours that make Boyce a workplace like no other.
Economic update from your wealth management team
Executive Business Unit Leader - Boyce Wealth Management
Interest rates and inflation continue to dominate the headlines and are the main drivers of share prices both locally and overseas. The market expected, and received, another rate hike at the RBA’s November Cup Day meeting with the official cash rate moving up by 25 bps to 4.35%. The Australian equity market continues to languish and is up only marginally year to date.
October saw the ASX 200 finish down 3.8%, marking the third consecutive month of negative returns. Several factors have contributed to the drag on returns, including stubborn inflation, rising bond yields, tentative company earnings outlooks and ongoing geo-political tension. In all, the ASX 200 retreated in October, indicative of the significant headwinds that the local market continues to face.
Global equities had another negative month across the board. Investor concerns continue around interest rates remaining higher for longer. US equities declined following the Federal Reserve’s stance of a “restrictive” policy until inflation seems to ease. This saw the S&P500 Index decline by -2.1% (in local currency terms). The same concerns were raised in the UK, also holding interest rates at 15-year historical highs with the FTSE 100 Index returning a loss of -3.7% (in local currency terms) for the month.
Grand Celebrations: Boyce Marks 50 Years
Client Appreciation: A special tribute to the clients who have been an integral part of Boyce's journey, recognizing their trust and collaboration.
Employee Recognition: Honouring the dedicated individuals whose hard work, passion, and talent have played a crucial role in shaping Boyce into the industry leader it is today.
2023 marked 50 years of business for Boyce. This milestone is a testament to Boyce's enduring legacy, unwavering commitment, and the deep-rooted relationships it has fostered over time. From humble beginnings to becoming a powerhouse in the industry, Boyce’s history is a tale of innovation, resilience and excellence.
To commemorate this achievement, a black-tie dinner was held at Randwick Racecourse in November. This was an opportunity for senior team members and clients to come together to show our appreciation to all of those who have contributed to the journey.
The anniversary celebrations then continued with the entire Boyce team travelling to Sydney. Firstly, with lawn bowls (and a healthy dose of competition) and then a lunchtime cruise around Sydney Harbour.
Check out our social media channels for more details on these events.
We are now looking forward to continuing the Boyce journey, and what the future has to offer.
Holiday Office Closure
All Boyce offices will be closed from Friday 22nd of December 2023 and will reopen Monday 8th of January 2024.
Our team wishes you a safe and happy holiday season.