End of year update from Keith Miller Posted by on Dec 19, 2018

2018 has been a great year for Diprose Miller, with many positive changes, and a good year in general for our clients, with most sectors gearing up for a buoyant Christmas, writes Diprose Miller director Keith Miller.

I have to say I’m really looking forward to this Christmas break. The last twelve months have been quite challenging. Firstly, there has been the final phase of the change from MYOB to Xero, and secondly the change in our time and cost system.

I guess when you get into your 60s you become a bit resistant to change, departing from systems you have used for many years.

The change to Xero has been time-consuming but we are now starting to see the benefits. I’m quite fussy about financial statement presentation and initially I had some issues with Xero! We have now got the presentation issues sorted out and I must give full marks to the staff for their perseverance.

The main changes in the time and cost system saw the old Abacus Administration business combine with the Diprose Miller accounting business. There has also been a move to charge for actual time spent, rather than the previous “standard progress fee” arrangement. Many thanks to our clients for bearing with us through these changes.

We’ve also seen some very good returns for investors when completing tax returns in this sector. Although bank interest rates are low, some of the investment specialists have done well for their clients.

On a different note, it’s been quite a good year for clients in general. Most sectors seem quite buoyant leading into Christmas, which bodes well for our retail and service providers. Most small towns you pass through have subdivisions on the go which is all good for the tradies. Eventually this flows through to retail spending.

The farming sector has had its ups and downs, but overall has been reasonably steady. Fonterra’s 2018 payout was good, but its dividend was poor. Payout for 2019 has been downgraded twice but can still be described as acceptable. Climate-wise it’s been reasonable up and down the country, but that can quickly change. Can we thank Jacinda for this stability? Winston? Shane Jones? Pure luck?

I’m off to Whangamata for 10 days after Christmas for a rest. All the best for the festive season and remember we all have mobile phones if you need to contact us.

I’ll try and find mine before we leave.

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