Accountant's Minute's Podcast

What is your firm’s point of difference?  From a SMEs’ point of view most accountancy firms look the same – the majority provide a service relating to the preparation of annual financial accounts and income tax returns for businesses, superannuation funds, individuals. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=393&Itemid=639

According to the recent report released by CommBank Accounting Market Pulse, diversification of services is a major objective by accountancy firms all over Australia this financial year.   ESS BIZTOOLS is pleased to contribute to this diversification strategy by offering a 50% discount on four product packages which are significantly diversified to give accountants, bookkeepers and business advisors a great choice of the type of services that they wish to offer to their SME clients. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=392&Itemid=639

One of our Affiliates has agreed to support professional firms who subscribe to ESS BIZTOOLS’ Special Package Offers before 6th August 2021 with ten packages being available to the first ten new subscribers to ESS BIZTOOLS. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=391&Itemid=639

This was the response that Andrew Geddes, Australian Accounting Industry Mentor and Coach, gave to a question that was asked in a recent webinar “Why Should Accountants Proactively Deliver Business Advisory Services To Their Clients?”  Click here to listen to the webinar. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=390&Itemid=639

The process of the preparation of a three-way financial forecast, which is known as “Predictive Accounting”, adds real value to the input that an accountant can make to a client’s business. The recording of past events is the “writing of history”.  What is more important for the client is for them to be able to view a “financial picture” of what their business will look like, if they are able to implement the strategies contained within their Business Plan in one, two, three years’ time. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=388&Itemid=639

The financial year commenced with significant challenges for businesses, governments and accountants trying to assist clients to survive the challenges of COVID-19. At 30th June 2021, 12,000,000 people in Australia are in lockdown which highlights the ongoing challenges that businesses are confronting in trying to continue to operate viable businesses whilst borders shut and we have a wide variance in official announcements being made by governments. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=387&Itemid=639

Business Advisory Services has been talked about for the last decade and has got a little bit closer to becoming a mainstream accounting industry service each year, over that 10 year period. The CommBank Accounting Market Pulse Report released in early May 2021, has given tremendous endorsement to accountants diversifying their services with particular emphasis on Business Advisory Services. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=383&Itemid=639

The CommBank Accounting Market Pulse report released early in May 2021 identified that the firms that the review team had identified as “leading firms” are “looking to boost staff numbers which reflects their intentions to grow both traditional accounting service lines and diversified services in the coming year”.  These firms indicated that “they are preparing themselves for increased activity in tax consulting and tax compliance, as well as Business Advisory Services, Risk Management, Property Advisory, Cyber Security/Technology Consulting and External/Statutory Audit”. More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=382&Itemid=639

Accountants who are committed to offering a broader range of diversified services, known as “Business Advisory Services”, to SME clients need to assist those clients in planning their future. Business plans document the vision over a range of activities for a business. “Predictive Accounting” creates a “financial picture” of the visions and strategies contained within the business plan. Learn More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=381&Itemid=639

Preparation is important and not trying to answer all potential questions about “Business Advisory Services” at the very beginning. Business advisory services is basically supplying to small businesses and medium sized enterprises access to the type of accounting services they would expect to receive from a qualified accountant who was working for the business on a full-time basis. The technologies and communication systems which are now available enable accountants, in public practice, to be able to deliver a “Virtual Chief Financial Officer Service” to SME clients. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=380&Itemid=639

The CommBank Accounting Market Pulse Report released 3.1/2 weeks ago identified that, from the surveys that they had conducted with accountants all over Australia, only 5% of those firms “would not be diversifying services in the next 12 – 18 months”.  These firms were from the group that the CommBank report identified as “lagging firms”. Learn More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=379&Itemid=639

This is a direct quote from the Federal Treasurer, Josh Frydenberg, in his budget presentation to the House of Representatives on 11th May 2021. It is an appropriate description of what many of us are hoping will occur in Australia over the next 12 months. Australian government budget: A lot of money has been invested by the government to “kick-start” a whole range of activities, including SME businesses. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=378&Itemid=639

The “CommBank Accounting Market Pulse Report” released a few days ago has identified that a survey of accountants all over Australia has identified that the highest rating product that they are planning to offer, or significantly grow, in the next 12 – 18 months is “Business Advisory Services”. In the survey 81% of “leading firms” and 67% of “lagging firms” identified “Business Advisory Services” as their significant growth service line for 2021 and 2022. The “Accounting Market Pulse Report”, now in its sixth year of publication, identified “leading firms” as follows:     Read The Full Article Here

In the most recent ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation, Matthew Karakoulakis, Principal Legal Officer of AMK Law discussed with Peter Towers, Managing Director, ESS BIZTOOLS a range of legal issues that affect inventors and small companies as they undertake research activities. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=376&Itemid=639

Mark Holton, an Accountancy Industry Consultant and Director of Smithink Pty Ltd, discussed with Peter Towers, Managing Director, ESS BIZTOOLS the opportunities that accountants have to differentiate their firms by proactively advising clients on research and development opportunities and the taxation benefits that they can obtain from the proper implementation of a research and development system. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=375&Itemid=639

“Research and development services can help an accounting firm to differentiate itself in a market that, from a business operator’s perspective, most accountants look very similar” said Mark Holton, Director, Smithink Pty Ltd. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=374&Itemid=639

Are companies giving sufficient priority to determining return on investment as part of the decision as to whether to proceed with a research and development project?  This will be the theme for the conversation between Peter Towers, Managing Director, ESS BIZTOOLS and Peter Milla, Managing Director, Business Tree Pty Ltd, an experienced innovation consultant, in the ESS BIZTOOLS’ Business Advisory Services Webinars/Conversation on Wednesday, 17th March 2021. There are many questions that have to be considered by a company as part of formulating a research and development project, which include:... Read The Full Article Here

In the ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation on Wednesday 10th March 2021, Peter Towers, Managing Director, ESS BIZTOOLS will discuss with Priscilla Bea Smith, Director, Cloud Nine Associates some of the important issues on which small business and medium-sized enterprise owners and CEOs are seeking advice: Preparation of Budgets and Cashflow Forecasts for the next 12 months and beyond. Determination as to whether the business needs some extra funding and, if so, giving consideration to the “Australian Government 50% Guaranteed Loans” that are for loans of up to $1 million to be repaid over a 5 year period at a low interest rate. Applications need to be made to banks and financial organisations that ...   Read The Full Article Here

Many businesses are facing an uncertain economic future and will be looking to their accountants/business advisors/bookkeepers to give them advice as to what the future holds for them.  The key to this advice is for accountants to have the confidence and ability to offer “Predictive Accounting Services” so that their clients have an awareness of the financial implications of the decisions that they are now making. Paul Barnaby, the Australasian Representative for PlanGuru and an experienced Chartered Accountant and Predictive Accounting Consultant, together with Peter Towers, Managing Director, ESS BIZTOOLS are....   Read the Full Article Here

There is a range of services beyond taxation, that smaller accountancy firms can provide to their SME clients, to assist those businesses to grow and add value. Amanda Gascoigne, an experienced Consultant to smaller accountancy firms, together with Peter Towers, Managing Director, ESS BIZTOOLS are the presenters of the ESS BIZTOOLS’ Business Advisory Services Update Webinar/Conversation on Wednesday, 24th February 2021 at 11.30am AEST (12.30pm AEDT).  To register for this free webinar ....   View The Full Article Here