Accountant's Minute's Podcast

Informações:

Synopsis

Peter Towers presents a minute to keep Australian accountants up to date with client business advisory services and grant information.

Episodes

  • This Is A Defining Moment!

    This Is A Defining Moment!

    27/03/2020 Duration: 09min

    This is definitely a “defining moment” for the Prime Minister - Scott Morrison, Treasurer - Josh Frydenberg and the Chief Medical Officer - Professor Brendan Murphy and the State Premiers and Chief Ministers of the Territories and their advisors, but it is also a defining moment for accountants and business advisors who will be called upon to offer advice and support for small businesses and medium-sized enterprises in areas that many of you have not considered to be part of your engagement with your clients previously and this is “Business Improvement Advice! Read more here: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=260&Itemid=639

  • Survival in Difficult Times

    Survival in Difficult Times

    20/03/2020 Duration: 19min

    Welcome to the launch of “Survival in Difficult Times Product Package 2020”. We are indeed confronting the biggest challenge in 100 years that was identified by the Prime Minister, Scott Morrison this week. The seriousness is clearly identified by the concept of a national cabinet, comprising the Prime Minister and the Premiers of each State and the Chief Ministers of the two Territories, having virtually daily meetings utilising communications technology to plan strategies for the country. Read more here: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=259&Itemid=639

  • Coronavirus Stimulus Package for SMEs

    Coronavirus Stimulus Package for SMEs

    16/03/2020 Duration: 07min

    On Thursday, 12 March 2020 the Prime Minister announced a stimulus plan to curb the economic impact of the coronavirus and to keep “Australians in jobs and businesses in business”. The package, which aims to provide an immediate stimulus to the economy, will be worth $17.6 billion of which $11 billion is expected to be spent before 30 June 2020. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=258&Itemid=639

  • “Whatever You Thought 2020 Was Going to Be About, Think Again!” Scott Morrison, Prime Minister

    “Whatever You Thought 2020 Was Going to Be About, Think Again!” Scott Morrison, Prime Minister

    12/03/2020 Duration: 09min

    “Whatever you thought 2020 was going to be about, think again!” The Prime Minister, Scott Morrison has certainly laid down the challenge for all of us. As accountants/business advisors/bookkeepers, what services can you offer to your clients to assist them to “Survive These Difficult Times” which in a few short weeks have grown from the consequences of clients suffering from drought, bushfires, floods and cyclones to a worldwide major health problem which has caused severe disruption to international tourism, supply chain havoc, caused illness and quarantine for 104,000 people resulting in over 400 deaths. COVID-19 (Coronavirus) has definitely got the world’s attention.   Read Full Article Here

  • Grants/Special Loans Can Assist Businesses to Survive in Difficult Times

    Grants/Special Loans Can Assist Businesses to Survive in Difficult Times

    06/03/2020 Duration: 05min

    Most businesses in Australia are now operating within “difficult times”. We seem to have had one crisis after another relating to droughts, bushfires, floods, cyclones, and now the Coronavirus! There is significant uncertainty as to what the outcome of these events particularly the Coronavirus is going to be. These difficult times affect all types of businesses – small, medium-sized and large businesses, miners and exporters together with farmers, fishermen, tourist operators including accommodation, restaurants and cafés, bars and nightclubs Farmers have also been caught up in the ongoing problems whether they are fruit and vegetable growers, producers of beef cattle, lambs, pigs and dairy cattle for milk. Universities and some private schools are also suffering as are accommodation and food outlets near universities. Pharmaceutical suppliers have also been affected by problems caused by the Coronavirus in overseas countries.   Read Full Article Here

  • Start-Ups Who Have Developed “Something” Can Be Attractive for Investors

    Start-Ups Who Have Developed “Something” Can Be Attractive for Investors

    26/02/2020 Duration: 10min

    Start-ups – Looking for Finance? Have you got clients who have developed a new or significantly improved product, process, service, organisational or management methodology who are keen to raise finance to complete the commercialisation of their research activities? If so, Early Stage Innovation Company Status could assist your client to be able to attract investors. Firstly, let’s look at the key requirements for the “First Test” to be able to satisfy the Early Stage Innovation Company Status.   View The Full Article Here

  • Is Your Client Having Problems Borrowing from Banks

    Is Your Client Having Problems Borrowing from Banks

    21/02/2020 Duration: 10min

    Are your clients having difficulties borrowing from banks? Peter Towers, Managing Director, ESS BIZTOOLS, will be making a presentation to the Crowdfunding Institute of Australia next Friday and would love your input as to what is currently happening in your location. Read more

  • Business Improvement Services Explained!

    Business Improvement Services Explained!

    14/02/2020 Duration: 11min

    The start of a new decade!   2020 heralds the start of a new decade – “The Decade of Change”.  Many people expect this decade to introduce significant changes to the accountancy profession – some observers believe that 80% of the current work been undertaken by accountants will have disappeared by the end of this decade!   Your opportunity to offer a broader range of professional services: Whilst software and technology developments are taking over many of the traditional roles performed by accountants there are still tremendous opportunities for accountants in public practice to offer a broader range of “Business Improvement Services” to assist your clients to run better businesses.   Clients looking for assistance in operating their business: Many small and medium sized enterprises are seeking a “Chief Financial Officer” type service to assist them to add value to their business...   Read Full Article Here

  • Grants - Are You Proactively Alerting Your Clients

    Grants - Are You Proactively Alerting Your Clients

    03/12/2019 Duration: 05min

    Grants are a great introduction to value-added services that accountants can provide to small businesses and medium-sized enterprises. Recent reports by: Commonwealth Bank – “Accounting Market Pulse Report” Australian Financial Review – “Top 100 Accounting Firm Report” Xero – “Automation Will Force Accountants to Reinvent Their Role” have all identified the significant trend now in play that some accountants have started to move into business advisory services.  These reports all indicate that this will be a growing trend over the next few years. Identifying government grants which might be suitable for individual small businesses and medium-sized enterprise clients is a great way for an accountancy firm to get started on offering business advisory services. Read Full Article: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=251&Itemid=639

  • Get Ready for 2020 With Some Assistance from Black Friday/Cyber Monday Promotion!

    Get Ready for 2020 With Some Assistance from Black Friday/Cyber Monday Promotion!

    27/11/2019 Duration: 05min

    What sort of accountancy business do you envisage operating or working at in 2020? The Commonwealth Bank’s “Accounting Market Pulse Report” produced earlier this year highlighted the desirability for accountancy businesses to have established a “point of competitive difference”.  Has this been done in your firm? This report identified that Business Advisory Services” was the service delivery area that the majority of participants identified as their growth area in 2020....   Read the Full Article Here

  • Accountants Have a New Opportunity to Provide Value Adding Services!

    Accountants Have a New Opportunity to Provide Value Adding Services!

    26/11/2019 Duration: 03min

    The Federal Treasurer, Mr Josh Frydenberg has announced details on the Australian Business Growth Fund which the Australian Government is contributing to along with investments from the top banks (a total investment of $520 million). The Fund which is expected to launch in the near future will provide long-term patient equity capital to 30 to 50 firms a year with annual turnovers between $2 million and $50 million. The aim is to make it easier for small businesses and medium sized enterprises to access equity, which will allow them to grow and employ more people. The Government believes that access to equity capital will help to reduce business risks for small businesses and medium sized enterprises because it will reduce their reliance on debt financing and will give greater confidence to the SME community.   Read Full Article Here

  • Analysing Survey Trends Could Be Vital For Your Business!

    Analysing Survey Trends Could Be Vital For Your Business!

    19/11/2019 Duration: 04min

    The Australian Financial Review Top 100 Accounting Firms for 2019 Report has identified that a “continuing expansion beyond traditional accounting and taxation work into higher margin consulting services has continued to drive the performance of the top 100 accounting firms in Australia.” Many of the firms surveyed have identified the key contributors to their growth and achieving client satisfaction has been their supply of a variety of services based on “rock solid compliance advice” supplemented by a range of commercial services including... Read full article here: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=247&Itemid=639

  • Crowd Sourced Funding Equity Raising Gives Accounting Firms and Entry to Advisory Services

    Crowd Sourced Funding Equity Raising Gives Accounting Firms and Entry to Advisory Services

    14/11/2019 Duration: 03min

    The Financial Review Top 100 Accounting Firms for 2019 Report has again identified that many of the top 100 firms have expanded beyond traditional auditing and taxation work into higher margin consulting services and outsourced Chief Financial Officer Services. “The future accountant seems to be heading towards a respected GP status, one’s own “financial GP” that then refers the clients to an in-house or external professional.” Read more here: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=246&Itemid=639

  • First Anniversary - An Opportunity to Add Value

    First Anniversary - An Opportunity to Add Value

    22/10/2019 Duration: 04min

    Yes, 19 October 2019 was the first anniversary of the commencement of Crowd Sourced Funding Equity Raising when private companies were able to raise capital direct from the public. If you have clients who have a turnover of less than $25 million per annum and have gross assets valued at less than $25 million and are not listed on the Stock Exchange they are potentially eligible to raise capital as a Crowd Sourced Funding Equity Raising Company. An eligible company will need to have a vision, a capable leadership team and a sound business that they could gainfully utilise capital raising of up to $5 million in 12 months to further develop their company. The introduction of Crowd Sourced Funding Equity Raising for private companies represented the most “significant improvement to business financing” for small businesses and medium-sized enterprises in the last 35 years. Read full article: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=244&Itemid=639

  •  Cash - A Vital Ingredient

    Cash - A Vital Ingredient

    09/10/2019 Duration: 03min

    Accountants can play a very important role in assisting clients to source one of the key components of the life-cycle of a business – “cash”! In “Scaling Up” Verne Harnish identified that “having plenty of cash to weather the storms” was one of the four lifecycles of a business. As businesses grow, they normally require more money. As your clients’ businesses grow it is desirable that some forward planning is undertaken to get an appreciation of the amount of cash that is going to be required over the next 2 - 3 years to fund the growth in the client’s business. Read The Full Article Here  

  • Leadership Development - A Value Adding Contribution

    Leadership Development - A Value Adding Contribution

    03/10/2019 Duration: 03min
  • People Input Helps Clients Add Value

    People Input Helps Clients Add Value

    24/09/2019 Duration: 03min

    Attracting and keeping the right people is one of the four essential components of the “Life cycle of a business”! (Verne Harnish – “Scaling up”) Most small business owners and management of medium sized enterprises need assistance in implementing strategies to employ great team members who can be developed as the leaders within the business. Does your client have the “right people doing the right things” inside their businesses? Assisting clients in every aspect of team member recruitment, training and leadership development is a value adding process that proactive accountants wanting to “add value” to clients can contribute. This is all part of helping your client to run a better business.  Most small businesses and medium sized enterprises will not have a designated Human Resources Manager – this is an opportunity for your firm to be able to supply many of these services. Where do you start in adding value to “People” in your client’s organisations?....   Read The Full Article Here  

  • Flawless Execution Vital for Success!

    Flawless Execution Vital for Success!

    18/09/2019 Duration: 04min

    “Driving flawless execution is a vital ingredient of the life-cycle of most businesses” Verne Harnish wrote in “Scaling up”.“Driving flawless execution is a vital ingredient of the life-cycle of most businesses” Verne Harnish wrote in “Scaling up”. How do accountants assist small businesses or medium sized enterprises to plan and deliver the execution of a business strategy especially for those clients who are asking “Can You Help Me Run a Better Business”? There are some key areas that proactive accountants who are prepared to offer more than just compliance services to their small business and medium sized enterprise clients can do to assist in the execution of strategy process: • Identifying the key targets for this quarter. • Communicating the key targets to team members at all levels within the organisation so that they are all aware of the targets. • Assisting in the allocation of accountability of the team members allocated specific responsibilities for tasks. • Establishing systems to encourage and

  • Helping Clients Create a Strategy - A Value Adding Service!

    Helping Clients Create a Strategy - A Value Adding Service!

    10/09/2019 Duration: 05min

    This article is a continuation of our series on “Help Me Run a Better Business” (refer to Accountants Minute 204, 205 and 206) The development of a strategy that is different from their competitors is very important for small businesses and medium sized enterprises. In “Scaling up” Verne Harnish indicated that a “Differential Strategy” is one of the key “Lifecycles of a Business”. If the development of a “differential strategy” is so important for business success shouldn’t the key trusted advisor be assisting the owner or CEO of the business to develop a great strategy? READ THE FULL ARTICLE HERE

  • New Financial Accounts Add Value!

    New Financial Accounts Add Value!

    04/09/2019 Duration: 03min

    Do Financial Accounts “Add Value”? Have you ever had a critical look at the Financial Accounts that your firm is preparing? Do your clients get value from the Financial Accounts that your firm is preparing? Does the Profit and Loss Account look something like the following:   Income   $3,200,000 Less     Opening Stock $      70,000   Purchases $ 1,300,000   Freight $      45,000   Subtotal   $1,415,000 Less     Closing Stock $     72,000   Subtotal   $1,343,000       Gross Profit   $1,857,000       Overhead Expenses $ 1,900,000   Details were shown of the overhead expenses which included labour but no labour on costs           Net loss   $     43,000       READ THE FULL ARTICLE HERE

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