Accountant's Minute 216
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.
This forecast was given additional support by the recent Australian Financial Review Report which analysed the “Top 100 Accountancy Firms”. The Financial Review Report identified that many of the surveyed firms had expanded beyond traditional audit and taxation work and had invested time and energy in the development of “Consulting Services” and “Outsourced Chief Financial Officer Services” because this was what their clients were seeking.
Where do you start in commencing to diversify your accountancy firm’s income streams?
My suggestion is that you analyse your clients.
What industries are they in?
Have you developed a “champion” for each of the major industry categories of your clients?
Does your team understand what happens in those industries?
Are the financial accounts being prepared on an individual business unit basis regularly with tailored Key Performance Indicators being prepared to give the responsible manager/team leader information which will help him/her make better decisions on the business operations?
Have you analysed your leading clients’ cashflow positions?
Do they need assistance in reducing debtors days’ outstanding so that their cashflow position will improve?
What risks are your clients being subjected to? Do your team members have an understanding of the risks that your individual clients face in their business?
Do your clients have an awareness of the consequences of not registering a customer or someone who has possession of one of their assets on the Personal Property Securities Register?
How do your clients finance their business operations? Are they having difficulties in negotiating with their banks? Could they have some interest in seeking capital from the public via Crowd Sourced Funding Equity Raising?
Do you have some clients who might be interested in the new Australian Government/Banks “Australian Business Growth Fund” which is expected to commence in the next couple of months and will be offering investment funding to businesses with turnovers over $2 million?
Do you have set business review meetings with your clients, say quarterly, to consider all aspects of their business operations with an Agenda and Minutes of the meeting being prepared and an Action Plan from each meeting? Some small businesses and medium-sized enterprises have indicated that this type of business meeting, where taxation is not the number one agenda item, will help them run a better business.
These are some of the services that your firm could commence supplying to assist your clients to run a better business. Would this be a great way for your accountancy business to operate in 2020?
ESS BIZTOOLS has been developing products and services to help small/medium-sized accountancy businesses to deliver a wide range of Business Advisory Services to accountants located all over Australia for the last 20 years.
We have designed product packages to assist in the development of an understanding of the challenges and role that accountants can play as the commercial advisor to your business clients.
We believe that now is the time for you to be making a resolution as to the type of services that your accountancy firm could provide to your clients during 2020 and we would like to assist you to get ready.
We are offering a Black Friday/Cyber Monday Promotion which, if you accept our offer, will reduce your cost to get started on the preparation to offer a broader range of services during 2020.
From Black Friday (29 November 2019) to Cyber Monday (2 December 2019) if you subscribe for any of our products you will receive a 33.1/3% discount.
We are continuing the celebration from Tuesday, 3 December to Friday, 6 December 2019 with a 25% discount.
Please visit our website www.essbiztools.com.au and review the “learn more” articles on the 23 product packages that are contained within ESS BIZTOOLS.
We are presenting “Special Free Webinars” during this promotion. These are:
If you are interested in these webinars but are unable to attend at these times you can still access the recordings which will be available on our website the next day.
If you have any questions on any aspect of the services provided by ESS BIZTOOLS, please do not hesitate to contact us:
Have a great day!
Watch out for the next episode of "Accountant's Minute" or subscribe to the podcast on iTunes for more news, ideas and tips on providing outstanding non-compliance services to SME clients.
Episode 216 - Get Ready for 2020 With Some Assistance from Black Friday/Cyber Monday Promotion!
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As their trusted advisor, can you assist your SME clients with business advisory services?