8 Steps to “Future Proofing” Your Accountancy Business

Accountant's Minute 159

Welcome to Accountants Minute.

Happy New Financial Year!

I think it’s appropriate at the start of the new financial year to discuss a very important issue for the accountancy profession and that is how do you respond to:

  • disruptive technologies
  • changing market demands by SMEs
  • new market trends
  • commoditisation of taxation returns

This is all about “future proofing” your accountancy business.

Step 1 - Implement a “Future Proofing” Strategy

By identifying a “range of new services” that your firm could introduce.

(The Comm Bank Accounting Market Pulse June 2018 report identified that of the firms they surveyed, 44% indicated that they were developing “new services”, whilst 64% also indicated that they were pursuing “organic growth” within their firms).

Step 2 - Identify the Clients

That you could offer additional services by using a service matrix to:

(e.g. companies trading for more than 3 years with turnovers over $1.5 million ($750,000 in Northern Australia) in the growth sectors identified by the Australian government.

  • businesses that have developed new products, services or processes
  • businesses with high debtors’ days outstanding
  • businesses working as subcontractors

Step 3 - Train Your Accounting/Marketing Team

On a range of new skills required to successfully deliver a range of business services as distinct from compliance services:

(Getting organised to deliver business advisory services)

  • team training to deliver business advisory services
  • leadership strategies for the delivery of new services
  • training on the new services to be delivered
  • identifying client needs by utilising the SME Needs’ Analysis

Step 4 - Training/Briefing of All Staff on the “Future Proofing” Strategy:

(So they can communicate with clients/prospects about the new range of services that your firm is offering)

Step 5 - Series of Small Seminars/Webinars

To communicate to your clients the “new business services” that your firm is offering:

(No more than 10 businesses at a time – enables discussions and prompt follow up)

Step 6 “One on One” Meetings with Clients

(Utilise the SME Needs’ Analysis to help in identifying services in which your clients, who participated in the small seminars/webinars, are interested, e.g.)

  • business planning, budget/cashflow forecasts, business valuation
  • preparation to raise capital as a Crowd Sourced Funding Equity Raising Company or Early Stage Innovation Company
  • reduction in debtors’ days out standing
  • risk management – registration on the Personal Property Securities Register

Step 7 - Implementation

Promptly submit a written proposal and quotation to your client.

(Don’t delay in getting the proposal to your client quickly and when they have signed off on the proposal, get started on  the project)

Step 8 - Ongoing Marketing

Update your website, social media, brochures etc., to continually inform your client/prospects of the services that your firm is providing

(Prepare videos, webinars, media releases (as appropriate) to inform your market that your firm is aware of SMEs’ desire for a broader range of services to be offered to them)

ESS BIZTOOLS has Australia’s most diversified range of products/services to assist accountants to “future proof” your business by delivering a range of commercial services.  As part of our celebration of the new financial year, we are offering you the opportunity to make a low-cost investment entry into business advisory services.  We firmly believe that these products will assist accountants to satisfy client requirements and give your team the opportunity to be involved in ‘real accounting work’. 

The ESS BIZTOOLS’ Silver Package “new financial year product offering” is:

  • 25% reduction from our normal subscription
  • plus, one-hour free mentoring webinar/Skype session for your team to assist them to commence your business advisory services journey
  • plus, free product offering – “New Opportunities Calculator” (to assist in identifying where your firm might be vulnerable to client loss and to assist in identifying the group of clients to which you might be able to sell additional services)

Your investment $1,641.75 (incl GST) for a 12-month 24/7 subscription per office.  To take advantage of this 25% discount, please insert the Coupon Code NFYSIL25 during the subscription process.  Please (click here) to learn more about the ESS BIZTOOLS’ Silver Package.  To subscribe to the ESS BIZTOOLS’ Silver Package, please (Click here). 

You are invited to participate in a series of FREE webinars:

  • Business Planning – Monday, 9th July 2018 at 12:30pm AEST – (Click here) to register.
  • Budgets and Cashflow Forecasts – Wednesday, 11th July 2018 12:30pm AEST (Click here) to register.
  • Capital Raising for SMEs – Tuesday, 24th July 2018 at 12:30pm AEST (Click here) to register.
  • Identifying Grants for Clients - Monday, 30th July 2018 at 12:30pm AEST (Click here) to register.
  • Chief Financial Officer Services - Tuesday, 31st July 2018 at 12:30pm AEST (Click here) to register.

If you have any questions, please do not hesitate to send me an email – peter@essbiztools.com.au or telephone me on 1800 232 088.

Do You Want More?

To gain an overview of what is included in the ESS BIZTOOLS’ icon goldGold Package. Please contact us for further information.

To download free material click the link below:-

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