Proactive Accounting Services Available Here!
Accountant's Minute 166
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Where to start on the journey of supplying a proactive accounting service to your clients?
You could visit the ESS BIZTOOLS’ website so that you can view the wide range of product packages that are available to assist you to implement commercial services to your clients.
Alternatively, you can read this article first.
My suggestion is you start with a discussion with your client.
Ask your client some questions:
- “What services do you expect a proactive accounting business to provide in 2018?”
- “What is your biggest challenge in your business?”
- “What is happening in your:
- “What are your competitors doing?”
A key question to put to your clients is “if you employed me on a full-time basis what work would you want me to do in addition to the work that I am currently doing for you?”
Let us look at your business – what improvements could be made?
- Hiring – are you happy with the process?
- Job descriptions – have these been prepared properly?
- Induction – are you happy with this process?
- Team meetings – are they being conducted regularly and are team members comments being noted?
- Could improvements be made?
- Does the management team understand the financial accounts that are being prepared internally or been prepared by the accounting team?
- Do they understand the Key Performance Indicators?
- Do they understand the benchmarking reports (if any) that are being prepared?
- Would the management team benefit from some training on these items (this could possibly be delivered with assistance of a government grant)?
- Are you happy with the input for Budgets that you receive from your team and management?
- Are you able to set Budgets for your individual business activities to earn the predetermined profit that has been set for the individual activities?
- You could explain to your client that you can assist them if they are a:
- tradie or sub-contractor business to set appropriate charge out rates to earn a predetermined profit; or
- professional services firm to set appropriate charge rates to earn a predetermined profit; or
- retail business to determine strategies on product mix, mark-ups, overhead expenses, to achieve a predetermined profit.
- What improvements could be made in the control of cash flow? For example, Debtors’ Days Outstanding (Debtors’ Management)
- Would you like some suggestions on improvements that could be made? For example, stock /inventory investment – what is your stock turn – how does this compare to your competitors/peers?
- Have any of your competitors received grants – would you like us to identify grants that you could be eligible to apply for?
- Have you thought about the risks confronting your business?
- Would you like us to review your insurance covers, especially:
- key man insurance;
- share buyback insurance;
- consequential loss of profits insurance cover?
- There could have been a number of changes that have occurred in the intervening period from when these policies were negotiated – are any changes needed in the insurance covers?
- Do you understand how the Personal Property Securities Act operates?
- Have any of your friends or colleagues suffered business losses because they did not register on the Personal Property Securities Register?
- Does your business have stock on consignment with any other business?
- Do you have assets stored in someone else’s premises?
- Do you receive progress payments? If so, a customer that you receive progress payments from could encounter a business problem which has led to the appointment of a liquidator and the liquidator could then decide to issue a claim for “preferential payment” from your customer on your business.
Research and Development
- Is your business undertaking research and development? If you are I hope that your business is trading as a company because if you are not you will not be able to claim the research and development tax rebate.
- Do you need assistance on:
- establishing a research and development system;
- documenting your research and development activities;
- submitting the required application to AusIndustry?
- If you are thinking about conducting part of the research and development activities overseas, we can assist you to submit an application for approval to undertake overseas research and development activities to the Australian Taxation Office?
Worried about how your business is travelling?
- Are you a bit worried about how your business is travelling? We could undertake a detailed review of your business analysing every aspect of the business. This will take about one day.
- Do you get a bit frustrated because you have not written down all of your great ideas. We can assist in the conduct of a review meeting and in the documentation of your strategies – this is normally called a Business Plan or a Strategic Plan or a roadmap.
Are you thinking about buying another business? (Buying a Business)
- There are thousands of businesses for sale in Australia - “baby-boomers” are starting to sell their businesses. We could evaluate the businesses that you are considering.
- Are thinking about retiring – have you developed a Succession Plan?
- We can help you with the preparation of a Succession Plan?
- Are you thinking of expanding your business or buying another business? How are you going to finance this? Borrow more from the bank? What real estate securities have you got to give to the bank? Or do you want to try to borrow on your mother-in-law’s house?
- Would you be interested in trying to raise capital? The federal government has introduced legislation called Crowd Sourced Funding Equity Raising which enables a private company to raise capital (actually up to $5,000,000 in every twelve month period). Currently this can be done via an unlisted public company but it is expected that the law will be changed shortly which will enable a private company to be able to raise capital from around February/March 2019 – would you be interested?
This is the sort of conversation you can have with a client/prospect if your firm is supplying proactive services.
You are invited to visit our new website to get an overview of the services that ESS BIZTOOLS can provide to assist you to deliver these commercial services to your clients.
Whilst visiting ESS BIZTOOLS please click onto the free articles that are available for you.
Click here for a complimentary copy of the ESS BIZTOOLS’ “Business Plus+ Newsletter for August 2018”.
If you have any questions on any aspects of the products and services being produced by ESS BIZTOOLS to assist accountants to “future proof” your businesses, please do not hesitate to contact us – firstname.lastname@example.org or telephone 1800 232 088.
Have a great day!
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To gain an overview of what is included in the ESS BIZTOOLS’ Gold Package. Please contact us for further information.
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Proactive Accounting Services Available Here!
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