Accountants 30/70 Achievable!

Accountant's Minute 167

ESS BIZTOOLS can assist accountants to commence the journey to diversifying their income by offering a range of non-compliance services to their clients and prospects.

You are invited to visit ESS BIZTOOLS now, if you wish.

When you visit the new ESS BIZTOOLS’ website you will be able to review the products which have been produced by a team with considerable experience in the accountancy industry as well as in the operation of small/medium enterprises.

The product packages produced by ESS BIZTOOLS will assist your firm on the journey to diversify and differentiate your accountancy business’ activities and contribute towards your firm protecting itself from the market challenges of “commoditisation” of income tax returns.

Whilst taxation advice and taxation return preparation work is important for accountancy businesses, some accountancy businesses have started to diversify with an aim of achieving a 12% to 15% diversification of their current income for non-compliance services.

While some firms are attempting to diversify, many accountancy businesses have barely taken a step meaning that their current diversification percentage is between 0% and 5%.

Firms which have not commenced the diversification journey can still do so but will need to commence the journey shortly because some firms are already well underway with outsourcing and diversification into a range of non-compliance services.

Firms that do not provide a range of business advisory/commercial services run the real risk of losing clients who want to obtain a wider range of commercial services.

A realistic target to achieve a satisfactory result for the benefit of:

  • Clients: Survey after survey over the last fifteen years has indicated that SMEs are looking for a broader range of commercial services to be delivered to them preferably by their current accountant, but if that firm is not prepared to supply the services, by someone else.
  • Accounting Team: Business advisory/commercial services offers interesting varied “real accounting work” for your team which will contribute towards easing recruitment issues for accountancy businesses that have started this journey.
  • Accountancy Business: Will benefit by the creation of new “income streams”.  Deloitte, in their report published about five years ago – “Digital Disruption, Short Fuse; Big Bang!” identified that a significant way of combating the threats of digital disruption was for accountants to develop “new income streams”.  Accountants who are committed to offering a broader range of business advisory/commercial services are definitely “creating new income streams”.

We consider that 30% of an accountancy business’ gross income from business advisory/commercial services to be achieved over the next two to three years, is a reasonable target for most accountancy businesses.  This target is on the basis that there will be no reduction in the value of income received for the preparation of taxation returns and supplying other compliance services.

This will assist in the creation of a high value, high profit consulting firm.

If accountants do not provide business advisory/commercial services, many clients will turn to other accountants, business consultants and business advisors to undertake this work.

Many of your clients are probably looking for advice on a range of business matters including:

  • building the business
  • developing an outstanding team
  • creating a winning culture
  • improving profitability
  • protecting business assets
  • safeguarding against “left-field” problems potentially caused by not registering a customer on the Personal Property Securities Register or not registering a business, with which your client has assets stored, on the Personal Property Securities Register.
  • raising capital – some of your clients could be interested in exploring the opportunities to raise capital as a Crowd Sourced Funding Company or an Early-Stage Innovation Company – is your accountancy business going to assist your clients on this journey or standby and watch them go to another firm that is prepared to provide a range of commercial services?

The 30/70 target is achievable over a two to three year period and ESS BIZTOOLS has the products and experience to assist accountancy businesses to get started on this journey including:

  • 23 product packages that are ready for accountants to use to deliver a range of commercial services to clients
  • Client mentoring and coaching modules will assist accountants to “educate” clients on the new range of services that you can provide to them. One of the problems that accountants have is that many SMEs, whilst looking for a broader range of professional services, do not believe that their current accountant is interested in supplying the broader range of professional services because they think that their current accountants are only interested in providing taxation services.  You need to “educate” your clients on the services that you can provide and ESS BIZTOOLS can assist you in this area.
  • Business Plus+ Newsletters – produced each month with articles targeted at SMEs. Each article has a “call to action” – encouraging your client to contact you for a discussion on a particular issue if they have some questions.  This could lead to a new range of services that you are able to provide to that client.
  • 35 ready to use seminars to assist in the marketing of your new line of services to your clients.
  • 550 articles in 68 sections which an accountant/subscriber can badge and send to their clients to supplement professional advice. If you want your clients to remember what you have told them about a particular matter, it is a good idea to send them written confirmation – these articles will assist you to achieve this without you having to spend the time to create the articles.  If you wish you can edit the articles.
  • Government grants identification will assist you to be the “expert” in identifying to your clients government grants that are available to suit their particular industry and requirements.

Whilst visiting ESS BIZTOOLS, please click onto the free articles that are available for you.

FREE article

Click here for a complimentary copy of the ESS BIZTOOLS’ White Paper “Achieving a 30/70 Vision”.

Why not visit www.essbiztools.com.au to view the new website which gives a complete overview of all of the products and services that are available to assist accountants on the Business Advisory/Commercialisation Services Journey.

ESS BIZTOOLS has a special promotion at present – there is a 25% discount on the Silver Package – for only $1,493 plus GST you will be able to obtain 24/7 access per office without any limit on the number of authors utilising the system for twelve months.  The special promotion package also includes 3 x 60 minutes mentoring sessions to assist in the implementation of the product packages.

If you have any questions on any aspect of ESS BIZTOOLS and how the ESS BIZTOOLS team can assist you on the implementation of a new range of non-compliance commercial services for your clients, please do not hesitate to contact us – peter@essbiztools.com.au or telephone 1800 232 088.

Have a great day!

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.

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Episode 167 - Accountants 30/70 Achievable!

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Affiliates Wanted

Become an affiliate and earn additional income.
ESS BIZTOOLS’ AFFILIATE CAMPAIGNS
ESS BIZTOOLS is conducting a series of product campaigns for sales of products/services to accountancy businesses, business consultants, advisers and bookkeeping businesses.
AFFILIATE PARTICIPATION ON ESS BIZTOOLS
We are happy to extend an invitation to an affiliate to participate as a supplier of services in promotions to our subscribers. If you are interested in this, could you please contact us?
SMALL/MEDIUM ENTERPRISE MARKET
We have launched the ESS Small Business website which is primarily targeted at small/medium companies and enterprises as well as not-for-profits, charities, sporting and social organisations.

Contact Details

12 Eclipse Street, ROWES BAY, QLD 4810
(07) 4724 1118
Toll Free: 1800 232 088
sales@essbiztools.com.au

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