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“Future Proofing” Includes SMEs Debtors’ Management

Welcome to Accountants Minute. There are two major issues for accountants to consider relative to “future proofing” and SME debtors’ management: Australia has the dubious title of having the “longest debtors’ days outstanding in the world”. Offering proactive debtors advice is a significant contribution to “future proofing” for accountants. The problems to be solved...

PPSR Ignorance – SMEs Need Accountants Help!

Accountant's Minute 160

Welcome to Accountants Minute. Unfortunately, the majority of SMEs are unaware of the potential consequences of ignoring the operations of the Personal Property Securities Register (PPSR). Millions of dollars have been lost by SMEs and some big businesses through ignorance of how the Personal Property Securities Act operates. If your accountancy firm is the “trusted advisor” (and I’m...

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...

Is Your Accountancy Firm Future Proofed

Accountant's Minute 158

Welcome to Accountants Minute. The CommBank Accounting Market Pulse June 2018 identified a number of service lines, outside of traditional accounting/taxation services, in which some accountants are investing, including: Business Advisory Services Management Consulting Services Risk Management Private Equity Services Accountants need to consider these types of products/services as you...

Cashflow Management – A Service That Accountants Could Provide

Accountant's Minute 157

Welcome to Accountants Minute. Having too much money owing by debtors, high levels of stock on hand and work in progress or high levels of capital expenditure, can all contribute to significant cashflow management problems. All types of businesses can encounter real survival problems, even when they are trading profitably, if they have too much money invested in debtors, stock, work in...

Exploring New Opportunities!

Accountant's Minute 156

Welcome to Accountants Minute. “Today’s business environment is in a state of flux with some industries extremely buoyant whilst others are floundering.”  “Accounting firms service all sectors of the economy and as a result our benchmarking research is showing a marked differential in performance among firms of similar size or based in similar geographies.” ...

Are You Comfortable With Your Firm's Vision

Accountant's Minute 155

Welcome to Accountants Minute. Are you comfortable with your firm’s vision? This is a serious question, especially if you are aged under 44, because, according to Benchmarking.com.au, your group represents 69% of the accountancy profession. Do you understand your firm’s vision? Are you comfortable with it? If your firm’s vision going to provide you with the career/job satisfaction...

Leadership – You Need The Respect And Support Of Those You Lead!

Accountant's Minute 154

Welcome to Accountants Minute. Good leadership is needed in every type of business – including accountancy/business advisory businesses! Accountants/business advisors have two important groups to which to offer leadership – your team and to offer leadership/counselling to your clients. Where do you start in understanding leadership? Firstly, distinguishing between management and...

Corporate Governance is Important for your Clients

Accountant's Minute 153

Welcome to Accountants Minute. Corporate governan­­­­­­­ce is important for your clients.  That is why our associated company, ESS Small Business, is presenting the Corporate Governance Network, which commences on Tuesday 29th May 2018. Why is Corporate Governance Network important for your clients?  I really believe that company directors of small/medium enterprises need to...

Where Does The Buck Finish?

Accountant's Minute 152

Welcome to Accountants Minute. The aftermath of the Banking Royal Commission has clearly established that the “buck” finishes with the board of directors or management committee. Important corporate governance principles are being reinforced in the horror expressed by ordinary citizens about some of the breakdowns in corporate culture, combined with the resignations of some of the...

Are You a “Me Too” or “Differentiated”?

Accountant's Minute 151

Welcome to Accountants Minute. Are you a “me too”?  Your clients are competing in a competitive world.  Accountants are no different. Things are changing all the time. All types of businesses, including accountants, need to be differentiating their services to make them look different, to be able to offer the products/services that the customers are looking for – your...

Corporate Governance Mentoring Helps SMEs

Welcome to Accountants Minute. Corporate governance mentoring helps small/medium enterprises. The new legislation for Early Stage Innovation Companies and Crowd Sourced Funding Equity Raising Companies has highlighted the need for directors of companies to review their knowledge of company director’s duties. Directors of small/medium enterprises, which aspire to raise capital as Early...

Communicate or Perish!

Welcome to Accountants Minute. Accountants, you need to communicate or perish! SME clients are being bombarded by communications from all types of people, including your competitors. Accountants need to develop a communication strategy or your opportunity for new work, work in the business advisory services space, or indeed any other type of work, will perish over the next few years. Have...

Grant Identification - WIN with SMEs

SMEs love grants. Why? It gives them access to services at 50% of the normal cost.

Over $3 billion per annum is made available by the Australian, State and Territory governments for small/medium enterprises and businesses with turnovers up to $50 million through a range of grants. Accountants and business advisers also win from grants.  Why?  Small/medium enterprises love accountants being proactive and advising them of grants for which they could probably apply....

Seminars/Webinars Are A Great Marketing Tool

Welcome to Accountants Minute. Seminars are a great marketing tool for accountants and business advisers because they’re a great way for you to educate your clients and prospects on the services you can provide. For many years, SMEs have been asking for a wider range of services to be made available to them to assist them to add value to their businesses. We’ve listened to those survey...
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