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Accountant's Minute

Accountants Be Proactive! Don’t Chase Courageous Clients Away!
What do you want your accountancy business to look like in 1 to 2 years’ time? The same as it looks at present or have you developed a strategy for the future or are you thinking about a strategy for the future? What are your firm’s Key Performance Indicators – have you compared them to other firms who are offering diversified services? Are you satisfied with your firm’s...
Is Crowd Sourced Funding Equity Raising a Unique Opportunity for Accountants?

Is Crowd Sourced Funding Equity Raising a Unique Opportunity for Accountants?

Accountant's Minute 171

If you want your accountancy firm to be differentiated in the marketplace and recognised as a market leader, then offering a proactive service on the new Crowd Sourced Funding Equity Raising for private companies will assist your accountancy firm to: earn a higher average fee per client create new client generation improve your client retention, rather than lose clients who are seeking...
Crowd Sourced Funding Amendments Passed!

Crowd Sourced Funding Amendments Passed!

Accountant's Minute 170

The Senate passed the Corporations Amendment (Crowd Sourced Funding for Proprietary Companies) Bill 2017 on 12th September 2018.  The legislation will be operational 28 days after Royal Assent.  This means the legislation will be operational from approximately 15th October 2018.  The legislation withdraws the requirements in the original legislation that a private company had to...
Will All Your Stakeholders Be Happy?

Will All Your Stakeholders Be Happy?

Accountant's Minute 169

Would you be happy if your accountancy business was able to achieve the following within the next 2 years? “Accountancy firms with new income streams, higher average fee per client, complying with many SME expectations and providing varied and interesting work which will assist in team recruitment and retention”. To achieve this, you’ll need a minimum of a 30/70 split of non-compliance...
Achieving a “30/70 Vision”

Achieving a “30/70 Vision”

Accountant's Minute 168

Would it work for your accountancy business if you were able to start “new income streams” within 2 months? Would you be happy to supply these types of services to your clients which will assist your firm in combating the ongoing “commoditisation of taxation returns”? Debtors’ Management Review For clients with high debtor’s days outstanding. Indicative fee $900 - $1,800...
Accountants 30/70 Achievable!

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...
Proactive Accounting Services Available Here!

Proactive Accounting Services Available Here!

Accountant's Minute 166

You can click here now to access if you wish. 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...
ESIC Assistance Assists Accountants “Future Proof”

ESIC Assistance Assists Accountants “Future Proof”

Accountant's Minute 165

Welcome to Accountants Minute. The ESIC (Early-Stage Innovation Company) journey creates a range of new interesting work and “income streams” which will assist proactive accountants to “future proof” their accountancy businesses. The ESIC journey will normally commence with: research and development relative to the development of a new product, process, service, organisational or...
Creating a High Growth, High Value Business Consulting Firm

Creating a High Growth, High Value Business Consulting Firm

Accountant's Minute 164

Welcome to Accountants Minute. Shouldn’t this be your aim as part of your “Future Proofing” Strategy at the commencement of 2018/19? How many of your clients are giving their cash to an “apparently qualified and experienced anyone” who says they can help your clients grow and improve their business? You have the qualifications and experience.  How many of these other...
Future Proofing Generates ROI

Future Proofing Generates ROI

Accountant's Minute 163

Welcome to Accountants Minute. Creating a “FUTURE PROOFING” strategy is vital for accountancy businesses that aspire for a future as the key financial advisor to clients – not fighting competitors with a series of tax driven commodity products. ESS BIZTOOLS’ “New Financial Year Special Offer” will help you get started, for a very low entry fee, on the exciting journey of offering...
Corporate Governance Awareness Vital for Future Proofing

Corporate Governance Awareness Vital for Future Proofing

Accountant's Minute 162

What is corporate governance?  Our view is that corporate governance relates to an understanding of business.  Many directors do not fully appreciate the wide range of items that they are legally responsible for, once they are appointed a director.  It is this awareness and understanding of a director’s key role and responsibilities that plays a significant role in...
“Future Proofing” Includes SMEs Debtors’ Management

“Future Proofing” Includes SMEs Debtors’ Management

Accountant's Minute 161

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!

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

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

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

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...
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