Becoming the Brilliant and Trusted Advisors SMEs need today
Business Advisory Services Update
The former ATO Commissioner Chris Jordan warned in 2022 that many Accountants needed to adopt a “new business model”, if they were going to remain viable in the next few years.
He commented that Accountants should be “looking to diversify to remain viable longer term and should focus on becoming a Brilliant and Trusted Advisor.”
SMEs really need assistance from a BRILLIANT AND TRUSTED ADVISOR, to meet the problems that are existing today, relating to:
- Preparation of realistic business plan
- Preparation of Budgets and Cash Flow Forecast prepared as the FINANCIAL INTERPRETATION OF THE BUSINESS PLAN
- Realistic payment terms for key suppliers included in the cash flow forecast
- An understanding of debtors’ management systems
- The cash flow forecast prepared on the realistic debtors days outstanding figure rather than the DREAM that every customer will pay on time
- Implementation of systems which provide the businesses management team key information on a daily basis
- Preparation of a weekly performance report/profit and loss forecast with associated KPIs
- Preparation of monthly profit and loss account for all operations and budget variation reports
We will look into this subject more at our upcoming webinar, featuring Amanda Gascoigne of Amanda Gascoigne Consulting, tomorrow at 10am AEST. CLICK HERE to register, free of charge.
