Services for businesses on the innovation journey
Business Advisory Services Update
Many SMEs are seeking advice and guidance from accountants on more than taxation. The “Innovation Journey” is one of those key areas that some entrepreneurial SMEs are undertaking and they require assistance in a wide range of financial issues.
Many SMEs set out with a vision to develop a product, process, service or some other business activity. Unfortunately, some of these people have not considered the entire process in their initial thinking, which could cause them significant setbacks or even failure.
A key requirement for accountants offering “Advisory Services” is to communicate with your clients. You don’t have to know what their new innovation is all about. What you do need to know is that they are undertaking an “Innovation Journey” and you can give them advice on a range of issues including:
- Research and Development (R&D) Tax Offset that a company can claim.
- Government grants that are available to assist in the financing of the various activities involved in the process of getting a project to “commercial sale readiness”.
- The development of business plans to assist in obtaining funding for the project.
- Predictive accounting reports.
- Funding for the business – negotiating loans – getting ready to try to raise capital direct from the public.
We will discuss key aspects of the services that accountants can provide in a series of posts.
Visit www.essbiztools.com.au to find out more. Alternatively, you can contact us on 1800 232 088.
