SMEs are seeking additional services
Business Advisory Services Update
The recent white paper from Thomson Reuters outlined the services that SMEs were seeking – accountants can deliver these services as part of the delivery of a broader range of professional services to clients.
Small to medium sized businesses benefit from financial input on the development of strategies relative to new products or services that the business could undertake. Accountants offering a virtual CFO service can assist in the preparation of costing estimates, budgets and the development of internal control processes.
Analysis of costs and determination of cost savings is an important activity to assist in the achievement of the targeted profitability for the business.
Charge out rates review for tradespeople, builders, professional service providers and the monitoring of individual team member productivity as compared to the budget are important activities that accountants can perform.
If your client is a retailer or wholesaler, their needs are a little more complicated as they are dealing with a wide range of stock, which has significant variations in mark-up and in the quantity that is being sold. The use of the ESS BIZTOOLS’ Stock Matrix Chart which highlights the characteristics of “stars”, “cash cows”, “problem lines” and “sludge” will alert your clients of their team’s need to fully understand the characteristics of the individual stock categories that they are selling. This knowledge will assist with defining the layout of stores, specials to be promoted and placement of stock throughout the store; in an attempt to generate sufficient gross profit to be able to meet the business’ overall net profitability targets.
These services, whilst assisting your clients to meet their business targets, will also assist your accounting firm to supply interesting and challenging work to your team members.
ESS BIZTOOLS has developed a full range of product packages. To help you get started, we’re presenting a Special Easter Promotion, offering a significant discount on our product packages. Click here to find out more and to subscribe. This fantastic offer is available until Tuesday 11 April 2023.
