Systems foundations vital
Business Advisory Services Update
Financial Records are prepared not just for the preparation of annual financial statements and tax returns. The basic financial records are the FOUNDATION on which the business is built – just like a builder creates foundations for a building.
This task normally falls to bookkeepers (either employed or working with a bookkeeping or accounting firm).
Change is inflicting a significant influence on business operations. In particular, to SMEs who normally do not have the internal organisation and are vulnerable to all sorts of disturbances in the marketplace.
These changes can have a significant effect not only on the SME but also on the key advisers.
One of the biggest changes that is currently emerging is that the ever changing technology and software developments is enabling more work to be transacted with the Australian Taxation Office directly by SMEs.
The Australian Tax Commissioner warned Bookkeepers and Accountants at Xerocon 2022:
“You must understand that if your business model is high-volume, low margin, simple tax returns, your business will not be viable in 3 – 5 years’ time”
“You should be looking to diversify to remain viable longer term.”
“Focus on becoming a brilliant and trusted advisor.”
Becoming a brilliant and trusted advisor takes time to research potential advisory services and then to create the templates, articles, videos.
Paul Robson, CEO of MYOB, outlined clearly the challenges for advisers in an article published in the “Financial Review” two weeks ago:
“The outlook is much gloomier for SMEs than it is for big corporates.”
“A large number of small businesses go out of business in the first 6 months not because their idea was a bad one, but because the Fiscal Management was poor.”
Bookkeepers have a vital role to play in ensuring the FOUNDATION ACCOUNTING WORK is properly recorded for every SME, so that the financial data that enables the preparation of reports for KPIs, fiscal management, weekly performance, monthly financial accounts, comparison to budgets, cash flow analysis, is all available in real time, not months later.
For 25 years, ESS BIZTOOLS has been developing resources to assist accountants and bookkeepers to deliver advisory services to SMEs. The ‘Advisory Intro Package’ was developed to equip accountants and bookkeepers with the resources to create FINANCIAL FOUNDATIONS, to give individual SMEs the BUSINESS SMARTS that they need.
To find out more, you’re invited to register to our COMPLIMENTARY WEBINAR, to be held on Tuesday 19 March 2024, at 11am AEST (12pm AEDT). CLICK HERE to register today.
