Why introduce business advisory services?
Business Advisory Services Update
Many SMEs have already failed this year and, unfortunately, thousands of SMEs will encounter financial difficulties during 2023 and 2024.
The Reserve Bank’s decision to increase the cash rate to 3.85% not only affects home loan borrowers, but will also have a flow on effect to many SMEs who have borrowed money for their businesses.
The Thomson Reuters White Paper – “Leading Australian SMEs in 2023s Changing Economy” – has highlighted that many SMEs need assistance now, and some of those businesses could be your clients.
The annual accounts and income tax returns do not give your SME clients enough information to assist them to manage their businesses. Furthermore, these reports would have been way too late to help in making financial decisions on a daily basis.
There is a need from SME clients for assistance and many accounting firms could benefit from the introduction of “Advisory Services” by significantly improving their “talent attraction and retention strategies”. How? By introducing a diversified range of services, which includes proactive year-round management advice, to assist your SME clients through these difficult times. At the same time, providing your accounting team with interesting and challenging work!
Accountants are the logical service providers for the supply of business information, such as key performance indicators and other management data, together with the establishment of systems that will enable prompt reporting on key statistics – daily, weekly, monthly.
Your clients need information relating to key performance indicators and business performance on a 52-weeks of the year cycle, a monthly cycle of departmentalised profit and loss accounts and financial analysis.
A webinar has been presented – Launching Advisory Services – Why? – which looks into the urgency of this matter. Click here to watch the recording.
ESS BIZTOOLS provides packages that are available to assist accountants and bookkeepers to deliver “advisory services”. And to help you even further, we are offering a significant discount on our product packages. Visit www.essbiztools.com.au to find out more.
