You need to look at the trends!
Business Advisory Services Update
“Accountants and bookkeepers need to understand what is happening in the marketplace.”
This was a statement from Andrew Geddes, joint Founder of FMRC and Chair of the ASX top 200 Company, Greencross Ltd, for 10 years, in our recent podcast.
“The Australian Taxation Office is driving through digitisation, robotics and artificial intelligence.”
“The ATO is making it very clear that the demand for some of the basic compliance work is going to reduce.”
Some SMEs are engaging accountants and bookkeepers to produce more business-related data that they can use to help them run better businesses.
Other SMEs want more business data but think that their accountants are too busy!
This is an interesting observation which Trevor Marchant, the Developer of “The BOSS factor Library” has commented on. Trevor indicated that interest in his new service, “The Referral Code”, is attracting a growing number of accountants who are wanting referrals to quality clients. What do these accountants know that many don’t seem to know?
The other trend has been with us now for a number of years is that team members are wanting more “interesting and challenging work”. Are you supplying services that will assist in “talent attraction and retention” for your firm?
It is not acceptable in 2023 for SMEs to be receiving an annual set of accounts prepared 3 to 9 months after the end of the financial year and 15 to 21 months after the beginning of the financial year.
What this is telling us is that accountants need to deliver virtual CFO services to SME clients throughout the year, preferably on a month by month basis or, at the very least, quarter by quarter.
To find out how ESS BIZTOOLS can assist your firm to respond to the challenges that are occurring, and deliver a “52-week business enhancement system” and virtual CFO services to your SME clients, contact us on 1800 232 088, or visit our website – www.essbiztools.com.au.
