A commitment to learning is important

This is the eighth segment of the discussion with Andrew Geddes about important issues currently facing the Accounting Industry.

Click here to access the previous segments:

• Issue 353 - It’s the dawn of a new era – are you ready?
• Issue 354 - SMEs need CFO services
• Issue 355 - Getting started – you need a conversation
• Issue 356 - Value adding with specialist services
• Issue 357 – Implementing “Monitoring Performance” helps SMEs to “scale up”
• Issue 358 – Creating a new service for your clients and your firm

Need to keep on learning

“Some people have asked me how I ended up being Chairman of Green Cross Ltd. Well, it just didn’t happen!” quipped Andrew.

He said years ago he was asked to sit on the board of Count Financial Limited (a listed public company).

“Because I’d never sat on the board of a public company before I enrolled for the Australian Institute of Company Directors diploma course and undertook that course. At the end of this I spoke to a few experienced Public Company Directors and then I indicated that I would accept the appointment to Count Financial Limited.”

“I joined the Company Directors Association and attended their webinars and receive their monthly magazine which contained a reading list in each edition – I would go through and read some of these books and follow through and ask questions if I didn’t understand what was being said.”

“About 11 years ago I was asked whether I’d like to help Green Cross Ltd who were going through a major expansion and I was invited to be appointed as the Company Chairman.” he said. “I accepted because by then I thought I knew what I had to do as a Public Company Director.”

Andrew Geddes believes an important part of being a Director is knowing that you need to undertake some additional reading so you can learn what is required of you both legally and ethically.

Andrew said that if you want to change from being a compliance-dominated producer, you are going to have to learn some new skills and you need to plan that into your week, months, yearly planning activities.

This type of activity is going to be important for all Accountants, whether you are in the group that was directly referred to by the Tax Commissioner or not, because there are a lot of changes occurring. All you need to do is to read the CommBank Accounting Market Pulse to get an appreciation of what some activities being conducted by accounting firms entail.

A group learning process could be the way

According to Andrew Geddes, if he was a young Accountant that was involved in a compliance dominated process, he would find one or two colleagues and form an informal Advisory Board within the practice. He would arrange to meet once a month and talk about how they might learn and understand these new market conditions. Perhaps even undertake a learning course with PlanGuru to get a handle on the three-way financial forecast process. He then said that he would apply that new found knowledge to an existing client and create some budgets for them.

There are some forums within the CPAs, Institute of Chartered Accountants or the other accounting organisations all conduct various forums in which that you could join and participate.

ESS BIZTOOLS conducts training/mentoring programs for members along with monthly webinar sessions. If the area of accounting that you are involved in is likely to lose clients because of the changes outlined by the Taxation Commissioner, why not go and learn some new skills? Begin to talk to receptive clients about the service offering that you may be able to develop to deliver value for them.

Perhaps a good starting point for an Advisory Board experience is getting some of your mates in accounting and form a group yourself. Meet once a fortnight over a pizza and a fine glass of red wine. In other words, make it in enjoyable social activity as well as a learning experience.

If you are worried about getting too close to someone who may be a competitor, you could make arrangements with someone in another city and work with them on Zoom. ESS BIZTOOLS may be able to arrange someone remotely who is happy to buddy-up with you on a Zoom call to share ideas.

You need to build this into your diary and put it into your annual plan, because one of the key things is to ensure that you actually attend these buddy sessions – otherwise you won’t have a “buddy” for long.

Andrew’s takeaway from this is that you need to change and you have got to have a plan to change; so why not practice on yourself first?

ESS BIZTOOLS Business Advisory Services Starter Package

The Founder of ESS BIZTOOLS, Peter Towers, gave an overview of the Starter Package on Andrew Geddes’ webinar. The Starter Package is ideal for an Accountant or experienced Bookkeeper who is concerned about the likely fallout from the Tax Commissioner’s comments and wants to up-skill, to confidently offer an introductory range of Business Advisory Services.

The Tradie Charge Out Rate Calculator, the Professional Charge Out Rate Calculator and the Retail Product Mix/Mark-ups to achieve targeted profits are all included in this package, together with a range of other valuable material. You can find full details of the Starter Package here.

The Starter Package will definitely get you started on your Business Advisory Journey. You can upgrade to the ESS BIZTOOLS Advanced Package at any time.

ESS BIZTOOLS Advanced Package

Subscription to our Advanced Package gives you complete access to all 35 product packages that ESS BIZTOOLS has produced.

This all-access pass gives you everything you need to deliver virtual CFO services.

You can utilise any software package for Budgets, Cash Flow Forecasts and Projected Balance Sheets, but we recommend the PlanGuru software package. You will find it detailed in our Financial Forecasting Package here.

Full details of the Advanced Package can be found here.

Financial Forecasting Package

This package includes the Advanced Package, together with a subscription to PlanGuru software for use with up to ten clients (normally only for three clients before additional fees are payable (US$29 per month per client). It also includes training on PlanGuru software by Paul Barnaby FCA, Managing Director of Beyond Accounting Technologies Pty Ltd.

If you have read this far, you must be seriously thinking about the future of your practice and how you would like to combat the uncertain financial times that may lie ahead.

As you will have discovered, Andrew Geddes believes that the path forward for enterprising Accountants is to move away from a complete reliance on low-end tax compliance work and to build a Business Advisory Service with premium fees.

For small and medium sized practices, Andrew recommends taking it slowly and testing the waters while developing the skills you will need to prove your value as a trusted advisor.

To help you with this transition, ESS BIZTOOLS offers a number of professional packages that provide the documentation you will need to ensure you do not miss steps along the way.

Small Accountants and Bookkeepers will certainly benefit from the Starter Package and larger firms may start with the Stater Package and graduate to the Advanced Package as the range of services they offer also grows.

Start your transition to Business Advisory Services today…Check us out at www.essbiztools.com.au.

Special Upcoming Webinar

You’re invited to a special Webinar, “Scaling Up Services”. This feature webinar will be held on Wednesday, 11 October 2023 at 11.00am AEST (12pm AEDT). Click here to register to attend.

CPD point eligibility for CPA Australia members (must attend the duration of the webinar).

ESS BIZTOOLS Product Packages – Special Offer

Product packages to assist your firm to implement Business Advisory Services as outlined by Andrew Geddes.

Each new subscriber will receive a three (3) day Discounted Holiday Package for subscriptions completed by 18 October 2023. Click here to find out more.

Starter Package

Monthly payment: $149 including GST (normally $197 including GST)

Discounted upfront payment: $1,529 including GST (normally $2,100 including GST)

Click here to find out more and to subscribe.

Advanced Package

Monthly payment: $239 including GST (normally $596 including GST)

Discounted upfront payment: $2,519 including GST (normally $6,500 including GST)

Click here to find out more and to subscribe.

Financial Forecasting Package

Monthly payment: $578 including GST (normally $917 including GST)

Discounted upfront payment: $6,199 including GST (normally $11,000 including GST)

Click here to find out more and to subscribe.

Want to know more?

Visit www.essbiztools.com.au.

If you would like to have a discussion about how this concept of virtual CFO services can be supplied by Australian accounting firms please ring our Managing Director, Peter Towers, on 1800 232 088 and we will arrange a complimentary 15-minute Zoom meeting to discuss your firm’s position and to give you our advice.

We believe that this is the blueprint for the delivery of an enhanced range of services by Australian accounting firms to assist SME businesses to add value to their businesses and to assist accountants not only to attract but to retain outstanding talent who want to be involved in the delivery of “real accounting services”.

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