Accountants Need An “Opportunities Mindset!”

Greetings – we hope you're staying safe!

On Friday 17 April 2020 we launched the first of our “COVID-19 Survival Panel” webinars with keynote speakers Andrew Geddes and Jordan Lowry.

Andrew Geddes, a well-known consultant to the Australian accounting industry and a top 200 ASX public company chairman, gave an interesting overview on the approach to the crisis that is being employed by the twelve businesses that he is chairman of which are involved in accounting, IT, engineering, surveying and a couple of start-ups.

Andrew indicated that their guiding values were to treat their team in an exemplary manner with more communications, planning and review with involvement across all sections of the individual firms.

The firms have lifted their customer experience to new highs at every “touch point”.

Some of the firms are utilising this “less busy time” to simplify all processes and share the learnings with the other team members.

Andrew emphasised the importance of daily and weekly updates from the senior partner/CEO so that the whole team understands the decisions that have been made.

He said that accountants and their business clients need to look at what the government can do to assist and to make sure that applications have been submitted where applications are required.

Cost review is very important “think about what costs can be reduced or eliminated”.

“Accountants can then assist in driving the implementation of the actions and this is the “Business Advisory Approach” that accountancy firms need to undertake”, Andrew Geddes said.

“A daily stand-up is very important to enable communication to still flow throughout the accounting firm especially when some, or all, of the team are working from home”.

Jordan Lowry, Managing Director, Blackstone Business Group endorsed the comments of Andrew Geddes especially relating to the need for regular conversations and keeping in touch, especially when many people are working from home.

Jordan indicated that many employers had discovered that they did not have appropriate human resources systems documented in writing and that this had led to some problems in some businesses.

Jordan indicated that it is very important that senior management is giving team members the opportunity to speak to each other on a daily basis via Zoom/Skype meetings so that they stay in contact.

You can access the recording of the first “COVID-19 Survival Panel” webinar by clicking here.

The next “COVID-19 Survival Panel” features:

• Paul Barnaby a very experienced chartered accountant who is the Australasian representative for Plan Guru, an international organisation supplying Budget, Cash Flow, Projected Balance Sheet software. Paul will identify how businesses can utilise Budgets and Cash Flow Forecast to prepare accurate financial projections which could be included in the documentation for submission to banks for clients to access loans guaranteed by the Australian government under the Coronavirus SME Guarantee Scheme.

• Amanda Gascoigne – Amanda Gascoigne Enterprises Pty Ltd – chartered accountant – coaches and consults to accounting practice owners wanting to embrace contemporary practice ways that are a win/win for all – themselves, their families, their teams and their clients.

You can register for this complimentary webinar to be presented on Friday 24 April 2020 at 12-noon by clicking here.

I would like to invite you to visit the ESS BIZTOOLS’ website – Survival In Difficult Times – Learn More where you will be able to view a full summary of the Survival In Difficult Times Product Package including the specific material that we have produced relative to COVID-19 Coronavirus.

If you have any questions on any aspects of the assistance that ESS BIZTOOLS’ products can provide for you to use to assist clients navigate through the “COVID-19 survival challenges”, please do not hesitate to contact us:

• Telephone: 1800 232 088

We have prepared a more detailed summary of the key issues relative to the presentations by Andrew Geddes and Jordan Lowry in the “Want to Know More”.  Please click on the image below.

I invite you to view the Accountants' Minute video which gives you more details on the comments made by Andrew Geddes and Jordan Lowry and the government’s assistance and “COVID-19 Survival Plan” which ESS BIZTOOLS has produced.

The third “COVID-19 Survival Panel” webinar is being presented on Friday, 1 May 2020 at 12-noon AEST with the keynote presenters being:

• Ashley Evans – Partner, AAA+ Financial Solutions.

AAA+ Financial Solutions is Northern Queensland's premier finance, mortgage broker and home loan specialists.

• Priscilla Bea Smith, Tax Agent, Senior Accountant, Partner of Cloud Nine Associates Pty Ltd.

You can register for this webinar on 1 May 2020 by clicking here.

Stay safe!  If you want to have a discussion, please do not hesitate to contact us.

If you have a friend or colleague who you think might find this article interesting, please forward to them.

Have a great day!