Accounting Services Are In High Demand

CommBank’s “Accounting Market Pulse” released in May 2022 has outlined an exciting future for the Australian accounting industry!

Some of the key comments are as follows:

• Accounting firms are enjoying the best business conditions in the report’s seven year history
• The only limitation accountants are facing is the “worsening talent shortage”
• Firms see endless opportunities including in imaging areas such as:
  • Cyber Security
  • Environmental, Social and Corporate Governance (ES G) Consulting
  • Digital Transformation

Expected areas of highest demand in the next six to twelve months:

• CORPORATE FINANCING (including M and A)
• BUSINESS ADVISORY SERVICES
• TAX CONSULTING

The report highlighted that many firms have invested in technology and that these firms are setting the standard in service delivery and client experience as they use their technology platforms to differentiate themselves in the market.

How do some of these phrases which were utilised within the report resonate with your firm?

• Intend to capture the growth opportunities ahead
• Accounting services are in high demand
• The only limitation is the “worsening talent shortage”
• Firms see endless opportunities
• Are you investing in technology?
• Are you developing your team’s digital skills?
• Because of everything that is happening is your firm experiencing more positive business conditions?
• Have you improved in service delivery?
• How do you think your clients would rate their experience with your firm? Would it be at a higher level than what it was a few years ago?
• Has your firm differentiated its self in the marketplace or does it look basically the same as other accounting firms in your location?
• Are you experiencing robust business conditions and the outlook is positive?

This is the scene that “Accounting Market Pulse” has identified as pertaining to some Australian accounting firms.  How does your firm compare to what the report has established as “the best position”?

DIGITAL TRANSFORMATION IS AN EMERGING AREA FOR PROGRESSIVE ACCOUNTING FIRMS

The “Accounting Market Pulse” report identified “DIGITAL TRANSFORMATION” as an emerging area.

“PREDICTIVE ACCOUNTING SERVICES” is a prime digital transformation opportunity for accountants.

The Academy of CPAs (CERTIFIED PREDICTIVE ACCOUNTANTS) is committed to assisting accountants to present an outstanding range of services incorporating:

Three way financial forecasts:

• Budgets
• Cash flow forecasts
• Projected balance sheets
• Key drivers
• Training and support

Becoming a “Virtual Chief Financial Officer” firm will assist in overcoming the accountancy industry’s biggest problem identified in “Accounting Market Pulse” – “TALENT SHORTAGE” because your team will be involved in interesting and challenging work!

The key stakeholders in Academy of CPAs (Certified Predictive Accountants):

• PlanGuru
• Beyond Accounting Technologies
• ESS BIZTOOLS

Believe that the recent trends in the USA relating to services provided by accountants will assist Australian accountancy firms to develop their own strategies to assist in differentiating their services in their marketplace.

A special webinar is being presented on Thursday, 28 July 2022 at 11.30am to discuss recent developments within accounting firms in the USA.

BECOME A SUCCESSFUL vCFO

A free webinar “Become a Successful vCFO” is being presented on Thursday, 28 July 2022 at 11:30 am AEST featuring an American CPA, who will give an overview of where American accounting services are headed as we consider this will be a great indicator of future service opportunities for Australian accountants.

The panel of presenters in the webinar include:

• A USA CPA whose accounting firm operates a “virtual CFOs service” who will discuss the developments that have taken place in the USA that could be implemented in Australia.

His firm’s website indicates the following:

“How do virtual CFOs services work?”

“Our virtual CFO service partners you up with a dedicated CFO and a team of virtual accountants, CPAs and tax professionals who will work with you to help guide your business to success.  Our service includes more than just basic bookkeeping and accounting; we provide comprehensive financial reporting, forecasting and a variety of tax services for our v CFO clients, ultimately providing the financial peace of mind business owner’s need.”

“We are in contact with clients throughout the year from a tax planning perspective so they don’t have any surprises at the end of the year!”

“We provide virtual CFOs services for creative agencies, cannabis dispensaries, logistics, e-commerce, and other businesses including construction companies, remote companies, restaurant owners, service based companies and more.  If your business is a growing business and you could use the help of a professional financial consultant our virtual CFOs service is a perfect fit”.

“Our virtual CFOs service provides you with an experienced team at an affordable fixed cost!”

Other presenters include:

• Christian Weilage, CEO , PlanGuru, USA
• Paul Barnaby, Managing Director, Beyond Accounting Technologies
• Tripp Graham, Marketing Director, PlanGuru USA
• Peter Towers, Managing Director, ESS BIZTOOLS

For more information on Academy of CPAs (Certified Predictive Accountants) please click here.

To register for this “free webinar” please click here.

ESS BIZTOOLS PODCAST

Peter Towers, Managing Director, ESS BIZTOOLS had a podcast discussion with Paul Barnaby Managing Director, Beyond Accounting Technologies and PlanGuru’s Regional Integration Consultant – Asia/Pacific to discuss the findings outlined in the “Accounting Market Pulse” and to outline how the Academy of CPAs (Certified Predictive Accountants) can assist accountants to deliver a broad range of value-added services that will assist clients to operate value-added businesses and at the same time assist in overcoming the major problem confronting the accounting industry at this time – “worsening talent shortage” because your team will have interesting and challenging work to perform.

To listen to the podcast please click here.

WANT TO KNOW MORE?

ESS BIZTOOLS website (www.essbiztools.com.au) is available for you to visit and browse and you can also visit our separate website to assist in the identification of government grants suitable for your clients – ESS BIZGRANTS (www.essbizgrants.com.au)

If you would like to have a conversation with Peter Towers, Managing Director of ESS BIZTOOLS on how your Professional Advisory Firm could offer a diversified range of services to your SME clients please telephone Peter on 1800 232 088 (or send an email – ) and we will then organise a 45 minute complimentary Zoom meeting to discuss your firm’s vision and to outline the services that ESS BIZTOOLS could supply to assist your firm.

Stay safe!
Have a great day!