Analysing Survey Trends Could Be Vital For Your Business!
Accountant's Minute 214
The Australian Financial Review Top 100 Accounting Firms for 2019 Report has identified that a “continuing expansion beyond traditional accounting and taxation work into higher margin consulting services has continued to drive the performance of the top 100 accounting firms in Australia.”
Many of the firms surveyed have identified the key contributors to their growth and achieving client satisfaction has been their supply of a variety of services based on “rock solid compliance advice” supplemented by a range of commercial services including:
- Business planning
- Budgets and Cash Flow advice
- Business review meetings
- Agri-services
- Succession planning
- Estate planning
- Asset protection
- Board of Directors/Board of Advice meetings
- Government Consulting Work
- Human Resources Advisory Services
- Virtual Chief Financial Officer Services – including:
- Financial projections
- Strategic advice
- Budgets and Cash Flow Forecasts
- Divisional analysis
- Key Performance Indicators
- Periodic meetings
The survey indicated that Business Advisory Services represented 29% of the revenue of the top 100 firm with some firms achieving Business Advisory Services income of 70% and 50% of revenue.
Many firms are committed to the concept of supplying a “one stop shop” of commercial services for the benefit of their clients.
The Australian Financial Review Survey indicated that “Pure accounting is becoming more of a rarity” and that “the future accountant is heading towards a respected GP status, one’s own “financial GP”, that then refers the clients to an in-house or external professional”.
The first step towards developing an outstanding multiple services firm is to develop a “Strategic Plan that suits the individual accountancy firm”.
I would like to invite you to participate in a Free Webinar where we will give an insight to the development of a Strategic Plan to suit small and medium-sized accountancy firms who wish to commence the process of being able to offer multiple services for the benefit of your clients.
Our Free Webinar “Developing a Strategic Plan to Implement Multiple Services in Your Accountancy Firm” is being presented on Thursday, 28 November 2019 at 11:30am AEST / 12:30pm AEDT. To register please click here.
If you have any questions about any of the services supplied by ESS BIZ TOOLS, please do not hesitate to visit our website www.essbiztools.com.au and explore the “learn more” resources available for the 23 product packages included within ESS BIZTOOLS or you can telephone me on 1800 232 088.
Have a great day!
