Challenges for Accountants in 2022
Accountant's Minute 315
This article is based on the podcast conversation Andrew Geddes, Accounting Industry Coach with Peter Towers, Managing Director ESS BIZTOOLS – “Challenges for Accountants in 2022”:
- Getting to the starting point
- What are the things to nail?
- SME needs review
- Does a client need funding?
- Succession planning
GETTING TO THE STARTING POINT
In looking at the landscape for 2022 there are a lot of alternatives available for accountants. The key question is:
“What services do accountants want to offer?”
- To answer that you need to ask as the follow-up question “What do your SME clients NEED?”
- Have your clients got a Business Plan?
- What’s happening in their industry sector – is it positive or negative?
- Are your clients being disrupted in their business – if so, what are they planning to do?
- What makes your SME clients different?
- Are your SME clients valuable to their customers – if so, in what ways?
- Do they have a plan to overcome disruptions in their business?
WHAT ARE THE THINGS TO NAIL IN THE NEXT 3 MONTHS?
What are the three most important things that need to be nailed in the next three months so that your firm is fit for purpose to deliver additional services to your SME clients?
What are the tasks that need to be nailed so that your firm can deliver a range of services which will add value to your SME clients?
You need to undertake this activity in your firm first so that your team is “match fit” to be able to deliver these services to your clients.
SME NEEDS REVIEW
A great way to unearth the issues that are really worrying your clients is to sit down and have a cup of coffee with a client and utilise the SME Needs Analysis to ask a series of questions that will provoke a discussion and normally lead to you discovering what is really worrying your client and what additional services they will happily pay for.
Would you like a complimentary copy of the SME Needs Analysis? If so click here.
DOES A CLIENT NEED FUNDING?
This is an opportune time to review with your client their current funding position.
What is there level of investment in stock and debtors?
What other significant requirements has your client for cash to pay for various transactions?
DOES YOUR CLIENTS NEED ADDITIONAL FUNDING?
If so, do they have adequate security for a loan or are they interested in exploring the possibility of been able to raise funds as a Crowd Sourced Funding Equity Raising Company or could they be eligible to be classified as an Early Stage Innovation Company or do you think they will be able to attract investment from an Angel Investor?
If they need to raise funding they will need a current Business Plan, and Predictive Accounting Reports relating To Budgets, Cash Flow Forecasts and Projected Balance Sheets.
Are you able to assist your clients with these types of professional services or should you be suggesting that these assignments are outsourced to another adviser and you perform a “project management role”?
SUCCESSION PLANNING
Does your client have a Succession Plan?
If a successor is identified has appropriate training commenced for that person?
If the Succession Plan is to sell the business has a strategy been implemented to ensure that the value of the business will be as high as possible when the sale process commences?
Or, is the situation that a significant amount of work needs to be done to ensure that the selling price will be within the range of the client’s expectation?
These are some of the challenges facing accountants as you start developing your strategies for 2022.
ESS BIZTOOLS has developed over 32 different product packages to assist accountants to be able to deliver these types of services to your clients without you having to “reinvent the wheel”.
Why not visit www.essbiztools.com.au to review the material that has been developed for accountants to use to offer a diversified range of value adding services for SME clients?
INTERESTED IN OUR SOCIAL MEDIA POSTS/VIDEOS?
- What are the things to nail – click here to read the article or click here to watch the video.
- Developing Product Champions – click here to read the article or click here to watch the video.
- Training to Develop Product Champions – click here to read the article or click here to watch the video.
- Selecting clients with “A” class characteristics to launch Business Advisory Services – click here to read the article or click here to watch the video.
- Webinars for Accountants – click here to read or click here to watch the video.
- Communicating your value adding services – click here to read or click here to watch the video.
WEBINAR PROGRAM FOR THE NEXT 3 WEEKS
We are presenting a series of FREE webinars – if you wish to attend please register.
- Research and Development and Grants - An Interesting Journey – Wednesday, 23 March 2022 at 11.00am AEST – click here to register.
- Offering Business Advisory Services Without Having To Commit To A Contract – Thursday, 24 March 2022 at 11.00am AEST – click here to register.
- Federal Government Budget As It Affects SMEs – click here to register Wednesday, 30 March 2022 at 12.00pm (noon) AEST – click here to register.
- Getting Ready To Deliver Business Advisory Services – Thursday, 31 March 2022 at 11.00am AEST – click here to register.
- Setting a 50/50 target – Thursday, 7 April 2022 at 12.00pm (noon) AEST – click here to register.
ESS BIZ TOOLS BUSINESS ADVISORY SERVICES UPDATE PODCASTS
Andrew Geddes, Accounting Industry Coach and Mentor with Peter Towers, Managing Director ESS BIZTOOLS “Challenges Facing Accountants in 2022” – click here to access.
Want to know more about ESS BIZTOOLS?
Please visit our upgraded website – www.essbiztools.com.au and www.essbizgrants.com.au to review the product packages and we invite you if you are impressed to subscribe.
Free Strategy and Demonstration Session?
You are invited to “Book A Free Strategy and Demonstration Session” on ESS BIZTOOLS with Peter Towers, Managing Director, ESS BIZTOOLS to gain a better understanding of the services that are available within ESS BIZTOOLS and ESS BIZGRANTS?
You can book a demo at www.essbiztools.com.au or contact Peter Towers:
