Diversification of Services Will Set You Apart!

Traditionally accountancy firms have looked very similar especially from the outside.  Accountants were known as the people you went to in order to satisfy the government’s requirements for the preparation of an Income Tax Return and this required the preparation of Financial Accounts for a business.

Accountants who are working for larger organisations on a full-time basis are involved in a wide range of business enhancing activities that traditionally have not been undertaken by accountants in public practice.

With the ever changing landscape for technology and software together with the significant challenge from outsourcing of services to overseas countries, accountants need to plan their strategies for the type of services to be offered to SME clients from now on.

Many SME clients have realised that they can obtain significant assistance from an experienced accountant just the same as larger businesses obtain direct assistance from an accountant that they have employed on a full-time basis.

The vast majority of SMEs require input and advice from an experienced accountant each week – not on a full-time basis but on an as required basis or even an agreed meeting time each week and an availability to answer communications throughout a week.  This is using the technology to contribute to value adding to SME businesses who will benefit from being able to access accounting advice on a real-time basis throughout the year and not just once or twice during a year.

A discussion on what diversification means to accountants and to the SME community is the ongoing theme for a series of webinars being presented by ESS BIZTOOLS during September.

The series continues this week with the first of eight webinars that are being hosted by Cloud Nine Associates, Managing Director, Priscilla Bea Smith with Peter Towers, Managing Director of ESS BIZTOOLS as the keynote commentator discussing the challenges and benefits that diversification of accounting services will deliver to the accounting firm and to that firm’ s SME clients.

The first webinar in this series will look at the identification of an accounting firms points of difference and will discuss the benefits of accountants creating industry specialisations which have been implemented by some accounting firms around Australia.

A discussion will also be held on the CommBank Accounting Market Pulse Report which identified that 95% of the accountancy firms that were interviewed will be diversifying their services in the next few years.  What does this mean to accountants who cannot see any benefit in diversification?

You can register for this free webinar series which is being presented fortnightly starting on Tuesday, 21 September 2021 at 11.00am AEST – please click here to register.

The second webinar this week with the theme of diversification is “Offering SME Funding as a Diversification Strategy” which will be presented by Dale Crosby, Managing Director, High-Tech Soft Touch and Peter Towers, Managing Director, ESS BIZTOOLS.

This discussion will centre on the opportunities that accountants have to become the key advisors to their SME clients relative to the identification of funding that could be beneficial to the SME business.

The funding opportunities include:

• Government grants that effectively save the company having to fully finance various activities including specialty grants such as Research and Development Incentive Rebate and Accelerating Commercialisation Grant.
• Improving management of debtors to free up funds within the business’ cash flow.
• Commercial lending opportunities for SMEs
• Raising of capital by utilisation of capital raising strategies available for SMEs including:
• section 708 of the Corporations Act;
• Early-Stage Innovation Company Capital Raising;
• Crowd Source Funding Equity Raising;
• Initial Public Offer;
• working with venture capital funds for the raising of capital.

Companies will not be able to utilise the capital raising opportunities unless they have implemented the preparation of:

• Business Plan;
• Predictive Accounting Functions including Budgets and Cash Flow Forecasts and Projected Balance Sheets
• These are all significant SME funding diversification strategies for accountancy firms.

High-Tech/Soft Touch in conjunction with ESS BIZTOOLS are developing a series of CPD compliance videos – “Small Business - vCFOs” a series of videos to be launched next week which will be available for viewing from early November for which participating accountants will be able to claim CPD hours.  Dale Crosby will present a summary of this new initiative during the webinar on Thursday.

You can register for this free webinar on Thursday, 23 September 2021 at 12 noon AEST by clicking here or going to www.essbiztools.com.au/webinars

Webinar Recordings

You can access the webinar recordings from last week

Click here to view “Communicating Your Diversification Strategy to the Market” with guest presenter Brad Smart, Managing Director “Selling The Message”.

Click here to view “Making Predictive Accounting A Key Diversification Strategy” with guest presenter Paul Barnaby, Managing Director, Beyond Accounting Technologies.

Extension Of 50% Discount Offer Because Of Lockdown Difficulties

We know that many of you are working under very difficult situations at present and we have decided to extend our 50% discount until 4th October 2021:

• Business Advisory Services Starter Package – 50% discount – your investment $999 (including GST) for 12 months access.
• Advanced Package (previously known as Gold) (this package includes all of the ESS BIZTOOLS material, including access to ESS BIZGRANTS) – 50% discount – your investment $3,250 (including GST) for 12 months access.
• Chief Financial Officer Service Package – 50% discount – your investment $1,375 (including GST) for 12 months access.
• Innovation Package – 50% discount – includes Research and Development, Accelerating Commercialisation Grant, Early Stage Innovation Company Capital Raising Process and Business Advisory Services Training – $2,500 (including GST) for 12 months access.

Your action:

Assistance offered by our Affiliates

Please complete the subscription form - (click here) and indicate whether you would like to receive one of the Affiliate’s packages (subject to availability).  Please complete and return to us as soon as possible and we will confirm if the Affiliate support package is available for you and upload your firm as a subscriber to ESS BIZTOOLS.

Affiliate Support Packages:

• Cloud Nine Associates (Priscilla Bea Smith)
  CPD hours at a discount – first 5 subscribers who leave a “review” will be reimbursed the cost of the small business concession course fee.
• • Link to video click here. 
  • Link to article click here.

• Blackstone Business Group (Jordan Lowry)
  Complimentary Employment Contract Review – Reduced Employment Contract Package for $399 plus GST. 
  • Link to video click here.
  • Link to article click here.

• “Selling the Message” – Brad Smart is offering to write or help you write your first customer email or newsletter without charge. This offer is for the first 10 firms who have subscribed to the ESS BIZTOOLS’
  • Link to video click here. 
  • Link to article click here.

• Smithink (Mark Holton)
  Discounted subscription fees for the “Young Gun Conference” at the Gold Coast, 21/22 February 2022.
  • Link to video click here. 
  • Link to article click here.

• Cloud Nine Associates (Priscilla Bea Smith)
  CPD hours at a discount – first 5 subscribers who leave a “review” will be reimbursed the cost of the small business concession course fee.
  • Link to video click here. 
  • Link to article click here.

• Beyond Accounting Technology (Paul Barnaby)
  Predictive Accounting review normally $695 at no charge for the first 20 firms that have subscribed to the ESS BIZTOOLS’ promotion
  • Link to video click here. 
  • Link to article click here.

• Amanda Gascoigne Consulting (Amanda Gascoigne)
  “Small and Solo Practice Coaching Session” no charge for the first 10 firms that have subscribed to the ESS BIZTOOLS’ promotion. 
  • Link to video – click here. 
  • Link to article – click here.

We acknowledge the assistance offered by our Affiliates.  Details of the offering by each Affiliate is available on the ESS BIZTOOLS’ website - Affiliates - click on the Affiliate.

Upcoming Webinars

Tuesday 21st September 2021 at 12-noon AEST - “Offering Diversified Services” - presenters Priscilla Bea Smith, Director, Cloud Nine Associates and Peter Towers, Managing Director, ESS BIZTOOLS.  To register (click here).

Thursday 23rd September 2021 at 12-noon AEST - “Offering SME Funding as a Diversification Strategy” - presenters Dale Crosby, Managing Director, High-Tech Soft Touch and Peter Towers, Managing Director, ESS BIZTOOLS.  To register (click here).

Want To Know More?

You are invited to “Book A Demo” 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:

• Email:
• Telephone: 1800 232 088

Stay safe!
Have a great day!