Diversifying Accountancy Services - Why?

The CommBank Accounting Market Pulse Report, a few months ago, commented that only 5% of the accounting firms that were surveyed for the production of the report “will not be diversifying services in the next few years”.  This implies that 95% of the firms that participated in the survey, will be diversifying their services.

This is exciting news for supporters of the concept that accountants should be providing a broader range of professional services to assist their SME clients to add value; but it is also challenging news, not only for the 5% of firms in the survey that had made a decision to not diversify, but also to other firms that have not yet made a decision relative to diversification of services.

ESS BIZTOOLS has produced a white paper – “Diversifying Accountancy Services – Why?”

In this edition of Accountants’ Minute, we are supplying an extract from the white paper which you are invited to use, if you wish.

What Are Your Firm’s Points Of Difference?

One of the challenges confronting Accountancy, Business Advisory, Chief Financial Officer and Bookkeeping firms is that, from an SME’s point of view, most accountancy firms look the same – the majority provide a service relating to the preparation of annual financial accounts and income tax returns for businesses, superannuation funds and individuals.

Some firms provide audit and insolvency services, which are a continuation of the “compliance services” that many people associate with accountants.

From around the mid-eighties, many accountancy firms become involved in providing investment advice, but that trend has stalled recently as the government has imposed increased levels of training and ongoing professional development activities for people who hold themselves out as a financial advisor.

Some firms have ventured into diversification by creating industry specialities such as:

• Marino Wool
• Cotton
• Beef Cattle
• Horticulture
• Medical Practices
• Pharmacies
• Dental Practices
• Builders
• Specialist Trade Businesses

Within these industries some accountants have become “experts” because they have developed a detailed knowledge of how these industries operate.  They have “dug into the records and systems of these businesses” so they are able to develop management accounting systems that contribute to the information that the management team receives to enable the leaders and all of the team members to better perform their role within the business.

Some firms have developed specialisation skills by having team members concentrate on a particular industry or service that were being ignored by other professional firms.

This white paper reviews the diversifying of accountancy services and identifies why this is important, not only for the accountancy profession, but also for the SME market, on which a significant number of accounting firms in Australia are reliant.

The white paper continues with the following headings:

1. What Are Your Firm’s Points Of Difference?
2. Accounting Market Pulse
3. Points Of Difference?
4. Expert Status
5. Experience For Business Advisory Services
6. Business Experience
7. Empathy
8. Communication Skills
9. Promotion/Marketing Of Diversified Services
10. Promotion/Marketing Tools
11. Diversified Services That Your Firm Could Communicate To Clients/Prospects
12. Assisting Clients On The “Innovation Journey”
13. Do You Want To Know More About Delivering Diversified Accounting Services?

If you would like to download the full version of our white paper – “Diversifying Accountancy Services – Why?” please click here.

Extension of 50% discount offer:

We know that many accountants, bookkeepers, business advisors and Chief Financial Officers are experiencing significant difficulties because of the COVID-19 lockdowns.  We have extended our 50% discount offer until 6th September 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:

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:

• 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 11/12 October 2021.
  • 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 Presented By ESS BIZTOOLS

• “Business Advisory Services Implementation Training - Retail Pricing Calculator - Aligning Product Mixes & Mark-ups to Earn Targeted Profits” - Wednesday 25th August 2021 at 12-noon AEST. To register (click here).
• “Certified Predictive Accountant - Join the New CPAs for 2021” - Friday 27th August 2021 at 12-noon AEST. To register (click here).
• “Business Advisory Services Implementation Training - Business Health Checks - Pharmacy & Supermarkets” - Tuesday 31st August 2021 at 12-noon AEST. To register (click here).

Did You Miss Our Recent Webinar?

We’re happy to be able to give you access to the webinar recordings:

• “Business Advisory Services Implementation Training - SME Debtors’ System Manual” - Thursday 12th August 2021 - click here.
• “Business Advisory Services Implementation Training - Client Seminars/Webinars - Characteristics of a Well Run Business” - Tuesday 17th August 2021 - 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!