Don’t “Beat Around” You Need To Make Changes – NOW!
Accountant's Minute 311
Every accountant that I talk to indicates to me that the market is changing.
Some of the issues that are discussed with me include:
- The Accountants Daily article which indicated that 70% of employed accountants are evaluating their employment prospects elsewhere.
- The CommBank Market Pulse Report which indicated that 95% of the accountancy firms surveyed had a commitment to diversify their services over a two-year period in 2021 and 2022.
- The Financial Review article in October which indicated that 95% of the companies that approached Crowd Sourced Funding Intermediaries for approval to raise capital as Crowd Sourced Funding Companies were rejected – why? We suspect they did not have an understanding of how Crowd Sourced Funding operated nor did they have the required documents prepared.
- “You’ve got to start it now – this afternoon!” Australian Accounting Guru Andrew Geddes’s very strong advice in Accountants Minute295 – “because your greatest challenge at the moment is getting good people to work with”. – To read Andrew’s comments please click here.
Our research indicates that many principals of accountancy firms are beginning to grow tired of the work and are looking for new challenges.
There are plenty of challenges available to you to service the requirements of the SME market place – for most of you, your traditional source of clients.
The challenge now “TO BE DONE THIS AFTERNOON!” to quote Andrew Geddes is to implement changes within your firm so that your team has interesting and challenging work in addition to the traditional compliance work.
The report from Crowd Sourced Funding Intermediary, Equitise, also highlights that SMEs that were interested in raising capital either did not fully understand the requirements before they contacted an appointed Intermediary or they self-prepared themselves because they did not think that their accountants were interested in advising them because of the heavy concentration on taxation matters by a majority of small and medium-sized accounting firms.
The tragedy of this is that the work involved in assisting companies to be “equity ready” to raise capital involves a range of interesting and challenging work which would keep your accounting team involved in undertaking the career development activities that many of your team are aspiring for.
Companies interested in raising capital require assistance with:
- Understanding the Crowd Sourced Funding rules including the role of the Intermediary.
- Developing a realistic Business Plan for the company.
- Preparing Predictive Accounting Reports comprising Budgets, Cash Flow Forecast, Projected Balance Sheets which present a “Financial Picture” extracted from the Business Plan.
- Preparing a business valuation and then preparing an analysis of the shareholding levels of the current shareholders and the shares proposed to be allocated to the new shareholders.
- Preparing the Crowd Sourced Funding Offer Document.
- There is also the possibility that your firm could be appointed the virtual Chief Financial Officer for the company.
DON’T BEAT AROUND – YOU NEED TO MAKE CHANGES NOW!
You are invited to visit www.essbiztools.com .au where you can review the wide range of client assistance material that is prepared ready for use by small and medium-sized accountancy firms to offer a wide range of value adding services to your SME clients.
ESS BIZTOOLS has developed a range of business advisory services products to assist accountants to assist SMEs by adding value to their business.
These product packages will assist you to develop a new range of diversified services for your accounting firm but also offer a range of interesting and challenging work for your accounting team to undertake and your clients will receive advice that will assist them to run better businesses
OUR SPECIAL OFFER TO CELEBRATE THE NEW CALENDAR YEAR CLOSES ON 28 FEBRUARY 2022 – THIS IS A 55% DISCOUNT ON ALL OF OUR PACKAGES – A GREAT OPPORTUNITY TO GET STARTED ON THE DELIVERY OF A DIVERSIFIED RANGE OF SERVICES FOR YOUR CLIENTS.
The following posts and videos hopefully will assist you in getting ready for a change within your accountancy firm:
- Click here to read “Developing Champions” or you can watch the video recording click here.
- Click here to read “Who Is Your Mentor?” or you can watch the video recording click here.
- Click here to read “Identifying Mentors” or you can watch the video recording click here.
- Click here to read “Crowd Sourced Funding Equity Raising Beneficial for SMEs” or you can watch the video recording click here.
- Click here to read “Business Advisory Services Starts with Training” or you can watch the video recording click here.
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 before close of business Monday, 28 February 2022 to obtain the outstanding 55% discount that we are offering to assist you to get ready to meet the challenges of 2022.
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:
