e-Newsletters – a Vital Communication Tool for Accountants

“In presentations, as in the rest of life, sticking with the same old presenting styles on the basis of “that’s how I’ve always done it” really means you’re standing still while the rest of the world rushes past you.” – Brad Smart, “Selling the Message”

Brad Smart wasn’t directing these comments to accountants when he wrote them but he could well have been doing so.

There is a lot of changes occurring in all facets of society including accounting.

In the ESS BIZTOOLS podcast this week, Brad Smart said “you’ve got to keep improving yourself, even if it’s incremental improvement.  You’ve just got to keep going along step-by-step making every event that you tackle one better than the previous one”.  Click here to listen to the podcast.

“We’re staring down the barrel of high inflation, rising interest rates and the cost of living and the cost of doing business is heading for the moon.”

“This means, maybe not this year, but certainly in 2023 or 2024, business is going to face some difficult times.  It’s going to get harder and harder to hold onto our clients as competition for their business will increase.”

“It’s tougher and tougher, and that’s especially so if you only talk to some of those clients once or twice a year at present if you are an accountant  only doing tax compliance work.“

“Those accountants have got no real reason to talk to clients more frequently, unless they can create a very good reason and that’s where a communication plan comes in.”

“It doesn’t matter whether you’re a multinational firm or sole practitioner you need a written communication.”

There is a whole range of new services that are available for accountants to be able to offer a full virtual CFO Service, to assist SME clients to run better businesses.

The Financial Forecasting model creates the momentum for accounting firms to be offering services weekly or, at the most on, a monthly basis, in effect virtually replacing a position that does not currently exist in most SMEs in Australia but which can offer businesses significant benefits as they attempt to grow and add value. 

Accounting firms who are committed to supplying Business Advisory Services incorporating Financial Forecasting will benefit from proactively promoting their services to their clients and prospects through the preparation of regular e- newsletters.

The “e-Newsletter “ proposal submitted by Brad Smart presents a great opportunity for accounting firms to recruit the services of a professional writer to add a vital service which will benefit their clients and the accounting firm.

ESS BIZTOOLS – Podcast

Mark Holton, Director of Smithink, joined Peter Towers, Managing Director of ESS BIZTOOLS, in previous week’s podcast, to discuss the challenges confronting accountants in 2022/23.  Click here to access the podcast.

Accounting News

Training Expenses Deduction Proposal

THIS IS NOT LAW YET, but the Federal Government has announced that legislation is being prepared to allow a 120% deduction for spending on training and digital training.

This proposal was announced by the previous government in the budget tabled in March 2022.  This proposal will be available for small businesses with a turnover less than $50m, backdated to 29 March 2022, when the legislation was originally proposed to commence from.

The Federal Treasurer has announced that the draft legislation is open for consultation until 19 September 2022.

Domain Registration Change

 The non-government regulator of domain registration, .au domain Administration (auDA), has announced that businesses that currently have domain names registered are able to apply via a priority access, to be able to register abridged.au domain name equivalents.

Businesses must have complied with the 20 September deadline for the new registration.  After that date, .au domain Administration will be able to register new ownership of the abridged domain name.

The Small Business and Family Enterprise Ombudsman has implored small businesses to take action, to safeguard their brand and identity on the internet.  For details click here.

Latest Social Media Posts

ESS BIZTOOLS has presented a series of posts over the last week.  Click on your preferred topic to access:

• What else can we do for clients?
• Interested in understanding “Financial Forecasting”?
• Are you aware of domain registration problems for SMEs?
• Market research is vital!
• Understanding client’s “business of business” is important
• Are you standing still?

Free Education Events

You are invited to participate in the following education events/webinars, free of charge.  Click on your preferred event to register your attendance.

• Introduction to Virtual CFO Delivery – Thursday, 15 September 2022 at 11:30 AM AEST.
• Financial Forecasting Package of Services – Wednesday 28 September at 11:30 AM AEST

Previous Education Event

We presented “Financial Forecasting” education event this week. If you missed it, click here to watch the recording.

Want to know more?

Visit www.essbiztools.com.au.  You are also welcome to visit www.essbizgrants.com.au, a website that can assist in the identification of government grant(s) suitable for your clients.

If you would like to have a discussion about how this concept of virtual CFO services can be supplied by Australian accounting firms please ring our Managing Director, Peter Towers, on 1800 232 088 and we will arrange a complimentary 45 minute Zoom meeting to discuss your firm’s position and to give you our advice.

We believe that this is the blueprint for the delivery of an enhanced range of services by Australian accounting firms to assist SME businesses to add value to their businesses and to assist accountants not only to attract but to retain outstanding talent who want to be involved in the delivery of “real accounting services”.