From offering to actually DELIVERING advisory services

MERRY CHRISTMAS AND BEST WISHES FOR 2024

The SME market needs support from small/medium-sized accountancy and bookkeeping firms to meet the challenges that 2024 are expected to present: high interest rates, high inflation, supply chain difficulties and extreme weather conditions.

The challenge for accountants/bookkeepers is to not only ‘offer’ Advisory Services, but to enthusiastically ‘DELIVER’ those services to clients and prospects.

There are also challenges confronting accounting/bookkeeping firms…

The ever-changing technology and software is enabling more and more work to be transacted with the ATO without Accountants/Bookkeepers being directly involved.

The Tax Commissioner warned at Xerocon 2022: “You must understand that if your business model is high-volume, low margin, simple tax returns, your business will not be viable in 3 – 5 years’ time”.

“You should be looking to diversify to remain viable longer term.”

“Focus on becoming a brilliant and trusted advisor”.

Andrew Geddes, joint Founder of Financial Management Research Centre (FMRC) at the University of New England and Chair of Greencross Lit (a top 200 ASX company) for 10 years, made the following statement: “The greatest challenge for accountants is getting good people to work with.”

Accounting team members are seeking ‘Interesting and Challenging Work’.

Actually, ‘Delivering Advisory Services’ will assist accounting/bookkeeping firms to navigate a significant amount of the challenges expected in 2024. In doing so will enable your firm to ‘differentiate your services’ from your competitors and in the eyes of SME operators, because your firm will actually be ‘DELIVERING ADVISORY SERVICES’.

ESS BIZTOOLS is dedicated to developing practical packages to assist Accountants/Bookkeepers to deliver Advisory Services to your clients, without you having to spend hundreds of hours in developing your own material (which of course you can do so if you wish).

In the last week, we have commenced our ‘DELIVERING ADVISORY SERVICES’, a series of videos which are all based on products and services that ESS BIZTOOLS are delivering including:

Business Plus Newsletter

Produced each month for our members/subscribers to badge and distribute to their clients. We suggest that follow-up calls are made to individual SMEs to discuss components in the newsletter that our member believes their client might be interested in so that the engagement process hopefully can commence. Watch the video here.

Sections and Papers

This is the library that our members are able to select from 580 articles, covering 67 subject headings and badge the paper before sending it to the client/prospect. Watch the video here.

Research and Development

A detailed product package covering the process from the ‘idea’ through to the annual report required to be lodged with Ausindustry and the R&D data to be included in the company’s income tax return. Watch the video here.

Accountants Minute

A regular article that comments on issues affecting SMEs and the accounting/bookkeeping industry response to particular issues. Access Accountants Minute newsletter here.

ESS BIZTOOLS – Our ‘AFTERS’ Promise

A very important statement of intent as to how ESS BIZTOOLS views the service relationship with our clients. Find out more here.

SME Needs Analysis

This is a series of items that you could discuss with a client, firstly to show them that you can assist them on more than their taxation affairs, and secondly to gain input from them as to what is worrying them in their business and perhaps, their planning after they have retired from their business. Watch the video here.

Business Planning

A very important document that should be prepared each year and continually referred to during the year. It is important that the Business Plan is prepared in conjunction with the client’s leadership team. Watch the video here.

Predictive Accounting Services

Budgets for all business operations – Cash Flow Forecasts – Key Drivers – Projected Balance Sheets. These documents enable the ‘financial effect’ of the Business Plan to be illustrated to your clients. The forecast within the Projected Balance Sheets enable the accountant/bookkeeper to be the ‘Storyteller’ of what the future financial picture should look like. Watch the video here.

Early-Stage Innovation Company

The legislation for this company type is based on the Income Tax Act quite deliberately because the Government wanted to create an incentive for investors to invest in ‘young companies’ that were involved in the development of a new product, process, service, marketing or organisational strategies. The companies are all the ‘natural clients’ of small/medium sized accountancy and bookkeeping firms. Watch the video here.

Tradie Charge out Rate Calculator

Virtually every accountant and bookkeeper has some Tradie clients. Our research has indicated that many of these businesses do not have any real financial basis for the ‘Charge out Rates’ that they are using. The Calculator, which we have developed, enables you to guide your clients through to establishing Charge out Rates for their individual team members, based on the specific circumstances of their firm, not their mates at the pub or gossip that they hear at the football. Watch the video here.

Succession Planning

Some of your clients want to ‘scale up’, others want to quickly build up a business and then sell it. Others are content to work in the business for many years. Ultimately, they all should be thinking about their ‘exit strategy’. This product package will assist you to advise your clients on this process and also, succession training activities throughout the business to all team members. Find out more here.

To be continued…

We will continue with this video series from mid-January, where we will complete the overview of the 34 product packages within ESS BIZTOOLS, to assist Accountants/Bookkeepers to actually deliver Business Advisory Services to your SME Clients.

We are offering you a ‘Special Discount Package’ for you to take advantage of these outstanding product packages to assist you to deliver ‘DIFFERENTIATED SERVICES TO YOUR CLIENTS AND PROSPECTS in 2024’.

We look forward to your firm becoming a member/subscriber of ESS BIZTOOLS prior to the closing date of this special Christmas/New Year offer ‘DELIVERING DIFFERENTIATED SERVICES’, 22 January 2024.

MERRY CHRISTMAS AND BEST WISHES FOR 2024!

ESS BIZTOOLS Special Promotion

Now is the time to get organised to be able to deliver an outstanding range of ‘BUSINESS IMPROVEMENT SERVICES FOR YOUR CLIENTS’.  To assist you on this journey ESS BIZTOOLS is offering a ‘SPECIAL PROMOTION UNTIL 22 January 2024’, offering 20% discount on our product packages:

Financial Forecasting Package

Special Christmas discount – $726.40 (GST inclusive) 12 x monthly or upfront discounted price (GST inclusive) $7,920 – for details click here.

Advanced Package

Special Christmas discount – $476.80 (GST inclusive) 12 x monthly or upfront discounted price (GST inclusive) $5,200 – for details click here.

Starter Package

Special Christmas discount – $157.60 (GST inclusive) 12 x monthly or upfront discounted price (GST inclusive) $1,680 – for details click here.

Let’s look at the some of the great product packages that you will have to be able to deliver BUSINESS IMPROVEMENT SERVICES to your clients and prospects and to get a great start in 2024!

Want to know more?

Visit www.essbiztools.com.au.

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”.

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