• The economy – interest rates are not at the current level to assist borrowers. They’re indicative of an economy that has significant problems.
• There are depressed business situations in some areas around Australia. This leads to businesses closing or making significant staff retrenchments.
• “Digital disruption” keeps on affecting businesses in all sorts of ways.
• Standard Business Reporting (SBR) – the Australian Taxation Office intends to implement this strategy from 1 July this year, which the ATO believes, will have a significant “red tape reduction” effect on accountants, even though the government will maintain that it’s good for business.

In these circumstances, accountants have a choice. You can either meet the challenges and provide the services the marketplace wants, or retreat and hope things will improve in the future.

• The Australian Taxation Office’s Second Commissioner has identified that there’s a real role for accountants in offering debtors’ management advice and cashflow management advice to small/medium enterprises. Debtors’ days outstanding is currently 51.6 days – three weeks longer than the standard business trading period of 30 days.
• The Personal Property Securities Act (PPSA) and the Personal Property Securities Register (PPSR) is a quagmire that can cause immense problems for businesses who are unaware of the requirements to register assets and other “personal property” on the register to gain some protection.
• Sale of businesses – there are thousands of businesses that baby boomers would like to sell. Many of these owners need assistance.
• Shrinkage/waste management reviews – potentially millions of dollars could be saved by businesses. Many small/medium enterprises need assistance in this area.
• Succession planning – every business should be facing up to this very important phase in a business. Are you offering succession planning advice?
• There are still Federal, State and Territory government grants available for clients who want to invigorate their business. Many small business operators will welcome the opportunity of obtaining a government grant. David Smith, Managing Director of Smithink 2020 and a former President of the Institute of Chartered Accountants in Australia, said, “If an accountant wants to make a client happy, get them some government money.”

• Advanced Manufacturing
• Mining Equipment, Technology and Services
• Oil, Gas and Energy Resources
• Medical Technologies and Pharmaceuticals
• Food and Agribusiness
• As well as enabling technology and service industries that support one or more of the priority industries listed:
  • Freight and Logistics
  • Infrastructure Related Construction
  • Information and Communication Technology
  • Professional Services (in a limited way)

Podcast 'Accountant's Minute'

Latest business advisory news for Accountants in under a minute.

Episode 016 Now is not the time to be faint-hearted!

As their trusted advisor, can you assist your SME clients with business advisory services?

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