Posted: 03 December 2020

Planning Activities For 2021

Accountant's Minute 254

If you haven’t already started, now is the time to be thinking about the services that your accountancy firm is going to offer to your clients and prospects in 2021.

We will all be glad to see the end of 2020, but many challenges still exist. There are thousands of businesses around Australia still on the JobKeeper program and many businesses are not performing at full capacity, primarily because of the problems experienced by the tourism industry, accommodation and restaurants and bars because of the various lockdowns that have been in place around Australia.

In the Business Advisory Services Update Webinar/Conversation on Wednesday 9th December at 11.00am AEDT (10.00am AEST) Peter Towers, Managing Director of ESS BIZTOOLS will have a discussion with Mark Holton, Director, Smithink Pty Ltd relative to issues confronting accountants as they prepare themselves for 2021. Some of these issues include:

Undertaking strategic planning to assist SME clients to have a clear understanding of the challenges confronting them and planning strategies to overcome the problem areas.
Assisting clients on the management of cashflow, primarily the level of debt owed by debtors and strategies for the reduction of investment in stock and work in progress.
Many SME businesses are expected to encounter funding difficulties during 2021. Accountants need to have a clear understanding on the capital raising opportunities that all private companies now have including:
- Crowd Sourced Funding Equity Raising – the ability to raise up to $5 million in a 12 month period by issuing shares in the company to the public.
- Early Stage Innovation Company – a significant status for a young company that has developed a new product, process, service, marketing or management methodology that can be attractive to investors because of the taxation benefits that investors, in this type of company, receive.
- Section 708 of the Corporations Act capital raising – a private company can raise up to $2 million from 20 investors in a 12 month period with no documentation, specified by the Corporations Act, required.
Assisting clients in the establishment of an appropriate charge out rates for tradies’ businesses so that the business owns a targeted profit.
Assisting retailers in understanding the complexities of various mark-ups and product mixes so that the business can establish promotional activities which will assist in generating sufficient revenue, add a gross profit percentage that will generate sufficient gross profit to pay the businesses overheads and to generate the targeted profit.

(Click here) to register for this free webinar, or go to the ESS BIZTOOLS’ Home Page and scroll down to ‘Upcoming Webinars’.

In the Business Advisory Services Update Webinar/Conversation on Wednesday 2nd December 2020 “Alternative Funding for New Businesses – What’s the Trends?” Peter Towers and Priscilla Bea Smith, Director, Cloud Nine Associates, discussed the significant opportunity for accountancy firms to be able to brief their clients on the benefits that they can achieve by raising capital as a Crowd Sourced Funding Equity Raising Company, an Early Stage Investment Company or through a loan utilising the special loan funds made available by the Australian government for SMEs, which are 50% guaranteed by the Australian government, up to a limit of $1 million. The loan amount may be spent on any business related matter for the business.

Applications for these loans are via banks and financial institutions and close on 30th June 2021.

You can view the recording of that presentation by clicking here.

If you’re interested in obtaining a free, no obligation overview of the Business Advisory Services’ Product Packages, developed by ESS BIZTOOLS, which are suitable for your clients please “Book a Demo” on the ESS BIZTOOLS homepage – https://www.essbiztools.com.au/ or contact Peter Towers:

Email:
Telephone: 1800 232 088

If you have a friend or colleague who you think might find this article interesting please feel free to pass it on to them.

We look forward to you joining us for the fourth session of the new “Business Advisory Services Update Webinars/Conversations” on Wednesday 9th December at: