Product Packages Assist Diversification
Accountant's Minute 283
What is your firm’s point of difference? From a SMEs’ point of view most accountancy firms look the same – the majority provide a service relating to the preparation of annual financial accounts and income tax returns for businesses, superannuation funds, individuals.
Some accountants have ventured into diversification by creating industry specialities for activities such as:
- Marino Wool
- Cotton
- Beef Cattle
- Horticulture
- Medical Practices
- Pharmacies
- Dental Practices
- Builders
- Specialist Tradie Businesses
Within these industries some accountants have become “experts” because they have developed detailed knowledge of how these industries operate. They have “dug into the records and systems of those businesses” so that they are able to develop management accounting systems that contribute to the information that the management team receives to enable the leaders and all of the team members to better perform their role within the business.
The CommBank Accounting Market Pulse released in early May 2021 has really put “diversification” into the spotlight because they identified that only 5% of the firms that they surveyed for the production of the report “will not be diversifying services in the next few years”.
The highest rating area for new products and services to be developed as part of this diversification process was nominated in the report as being “Business Advisory Services”.
What then is the “point of difference” that the marketplace will notice?
It could be the specialisation within individual industries or it could be that because of reading articles on a particular industry and examining the way that Key Performance Indicators could be better used within a business that an accountant becomes known as an “expert” in a particular industry.
“The expert status” may have been earned because of contributions to social media relative to SMEs or individual industries or problems that confront a range of SMEs or writing articles for industry journals.
To be seen as an “expert“ an accountant needs to have developed a detailed understanding of how an individual business operates in a far greater depth than the knowledge that is normally accumulated from the preparation of annual financial accounts and preparing income tax returns including:
- How does the business operate in its various components?
- What are the key components?
- How are the costs of the individual operations calculated?
- Is there an effective job costing system in operation?
- How does the inventory system operate – is there effective monitoring of the level of investment in inventory?
- Is there strong control on debtors including close analysis on “debtors’ days outstanding” and prompting of customers when their payments are due?
- Are informative Key Performance Indicator Reports being prepared?
Developing a reputation that an accountancy, business advisory, Chief Financial Officer Services, bookkeeping firm has an “expert status”, either for individuals within the firm or the firm as a whole is a significant contribution to that professional firm developing a reputation that it offers a “diversified range of services for their SME clients”.
The range of product packages produced by ESS BIZTOOLS have been developed to assist accountants all over Australia to offer a diversified range of services to assist clients to have a better understanding of the financial, costing, corporate governance issues relating to their business activities.
The ESS BIZTOOLS range of product packages covers from “starting a business” to “capital raising”. Full details are available at www.essbiztools.com.au
Extension of 50% discount offer:
The supply of accountancy services has been disrupted by the extensive lockdowns now in force around Australia. We are conscious of the disruption that these lockdowns are causing. We are extending our 50% discount offer on our key product packages until 31 August 2021:
- Business Advisory Services Starter Package – 50% discount – your investment $999 (including GST) for 12 months access.
- Advanced Package (previously known as Gold) (this package includes all of the ESS BIZTOOLS material, including access to ESS BIZGRANTS) – 50% discount – your investment $3,250 (including GST) for 12 months access.
- Chief Financial Officer Service Package – 50% discount – your investment $1,375 (including GST) the 12 months access.
- Innovation Package – 50% discount – includes Research and Development, Accelerating Commercialisation Grant, Early Stage Innovation Company Capital Raising Process and Business Advisory Services Training – $2,500 (including GST) for 12 months access.
Your action:
Please complete the subscription form - (click here) and indicate whether you would like to receive one of the Affiliate’s packages (subject to availability).
Please complete and return to us as soon as possible and we will confirm if the Affiliate support package is available for you and upload your firm as a subscriber to ESS BIZTOOLS.
Affiliate Support Packages:
- Blackstone Business Group (Jordan Lowry)
- Complimentary Employment Contract Review – Reduced Employment Contract Package for $399 plus GST.
- Link to video click here.
- Link to article click here.
- “Selling the Message” – Brad Smart is offering to write or help you write your first customer email or newsletter without charge. This offer is for the first 10 firms who have subscribed to the ESS BIZTOOLS’
- Link to video click here.
- Link to article click here.
- Smithink (Mark Holton)
- Discounted subscription fees for the “Young Gun Conference” at the Gold Coast 11/12 October 2021.
- Link to video click here.
- Link to article click here.
- Cloud Nine Associates (Priscilla Bea Smith)
- CPD hours at a discount – first 5 subscribers who leave a “review” will be reimbursed the cost of the small business concession course fee.
- Link to video click here.
- Link to article click here.
- Beyond Accounting Technology (Paul Barnaby)
- Predictive Accounting review normally $695 at no charge for the first 20 firms who have subscribed to the ESS BIZTOOLS’ promotion.
- Link to video click here.
- Link to article click here.
- Amanda Gascoigne Consulting (Amanda Gascoigne)
- “Small and Solo Practice Coaching Session” no charge for the first 10 firms who have subscribed to the ESS BIZTOOLS’ promotion.
- Link to video – click here.
- Link to article – click here.
We acknowledge the assistance offered by our Affiliates. Details of the offering by each Affiliate is available on the ESS BIZTOOLS’ website - Affiliates - click on the Affiliate.
Upcoming Webinars Presented By ESS BIZTOOLS
- “Business Advisory Services Implementation Training - SME Debtors’ System Manual” - Thursday 12th August 2021 at 12-noon AEST.
- To register click here.
- “Business Advisory Services Implementation Training - Client Seminars/Webinars - Characteristics of a Well Run Business” - Tuesday 17th August 2021 at 12-noon AEST.
- To register click here.
- “Predictive Accounting” - presented by Tripp Graham - Marketing Director - PlanGuru USA, Paul Barnaby - Managing Director - Beyond Accounting Technology and Peter Towers - Managing Director - ESS BIZTOOLS - Friday 20th August 2021 at 12-noon AEST.
- To register click here.
Did You Miss Our Recent Webinars?
We’re happy to be able to give you access to the webinar recordings:
- “Business Advisory Services Implementation Training - Survival In Difficult Times - Wednesday 4th August 2021 - click here.
Want to know more?
You are invited to “Book A Demo” 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:
Stay safe!
Have a great day!
