Transform Into Key Strategic Partner
Accountants Minute 433
Is the “Trusted Advisor” Status a Myth? What SMEs Really Think — And What Accountants Must Do Next
For years, the accounting profession has proudly championed the phrase “Trusted Advisor” – the belief that accountants are the first call, the key strategic partner, and the most valued voice in an SME owner’s decision-making.
But is this reality… or just perception?
A recent Accountants Daily “Under the Hood” Podcast painted a surprising picture. Ex-Deloitte partner and insolvency expert Eddie Senatore spoke to 80 accountants and 20 bookkeepers across Australia. A full 75% of them said they are the Trusted Advisor to their clients.
And without doubt — many firms are delivering outstanding advisory support.
But then came the sobering truth.
What SMEs Actually Think — The QuickBooks SMB Navigator Report 2025
QuickBooks surveyed 500 SME operators and asked them to categorise the service they receive from their accountants. Their answers revealed a stunning gap between accountant perception and client reality:
Key Strategic Partner (Trusted Advisor): “They are our go-to partner for advice and essential to our growth.”
Only 15% of SMEs agreed.
Valued Relationship: “They help with compliance, but aren’t our strategic advisor.”
51% agreed.
Transactional Relationship: “Basic service provider. Nothing more.”
34% agreed.
Where Is the Disconnect Coming From?
A headline in the Accountants Daily Podcast episode struck the heart of the issue:
“Accountant Calls on Industry to Address ‘Trusted Advisor Myth’.”
Eddie Senatore’s research into financially distressed SMEs revealed…
The striking disconnect:
❌ Accountants believed they were delivering deep advisory.
❌ Clients in distress said they weren’t receiving it.
Why?
Trust is not built through:
❌ annual tax returns
❌ occasional check-ins
❌ transactional compliance work
Trust is built through:
✅ deep engagement
✅ ongoing communication
✅ understanding the client’s business, goals, challenges and gaps
✅ addressing risks early — not after they snowball
Senatore’s critical question hit hard:
“If end-of-year tax work magically disappeared, would your client still call you?”
For too many firms, the honest answer is no.
The Harsh Reality: What Is the State of Australian Small Business?
The Australian Small Business & Family Enterprise Ombudsman reveals:
❌ 43% of small business owners make no profit
❌ 75% earn less than the average Australian wage
❌ 30% of agribusinesses lose money each year
Small businesses are working harder… yet falling further behind.
And the accounting profession is uniquely placed to help change this.
The Solution: Expand Financial / Commercial / Management Accounting Advisory
The QuickBooks report confirms some firms are evolving — but not enough to shift SME outcomes at scale.
At ESS BIZTOOLS, we believe the modern accountant must:
✅ Become the Virtual CFO: Using today’s technology, accountants and bookkeepers can deliver weekly, actionable financial intelligence – just like a CFO would.
✅ Support a Business 52 Weeks a Year: Businesses operate every week. Your advisory system must as well.
✅ Move Beyond Annual Accounts: A tax return helps with compliance – but it does not help someone run a business.
✅ Address the 30–40 Key Management Responsibilities: Most SME owners juggle these responsibilities alone. Many have zero financial management experience.
✅ Implement a Rhythm of Meetings + Predictive Reporting: Advisory success = consistent communication:
✔ weekly or fortnightly KPI reports
✔ monthly financial performance meetings
✔ rolling cashflow forecasts
✔ early risk identification
✔ rapid problem-solving
Waiting 12 months to discover an issue is no longer acceptable.
ESS BIZTOOLS Financial Forecasting Package: Your Advisory System in a Box
To help firms scale advisory services efficiently, ESS BIZTOOLS has developed a powerful, structured solution:
The Financial Forecasting Package is designed specifically for accountants and bookkeepers who want to:
✅ deliver Virtual CFO-style services
✅ produce ongoing cashflow forecasts and budgets
✅ generate predictive reports for early warning signs
✅ support clients with weekly or monthly financial insights
✅ build a proactive, not reactive, relationship with SMEs
✅ position themselves as true Key Strategic Partners
This is the system that transforms accountants from compliance providers into indispensable advisors.
BLACK FRIDAY SPECIAL – Transform Your Advisory for 75% Off!
We’re making it easier than ever to step into the role of true Key Strategic Partner.
For a limited time only, we are offering an unprecedented 75% discount on a 12-month subscription to one of our most powerful advisory systems.
The Financial Forecasting Package – normally valued at $4,200 – is now available for just $1,050 including GST.
That’s a massive $3,150 saving and an unmissable opportunity to:
✅ Deliver 52-week Virtual CFO support
✅ Provide predictive insights your clients can act on
✅ Strengthen long-term client relationships
✅ Build a truly scalable advisory division
This is your moment to elevate your firm – and your clients – for a fraction of the usual investment.
Ready to step up? This offer won’t last.
SUBSCRIBE TO FINANCIAL FORECASTING PACKAGE HERE
Find Out More – Join the Webinar
Financial Forecasting Package: Advisory With Vision
🗓 Wednesday 26 November
⏰ 11:00 AM AEST
Want to see how it works in practice? Register for our upcoming webinar to explore the system in action and discover how firms are using it to transform their advisory services.
Built on the foundation of our Advanced Package, this toolkit adds powerful forecasting tools that help you model profitability, cashflow, and long-term growth strategies for your SME clients. With 31 specialised content packages, publishing rights, and customisable client access, you gain everything needed to deliver meaningful insights — not just numbers.
This is your pathway to becoming a proactive, future-focused strategic partner.
The firms who step into this space – with structure, consistency and proactive financial leadership – will become the 15% that SMEs consider Key Strategic Partners.
ESS BIZTOOLS is here to help you get there.
Visit our website – www.essbiztools.com.au – to discover the detailed overview of the services provided by ESS BIZTOOLS. You are also welcome to contact us on 0418 190 181 or email .
Insights From Our Affiliates
Why Most Benchmarking Misses the Mark — And What Actually Works
After the last article, a few accountants messaged me saying the same thing:
“Darren, my clients are struggling — but benchmarking to the average just doesn’t help them.”
I couldn’t agree more.
The problem is simple: the “average” Australian business isn’t performing well. It’s barely profitable, it’s not paying the owner properly, and it’s certainly not something any client should be aiming for.
Here’s what I see all the time:
A client has a 7% net profit.
The software says the industry average is 6%.
Everyone relaxes… and nothing changes.
Meanwhile, the top 20% of operators in that same industry are sitting at 18–25%. That’s the real story — but clients never get to see it.
This is why we built the TaxFitness Top 20% Benchmarking System. It gives clients a clear look at how high-performing businesses actually run: stronger margins, tighter cost control, consistent profit, owners getting paid market wages. Real benchmarks — not averages dragged down by underperformers.
Benchmarking shouldn’t be a long advisory project. It’s a five-minute conversation that answers two questions:
1. Am I doing okay?
2. What should I fix next?
When clients see the top 20% numbers, they stop making excuses and start making decisions. And that’s when advisory finally becomes easy.
If you want to try it, use it with one client this week. You’ll see the shift straight away.
Make sure to use the Referral Code: ESS100 for $200 off your annual subscription.
EXPLORE TAXFITNESS AND SUBSCRIBE HERE
Free Webinar by ESS BIZTOOLS
Advisory on Demand: The Advanced Package Advantage
📅 Thursday 20 November | 11am AEST
Financial Forecasting Package: Advisory With Vision
📅 Wednesday 26 November | 11am AEST
BLACK FRIDAY FEATURE WEBINAR
Innovation Journey: Helping SMEs Create, Grow, and Prosper
📅 Monday 1 December | 11am AEST
Empower Tradies with an Effective Pricing System
📅 Thursday 4 December | 11am AEST
Guiding SMEs to Success Through Business Planning
📅 Thursday 11 December | 11am AEST
Smart Succession Planning for SMEs
📅 Thursday 18 December | 11am AEST
ESS BIZTOOLS Podcast
In this episode of the Accountants Minute Podcast, Peter Towers explores why so many SMEs are still failing – and how accountants, bookkeepers and advisors can change that story. Drawing on Michael Gerber’s “Dreaming Room” concept, real client case studies and the ESS BIZTOOLS Starter Package, Peter shows you how to build systems, introduce virtual CFO-style support, and position your firm as the strategic partner SMEs desperately need to survive and grow.
CLICK HERE TO LISTEN TO OUR PODCAST
Listen to more Accountants Minute Podcast episodes here
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 0418 190 181 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 and Bookkeeping firms to assist SME businesses to add value to their businesses and to assist accountants and bookkeepers 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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