What Type of Services do your Clients Want?
Welcome to Accountants Minute.
Surveys conducted by major companies over the last 15 years have all indicated that 75% to 80% of SMEs are looking for a wider range of commercial services to be provided by their accountants/business advisors.
Have you had a discussion with your "A Class" clients to ask them what type of services they are looking for?
Many of these clients are probably going to ask you – What type of services can you provide me? They will be looking for you to tell them the type of services that your accountancy business can provide.
I would like to give you a suggestion on a range of services that you might care to gear up to so that your firm could provide a range of commercial services to your clients including:
Debtors' Management Review
- the regular calculation of debtors' days outstanding
- discussion on system changes required to reduce debtors' days outstanding
- the implementation or a review of a written debtors' management system
- the regular review of debtors' balances and the prompt follow-up of debtors
All of this will contribute to improving the business’ cashflow position.
Risk Management – primarily “Personal Property Securities Register”
A due diligence review on the business’ understanding of the Personal Property Securities Act. A regular check to ensure that the system is functioning satisfactorily.
Business Planning
- Business plans for businesses are just as important as maps for tourists
- Where does the business want to go?
- Where do they want to be in 3 to 4 years' time?
Budgets and Cashflow Forecasts
- Should complement the business plan
- It’s important that businesses are continually identifying when they are going to have “cashflow hotspots”
Succession Planning
This is an ongoing issue for businesses, both large and small, but not just for the CEO but for every position within the business.
Chief Financial Officer Services
- With today’s computer technology and communications technology an accountancy business should be able to offer a broad range of services to clients irrespective of where they are located in Australia.
- You could then supply a virtual CFO's service to your clients.
- This will be very important for any company that raises capital as an Early Stage Innovation Company or a Crowd-Sourced Funding Company or, for that matter, has a turnover over $2.5 million and doesn’t employ a full-time accountant.
Identifying Grants
- Over $3 billion is allocated by the Australian, State and Territory governments each year for grants primarily targeted at small/medium enterprises.
- All businesses, both large and small, are contributing to this pool of money through their taxes.
- Are your clients receiving their fair share of the grants that are available?
