WIN! WIN! WIN!
Welcome to Accountants Minute.
There are tremendous opportunities for accountants and business advisors if you make a positive commitment to offer a broader range of commercial services to your SME clients in 2018.
WIN! For SME clients!
SMEs have been identifying that they would like to receive additional commercial services in survey after survey for the last 15 years.
In the surveys SMEs identified a range of services that they would like to receive so that they can develop better businesses including:
- Assistance in the management of their costs
- Mentoring on management training
- Assistance in the preparation of Business Plans, Budgets and Cash Flow Forecasts
- Assistance in raising capital or loans
- Expansion advice
- Cash flow management advice
- Succession planning
- Corporate governance mentoring
- Risk management reviews
WIN! For Accounting Team Members!
If your accountancy/advisory business proactively delivers these type of Business Advisory Services your accountancy team members besides attending to compliance work will be involved in “real accounting work” that could include:
- Answering “what if” questions from your clients.
- Debtors’ Systems Review – assisting clients to reduce their debtors’ days outstanding thus contributing to a cash flow improvement.
- Helping to protect your firm’s clients from massive losses/even business failure through ignorance of the benefits from registering customers and transactions on the Personal Property Securities Register.
- Helping businesses to articulate their “Vision” by the development of Business Plans.
- Helping companies that have developed new technology to qualify as an Early Stage Innovation Company so that they could then attempt to raise capital from investors.
- Helping companies that have turnovers under $25 million per annum to raise capital as a Crowd Sourced Funding Company. To do this your accountants would need to work with clients:
- to develop the business’ “Vision”
- to identify what the capital raised could be utilised for including – paying out of loans or credit cards, ,expanding the business’ activities.
- Helping to identify government grants that are suitable for individual businesses thus enabling clients to have a cash contribution of approximately 50% to some of the work that your firm may attend.
- And lots more
WIN! For Accountancy/Advisory Firms
- Your clients will be happy and will remain as loyal clients whilst they are receiving the services that they want which are contributing to adding value to their businesses.
- Your accountancy team members will be happy – they will be doing interesting “real accounting work”.
- Partners will be happy – the firm has created “new income streams” to at least offset any reduction in income from taxation return work as taxation return work becomes more of a commodity and therefore subject to ongoing price competition.
