Business Advisory Services Profile Very High

Accountant's Minute 252

The Accounting Business Expo was conducted as a virtual conference on Monday 16th and Tuesday 17th November, with one of the most talked about features being the large number of presenters commenting on the introduction of “Business Advisory Services” by accountancy firms.  This is great news, especially for those people who have been advocating, for many years, that accountants need to provide a broader range of commercial services to assist small businesses and medium-sized enterprises to grow and add value.

Peter Towers presented “Delivering Business Advisory Services To Add Value” to the accountants, business advisors and bookkeepers who participated in the expo.

You can access Peter’s Accounting Business Expo presentation recording by clicking here.

In our new format for Business Advisory Services Updates Webinars/Conversations, Trent Butler, Director, Trent Butler Consulting and Peter Towers, Managing Director, ESS BIZTOOLS will discuss Trent’s presentation titled “Consideration when Marketi16872281ng Business Advisory Services to your Clients and the Broader Marketplace”.

This presentation is being made via Zoom on Wednesday, 25th November 2020 at 12-noon AEDT (11.00am AEST).  You can register for this free webinar/conversation by clicking here.

In this presentation Trent and Peter will give consideration to the potential exposure that accountancy firms can aim for, either as a 100% supplier of Business Advisory Services or as a firm that is happy to continue to supply compliance services, primarily taxation, combined with Business Advisory Services of say 40% of the firm’s income.

We will also give consideration to how you position the types of Business Advisory Services’ products that you wish to supply so as to achieve the overall results that your firm would like and which will be of most value to your clients.

We will give you an overview of the ESS BIZTOOLS’ product packages which will enable you to get started in the delivery of Business Advisory Services to your clients.

It is obvious that the Commonwealth Bank’s “Accounting Market Pulse” report, released in June 2020, really did gauge the climate for a diversification of accountancy services by the SME market when they identified “Business Advisory Services” as the service supplied by accountants which was expected to be in the highest demand over the next 6 to 12 months.  The number of presentations at the Accounting Business Expo, relating to Business Advisory Services, certainly confirmed that there is strong interest in the supply of Business Advisory Services, including Chief Financial Officer Services.

If you would like the presenters to consider any questions or comments that you have relative to how you might market your services to your clients and prospects to supply a range of diversified commercial services to your clients you are most welcome to send us an email prior to 10.00 am AEDT on Wednesday, 25th November 2020.  Please send these emails to: peter@essbiztools.com.au.

In the “Reset Your Practice” video presentation on 18th November, Amanda Gascoigne, Amanda Gascoigne Consulting and Peter Towers, Managing Director, ESS BIZTOOLS. commented on a range of issues relative to accountancy firms re-setting their practices and, in particular, analysing the services being provided to tradies with a particular emphasis on assisting clients to calculate realistic charge out rates and then assisting them during the year with regular meetings to review the effectiveness of those charge out rates, combined with the labour teams working hours and productivity, together with the mark-up being obtained on external purchases for installation within clients projects and the overhead expenses of the business.

The discussions were on:

  • How do accountants sell this type of service?
  • Preparing a charge out rate calculation will probably be more acceptable to the client than offering to prepare budgets.
  • Charge out rate calculations giving great opportunity to analyse the tradie’s financial performance and to give advice.
  • The first calculation should identify what will be the breakeven level of charge out rates.
  • The total package should include a series of regular meetings throughout the year – this will enable a full review of the financial performance, labour hours and productivity achieved, so that comparisons could be made to the original figures utilised in the charge out rate calculations.

You are most welcome to view the recording of that webinar 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:

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 second presentation of the new “Business Advisory Services Update Webinars/Conversations” on Wednesday 25th November 2020 at 12-noon AEDT (11.00am AEST).

Stay safe! 

Have a great day!

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Episode 252 - Business Advisory Services Profile Very High

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Business Advisory Services  Profile Very High