A Year That Could Be Both Daunting and Positive

Accountant's Minute 257

The challenge at this time of the year for accountants is helping your SME clients set their plans for 2021.

Now is the time for business operators, both medium-sized and small, to be planning their business activities as best they can for 2021.  Many of your clients are going to need assistance in setting their strategies for this year which, hopefully, will be different to 2020.

Our suggestion is that you review your client’s business and prepare a list of matters that they could consider in setting their strategies.  Some of the items that could be considered include:

• Assisting clients, who are still impacted by COVID-19 Coronavirus, to apply for JobKeeper and to consider applying for the Australian government’s 50% guaranteed loan available via banks and financial institutions.
• Analysing financial performance to 31st December 2020 on an individual business unit basis, discussing Key Performance Indicators and what they mean.
• Assisting clients who are operating as a company, who undertook research and development activities in 2019/20 (and many of them may have undertaken research activities during the lockdown periods) and they wish to claim the research expenditure as a Research and Development Incentive Rebate, to finalise the registration with AusIndustry by 30th April 2021 or the date of lodgement of the company’s income tax return, whichever is the earlier.
• Assisting clients to review their charge out rate calculations or their retail product mix and product mark-ups to determine whether a change to strategies could be implemented to improve the business’ performance.
• Business review meetings are of tremendous assistance to the businesses that utilise them – why not suggest a monthly business review meeting to your client at which all members of the leadership team participate and that you produce a departmentalised financial report that analyses the individual business unit’s performance in a manner that the responsible managers can understand.

Business Advisory Services Update Webinars Recommences

On Wednesday, 3rd February at 11:30am AEST we are recommencing the ESS BIZTOOLS’ Business Advisory Services Update Webinars.  Our guest presenter is Jordan Lowry, Managing Director, Blackstone Business Group.

Jordan is an expert in Workplace Health and Safety, Fair Work Australia and employee management.

Jordan will discuss his recent article “New Year New Business!  Or is it?”

“We once again find ourselves in January already feeling like we are hot on the heels of February, I hope that everyone has entered 2021 refreshed and ready for the year ahead.

If 2020 taught us anything it was that we must prepare for the unexpected that may be just around the corner.

In the spirit of preparedness, a number of business owners use the early months of the year to ensure that they are up-to-date with human resources and workplace health and safety compliance.  However, too many times I speak to business owners who have the intention to update their employment contracts, safety policies or company handbooks and when we touch base another year on, they have done nothing because this task was pushed to the side as business distractions overtook compliance as a priority.

The risk posed by not prioritising compliance can be detrimental to, not only a business’ financials, but to its company culture and employee morale.

If you feel that you are guilty of putting compliance to the side you are not alone, however, you can be one of the employers who choose to be proactive rather than reactive.  With constant legislative change, especially in the wake of 2020, employers cannot afford to be reactive”.

Are these issues that affect your clients, or your firm?

You can register for this free webinar by clicking here.

Helping Your SME Clients Set Their Plans for 2021

Each month ESS BIZTOOLS prepares “Business Plus”, a newsletter for our subscribers, to badge and email to their clients.  If you would like to access a complimentary copy of the January edition of Business Plus please click here.

If you wish to utilise this edition of Business Plus to trial with your clients you are most welcome to do so.

Challenges Ahead

There are many challenges confronting accountants in 2021 with many clients looking for a wide range of advice.

ESS BIZTOOLS has developed a wide range of product packages to assist Accountants, Business Advisors and Bookkeepers to be able to give outstanding business advice on matters, other than taxation, to assist SME clients to better run their businesses and to grow.

You are most welcome to visit our websites – www.essbiztools.com.au or for information on available government grants for SMEs – www.essbizgrants.com.au

If you are 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 – www.essbiztools.com.au / or contact Peter Towers:

Email: peter@essbiztools.com.au

Telephone: 1800 232 088

Stay safe!
Have a great day.

Posted in Accountant's Minute on Friday, 29 January 2021