Using Research & Development To Add Value To Companies!

Accountant's Minute 259

Research and development is an area that many accountants have very little experience in, but it is an area that many small business and medium-sized clients are interested in having a clear understanding of what they can claim in their income tax returns and what government grants and special company status is available to assist them on their research and development and commercialisation journey.

Andrew Geddes, Former Chair of Greencross Ltd and a well-known Accountancy Industry Mentor together Peter Towers, Managing Director, ESS BIZTOOLS are the presenters of the ESS BIZTOOLS’ Business Advisory Services Update Webinar/Conversation on Wednesday 17th February 2021 at 11:30am AEST (12.30pm AEDT).  To register for this free webinar click here.

The conversation between Andrew and Peter will explore the “Research and Development Journey” that a company can undertake and, as part of that, consideration will be given to the “Accelerating Commercialisation Government Grant” and the special company status that is being created to assist innovative companies to attract investors by the government offering incentives to those investors to invest in an entity that has qualified as a “Early Stage Innovation Company”.

The “Research and Development Journey” starts with an “idea” and the person with the idea documents what they would like to achieve.

The company is required to conduct prior art/literature searches which, these days, a significant amount of that research can be undertaken using the Internet.

The entire research and development process is on the basis that it is self-assessment and therefore the company has the responsibility to ensure that proper records are maintained of all research into prior art that is undertaken and the results of those research activities.

We consider that this journey for a SME client from a “Research and Development Idea” through to being able to claim a Research and Development Incentive Rebate, possibly claim an Accelerating Commercialisation Grant and then to possibly meet the status requirements to be an Early Stage Innovation Company is a fantastic opportunity for the SME and their accountants.

ESS BIZTOOLS has developed product packages for each stage of this journey to assist accountants, who are currently the “Trusted Advisors”, to be able to remain the key advisors to their growing clients during this very interesting journey.  The “Research and Development Product Package” will be available for subscription from 25th February 2021.

Peter Towers and Andrew Geddes recorded a video interview to discuss the forthcoming webinar conversation.  You can listen to this video by clicking here.

You can register for the free webinar on Wednesday 17th February 2021 at 11:30am AEST (12.30pm AEDT) by clicking here.

Corporate Communications – A Skill That Accountants Need In This New Business Environment!

This was the theme of the discussion held by Peter Towers, Managing Director, ESS BIZTOOLS with Brad Smart, Managing Director, “Selling the Message”, in our most recent Business Advisory Services Update Webinar/Conversation held on 10th February 2021.

In the presentation Brad Smart, who has been a journalist, media owner, copywriter and screen writer in radio, television and on digital platforms for over 30 years, discussed strategies that accountants, who are looking at ways and means of improving their firm’s communications with clients and prospects, might adopt as part of the challenges confronting all businesses in 2021.

  • Establish “Academies” – on an accountancy firm’s website to enable training and information on particular business matters to their clients. The information supplied would be a video and could also include written material which could be emailed to the clients.

The solution to the business matter could also be shown and there could be a “call to action” to encourage clients to make contact with the firm to discuss a particular issue.

“This is becoming very important because people like to have what appears to be editorial comment given to them, rather than sales material just fed to them and the use of this type of Academy enables an accountancy firm to supply this type of information to a client”.

The Academy concept is giving the accountancy firm a “Virtual Corporate Communications Platform” that supplies 3 functions – copywriting, production and training in the copywriting area.

  • “Selling the Message” also offers support for accountancy firms relative to their social media promotions by assisting accountants to write suitable material to be posted to social media sites.
  • Media releases are very important because traditional media is still a significant promotional opportunity for accountants if they are discussing business issues, particularly on a regional basis, if the story can be pitched directly at that regional market.
  • Preparing blogs is another beneficial communication channel that “Selling the Message” can assist with.

You can access a recording of the 30 minute video conversation between Peter Towers and Brad Smart by clicking here.

Upcoming Webinars

The launch of the new “Research and Development Product Package” to accountants – free webinar – Thursday, 25th February 2021 at 11.00am AEST (12- noon AEDT) – to register please click here.

The Business Advisory Services Update Webinars/Conversations continue each Wednesday:

Date

Title

Registration

Wednesday 24th February 2021 at 11.30am AEST (12.30pm AEDT) - Amanda Gascoigne, Amanda Gascoigne Consulting

“How All Types Of Accounting Firms Can Benefit By Delivering Business Advisory Services”

https://essbiztools-au.zoom.us/webinar/register/WN_OF3bkbJWR8iCkG4D7IwuFQ

     

Wednesday 3rd March 2021 at 11.30am AEST (12.30pm AEDT) - Paul Barnaby, PlanGuru

“Predictive Accounting Using PlanGuru and ESS BIZTOOLS’ Products”

https://essbiztools-au.zoom.us/webinar/register/WN_iEZBDEJ_SK--WImsKDnyZw

     

Wednesday 10th March 2021 at 11.30am AEST (12.30pm AEDT) - Priscilla Bea Smith, Cloud Nine Associates

“Accountants Time to Shine - Offer Research & Development Services”

https://essbiztools-au.zoom.us/webinar/register/WN_FXMxwxLTR0Cq3Q1p5R-Bcg

     

Wednesday 17th March 2021 at 11.30am AEST (12.30pm AEDT) - Peter Milla

“Converting R & D To Return On Investment”

https://essbiztools-au.zoom.us/webinar/register/WN_4yzzyZRTR0q6n5XiDY4ggQ

     

Wednesday 24th March 2021 at 1.30pm AEST (2.30pm AEDT) - Mark Holton, Director, Smithink Pty Ltd

“Research & Development Can Assist Accountants To Differentiate Their Services”

https://essbiztools-au.zoom.us/webinar/register/WN_Ba9vOl6ZRZiE2ONGOryKtA

 

 

 

Wednesday 31st March 2021 at 11.30am AEST (12.30pm AEDT) - Matthew Karakoulakis, Principal Solicitor, AMK Law

“Legal Issues Relative to Research & Development”

https://essbiztools-au.zoom.us/webinar/register/WN_i6TDxAE1Q7mmt5zvaX4GBQ

Helping Your Clients Set Their Plans For 2021

If you have not already done so, this is a good time to be talking to your clients relative to setting their strategic plans, post JobKeeper planning [if needed, funding requirements, research and development activities (if they are developing new knowledge)] and generally reviewing your client’s systems to assist your clients to survive the challenges that are ahead.

Challenges Ahead

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 run their businesses and to scale up.  On Thursday 25th February 2021 we are releasing our newest product to assist accountants to add value to clients – “Research and Development Product Package”.

You are most welcome to visit our websites – www.essbiztools.com.au or www.essbizgrants.com.au where you can obtain information on government grants that are available for an individual client.

If you are interested in obtaining a free, no obligation overview of the Business Advisory Services Product Packages developed by ESS BIZTOOLS to assist accountants to deliver a wide range of Business Advisory Services without you having to reinvent the wheel by spending hundreds of hours in writing the material, 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.

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Using Research & Development To Add Value To Companies!