Business Advisory Services Top of the Charts!

Accountant's Minute 269

The “CommBank Accounting Market Pulse Report” released a few days ago has identified that a survey of accountants all over Australia has identified that the highest rating product that they are planning to offer, or significantly grow, in the next 12 – 18 months is “Business Advisory Services”.

In the survey 81% of “leading firms” and 67% of “lagging firms” identified “Business Advisory Services” as their significant growth service line for 2021 and 2022.

The “Accounting Market Pulse Report”, now in its sixth year of publication, identified “leading firms” as follows:

“We examine the attributes of the firms that are leading the recovery to understand what sets them apart and what lessons could be learnt.  We compared how their strategic priorities and investments differ from firms that are “lagging”.

“We defined “leading firms” as those with positive or stable financial, workforce and operational performance in the face of the pandemic across 5 criteria:

  1. Stable or growing profits.
  2. Maintaining cashflow.
  3. Staff utilisation.
  4. Working remotely and digital service delivery.
  5. Competing with other firms.”

Accounting Market Pulse highlighted:

  • “Clients’ needs are constantly evolving and their expectations around the quality, value, speed and range of services keeps rising.
  • New forms of competition have emerged.
  • Technology has changed the way accounting firms deliver their services.
  • Firms have had to provide a range of initiatives for staff in the battle for talent and ensure that employees’ skill sets keep pace with advances in technology and are aligned with client needs.”

There is no doubt that the Australian accounting market is changing – COVID-19 Coronavirus has emphasised the need for accountants to be offering a wider range of “commercial services” to assist small businesses and medium-sized enterprises, that cannot afford the cost of a full-time accountant on their staff, to be able to get the same benefits that they would have had from that type of employee, but on a virtual basis.

ESS BIZTOOLS has developed a range of products to assist accountants to be able to deliver these services without having to spend hundreds of hours in the development of your own material.  To give you an overview of some of the services that you can offer, utilising the ESS BIZTOOLS “Business Advisory Services Product Packages”, you might be interested in the following:

  • The “Practice Power Up 2021” virtual conference presented by the Institute of Chartered Accountants two weeks ago has highlighted the necessity for accountants to properly prepare themselves and their team members, if they wish to offer the broader range of professional services that are included in “Business Advisory Services”. For more information:
  • Accountants can assist inventors to plan a research and development project so they have the best opportunity to be able to claim a Research and Development Tax Incentive Rebate. For more information:
  • Applications for the first Australian Government Guaranteed Loans that were created as part of the government’s COVID-19 Business Support Program have to be lodged with a participating bank or financial institution by 30th June 2021. For more information:
    • First COVID-19 Special Loan Application Closes 30th June 2021 (click here)
    • Video Recording (click here)
  • Once you start working through the key components of a business, it becomes very obvious that business planning cannot be approached on the basis that “a general template will do”, because “one size does not fit all”. For more information:
  • Professional services firms earn their income by charging for labour, either by the time spent on an assignment or based on an upfront quotation. For more information:
  • Accountants offering Business Advisory Services can assist retailers to analyse their businesses on an ongoing basis to assist in achieving their profit target. For more information:

Challenges Ahead

The Accounting Market Pulse Report has clearly identified that all accounting firms should be seriously embarking on a policy of introducing Business Advisory Services so as to maintain loyalty from clients and to be able to offer interesting and varied work to your team, so as to assist with team retention.

To assist you get a better understanding of what is involved with Business Advisory Services we present ongoing free webinars.  Why attend these to get a better understanding of Business Advisory Services?

Upcoming Webinars Presented by ESS BIZTOOLS

You are most welcome to attend these free webinars:

  • Business Advisory Services – What Is Involved? How Do You Get Started? What Products?
    These are some of the questions we get asked by accountants.  Why not join us and ask your questions?
    Thursday 13th May at 12-noon AEST – click here to register.
  • Predictive Accounting – What Is It? It is a key component of Business Advisory Services with Paul Barnaby, Australasian Representative of PlanGuru and Tripp Graham, Marketing Director, PlanGuru USA.
    Wednesday 19th May at 12-noon AEST – click here to register.

Want To Know More?

You are invited to “Book A Demo” on ESS BIZTOOLS with Peter Towers, Managing Director, ESS BIZTOOLS to gain a better understanding of the services that are available within ESS BIZTOOLS and ESS BIZGRANTS? 

You can book a demo at www.essbiztools.com.au or contact Peter Towers:

Email: peter@essbiztools.com.au

Telephone: 1800 232 088

Have a great day.

Do You Want More?

To gain an overview of what is included in the ESS BIZTOOLS’ icon goldGold Package. Please contact us for further information.

To download free material click the link below:-

Download this Week's Free Report

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Episode 269 - Business Advisory Services Top of the Charts!

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Business Advisory Services  Top of the Charts!