Australia Is Coming Back!

Accountant's Minute 270

This is a direct quote from the Federal Treasurer, Josh Frydenberg, in his budget presentation to the House of Representatives on 11th May 2021.

It is an appropriate description of what many of us are hoping will occur in Australia over the next 12 months.

Australian government budget:

A lot of money has been invested by the government to “kick-start” a whole range of activities, including SME businesses.

In the ESS BIZTOOLS “Business Plus+” special edition for the Federal Budget, we highlighted the key allocations that have been made that are of interests to small and medium-sized businesses.

You can view the Business Plus+ Federal Budget edition by clicking here.

Developing Strategies For Your Firm

The CommBank Accounting Market Pulse Report, released early in May, has highlighted strategies being developed by “leading” firms and those being prioritised by firms, which the CommBank report, identified as “lagging”.

It is interesting to note that both classifications of accounting firms highlighted that the proportion of firms planning to enter, or significantly grow, service lines in the next 12 – 18 months identified:

  • “Business Advisory Services” as the service line with the highest support!
  • The firms identified as “leading” indicated a rating of 81%.
  • The firms identified as “lagging “indicated a rating of 67% which incidentally was higher than the rating given by “leading” firms to any other category of service line.

This leads to an important question – What services do your clients require?

Communicating about the services your firm can offer – it is very important to tell your clients/prospects what services you can offer them.

Each month ESS BIZTOOLS produces a “Business Plus+” newsletter for our subscribers to rebadged and send to their clients/prospects.  The “Business Plus+” newsletter is an information tool for clients and a promotional/marketing tool for accountants.

The May edition of Business Plus+ is an example of the commentary made on various issues that confront SMEs which, in the final paragraph of each article, contains a “call to action” for the reader to contact their accountant for more information.

You can access the May edition of Business Plus+ by clicking here.  If you would like to trial this newsletter with your client/prospects, you are most welcome to do so.

ESS BIZTOOLS has developed a range of products to assist accountants, business advisors and bookkeepers to be able to deliver a wide range of services to SMEs which will give you an introduction to Business Advisory 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 ESS BIZTOOLS’ “Business Advisory Services Product Packages”, you might be interested in the following:

The CommBank Accounting Market Pulse Report released last week highlighted that the demand for a broader range of commercial services from SMEs is growing significantly:

To be able to deliver a broad a range of Business Advisory Services, accountants need to clearly identify who their “clients are” and “what are their needs”. For more information:

Accountants offering “Business Advisory Services” need an awareness of the composition of the “stock mix” that each of their retail clients is utilising. For more information:

There are a range of activities that contribute to the success of a business. Traditionally, accountants prepared a set of financial accounts and income tax returns for their business clients but did not enquire any further. For more information:

Challenges Ahead

The Federal Budget will undoubtedly generate many questions from your clients and the accounting Market Pulse Report, released 2 weeks ago, contains some challenging questions for accountants and business advisors to consider.

Are you going to be one of the “leading” firms and embrace the challenge of providing additional commercial services for your clients?  If you do you’ll be able to meet the challenges that Accounting Market Pulse outlined as follows:

“Accounting firms have had to navigate significant change.  Clients’ needs are constantly evolving and their expectations about the quality, value, speed and range of services keep rising”.

“New forms of competition have emerged while technology has changed the way accounting firms deliver their services”.

“Firms have also had to provide a range of initiatives for staff in the battle for talent and ensure that employee skill sets keep pace with advances in technology and are aligned with client needs” 

“More change and disruption inevitably lie ahead – how you respond to these challenges is what separates the “leading” firms from those that are “lagging”.

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

Why not attend these webinars to get a better understanding of what is involved in the delivery of Business Advisory Services?

Webinar Recording

Last week we presented “Business Advisory Services – Getting Started".  You can access the recording of this webinar by clicking here.

Upcoming Webinars Presented by ESS BIZTOOLS

You are most welcome to attend these free webinars:

  • 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.
  • What’s Included in Business Advisory Services? An Overview of the Product Packages included within the ESS BIZTOOLS’ Business Advisory Services Package.
  • Thursday 27th May 2021 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:

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 270 - Australia Is Coming Back!

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Australia Is Coming Back!