Accountant's Minute 279
Happy New Financial Year! - Monday 12th July 2021
“Longest debtors’ days outstanding in the world!” This dubious title was awarded to Australia in November 2016 with an average debtors’ days outstanding of 56.4 days.
The then Australian Small Business Ombudsman – Kate Carnell described this as the “silent killer of modern business”.
She also said that “90% of small business failures are due to poor cash flow management”.
Subsequently to the announcement of this very poor statistic for Australian small business the Federal Government announced that government departments would pay their bills to small businesses faster and the Prime Minister requested that big business do likewise.
A recent article in Anthill Magazine has indicated that the average SME is waiting 56 days to be paid. In 3 ½ years all that has been accomplished is an improvement of 0.4 days in the debtors’ days outstanding. Of more concern the debtors’ days outstanding range was from 7 days to 134 days.
Debtors Management is a very important area for SMEs and we believe it is an ideal area for accountants, bookkeepers and business advisors wishing to offer Business Advisory Services to start this new diversified range of services that will assist your SME clients to save cash thus improving their cash flow.
The second webinar that we are presenting in the Business Advisory Services Implementation Training is targeted at Debtors’ Management and is being presented on Tuesday, 13 July 2021 at 12 noon AEST – to register click here.
The presenters in this webinar will be Peter Towers, Managing Director - ESS BIZTOOLS and Brad Smart, Managing Director - “Selling the Message”. Brad Smart will discuss how important communications are between professional advisers and clients particularly in areas relating to Debtors’ Management. Brad Smart has been training executives from the corporate and government sectors in media and presentation skills for over 30 years.
ESS BIZTOOLS is launching the “Business Advisory Services Implementation Training” series for accountants who are committed to providing Business Advisory Services.
“Business Advisory Services Implementation Training - Getting Ready” with guest presenter Andrew Geddes an Accounting Industry Guru was held on Friday 2nd July 2021.
Andrew Geddes responded to a question – “Why should accountants proactively deliver Business Advisory Services to their clients”. Andrew answered - “If you don’t help your clients with their businesses they might go broke, then you won’t have a tax accounting client!”. “Also accountants have a moral obligation having been given the privilege of tertiary education, you should be helping businesses in your community”.
This webinar will give you an overview of the planning and training that is necessary for accountants to establish a strong Business Advisory Services culture which will add value to clients, provide very interesting work to your team members and create new revenue streams for your professional firm based on the ESS BIZTOOLS’ product packages. You can view that video recording by clicking here.
The Predictive Accounting Package featuring PlanGuru three-way financial forecast software, training and support from Beyond Accounting Technologies and ESS BIZTOOLS Budget and Cash Flow Forecast Articles has been launched.
PlanGuru’s software package included in the Predictive Accounting Product Range will be licensed to be used by a professional firm for up to 10 clients of the firm without any additional cost.
In total the estimated saving from this new package is $3,800.
Paul Barnaby FCA, Managing Director - Beyond Accounting Technologies and Australasian representative for PlanGuru is the contact person for enquiries.
Paul Barnaby can be contacted at 0411 214 471 or by email: email@example.com.
You can access the Introductory webinar on Predictive Accounting by clicking here.
The ESS BIZTOOLS Business Advisory Services Starter Package is available at a 50% discount of only $999 including GST until 30 July 2021.
To view the ESS BIZTOOLS Business Advisory Services Starter Package Product Brochure please click here.
Our theme for promotional videos in the past week has been “Getting Ready to Deliver Business Advisory Services”.
The Accounting Market Pulse Report has identified that most accounting firms will be implementing a broader range of diversified services during 2021/22.
You have made your decision your accountancy firm is going to be proactively involved in the delivery of a broader range of professional services to your clients.
Accountants who are committed to offering a broader range of Business Advisory Services to SME clients need to assist those clients in planning their future.
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!