Debtors’ Management System

Many businesses are facing an uncertain economic future and will be looking to their accountants/business advisors/bookkeepers to give them advice as to what the future holds for them.  The key to this advice is for accountants to have the confidence and ability to offer “Predictive Accounting Services” so that their clients have an awareness of the financial implications of the...

Tags: Key Performance Indicators | PlanGuru | Predictive Accounting | Research and Development | Selling the Message | SME Needs' Analysis | Succession Planning
There is a range of services beyond taxation, that smaller accountancy firms can provide to their SME clients, to assist those businesses to grow and add value. Amanda Gascoigne, an experienced Consultant to smaller accountancy firms, together with Peter Towers, Managing Director, ESS BIZTOOLS are the presenters of the ESS BIZTOOLS’ Business Advisory Services Update Webinar/Conversation on...

Tags: Accelerating Commercialisation Grant | Gateway Test | Principles' Test | Research & Development Incentive Rebate | Selling the Message
Welcome to Accountants Minute. There are two major issues for accountants to consider relative to “future proofing” and SME debtors’ management: Australia has the dubious title of having the “longest debtors’ days outstanding in the world”. Offering proactive debtors advice is a significant contribution to “future proofing” for accountants. The problems to be solved...

Tags: Future Proofing | Personal Property Securities Register
Welcome to Accountants Minute. The CommBank Accounting Market Pulse June 2018 identified a number of service lines, outside of traditional accounting/taxation services, in which some accountants are investing, including: Business Advisory Services Management Consulting Services Risk Management Private Equity Services Accountants need to consider these types of products/services as you...

Tags: Corporate Governance | Future Proofing | Government Grants | Personal Property Securities Register
Welcome to Accountants Minute. Having too much money owing by debtors, high levels of stock on hand and work in progress or high levels of capital expenditure, can all contribute to significant cashflow management problems. All types of businesses can encounter real survival problems, even when they are trading profitably, if they have too much money invested in debtors, stock, work in...

Tags: Personal Property Securities Register
Welcome to Accountants Minute. “Today’s business environment is in a state of flux with some industries extremely buoyant whilst others are floundering.”  “Accounting firms service all sectors of the economy and as a result our benchmarking research is showing a marked differential in performance among firms of similar size or based in similar geographies.” ...

Tags: Business Plan | Personal Property Securities Register
Welcome to Accountants Minute. Are you a “me too”?  Your clients are competing in a competitive world.  Accountants are no different. Things are changing all the time. All types of businesses, including accountants, need to be differentiating their services to make them look different, to be able to offer the products/services that the customers are looking for – your...

Tags: Personal Property Securities Register | Real Accountant's Work
Welcome to Accountants Minute. This week I want to talk to you about the “Big 6” – the “Big 6” products that we have on offer for you. Products about which we believe your small/medium enterprise clients will want to learn more. Crowd Sourced Funding Equity Raising This is a new opportunity because this legislation is brand new. All you need to do is look out for clients who have...

Tags: Personal Property Securities Register
Welcome to Accountants Minute. Surveys conducted by major companies over the last 15 years have all indicated that 75% to 80% of SMEs are looking for a wider range of commercial services to be provided by their accountants/business advisors. Have you had a discussion with your "A Class" clients to ask them what type of services they are looking for? Many of these clients are probably going...

Tags: Budgets and Cashflow Forecasts | Business Plan | Personal Property Securities Register
You might ask – where are the opportunities to create “new income streams” from other than compliance work? The opportunities include: Personal Property Securities Register I have recently completed a series of workshops for the Entrepreneurs Program (Australian government). When I asked the directors and officers attending the workshops whether they knew anything about the Personal...

Tags: Budgets and Cashflow Forecasts | Business Plan | Personal Property Securities Register
From my point of view it is preferable that the “someone” be an accountant. Surveys conducted over the last fifteen years by MYOB, CCH and various other organisations have all identified that a significant majority of small/medium enterprise operators want to access services that will contribute to “adding value” to their businesses. Most small/medium enterprise operators agree that...

Tags: Budgets and Cashflow Forecasts | Corporate Governance | Personal Property Securities Register
Accountants, how to create value-add for your clients is undoubtedly one of the biggest questions you need to answer at the beginning of the 2017/18 financial year. We suggest that, in the first instance, you develop a plan; a plan for how you’re going to deliver business advisory services’ products to your clients.  In the beginning, you’re going to have to concentrate on team training...

Tags: business advisory services | Business Plan | Personal Property Securities Register
Accountants, you need more than marketing gimmicks in a Business Advisory Services’ Package.  Whilst marketing and selling skills are important attributes for accountants who are looking to diversify their practices by offering a wider range of services, they are not the only skills that are required if you are going to successfully launch your accountancy or consultancy business into...

Tags: Budgets and Cashflow Forecasts | business advisory services | Business Plan | Risk Management
Hello, I’m Peter Towers, Managing Director of ESS BIZTOOLS and ESS BASIP.  Welcome to Accountants Minute. Accountants, small/medium enterprises want value added services.  Services that your clients can applaud and say, “thank you very much”.  Do your clients thank you for the services that you provide?  We’re at the start of a new financial year.  What are your resolutions for...

Tags: Budgets and Cashflow Forecasts | business advisory services | Business Plan | Corporate Governance | Personal Property Securities Register
Late payments are the “silent killer of small business” Kate Carnell the Australian Government’s Small Business Ombudsman said in her reaction to the UK based “Market Invoice” report in late 2016. Australia has the dubious title of the “Longest Debtors Days Outstanding in the World”.  The report identified that Australian small/medium enterprises were being paid 26.4 days...
CCH iFirm presented a very interesting webinar earlier this week which raised a number of questions relating to how you might go about building a “Future Fit Accountancy Business”. What do you need to create an outstanding accountancy business? Curiosity Focus on building value for your clients How do you view challenges: Threats? or Opportunities? Many of these...

Tags: Budgets and Cashflow Forecasts | Business Plan | Personal Property Securities Register