SME Debtors’ System Manual

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
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
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
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
Have you contacted your clients to ascertain their debtors' days outstanding?  How many of your clients have debtors' days outstanding similar to the average figure determined in a worldwide review that identified Australia as having the “longest debtors' days outstanding in the World”? The review, covering 80 countries, determined that Australia had an average debtors' days outstanding...

Tags: Personal Property Securities Register
“90% of small business failures are due to poor cashflow” Ms Kate Carnell the Australian Government’s Small Business Ombudsman said recently. “Australia has the longest debtors days outstanding in the world”.  A survey of over 80 countries found that Debtors Days Outstanding in Australia was 26.4 days higher than the normal payment term of 30 days meaning that debtors' days...

Tags: Personal Property Securities Register
Whilst there is some debate as to the degree that individual accountancy businesses will be affected by changes in the marketplace relating to taxation returns, financial advice and superannuation fund audits, you would be a very brave accountancy business if you elected to reject these changes out of hand! At the very least why not have an each way bet! There are numerous examples all around...

Tags: Benchmarking | Budgets and Cashflow Forecasts | Business Plan | Digital Disruption | Potential Fee Slippage
There is no doubt that there are changes in the accounting market.  These changes are occurring at an ever faster pace!  How you respond to these changes will significantly affect what your accountancy business looks like in a few years' time. Potential “fee slippage” is a relatively new problem for accountants.  “Fee slippage” is caused by a number of things including:...

Tags: Benchmarking | Budgets and Cashflow Forecasts | Business Plan | Personal Property Securities Register | Potential Fee Slippage
Accountants can assist small/medium enterprises to reduce their Debtors' Days Outstanding by producing a Debtors Systems' Manual. A written debtors' manual, together with targeted training of the small/medium enterprise's staff responsible for credit sales/debtors will assist an individual business to play its part in reducing Australian small/medium enterprise's debtors' days outstanding...

Tags: Personal Property Securities Register