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
Private Equity Services
Accountants need to consider these types of products/services as you plan strategies to “future proof” your businesses from the challenges which include:
finding and keeping quality staff
changing market demands – supplying services that the SME market wants
winning new business
new market trends – e.g. outsourcing
commoditisation of taxation returns
The Market Pulse Report identified that 64% of the firm’s surveyed were pursuing “organic growth” within the firm and that 44% identified they were developing “new services”.
Some of the services that accountants could provide to assist in “future proofing” accountancy firms include:
Chief Financial Officer Services – use the technology and communications now available to deliver a “virtual CFO service”.
Debtors’ Management Review – assist clients’ cashflows by implementing systems to reduce “debtors’ days outstanding”.
SME Debtors’ Manual – a written system to ensure the work is performed on a consistent basis.
Personal Property Securities Register Due Diligence Reviews – assists clients to “insure” their business against a “left field hit”.
Business Planning – help clients articulate their vision for the future.
Government Grants Identification – assist clients to identify grants, that they have financially contributed to through taxation payments, that they might be able to successfully lodge an application for support from the Federal, State or Territory governments.
Crowd Sourced Funding Equity Raising – the amendments to enable private companies to raise up to $5M annually from the public is expected to be law shortly – some of your clients could be interested in raising capital – is your firm going to be ready to assist them or are you going to watch some of your outstanding prospects being poached by other firms that are ready, willing and able to supply the services that those clients will require?
Succession Planning – thousands of “baby-boomers” are thinking of retiring and exiting their businesses – is your firm geared up to help them sell their businesses?
Corporate Governance – business reviews to assist directors and officers of SME companies to understand their duties and responsibilities.
ESS BIZTOOLS has Australia’s most diversified range of products to assist accountants to meet these major market place challenges.