Is Your Accountancy Firm Future Proofed

Accountant's Minute 158

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 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
  • disruptive technologies
  • 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.

Why not have a 30-day free no obligation review of the products and services available from ESS BIZTOOLS (https://www.essbiztools.com.au/) or a 14-day free no obligation trial of ESS BIZGRANTS (http://www.essbizgrants.com.au/).

You are invited to attend FREE “Future Proof Your Business” webinars:

  • Corporate Governance Matters – Tuesday, 3 July 2018 at 12-noon AEST – (Click here) to register.
  • Personal Property Securities Register Due Diligence Review – Wednesday, 4 July 2018 at 12.30pm AEST – (Click here) to register.
  • Business Planning is “Like Maps For Tourists” – Monday, 9 July 2018 at 12.30pm AEST – (Click here) to register.

If you have any questions, please do not hesitate to send me an email – peter@essbiztools.com.au or telephone me on 1800 232 088.

Have a great day!

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