Accountant's Minute

Grants are a great introduction to value-added services that accountants can provide to small businesses and medium-sized enterprises. Recent reports by: Commonwealth Bank – “Accounting Market Pulse Report” Australian Financial Review – “Top 100 Accounting Firm Report” Xero – “Automation Will Force Accountants to Reinvent Their Role” have all identified the...

What sort of accountancy business do you envisage operating or working at in 2020? The Commonwealth Bank’s “Accounting Market Pulse Report” produced earlier this year highlighted the desirability for accountancy businesses to have established a “point of competitive difference”.  Has this been done in your firm? This report identified that "Business Advisory Services” was the...

The Federal Treasurer, Mr Josh Frydenberg has announced details on the Australian Business Growth Fund which the Australian Government is contributing to along with investments from the top banks (a total investment of $520 million). The Fund which is expected to launch in the near future will provide long-term patient equity capital to 30 to 50 firms a year with annual turnovers between $2...

The Australian Financial Review Top 100 Accounting Firms for 2019 Report has identified that a “continuing expansion beyond traditional accounting and taxation work into higher margin consulting services has continued to drive the performance of the top 100 accounting firms in Australia.” Many of the firms surveyed have identified the key contributors to their growth and achieving client...

The Financial Review Top 100 Accounting Firms for 2019 Report has again identified that many of the top 100 firms have expanded beyond traditional auditing and taxation work into higher margin consulting services and outsourced Chief Financial Officer Services. “The future accountant seems to be heading towards a respected GP status, one’s own “financial GP” that then refers the...

Yes, 19 October 2019 was the first anniversary of the commencement of Crowd Sourced Funding Equity Raising when private companies were able to raise capital direct from the public. If you have clients who have a turnover of less than $25 million per annum and have gross assets valued at less than $25 million and are not listed on the Stock Exchange they are potentially eligible to raise...

Accountants can play a very important role in assisting clients to source one of the key components of the life-cycle of a business – “cash”! In “Scaling Up” Verne Harnish identified that “having plenty of cash to weather the storms” was one of the four lifecycles of a business. As businesses grow, they normally require more money. As your clients’ businesses grow it is...

Attracting and keeping the right people is one of the four essential components of the “life cycle of a business”! (Verne Harnish – “Scaling Up”). Where-ever there is “people” there is also a requirement for “leadership.” The development of “leadership skills” for team members is vital if a business is going to be able to develop internal people to undertake leadership...

Attracting and keeping the right people is one of the four essential components of the “Life cycle of a business”! (Verne Harnish – “Scaling up”) Most small business owners and management of medium sized enterprises need assistance in implementing strategies to employ great team members who can be developed as the leaders within the business. Does your client have the “right...

“Driving flawless execution is a vital ingredient of the life-cycle of most businesses” Verne Harnish wrote in “Scaling up”. How do accountants assist small businesses or medium sized enterprises to plan and deliver the execution of a business strategy especially for those clients who are asking “Can You Help Me Run a Better Business”? There are some key areas that proactive...

This article is a continuation of our series on “Help Me Run a Better Business” (refer to Accountants Minute 204, 205 and 206) The development of a strategy that is different from their competitors is very important for small businesses and medium sized enterprises. In “Scaling up” Verne Harnish indicated that a “Differential Strategy” is one of the key “Lifecycles of a...

Do Financial Accounts “Add Value”? Have you ever had a critical look at the Financial Accounts that your firm is preparing? Do your clients get value from the Financial Accounts that your firm is preparing? Does the Profit and Loss Account look something like the following: Income   $3,200,000 Less     Opening Stock $70,000  ...

 There has been some debate about fee level of services for accountants recently – refer “Accountant’s Daily” article 26 July 2019 “Is $5,000 Reasonable to Pay Accountants Annually?” There is a resistance from some business operators to paying premium fees for “compliance work”. Most clients do not perceive that there is any “value add” to them from the supply of...

“The truth is that while I’ve been patiently waiting for you to escape the compliance cubicle, I cannot hang around much longer. Business is getting more competitive by the day and I need your help! Over the years, I’ve sat through meeting after meeting with you about my tax returns.  To be honest, I do this under sufferance – tax does not light me up! Besides, I pretty much...

The Crowd Sourced Funding Equity Raising Scorecard produced by ESS BIZTOOLS as at 31 July 2019 has identified that 31,141 investors have invested an average of $1,207 in the 44 companies that have raised $37,586,246.  (Click here to view the Scorecard) This uptake indicates that after a slow start Crowd Sourced Funding Equity Raising is starting to raise much needed capital for Small...

What is in it for a company? Ability to raise up to $5 million in a 12 month period direct from the public This is not a loan therefore: No loan application required No security required No personal guarantees required No monthly repayments of principal and interest required The company issues ordinary shares to the investors What does your client want to achieve...