Accountant's Minute

Greetings – We hope that you are well! This is definitely a “defining moment” for the Prime Minister - Scott Morrison, Treasurer - Josh Frydenberg and the Chief Medical Officer - Professor Brendan Murphy and the State Premiers and Chief Ministers of the Territories and their advisors, but it is also a defining moment for accountants and business advisors who will be called upon to offer...

Welcome to the launch of “Survival in Difficult Times Product Package 2020”. We are indeed confronting the biggest challenge in 100 years that was identified by the Prime Minister, Scott Morrison this week. The seriousness is clearly identified by the concept of a national cabinet, comprising the Prime Minister and the Premiers of each State and the Chief Ministers of the two Territories,...

On Thursday, 12 March 2020 the Prime Minister announced a stimulus plan to curb the economic impact of the coronavirus and to keep “Australians in jobs and businesses in business”. The package, which aims to provide an immediate stimulus to the economy, will be worth $17.6 billion of which $11 billion is expected to be spent before 30 June 2020. Targeted at SMEs: Businesses with...

“Whatever you thought 2020 was going to be about, think again!” The Prime Minister, Scott Morrison has certainly laid down the challenge for all of us. As accountants/business advisors/bookkeepers, what services can you offer to your clients to assist them to “Survive These Difficult Times” which in a few short weeks have grown from the consequences of clients suffering from drought,...

Most businesses in Australia are now operating within “difficult times”.  We seem to have had one crisis after another relating to droughts, bush fires, floods, cyclones, and now the Corona virus! There is significant uncertainty as to what the outcome of these events particularly the Corona virus is going to be. These difficult times affect all types of businesses – small,...

Start-ups – Looking for Finance? Have you got clients who have developed a new or significantly improved product, process, service, organisational or management methodology who are keen to raise finance to complete the commercialisation of their research activities? If so, Early Stage Innovation Company Status could assist your client to be able to attract investors. Firstly, let’s look...

Bank problems? Are your clients having difficulties borrowing from banks? Peter Towers, Managing Director, ESS BIZTOOLS, will be making a presentation to the Crowdfunding Institute of Australia next Friday and would love your input as to what is currently happening in your location. We would like to invite you to answer two questions: Question Number 1“How many of your clients are...

The start of a new decade! 2020 heralds the start of a new decade – “The Decade of Change”.  Many people expect this decade to introduce significant changes to the accountancy profession – some observers believe that 80% of the current work been undertaken by accountants will have disappeared by the end of this decade! Your opportunity to offer a broader range of professional...

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...