Accountant's Minute

Business Advisory Services has been talked about for the last decade and has got a little bit closer to becoming a mainstream accounting industry service each year, over that 10 year period. The CommBank Accounting Market Pulse Report released in early May 2021, has given tremendous endorsement to accountants diversifying their services with particular emphasis on Business Advisory Services....

Tags: Achieve Targeted Profit | CommBank Accounting Market Pulse Report | Professional Service Firms’ Charge Out Rate Calculated | Retail Businesses’ Product Mixes And Mark-Ups To | To Achieve Targeted Profit
The CommBank Accounting Market Pulse report released early in May 2021 identified that the firms that the review team had identified as “leading firms” are “looking to boost staff numbers which reflects their intentions to grow both traditional accounting service lines and diversified services in the coming year”.  These firms indicated that “they are preparing themselves for...

Tags: business advisory services | Business Plus Newsletter | CommBank Accounting Market Pulse Report | Diversifying Services | Professional Services Firm Charge Out Rate Calculator | Retailer product Mix and Markup Calculator | Tradies Charge Out Rate Calculator
Accountants who are committed to offering a broader range of diversified services, known as “Business Advisory Services”, to SME clients need to assist those clients in planning their future. Business plans document the vision over a range of activities for a business. “Predictive Accounting” creates a “financial picture” of the visions and strategies contained within the business...

Tags: business advisory services | Cashflow Forecast | Financial Picture | Predicted Balance Sheets | Predictive Accounting | Profit & Loss Forecast
Preparation is important and not trying to answer all potential questions about “Business Advisory Services” at the very beginning. Business advisory services is basically supplying to small businesses and medium sized enterprises access to the type of accounting services they would expect to receive from a qualified accountant who was working for the business on a full-time basis. The...

Tags: Business Advisory Services Starter Package | Leadership Strategies | Marketing Strategies | SME Needs' Analysis | Team Training
The CommBank Accounting Market Pulse Report released 3.1/2 weeks ago identified that, from the surveys that they had conducted with accountants all over Australia, only 5% of those firms “would not be diversifying services in the next 12 – 18 months”.  These firms were from the group that the CommBank report identified as “lagging firms”. The firms which the CommBank referred to...

Tags: Budgets and Cashflow Forecasts | Business Advisory Services Starter Package | Business Advisory Services Training | Business Health Checks | Business Plus Newsletter | Buying a Business | CommBank Accounting Market Pulse Report | Debtors' Management | Early Stage Innovation Company | Personal Property Securities Register | Selling a Business | SME Debtors' System Manual | Survival in Difficult Times Product Package
This is a direct quote from the Federal Treasurer, Josh Frydenberg, in his budget presentation to the House of Representatives on 11th May 2021. It is an appropriate description of what many of us are hoping will occur in Australia over the next 12 months. Australian government budget: A lot of money has been invested by the government to “kick-start” a whole range of activities,...

Tags: CommBank Accounting Market Pulse Report | Federal Budget
The “CommBank Accounting Market Pulse Report” released a few days ago has identified that a survey of accountants all over Australia has identified that the highest rating product that they are planning to offer, or significantly grow, in the next 12 – 18 months is “Business Advisory Services”. In the survey 81% of “leading firms” and 67% of “lagging firms” identified...

Tags: Australian Government Guaranteed Loans | CommBank Accounting Market Pulse Report | Practice Power Up 2021 | Research & Development Tax Incentive Rebate
In the most recent ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation, Matthew Karakoulakis, Principal Legal Officer of AMK Law discussed with Peter Towers, Managing Director, ESS BIZTOOLS a range of legal issues that affect inventors and small companies as they undertake research activities. Matthew Karakoulakis indicated that, to protect the investment that has been made in a...

Tags: Boost Legal Template | Confidentiality Agreement | Nondisclosure Agreement | Research and Development | Research and Development Incentive Rebate | Trade Secret Agreements
Mark Holton, an Accountancy Industry Consultant and Director of Smithink Pty Ltd, discussed with Peter Towers, Managing Director, ESS BIZTOOLS the opportunities that accountants have to differentiate their firms by proactively advising clients on research and development opportunities and the taxation benefits that they can obtain from the proper implementation of a research and development...

Tags: Accelerating Commercialisation | Early Stage Innovation Company | Research & Development Incentive Rebate
“Research and development services can help an accounting firm to differentiate itself in a market that, from a business operator’s perspective, most accountants look very similar” said Mark Holton, Director, Smithink Pty Ltd. Research and development can be just as important as: board of advice strategies; business review meetings; or assistance with raising capital as a Crowd...

Tags: Business Tree Pty Ltd | Research & Development Incentive Rebate | Smithink Pty Ltd
Are companies giving sufficient priority to determining return on investment as part of the decision as to whether to proceed with a research and development project?  This will be the theme for the conversation between Peter Towers, Managing Director, ESS BIZTOOLS and Peter Milla, Managing Director, Business Tree Pty Ltd, an experienced innovation consultant, in the ESS BIZTOOLS’...

Tags: Assignment of Intellectual Property Agreements | Australian Government's 50% Guaranteed Loan | Brad Smart's Tip of the Week | Business Tree Pty Ltd | Confidentiality Agreements | Government's Post JobKeeper Announcements | JobKeeper Support Program | Research & Development | Selling the Message
“Some of the red-tape binding together the Federal government’s Research and Development Tax Incentive (RDTI) scheme is enough to make your head spin. As a concept, these tax incentives are great; no one’s disputing that. However, while the RDTI can make the costs of creating local innovations a lot less painful, the maze involved in even getting to the starting gate of a claim, is...

Tags: RDTI | Research & Development Incentive Rebate
In the ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation on Wednesday 10th March 2021, Peter Towers, Managing Director, ESS BIZTOOLS will discuss with Priscilla Bea Smith, Director, Cloud Nine Associates some of the important issues on which small business and medium-sized enterprise owners and CEOs are seeking advice: Preparation of Budgets and Cashflow Forecasts for the next...

Tags: Australian Government 50% Guaranteed Loans | Budgets | Capital Raising under Section 708 of Corporations Act | Cashflow Forecasts | Crowd Sourced Funding Equity Raising | Early Stage Innovation Company Capital Raising | Key Drivers | PlanGuru | Predictive Accounting | Projected Balance Sheets | Research & Development
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
There is a range of services beyond taxation, that smaller accountancy firms can provide to their SME clients, to assist those businesses to grow and add value. Amanda Gascoigne, an experienced Consultant to smaller accountancy firms, together with Peter Towers, Managing Director, ESS BIZTOOLS are the presenters of the ESS BIZTOOLS’ Business Advisory Services Update Webinar/Conversation on...

Tags: Accelerating Commercialisation Grant | Gateway Test | Principles' Test | Research & Development Incentive Rebate | Selling the Message
Research and development is an area that many accountants have very little experience in, but it is an area that many small business and medium-sized clients are interested in having a clear understanding of what they can claim in their income tax returns and what government grants and special company status is available to assist them on their research and development and commercialisation...

Tags: Accelerating Commercialisation Grant | Business Advisory Services Update Webinars_Conversations | Early Stage Innovation Company | Research & Development Incentive Rebate | Research & Development Journey | Selling the Message | Strategic Plans | Trusted Advisor