Accountant's Minute

In our last Business Advisory Services Webinars/Conversation for 2020 Peter Towers, Managing Director, ESS BIZTOOLS and Paul Barnaby, Managing Director, Beyond Accounting Technologies and Australasian Representative of PlanGuru, discussed the concept that ‘Predictive Accounting’ will be vital in the planning to help clients in 2021. The key aim is to “know the financial impact of...

Tags: Budget | Cashflow Forecast | Predictive Accounting | Profit & Loss Account | Projected Balance Sheet
Knowing the financial impact of decisions before a client implements them is very important for financial stability.  This process is generally known as “Predictive Accounting”. The process commences with an examination of the key drivers relative to the physical number of units to be produced and the calculation of the direct costs that will be involved in that process.  The...

Tags: Budgets | Cashflow Forecasts | Predictive Accounting

Planning Activities For 2021

Accountant's Minute 254

If you haven’t already started, now is the time to be thinking about the services that your accountancy firm is going to offer to your clients and prospects in 2021. We will all be glad to see the end of 2020, but many challenges still exist.  There are thousands of businesses around Australia still on the JobKeeper program and many businesses are not performing at full capacity,...
Despite COVID-19 Coronavirus and all of its associated problems Crowd Sourced Funding continued to grow in Australia during 2020 and the Joint Founder and Managing Director of Birchal Pty Ltd, one of Australia’s leading Crowd Sourced Funding Intermediaries, Matt Vitale, expects 2021 to be a “bumper year” for the capital raising market centred on small businesses and medium-sized...

Tags: Birchal Pty Ltd | Budgets | Business Plan | Cashflow Forecasts | Crowd Sourced Funding Offer Document
The Accounting Business Expo was conducted as a virtual conference on Monday 16th and Tuesday 17th November, with one of the most talked about features being the large number of presenters commenting on the introduction of “Business Advisory Services” by accountancy firms.  This is great news, especially for those people who have been advocating, for many years, that accountants need...

Tags: Accounting Business Expo | Accounting Market Pulse | Setting Charge Out Rates For Trades
Welcome to our new format of weekly Business Advisory Services Update articles and videos with presentations by ESS BIZTOOLS and one of our Affiliates where we will discuss various issues relating to the implementation of Business Advisory Services by accountants/business advisors/bookkeepers. Our first presentation “Reset Your Practice” will feature Amanda Gascoigne, Chartered Accountant,...

Tags: business advisory services | Charge Out Rate Calculator For Tradies | COVID-19 | Reset Your Practice
There are still many challenges ahead for most small businesses and medium-sized enterprises.  Many of your clients will have gained an appreciation of the extra services that you can provide to them following their first-hand experience of assistance from their accountants during COVID-19. The big question now is are your clients ready for the post COVID-19 recovery? There is still a...

Tags: Budgets | Cashflow Forecasts | Chief Financial Officer Services | COVID-19

What Changes Has COVID-19 Caused For Accountants?

Business Advisory Services Updates

Accountancy firms have experienced significant increases in work activity directly as a result of assistance being given to business clients relative to surviving the COVID-19 crisis. In many respects this is the first prolonged experience that many accountancy firms have had with delivering a broader range of professional services (commonly known as 'Business Advisory Services') to assist...
Business people are looking for more accurate financial information as to what the effect of their decisions will be on their future operations by utilising 'predictive accounting' which incorporates 'key driver budgeting' to prepare Budgets, Cashflow Forecasts and Predicted Balance Sheets relating to their future operations. In the next COVID-19 Survival Panel webinar will be presented on...

Tags: Budgets | Cashflow Forecasts | Key Components of Cashflow Management | Predicted Balance Sheets | Predictive Accounting

Big Changes Made To JobKeeper

Accountant's Minute 248

Big changes made to JobKeeper. The Federal government has announced significant changes to the JobKeeper Program which will apply for versions between now and 31st March 2021. The challenge for accountants is mobilising the support to assist your clients to navigate the ongoing challenges presented by COVID-19 Coronavirus with some of your clients emerging from the JobKeeper support and...

Tags: COVID-19 Coronavirus | Financial Review | JobKeeper | JobSeeker
“The Australian economy is going to be very reliant on a suitable vaccine for COVID-19 Coronavirus if we are going to get the economy operating as it was in January 2020 once again.  In the meantime, the government needs to be a bit more targeted with its financial support and businesses are going to rely on their accountants to guide them on the best way forward for the operation of...

Tags: Crowd Sourced Funding Intermediary | Crowd Sourced Funding Offer Document
"The key group of clients that accountants should be promoting the concept of Business Advisory Services to, are any clients who are receiving JobKeeper payments", said Mark Holton, Director, Smithink Pty Ltd in the previous COVID-19 Survival Panel webinar. These clients were obviously running sound businesses prior to the challenges of COVID-19 and many of them will need your assistance to be...

Tags: COVID-19 | COVID-19 Survival Panel Webinars | Marketing
Will Business Advisory Services be the number one product in your firm? Business Advisory Services was nominated by the accounting firms interviewed by the Commonwealth Bank’s Accounting Market Pulse as the “practice area to be in the most demand in 6 to 12 months of 2020/21". Have you developed a strategy of how you can offer a range of services to assist your clients to organise...

Tags: Business Advisory Implementation Plan | Financial Health Checks | Key Performance Indicators | Profit & Loss Account
How good is your relationship with your clients? One of our keynote speakers in our COVID-19 Survival Panel webinar for accountants on Friday, 14th August 2020, Amanda Gascoigne is an experienced Chartered Accountant.  She has been a small business owner for 21 years and had her own accounting practice for 18 years working primarily with SME clients.  She has pivoted in recent years...
The latest developments in Victoria, where Level 4 restrictions have now been imposed in Melbourne and Level 3 in Regional Victoria, have really highlighted the challenges that can confront businesses all over Australia if COVID–19 coronavirus is allowed to become established in a particular location. Victorian businesses are going to confront many challenges and we know that the accountancy...

Tags: Crowd Sourced Funding Intermediary | Section 708
“Business Advisory Services” – highlighted by the Commonwealth Bank’s “Accountants Market Pulse” report has been the activity identified by a group of accountants as being their main priority for the next 6 to 12 months – What is happening in your firm? Mark Holton, Director, Smithink Pty Ltd, is a keynote speaker in our next COVID-19 Survival Panel webinar on Friday 31st July at...

Tags: Cashflow | KPIs | Section 708