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This is certainly going to be a challenge for most accountancy businesses. One of the big questions is: “Where to start?”Part of this “start” preparation would include the development of an “elevator pitch”, something that you can talk to people you meet, literally in an elevator or in other casual settings.An “elevator pitch” for your firm could go something like this:“Hello,...
I believe that 2016 will be acknowledged as being the “year of business advisory services”. This is what the Commonwealth Bank of Australia’s publication, “Accounting Market Pulse”, has predicted.The first phase is the preparation phase, to lay the foundations for a very successful segment of your work, which will come from business advisory services. By laying the foundations, this...
When most accountants commence work, systems have already been implemented for taxation returns, annual accounts, audits, insolvency for some firms and superannuation funds.In the same way, the systems, probably better known as “foundations”, need to be implemented for business advisory services as the “foundations” that have already been implemented for those other services.The...

Why Offer Business Advisory Services?

This is a good question that accountants should be asking.There are a lot of changes occurring in the marketplace, however do you need to do anything?Some firms are becoming far more involved in financial planning and, for that, you have to undertake various accreditation programs that are now well underway for the projected start of the new regime from 1st July 2016.Other firms are...
No business is too big to fail. Businesses, including accountants, need to respond to changing market conditions. This is best illustrated by what occurred with Kodak.Kodak had the first patented digital technologies but was happy with their current model. They didn’t make the changes therefore the business went into bankruptcy.At the 2014 ATSA Conference, Jason Bender from Deloitte discussed...
The $50M loss for not registering on the Personal Property Securities Register (PPSR) has sent shockwaves through the business community.The NSW Supreme Court, in a decision on 11th February 2016, indicated that the receiver for the Forge Group (in liquidation) was entitled to the ownership of the Turbines which have been the subject of court action against General Electric for the last 14-15...
Have you thought about how you’re going to replace your firm’s share of the $500M per annum that the ATO predicts will be lost to accountants, with the introduction of Standard Business Reporting (SBR) later this year? Being proactive in offering a grant finding service is beneficial to your clients and your accountancy business. Why? Small/medium enterprises want accountants to be...

Business Advisory Services – Products

There’s a significant range of services an accountancy business, that is committed to offering commercial services, in addition to taxation, can offer to their clients. Small/medium enterprises have the same problems that a big business has, yet the vast majority of small/medium enterprises don’t have an accountant on staff or available on a regular basis during the year. I suspect that a...
The Personal Property Securities Act (PPSA) contains potential risks to your clients. Millions of dollars have already been lost by businesses, both small and large, caused by ignorance of the PPSA and not registering on the Personal Property Securities Register (PPSR). The PPSA is the most far-reaching legislation introduced into Australia in the last 200 years. Title is no longer king. The...
The Commonwealth Bank’s December 2015 edition of “Accounting Market Pulse” predicted that business advisory services and management consulting would be the top service lines to enter and grow for accountants for the next 12-18 months. This is just the latest in a number of predictions that have alerted accountants to significant changes that are occurring in their marketplace.The big...

Are accountants the lucky profession?

Just as accountants are facing up to the implications of the Standard Business Reporting (SBR) system that is currently being introduced by the Australian Taxation Office (ATO), together with the prediction from the ATO that small/medium enterprises will save $500M per annum, primarily in lower accounting and tax agents’ fees and the continuing encouragement to wage earners by the ATO to...
As accountants start offering a wider range of commercial services (I surely trust that you are), you will be involved in more meetings and discussions on actual business performance, rather than concentrating on just income tax returns.Part of this broader role is identifying characteristics your successful clients have. This is very important to assist other clients who wish to develop...
In the various surveys that have been conducted, small/medium enterprises have indicated one item in common – they would like their accountants to give them advice on government grants for which they might be eligible.Government grants, special loans and incentives amount to around $5B per annum in Australia, from the Federal, State and Territory governments. All businesses are contributing...
There’s a challenge for accountants to be proactive, to assist SMEs in what could be called a “left field” service – assistance in raising capital.There’s a lot of talk at present involving: • the “Innovation Statement” by the Australian government a few days ago • Business Angels • Crowd Funding • Venture Capital Funds indicating they have raised additional investment...
There are many ways to get started with offering business advisory services.Within ESS BIZTOOLS, we suggest that you have a small seminar for a number of clients and then have one-on-one meetings with your key clients, to talk to them relative to the future development activities they would like to see in their business. A unique way is to participate in a “Global Business Camp”....
I get telephone calls from accountants around Australia at times asking me this question: “What if we are challenged on our skills for a CFO role?”My advice to them is as follows…Respond in a positive manner! Sure, your firm has traditionally specialised in income tax, however, tell your clients that you’ve evaluated the various small/medium enterprise surveys that have been undertaken...

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