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Accounting Market Pulse (produced for the Commonwealth Bank) December 2015 edition identified that the main areas of expected growth for accountancy businesses over the period from 1st January 2016 to 30th June 2017 would be: Business Advisory Services Management Consulting A key component of Business Advisory Services and Management Consulting Services is supplying a Virtual Chief...
Whilst there is some debate as to the degree that individual accountancy businesses will be affected by changes in the marketplace relating to taxation returns, financial advice and superannuation fund audits, you would be a very brave accountancy business if you elected to reject these changes out of hand! At the very least why not have an each way bet! There are numerous examples all around...
There is no doubt that there are changes in the accounting market.  These changes are occurring at an ever faster pace!  How you respond to these changes will significantly affect what your accountancy business looks like in a few years' time. Potential “fee slippage” is a relatively new problem for accountants.  “Fee slippage” is caused by a number of things including:...
Accountants can assist small/medium enterprises to reduce their Debtors' Days Outstanding by producing a Debtors Systems' Manual. A written debtors' manual, together with targeted training of the small/medium enterprise's staff responsible for credit sales/debtors will assist an individual business to play its part in reducing Australian small/medium enterprise's debtors' days outstanding...
Australia is lagging the rest of the world in terms of late payments described as the “silent killer of modern business” by the Australian government’s Small Business Ombudsman, Kate Carnell late last year. (Australian Financial Review Article) An international study of 30,000 invoices from 80 countries undertaken by UK-based “Market Invoice” found that Australian businesses were...

Do You Have a Strategy for 2017?

Whilst compliance work is still important, it's no longer the only "game" for accountants/advisors! The key 2017 challenge for accountants and advisors is “responding to client requirements for accountants/advisors to provide 'additional commercial services' ". Accountants/advisors need to be adding value to clients by providing commercial services which assist the CEO/owner of a...

Resolutions for 2017

I'd like to take this opportunity of wishing you, your colleagues and your families a very Happy Christmas and I hope that 2017 will be very prosperous for you and your business. Over the last six months the team at ESS BIZTOOLS has brought you comments on a wide range of business issues that, we believe, are important for accountants to think about as you plan the services for your clients. ...
What would you learn from 8 hours with a group of company directors?  I had that privilege a couple of weeks ago in a programme sponsored by the Entrepreneurs Programme, part of AusIndustry.  The brief was to meet for 8 hours with a group of company directors and discuss with them the issues that they were confronting in their businesses and also to give them some briefing on corporate...
What services are you going to provide in 2017 which create a WOW factor? Last week we talked about Chief Financial Officer services, Debtors' Management, Personal Property Securities Register Due Diligence (a major risk management area) and Succession Planning. Today I want to move further into other services that accountants and business advisers can perform to help your clients overcome...
As we get near the end of another calendar year it's an appropriate time for accountants to be asking yourselves what services will your clients want in 2017? There has been a lot of debate over the last few months about tax returns and how much reliance clients are placing on accountants to prepare tax returns, but I think we need to think of the bigger picture; what do your clients want?...

Risk Management – Debtors

Accountants, small/medium enterprises need your assistance with risk management. In big business, public companies the CEO traditionally turns to their Chief Financial Officer or company secretary for advice on risk areas within the business. One of the biggest risk areas is Debtors.  Debtors are a major risk for small/medium enterprises.  Australia is lagging behind the World in terms of...
Risk management is an accepted subject for accountants to enquire about with your clients relative to covers, policies that have been enacted etc.  This can cover items such as: insurance, business risks; looking at commercial compliance legal environmental corporate governance and at least another half a dozen risks that affects businesses. Most accountants do make enquiries...

Early Stage Innovation Company Process

Accountants, you are needed in the ESIC process.  The Early Stage Innovation Company amendments to the Income Tax Act have instigated the first lot of publicity about a company which was actually going through the verification process. The company, a Perth company called Epic Delivery, had difficulty in satisfying the Australian Taxation Office that it qualified under the Principles Based...
Accountants, do you really know your clients?  At the ATSA Conference in Melbourne a couple of weeks ago, a number of the presenters referred to the concept of "trusted adviser".  Are you the "trusted adviser" to your clients?  It's an interesting question and I intend to explore that further next week. For today, lets concentrate on do you really know your clients?  Surely part of the...
At the Australian Technology Showcase for Accountants (ATSA) in Melbourne last week, many new types of innovation for accountants were presented by the various presenters and businesses that displayed their goods and services to the accountants who attended. CCH iFirm and CCH iQ confirmed the Early Stage Innovation Company legislation as a significant opportunity for accountants to illustrate...
This is part of our theme over the last three or four issues of Accountants Minute when we've been looking at what you need to do to add value to your clients' businesses. Innovation is very much in vogue.  Accountants need to be looking at innovation just as other businesses have to.  It's quite appropriate, in this week of ATSA 2016, to revisit some of the comments that were made at...

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