Advisory Services Reflects How You See Accountancy - 2

Good day!

Welcome to this update on ESS BIZTOOLS ADVISORY SERVICES NEWS.

“ADVISORY SERVICES REFLECTS HOW YOU SEE ACCOUNTANCY”

In the webinar being jointly presented by AccSource on 2 October 2024, Peter Towers, Founder and Managing Director of ESS BIZTOOLS will discuss how an accounting firm can deliver, real accounting services to assist your SME clients.

This process starts with you pointing out to your clients that lack of knowledge of “fiscal management is a high contributor to SME failure”.  You can provide your clients with the virtual service!

Start with an understanding of their key suppliers – what are their payment terms?

Then determine how their customers will be paying them – if they are going to offer credit – implement debtors system:

• Credit Application Form;
• processes to review the Credit Application Form;
• if credit granted, preparation of “Welcome to New Customer Email” which would include your client’s terms of trade with that customer;
• debtors’ system implementation – due date for payment clearly shown on all tax invoices;
• contact customers 5 days before due date for payment to remind them of the approaching payment date;
• Debtors Statements email 24 hours after the end of the month;
• monitoring of debtors’ days outstanding;
• the key financial payments and projected received information can then be incorporated within the Cash Flow Forecast;
• Setting charge out rates – this is vital for all businesses but in particular Tradies and professional service firms – based on team members targeted productivity – employment costs – business overheads – targeted profit – markup on external purchases made for clients;
• Regular monitoring of actual productivity being achieved by the individual team members.
• Action? Is there a need for change because productivity has varied – it is important that this occurs as close as possible to when the problem occurred – this is why weekly performance and profitability estimates reports are so important!
• Another big problem area is setting retail prices to achieve profit target for retailers and the same system could be used for wholesalers – the variables here are considerable – classification of stock – stars – cash cows – problem lines – disasters – the effect is on volume of product and the mark-up.

Your role is to show the client how manipulating some of these figures can change the results and ESS BIZTOOLS has developed the resources to assist you to produce these reports.

This is the first component of FISCAL MANAGEMENT which is at the core of the approach that SMEs need to implement for their business survival and their growth and for many of them “Scaling up” in the future.  We look forward to you attending the webinar: ADVISORY SERVICES REFLECTS HOW YOU SEE ACCOUNTANCY! – Click here to register.

You can find more information by visiting www.essbiztools.com.au.  An attractive subscription discount is currently available until 17 September 2024 – details are available at www.essbiztools.com.au click on Packages and Pricing.

If you would like a one-on-one complimentary review Zoom meeting with our Founder and Managing Director, Peter Towers please send us an email: