Be The Expert - Advisory Services
Advisory Services News - Issue 12
Hi…..
Welcome to this update on ESS BIZTOOLS ADVISORY SERVICES NEWS.
BE THE EXPERT – ADVISORY SERVICES
Accountants and Bookkeepers can offer a “Virtual Chief Financial Officer Service” to their clients. This means a lot more than just preparing Financial Accounts whether they are quarterly or monthly. With today’s technology, software and communications facilities it is practical for bookkeeping and accountancy firms to introduce “Real Accounting Services” as the “Expert” in so doing assisting clients to survive and grow.
The vision to assist Bookkeeping and Accounting Firms to be the Expert and deliver Advisory Services embraces:
- 52-Week Business Enhancement System
- Daily – Key Performance Indicators (KPI) and Business Metrics Report
- Weekly – Performance and Profitability Estimate Report and Weekly KPI and Business Metrics Report
- Monthly – Financial Reports and comparison to Budget Estimates
This is very similar to the approach taken by large companies to ensure that management has a daily/weekly overview of the financial performance of every business activity.
Unfortunately, most SMEs do not receive this type of service which can be a significant benefit to SMEs who are wanting to survive and scale up their business operations.
The detail components of the system include:
- Business due diligence review by the bookkeeping/accounting firm to achieve “1 inch wide/1 mile deep” understanding of the client’s business operations. The reason for this is that most accounting firm work concentrated on the preparation of an annual set of accounts and An Income Tax Return. The in-depth knowledge about the clients’ affairs is basically limited to these two items. Obviously, there is a lot more to a client’s business than just an annual set of accounts and Income Tax Returns. If an accountant is going to perform the virtual Chief Financial Officer role there needs to be an understanding of:
- how the business operates;
- the internal control processes;
- the purchasing activities;
- where key suppliers are sourced – what will be the effect of supply difficulties? Who are alternative suppliers?
- the selling process etc.
The use of Key Performance Indicators and Business Metrics in the business which are extremely important within larger businesses is very minimal in many SMEs because of the lack of an accounting presence.
Upcoming Webinars
Why not join us for a free complimentary webinar this week to hear more about these services which are available for Bookkeepers and Accountants to deliver:
- Wednesday, 17 April 2024 at 12 noon AEST – Financial Forecasting Webinar – click here
- Wednesday, 17 April 2024 at 5:00pm AEST – Advanced Product Package Webinar – click here
- Friday 19 April 2024 at 12 noon AEST – Advanced Product Package Webinar – click here
Recording Previous Webinars
We recently presented the following webinars and the recordings are now available.
Business Advisory Services Starter Package Overview
Forum Business Advisory Services Starter Package
Thank you for reading this newsletter – have a great day!
