It’s Time to Narrow the Knowledge Gap!

be providing to SMEs.

This concept was supported by the Institute of Chartered Accountants and the Australian Society of Accountants (now CPAs) to promote to Accountants in Public Practice the “Diversification Of Accounting Services To SMEs”.

44 years later it is an appropriate time to reflect on the results of this major decision – some firms have implemented the philosophies that FMRC developed but many firms are still thinking about it or only “offering” instead of actually “Delivering Diversified Accounting Services”.

This week we have explored the current situation confronting SMEs and Accountants / Bookkeepers in public practice.  There are definitely challenges facing both groups.

If you missed the earlier articles you can access them here:

• Issue 40 - SMEs Urgently Require Additional Services
• Issue 41 - Does Advisory Services Reflect How SMEs Rate Accountants?
• Issue 42 - Will Tax Office Changes Affect Services To Clients?
• Issue 43 - SMEs Need Support Throughout The Year
• Issue 44 - What Services Can You Offer SMEs?

Early in the week we asked “Does Advisory Services Reflect How SMEs Rate Accountants?”

The level of “Advisory Services Delivered” as distinct from “Compliance Services” differentiates accounting/bookkeeping firms.

If an SME is being supplied services that only relate to compliance – the accounting firm is viewed as a “Government Imposed Obligation”.

If Advisory Services as well as Compliance Services are delivered there is a different reaction because the SME believes the Accountant / Bookkeeper has shown interest in matters that relate to the “Successful Performance and Sustainability of the SME Business”.

A significant side benefit of this whole process is that, the level of “Advisory Services” supplied by an Accountancy Firm, has a significant impact on the Accounting Team.  If the firm is only offering “Compliance Services” it appears that there is “Low Job Satisfaction and Probably Staff Shortages”.

The “Delivery of Advisory Services” offers the opportunity for the Accounting / Bookkeeping Team Members to be involved in “Interesting and Challenging Work Which Assists These Firms Being Able to Retain Their Talent and Attract New Talent”.

ESS BIZTOOLS has developed a comprehensive range of processes to assist Accountants / Bookkeepers to deliver a range of “Value Adding Advisory Services for Delivery to SMEs”.

You can explore these offerings at www.essbiztools.com.au.

In recognition of the issues confronting SMEs, as well as Accountants and Bookkeepers, ESS BIZTOOLS is offering a special discount on our four product packages until 16 September 2024.  You can find details of the significant discounts at www.essbiztools.com.au – click on Packaging 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: