Key Ideas From The 'Moment of Truth' - Part 3
Advisory Services News - Issue 54
Good day!
Welcome to this update on ESS BIZTOOLS ADVISORY SERVICES NEWS.
KEY IDEAS FROM THE ‘MOMENT OF TRUTH” – PART 3
Peter Towers, Founder and Managing Director ESS BIZTOOLS and Andrew Geddes, Joint Founder FMRC/Australian Accounting Guru, Past Public Company Chair had a discussion with the key questions being “Can we move from compliance dominance to virtual CFO Services Delivery?” and “The dawn for the new era for Accountants in Public Practice is here – Are you ready?”
The following is a continued summary of that discussion.
- VIRTUAL CFO SERVICE OFFERING – USA EXPERIENCE
- Level of service.
- Predictive Accounting
- Business Plans
- Budgets
- Key Drivers
- Cash Flow Forecasts
- Projected Balance Sheet
- KPIs – Business Metrics
- Back Office Services
- 52 Week business Services
- Daily
- Weekly
- Monthly
- Tax Return preparationPlanGuru software – for the preparation of the “Predictive Accounting Reports”.
- HOW MIGHT AN AUSTRALIAN ACCOUNTANT HEAVILY INVOLVED IN COMPLIANCE CREATE AN EXTERNAL CFO SERVICE OFFERING
- Communicate with tools which will directly relate to improving your client’s business performance:
- Manufacturing Industry Business Improvements
- Retail/Wholesale Product Analyse and mark-up to generate the targeted profit.
- Tradie Charge Out Rates Calculator to achieve targeted profits.
- Professional Firm Charge Out Rates Calculator to achieve targeted profit.
- Questions you could ask Tradies:
- How do you run your business?
- How do you determine charge out rates?
- What mark-up do they charge on the value of purchases that they make for their client?
- For all clients that you are performing these services you need to discuss a “Due Diligence Evaluation” – “1 inch wide / 1 mile deep”.
- Refer to Industry Benchmarks so that you are familiar with the industries that your client relate to.
- Other services could include:
- Business valuations
You can find more information by visiting www.essbiztools.com.au. An attractive subscription is currently available– 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:
