Posted: 27 November 2024

The Starter Package Helps Accountants Introduce Realistic Advisory Services
Advisory Services News - Issue 64
Good day!
Welcome to this update on ESS BIZTOOLS ADVISORY SERVICES NEWS.
THE STARTER PACKAGE HELPS ACCOUNTANTS INTRODUCE
REALISTIC ADVISORY SERVICES
There are different interpretations in Australia as to what defines “Advisory Services” for small medium enterprise clients.
The list of potential “Advisory Services” could include:
- A range of commercial services as if the accounting / bookkeeping firm was a “qualified Accountant/Chief Financial Officer” employed on a full-time basis with the SME. These services could include:
- having a detailed knowledge of all aspects of the client’s business activities;
- implementing internal control systems to safeguard the assets and reputation of the SME;
- coordination of the preparation of the Business Plan for the business;
- preparation of the “Predictive Financial Accounts” comprising Budgets for all business operations, Key Drivers, Cash Flow Forecasts, Projected Balance Sheet, source and application of funds – prepared as the “financial interpretation of the Business Plan”;
- implementation of the 52-week Business Enhancement System comprising:
- daily reporting system to the Leadership Team;
- weekly Performance Report and Profitability Estimate on each business operation with calculation of Key Performance Indicators and Business Metrics Data;
- preparation of monthly Financial Accounts for each business operation including calculation of Key Performance Indicators and Business Metrics and comparison to the Budget Report;
- Preparation of a monthly Financial Report analysing key financial data and analysis of cash flow position and advice on funding issues likely to confront the business in the future.
- Financial Planning
- Audits of Superannuation Funds and Businesses
- Superannuation Fund Management Advice
- Specialised Taxation Advice
- Developing the expertise to offer advice on the utilisation of technology and software including AI to assist SMEs in the conduct of their businesses.
It is true that these services and possibly more are required by some SMEs but undoubtably the biggest problems confronting the SME community is “the implementation and the utilisation of a affective business enhancement service which produces data daily, weekly, monthly for the SME Leadership Team to assist them in the overall management and direction of the business”.
Preparing quarterly or monthly Financial Accounts is not sufficient to be deemed “Advisory Services” – your clients need much more!
In the current business environment with high interest rates, high inflation and a rising small business failure statistics, we believe there is a need for Accountants and Bookkeepers to implement a system that basically mirrors what happens in a larger business which would employ a qualified Accountant to attend to many of the tasks that are listed above. With today’s technology, software and communications facilities Accountants and Bookkeepers who are committed to providing a broader range of services designed to assist clients not only to survive but to thrive in their business environment can offer an outstanding range of services for SME clients.
Peter Towers, the Founder and Managing Director of ESS BIZTOOLS has utilised his wide knowledge of accountancy and commercial practices developed from:
- Senior Partner of an Accountancy Firm
- Chief Financial Officer and Company Secretary of a Listed Public Company
- Business Advisor for a major Australian Government Grant Program that assisted innovative SMEs to “get ready for investment” to be able to raise capital – “COMET – Commercialisation of Emerging Technology”.
- Company Director and Company Secretary of many Companies
The ESS BIZTOOLS Starter Package includes a range of resources:
GETTING STARTED:
Business Advisory Services Firm Training
This is a 13 Module Training Package to equip a new subscriber’ s accounting team to appreciate the variances between the traditional services provided by a tax orientated accountancy firm to the requirements of the accountancy firm being the “De Facto - Chief Financial Officer” of their SME Client.
SME Needs Analysis
Is a series of “discussion points” that can be utilised in a one-on-one discussion with a client to gain an understanding of what is of concern for that client.
10 Training Sessions per Annum
1 hour group training sessions directly relating to a component of the Starter Package.
Promotional Activities
that will assist in the communication that your firm realises that SMEs need more than taxation advice:
- Business Plus Newsletter – produced monthly containing articles discussing issues relevant to SME operators that our subscriber badges and sends to their clients and prospects. We recommend that a follow-up telephone call is made a few days later to ascertain whether a client would like to have a discussion relative to an issue that the article may have created interest about, that the accountancy firm could respond to.
- Client Mentoring and Coaching Modules – 4 preprepared modules ready for subscribers to use to communicate with their clients in a way that identifies that the accountancy / bookkeeping firm has an understanding of commercial issues beyond taxation.
- Client Seminars – 12 seminars/webinars templates prepared for the subscriber to utilise to promote services to their clients.
Resources to assist clients to operate their businesses:
A subscriber to the Starter Package has access to 343 papers covering 60 subject headings that can be badged with the firm’s name and forwarded to clients and prospects.
Critical components of advisory services contained within the starter package:
- Government Grants – a weekly report on government grants available for SMEs.
- Tradies Charge Out Rate Calculator – a very popular package to assist trades businesses to be able to reflect their team members productivity, working hours, labour and overhead costs to generate a targeted profit through the setting of effective charge out rates.
- Professional Service Firms Charge Out Rate Calculator – very similar to the Trades Charge Out Rate Calculator – you could assist professional service firm’s operators to set charge out rates set to generate their targeted profit.
- Setting Retail Price Calculators – this is a difficult area for retailers to have an understanding of their product mix and the various mark-ups that apply, labour costs and business overhead expenses to determine a product mix and the appropriate mark-ups which will achieve the profit target. This package will assist you to guide your clients through this process.
- Buying a Business – the ESS BIZTOOLS Buying a Business product package will assist you to guide your client through the many traps that can apply to someone buying a business.
- Research and Development Introduction – this is a very important component of the Starter Package. ESS BIZTOOLS wants you to be able to confidently answer questions from clients about issues that they might only think about occasionally and you might not encounter every day. You will have access on your computer to an overview of the requirements for a business to be able to claim the Research and Development Tax Incentive so that you can answer your client possibly s basic questions and have handouts that you can supply to your client.
- Debtors Management – this is an enormous problem in Australia. We had the dubious honour of being awarded an “international award” a few years ago for having the highest Debtors Days Outstanding in the World. Many people believe that Australia probably still holds that very unwelcome title. Unfortunately, many people start business without any appreciation of the systems required for offering credit to customers and then the maintenance of the Debtors System and the awareness on an ongoing basis of “the Debtors Days Outstanding”. This package will assist your team to be able to convey this information to your client’s team.
- Debtors Systems Manual – many businesses do not have a written system relating to debtors even though “Sundry Debtors” represents a significant amount of money owed to the company that is reflected in Balance Sheets. We have developed the Debtors Systems Manual so that you can “personalise it” to suit the operations of your clients’ business.
- Selling a Business – in the current business environment in most instances it is not a good time to be selling a business but if your client wants or needs to sell the business this package will assist you to give guidance to the client on this process.
- Business Evaluation Workshop – every year there are significant problems caused by natural disasters or business disasters that affect SMEs in various parts of Australia. This package guides your clients through a consideration of issues that could be confronting their business or that they are planning to confront at some future date.
The ESS BIZTOOLS Starter Package addresses all of these items to give you access to resources to be able to supply advice on a timely manner to your clients. You can, if you wish upgrade your subscription at any time to the Advanced Package or the Financial Forecasting Package if you wish.
Peter Towers recently produced a webinar “Starter Package Overview”, to view the webinar please click here.
If this article creates questions that you would like to receive answers to, please send us an email:
BLACK FRIDAY PROMOTION
Starter package with 50% discount 12 months access 24×7 - $990 including GST
Or
3 months package $286 including GST
THIS SPECIAL OFFER IS OPEN UNTIL 10 DECEMBER 2024
Thank you for your interest in the ESS BIZTOOLS Starter Package we look forward to having a conversation with you – STAY SAFE AND HAVE A GREAT DAY!