Why Is ESS Biztools Advocating "Advisory Intro" To Bookeepers And Accountants?

Good day! 

Welcome to this update on ESS BIZTOOLS ADVISORY SERVICES NEWS.

WHY IS ESS BIZTOOLS ADVOCATING “ADVISORY INTRO”

TO BOOKKEEPERS AND ACCOUNTANTS?

“You must understand that if your business model is:

• High-volume
• Low margin
• Simple tax returns

Your business will not be viable in 3 to 5 year’s time.”

Chris Jordan the then Australian Tax Commissioner continued:

“You should be looking to diversify to remain viable longer term.”

“Focus on becoming a brilliant and trusted advisor.”

This was the warning given to the Australian Bookkeeping and Accountancy Market by the then Commissioner for Taxation, Chris Jordan at Xerocon 2022.

That was 2 ½ years ago so the adjustment that we have made is that Mr Jordan’s warning would now be worded “6 months – 2 ½ year’s time”.

I believe that Chris Jordan, a former partner of KPMG, was issuing a special warning to Accountants and Bookkeepers that the continual improvement of the Taxation Office processes were going to severely affect a significant number of Accountants and Bookkeepers.

At ESS BIZTOOLS we have analysed the emerging problems for many accountancy and bookkeeping firms and we decided to develop the “Advisory Intro Product Package” as part of the ESS BIZTOOLS suite of products to assist Bookkeeping and Accountancy Firms to reposition as Mr Jordan suggested as the “Brilliant and Trusted Advisors”.

As well as these challenges there are many others affecting the SME community and these will affect how you offer services to your clients.

Currently in Australia we have:

• high interest rates;
• high inflation; and
• an ever-increasing level of business failures.

In recent editions of the News Limited media one of Australia’s most successful businessman – Gerry Harvey – Chairman of Harvey Norman Ltd a 60 year veteran of the Retail Industry indicated that he was fearful that in 5 year’s time Australia would be in a very difficult position because of the ever-increasing expenditure been made by governments which he believes will keep interest rates and inflation high for at least the next 5 years.

It is important that Bookkeepers and Accountants who have not previously offered Advisory Services commence  the “Financial/Commercial Advisory Services Journey” so that you are able to offer additional services “beyond taxation” to assist your clients to survive the conditions that are now prevailing which Mr Harvey believes will continue for at least the next 5 years.

The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson a former Minister for Small Business in the last Liberal National Party Government recently issued “Small Business Pulse” which highlighted some very disturbing information:

• Small business conditions have deteriorated 3.5% in the last 12 months
• Small Business operating environment has been in decline for the past 2 years
• Economic activity generated by Small Business currently 33% of GDP – in 2006 it was 40% of GDP
• Small businesses currently provide jobs for 42% of the private sector workforce – and whilst this sounds good you should note that back in 2006 this was 53%.

The downturn in Small Business Participation in the Australian economy and the changes outlined by the former Tax Commissioner highlight the challenges that are facing not only SMEs but also the Bookkeeper and Accounting Firms that are providing services to SMEs.

Another important observation was identified by the CEO of MYOB Paul Robson who wrote an article in the “Financial Review” in February this year where he indicated that “a review undertaken by MYOB of SMEs had identified that they had very little understanding of the “Fiscal Management Issues” as they applied to SMEs”.

The issues identified in the MYOB review included:

• inappropriate systems for the control of debtors;
• lack of understanding of supplier’s payment terms;
• not planning for payments to the Australian Taxation Office;
• new small business operators running into a “brick wall” after about 6 months trading.

Bookkeepers and Accountants need to re-evaluate the services that are being provided to SMEs.  Unfortunately, there is too much emphasis being placed on the preparation of the annual set of accounts for the preparation of the income tax return, without supplying “Financial / Commercial Advisory Services” to assist SMEs to “Survive and Thrive in Their Business Operations”.

That is why ESS BIZTOOLS have developed the “Advisory Intro Product Package” to supply a range of resources to Bookkeeping and Accounting Firms who are new to “Financial/Commercial Advisory Services” to assist in delivering these services to SME clients.

We have utilised my varied business career in both Public Accounting Firm and in a Listed Public Company to highlight the key services that I believe will assist your clients to improve their business operations.

Obviously, you can sit back and do nothing and ignore the comments of:

• The recently retired Tax Commissioner
• The Australian Small Business and Family Business Ombudsman
• The Managing Director of MYOB

Or

You could attend an ESS BIZTOOLS webinar to familiarise yourself with the services that ESS BIZTOOLS have developed, and are continuing to develop (based on feedback from our subscribers), which has enabled us to launch a range of services which will enable you to “ADD VALUE” to your clients’ businesses and assist your firm to be acknowledged as a “Trusted Advisor”, whilst improving your firm’s ability to “Attract Talent” and to “Retain Talent” as your firm will be recognised as delivering “Interesting And Challenging Work”.

We will be presented special webinars to outline the material which we believe will assist you to deliver an introductory range of “Financial/Commercial Advisory Services” to assist your clients on:

Monday, 9 December 2024 at 10.00am AEST.  Please go to www.essbiztools.com.au and click on Webinars to register.

We are offering an attractive discount as part of our “BIZAID by ESS BIZTOOLS” to encourage Accountants and Bookkeepers to gear up to provide services to assist your SME clients in these difficult times.

You can view the product packages offered by ESS BIZTOOLS at www.essbiztools.com.au – click on products and packages

We look forward to hearing from you and giving you a more detailed overview of our vision of the “Financial/Commercial Advisory Services” that your firm could commence offering to your SME clients and prospects.

BLACK FRIDAY PROMOTION

Advisory Services Into package with 50% discount 12 months access 24×7 - $495 including GST.

Or

3 months package $130.00 including GST

THIS SPECIAL OFFER IS OPEN UNTIL 10 DECEMBER 2024

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

Thank you for your interest in the ESS BIZTOOLS Advisory Services Intro Package we look forward to having a conversation with you – STAY SAFE AND HAVE A GREAT DAY!