Accountant's Minute's Podcast

How often do you take the time to step back and catch a high-level view of your accountancy practice and the way it’s performing? Most of us are too busy doing the things we do day-to-day to meet our clients’ tax needs.  We just don’t get the time to take that helicopter view as often as we’d like.

If you can spare just a few minutes, I’d like you to consider a couple of questions. The answers to these questions could help: reshape the way you do business; pave the way for more interesting and challenging work; produce some very happy clients; and most importantly; create a new sources of revenue. Here’s a suggestion. Why don’t you print out this article and note the answers next to the questions, so you can review them later. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=445&Itemid=639

Let’s start today with a snap quiz! Did you read last May’s Accounting Market Pulse report and seriously think “maybe our accounting firm should be offering those Business Advisory Services to our clients?” Now, eleven months later, have you done anything about it? Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=444&Itemid=639

If you want to add a new long-term income stream to your accountancy practice without having to meet those hefty development costs, then keep reading. At ESS BIZTOOLS, we have developed a new package that will help you to diversify into Business Advisory Services for your clients, without you having to ‘reinvent the wheel.’ Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=443&Itemid=639

Our team at ESS BIZTOOLS has created an opportunity for accountants, like you, to offer a broader range of commercial services to their SME clients in a cost effective way. Providing professional Business Advisory Services can add a new stream of income that will flow into your practice and help grow your business. But, for smaller firms, offering new services over and above compliance work is often seen as an uphill battle, especially with all the preparatory work involved. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=442&Itemid=639

This article is based on the podcast conversation Andrew Geddes, Accounting Industry Coach with Peter Towers, Managing Director ESS BIZTOOLS – “Challenges for Accountants in 2022”: Getting to the starting point What are the things to nail? SME needs review Does a client need funding? Succession planning Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=441&Itemid=639

Making it easier for you – Access to Business Advisory Services Product Streams without a Contractual Commitment! “Getting to the Starting Point” Development of Product Champions Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=439&Itemid=639

How long have you been discussing the implementation of a diversification strategy to introduce Business Advisory Services to your accounting firm? It is nearly 10 months since the CommBank Accounting Market Pulse Report was produced which indicated that 95% of the accounting firms that the CommBank had interviewed had indicated that in 2021 and 2022 they would be “diversifying services”. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=438&Itemid=639

Change is always difficult and there never is a really good time to implement it.  Let’s look at the current situation in Australia.  The Reserve Bank Governor’s forecast last week, that he expected unemployment to be about 3.7% later this year, highlighted that the Reserve Bank Directors believe that economic conditions are going to be better this year and, in fact, the forecast unemployment percentage is the lowest in 50 years. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=437&Itemid=639

Every accountant that I talk to indicates to me that the market is changing. Some of the issues that are discussed with me include, The Accountants Daily article which indicated that 70% of employed accountants are evaluating their employment prospects elsewhere. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=436&Itemid=639

Are you hesitant to implement changes to  your accountancy firm because you don’t know where to start? This is not an uncommon problem.  Many accountants have thought about diversification and have decided to implement diversification but never seem to find the time – there is always another compliance task that you think has to be done by you! Sound familiar?  Then I hope that the following comments will assist you and show you that you are not alone in being caught halfway between making a decision to “ implement change” and “getting started”   [Read the Full Article Here]

2022 has now really started for business people with schools recommencing or about to commence around Australia and with more and more people returning to work within their actual business premises. It’s a time of the year that many people will be thinking about their planning for 2022. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=433&Itemid=639

Do you intend to continue or embark on a diversification strategy during 2022?  The CommBank Accounting Market Pulse released in May 2021 indicated that 95% OF THE ACCOUNTING FIRMS OF ALL SIZES FROM ALL OVER AUSTRALIA THAT THEY HAD SURVEYED HAD INDICATED THAT THEY INTENDED TO DIVERSIFY THEIR SERVICES IN 2021 AND 2022! Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=432&Itemid=639

Let us look at the issues confronting accountancy firms: “OVER 70% OF THE ACCOUNTANCY PROFESSION EYEING OPPORTUNITIES ELSEWHERE – the “great resignation” impacting the accounting team”.  Accountants Daily  “Any employer who is not thinking about how to retain existing employees and attract new ones could fall behind”.  Dr Jane Rennie, General Manager External Affairs at CPA Australia reported in Accountants Daily Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=431&Itemid=639

You are invited to visit: www.essbiztools.com.au and www.essbizgrants.com.au to view a sample of the product packages that have been developed to assist Accountants, Business Advisors, Chief Financial Officers for SMEs and Bookkeepers supply value adding diversified services to SME Clients. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=425&Itemid=639

There is no doubt that Accountancy firms are going to face significant challenges and great opportunities in 2022.  This is our final review of some of the challenges and issues that were encountered in 2021 that will probably continue in 2022. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=423&Itemid=639

“Accountants need to fill up the “hopper” by keeping marketing going to keep the “hopper” filled up because every business experiences clients dropping out of the bottom of the “hopper” and if you don’t keep topping it up, and you, just arrogantly go along and say I have got plenty of business I don’t need to worry, clients will drop out of the bottom of the “hopper” to the point that you are no longer viable.” Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=422&Itemid=639

“We joined ESS BIZTOOLS five years ago as a subscriber and we have never looked back – it is an amazing set of products and tools that we utilise with our clients but we also utilise the system to guide young accountants in our mentoring program to better understand the challenges of delivering a wide range of non-compliance services to SMEs.”  “ESS BIZTOOLS enables us to empower young accounting professionals with tools and knowledge to achieve their goals”.  Priscilla Bea Smith, Director, Cloud Nine Associates who joined Peter Towers, Managing Director, ESS BIZTOOLS in the final webinar presentation of the ESS BIZTOOLS Black Friday Business Advisory Services webinars. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=421&Itemid=639

“Too many accountants do not involve their client in the planning process which commences with the Business Plan and proceeds through to the Predictive Accounting Reports of Budgets, Cash Flow Forecasts and Projected Balance Sheets without effective communication with the client.”  Paul Barnaby, Regional Integration Consultant Asia-Pacific for Plan Guru and CEO of Beyond Accounting Technologies. “Predictive Accounting is documenting for future accounting periods what we have been doing in the historical accounting process, but software tools are now available to enable the preparation of “3 in 1 financial forecasts” which enable the future financial position of the business to be clearly documented.”  Paul Barnaby.   [Read The Full Article Here]

In session 3 of the Black Friday webinar extravaganza Amanda Gascoigne, Amanda Gascoigne Consulting joined Peter Towers, Managing Director, ESS BIZTOOLS for a discussion on 5 Key Product Packages that are part of the ESS BIZTOOLS’ Business Advisory Services offering for Accountants, Business Advisors, Chief Financial Officers and Bookkeepers. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=419&Itemid=639