Accountant's Minute's Podcast

WIN for your clients, you’ll be assisting them to add value to their businesses! WIN for your team, who will have interesting and challenging work, will help your firm with retention and attraction of team members!! WIN for your firm, diversified services will add value to your firm! Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=410&Itemid=639

Andrew Geddes, Australian Accounting Legend, Chair for 10 years of Greencross Ltd, a company which developed over 30 years from a very small veterinary surgery to be a Top 200 ASX company utilising the “Scaling up Process” that Geddes introduced to the Greencross leadership team 15 years ago. We invited Andrew Geddes to participate in the ESS BIZTOOLS’ Business Advisory Services Podcast with Peter Towers, Managing Director, ESS BIZTOOLS on the subject “Scaling up Strategies for Team Building”.....   [Read the Full Article Here]

At long last the COVID-19 lockdowns are ending and there is an air of optimism in the marketplace as businesses go about the task of reopening and repositioning themselves for what is expected to be boom conditions in 2022. Accountants, this is a great opportunity to identify yourselves as a proactive accounting firm that is willing to supply a range of business enhancement services to your SME clients. In the “ESS BIZTOOLS Business Advisory Services Podcast” this week Phil Chynoweth, Managing Director, Bridge Global joined Peter Towers, Managing Director, ESS BIZTOOLS to review the recent Zoom presentation by Professor Terry Kramer, Adjunct Professor, Anderson School of Management, UCLA (University of California Los Angeles) and to comment on the benefits for Australian companies from participating in the UCLA GAP Field Study Program.  You can listen to the podcast by clicking here. “Terry Kramer, as an Adjunct Professor at UCLA, has spent time at Harvard University but more importantly fundamentally he is a

The “window of opportunity” is here at last for Accountants all over Australia as New South Wales leads the way in dismantling lockdowns.  This is presenting an opportunity to Accountants, Bookkeepers, Business Advisors and Chief Financial Officers to be able to deliver services focused on “adding value” to SME clients and providing interesting and challenging work for your accounting team which will assist in the challenge that many firms have in retaining great staff and attracting new team members to the firm. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=407&Itemid=639

Accountants are in a unique position to assist small and medium-sized businesses to recalibrate their business strategies to meet the challenges of a “post lockdown world”. In an interesting presentation last week, Terry Kramer, Faculty Director of the Anderson School of Management at UCLA (University of California, Los Angeles) and chair of Skylo Technologies indicated that his expectation was that there would be boom conditions over the next twelve months very similar to what happened when the Spanish Flu was finally constrained in 1920.  Kramer said that this boom ushered in the “Roaring Twenties”. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=406&Itemid=639

There is a “ window of opportunity” emerging for accountants to assist SME clients to create new opportunities by navigating out of the problems that have been caused to businesses all over Australia by COVID-19 lockdowns. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=405&Itemid=639

The announcements by some of the state Premiers of an easing of lockdown laws once a predetermined number of the state’s residents have received two of the COVID-19 injections has encouraged some enthusiasm from business operators that there is light at the end of the tunnel and that they might be able to get back into what they do best – running their businesses in an efficient manner. read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=404&Itemid=639

Diversification Strategies for Small and Solo Firms is the title of Peter's presentation. Peter has already produced a 50 minute webinar on Diversifying Accounting Services – Why? which I have uploaded in the group, so we thought we would discuss the key requirements of diversification on how small and solo practitioners can implement diversification strategies to their accountancy services. In this session Peter and Amanda talk about why diversification makes good commercial sense and strategies to get started on this pathway

Traditionally accountancy firms have looked very similar especially from the outside.  Accountants were known as the people you went to in order to satisfy the government’s requirements for the preparation of an Income Tax Return and this required the preparation of Financial Accounts for a business. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=403&Itemid=639

“The future will be vastly different – we will see some clients receiving diversified services which will create greater value for the client’s business, but also the accounting firm” Jordan Lowry, Managing Director, Blackstone Business Group said in a preview discussion. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=401&Itemid=639

One of the obvious diversification strategies that accountants can pursue is to assist SME clients to have a better understanding of the government grants that are available and to assist clients in the grant application process. A further benefit is that your accounting firm may then be able to undertake some of the projects that are being 50% funded by the government.  This can relate to services that accountants, involved in undertaking business advisory services activities, can undertake for the benefit of their clients including... Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=396&Itemid=639

The CommBank Accounting Market Pulse Report, a few months ago, commented that only 5% of the accounting firms that were surveyed for the production of the report “will not be diversifying services in the next few years”.  This implies that 95% of the firms that participated in the survey, will be diversifying their services. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=395&Itemid=639

Predictive Accounting enables accountants to utilise their skills to assist SME clients to navigate future problems in addition to recording the financial history of what has already occurred.  It’s too late to change what has already occurred, but there is a great opportunity for accountants to be a valued partner with clients in the development of winning strategies for the future by helping to interpret a Business Plan into a “Financial Plan Incorporating Budgets for each Operation, Cashflow Forecast and Projected Balance Sheets.” Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=394&Itemid=639

What is your firm’s point of difference?  From a SMEs’ point of view most accountancy firms look the same – the majority provide a service relating to the preparation of annual financial accounts and income tax returns for businesses, superannuation funds, individuals. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=393&Itemid=639

According to the recent report released by CommBank Accounting Market Pulse, diversification of services is a major objective by accountancy firms all over Australia this financial year.   ESS BIZTOOLS is pleased to contribute to this diversification strategy by offering a 50% discount on four product packages which are significantly diversified to give accountants, bookkeepers and business advisors a great choice of the type of services that they wish to offer to their SME clients. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=392&Itemid=639

One of our Affiliates has agreed to support professional firms who subscribe to ESS BIZTOOLS’ Special Package Offers before 6th August 2021 with ten packages being available to the first ten new subscribers to ESS BIZTOOLS. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=391&Itemid=639

This was the response that Andrew Geddes, Australian Accounting Industry Mentor and Coach, gave to a question that was asked in a recent webinar “Why Should Accountants Proactively Deliver Business Advisory Services To Their Clients?”  Click here to listen to the webinar. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=390&Itemid=639

The process of the preparation of a three-way financial forecast, which is known as “Predictive Accounting”, adds real value to the input that an accountant can make to a client’s business. The recording of past events is the “writing of history”.  What is more important for the client is for them to be able to view a “financial picture” of what their business will look like, if they are able to implement the strategies contained within their Business Plan in one, two, three years’ time. Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=388&Itemid=639

The financial year commenced with significant challenges for businesses, governments and accountants trying to assist clients to survive the challenges of COVID-19. At 30th June 2021, 12,000,000 people in Australia are in lockdown which highlights the ongoing challenges that businesses are confronting in trying to continue to operate viable businesses whilst borders shut and we have a wide variance in official announcements being made by governments. Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=387&Itemid=639