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Business Advisory News for Accountants

Peter Towers

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Business Advisory News for Accountants
Business Advisory News for Accountants

Business Advisory News for Accountants

Peter Towers

4
Followers
0
Plays
0
Raised
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About Us

It's no secret that accountants are looking for new ways to maintain and boost their incomes, given the slow decline in demand for their traditional tax compliance services. One of the key areas where accountants see potential for expansion is in providing strategic business advisory services and advice to their SME clients. Each episode of the podcast "Business Advisory News for Accountants" (previously titled "Non Compliance News for Accountants") Peter Towers will discuss news, ideas and tips to assist accountants in implementing and delivering business advisory non compliance services.

Latest Episodes

2016 – The Year of Business Advisory Services

The Commonwealth Bank’s “Accounting Market Pulse” has predicted that business advisory services will be the number one service line to enter and grow for accountants in the next 12 months. Business advisory services will help offset the losses from the introduction of the Australian Taxation Office’s Standard Business Reporting (SBR) and offer accountancy businesses “real accounting work” for accounting team members. To assist accountancy businesses to get ready to deliver business advisory services, ESS BIZTOOLS is progressively releasing significant upgrades to the ESS BIZTOOLS’ product range, including: ESS BASIP (Business Advisory Services Implementation Programme) The ESS BASIP Training Package for Business Advisory Services – Introduction will be available as a stand-alone product for an investment of $660 (including GST). This change will enable accountancy businesses to invest a smaller amount of money, whilst the training of the team members is being undertaken. ESS...

5 MIN2016 FEB 16
Comments
2016 – The Year of Business Advisory Services

B044 Build Value With Virtual Chief Financial Officer Services

Situation AvailableMany businesses have a “situation available” for a wider range of services – but not many accountants are applying. What services do SMEs want?Surveys undertaken by MYOB, CCH, Smithink and other organisations have all identified that SMEs are looking for a wider range of professional services from “someone”. The challenge for the accountancy industry is to ensure that “someone” is a professional accountant. This work will otherwise disappear to a range of other consulting firms and to those accountancy businesses that are better prepared. The services, indicated by the surveys, as being sought by small/medium enterprises include:• Future planning – where are we headed?• Budgets and Cashflow Forecasts – trying to predict the financial needs of the business.• Business analysis and interpretation:- Key Performance Indicators- Benchmarking- Ratio analysis• Succession/Exit Planning - there are thousands of businesses that are planning, or considering, exit...

13 MIN2015 NOV 18
Comments
B044 Build Value With Virtual Chief Financial Officer Services

B043 Accountants' "Trusted Adviser" status challenged

In mid-2015, accountancy businesses are facing a wide range of challenges. Accountants need to develop strategies to respond to the challenges to maintain the accountancy profession’s premier rating as the “trusted adviser” to small/medium enterprises.These challenges include:• Effects of “Digital Disruption” – Deloitte has predicted that professional firms (of which accountants are part) will suffer a 32% change in their businesses, due to the effects of “digital disruption”, if they do nothing over the next few years.• The Australian Taxation Office (ATO) is proceeding with a plan to introduce Standard Business Reporting (SBR) which the ATO believes will result in a “red tape reduction” of, at least, $500M per annum. The vast majority of the “red tape reduction” is expected to relate to accountancy fees. This will encourage small/medium enterprises to ask for their “red tape” discount! There is a strong possibility that the Australian government will promote this ...

6 MIN2015 AUG 12
Comments
B043 Accountants' "Trusted Adviser" status challenged

Latest Episodes

2016 – The Year of Business Advisory Services

The Commonwealth Bank’s “Accounting Market Pulse” has predicted that business advisory services will be the number one service line to enter and grow for accountants in the next 12 months. Business advisory services will help offset the losses from the introduction of the Australian Taxation Office’s Standard Business Reporting (SBR) and offer accountancy businesses “real accounting work” for accounting team members. To assist accountancy businesses to get ready to deliver business advisory services, ESS BIZTOOLS is progressively releasing significant upgrades to the ESS BIZTOOLS’ product range, including: ESS BASIP (Business Advisory Services Implementation Programme) The ESS BASIP Training Package for Business Advisory Services – Introduction will be available as a stand-alone product for an investment of $660 (including GST). This change will enable accountancy businesses to invest a smaller amount of money, whilst the training of the team members is being undertaken. ESS...

5 MIN2016 FEB 16
Comments
2016 – The Year of Business Advisory Services

B044 Build Value With Virtual Chief Financial Officer Services

Situation AvailableMany businesses have a “situation available” for a wider range of services – but not many accountants are applying. What services do SMEs want?Surveys undertaken by MYOB, CCH, Smithink and other organisations have all identified that SMEs are looking for a wider range of professional services from “someone”. The challenge for the accountancy industry is to ensure that “someone” is a professional accountant. This work will otherwise disappear to a range of other consulting firms and to those accountancy businesses that are better prepared. The services, indicated by the surveys, as being sought by small/medium enterprises include:• Future planning – where are we headed?• Budgets and Cashflow Forecasts – trying to predict the financial needs of the business.• Business analysis and interpretation:- Key Performance Indicators- Benchmarking- Ratio analysis• Succession/Exit Planning - there are thousands of businesses that are planning, or considering, exit...

13 MIN2015 NOV 18
Comments
B044 Build Value With Virtual Chief Financial Officer Services

B043 Accountants' "Trusted Adviser" status challenged

In mid-2015, accountancy businesses are facing a wide range of challenges. Accountants need to develop strategies to respond to the challenges to maintain the accountancy profession’s premier rating as the “trusted adviser” to small/medium enterprises.These challenges include:• Effects of “Digital Disruption” – Deloitte has predicted that professional firms (of which accountants are part) will suffer a 32% change in their businesses, due to the effects of “digital disruption”, if they do nothing over the next few years.• The Australian Taxation Office (ATO) is proceeding with a plan to introduce Standard Business Reporting (SBR) which the ATO believes will result in a “red tape reduction” of, at least, $500M per annum. The vast majority of the “red tape reduction” is expected to relate to accountancy fees. This will encourage small/medium enterprises to ask for their “red tape” discount! There is a strong possibility that the Australian government will promote this ...

6 MIN2015 AUG 12
Comments
B043 Accountants' "Trusted Adviser" status challenged

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