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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

Peter Towers

5
Followers
0
Plays
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About Us

Accountants are looking for new ways to maintain and increase their revenue given the slow decline in demand for their traditional tax compliance services. One key area where accountants have potential for expansion is in providing strategic advice to their SME clients. Each episode, Peter Towers will present news, ideas and tips on the challenges faced by accountants in delivering business advisory and non compliance services to their clients.

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

B042 Are you famous for adding value?

Are you famous for adding value? Virtually every accountancy business in Australia does tax returns. Some firms claim to be “famous” for tax but how do you differentiate yourself in a crowded market place? The beginning of a new financial year is an appropriate time for an accountancy business to stop, reflect and take stock on where your accountancy practice is headed over the next few years. We are living in a situation where there is undoubtedly digital disruption going on in the community, affecting accountancy firms and a wide range of other businesses. Another particular concern to accountants is the Standard Business Reporting system that is currently being phased in by the Australian Taxation Office (ATO). The ATO is very confident that this is going to cause at least a $500M per annum reduction in professional accounting fees. How much of this is likely to affect your firm? Taxation returns are becoming more of a commodity product and there is the ongoing increase in over...

7 min2015 JUL 1
Comments
B042 Are you famous for adding value?

B041 Skills Development Grants Assist Businesses

In the last few months, the Federal government has released two new grant programs, which offer significant benefits, not only to employees, but also to the businesses themselves. These grants are Industry Skills Fund and Training for Employment Scholarship. Accountants, who are acting as trusted advisers and offering a range of business activities, are able to alert their small/medium enterprise clients to these types of grants. In some instances, they will be able to actually perform some of the work relating to the grant funding. Industry Skills Fund The Industry Skills Fund has different levels of benefit available, depending on the number of full-time equivalent (FTE) employees that are engaged by the business. These range from: · Micro-businesses (0-4 FTE employees) – 75% · Small businesses (5-19 FTE employees) – 66% · Medium businesses (20-199 FTE employees) – 50% · Large businesses (200+ FTE employees) – 25% The business’ contribution must be in cash. The purpose is...

8 min2015 JUN 2
Comments
B041 Skills Development Grants Assist Businesses

B040 Portfolio Allocations Is Important For Effective Management

One of the problems with many small/medium enterprise operators is that they try to do too much, primarily because they haven’t introduced effective delegation within the organisation. One way to introduce effective delegation is to allocate portfolios relative to that particular business. It’s a good exercise to sit down and write down all the functions that relate to the organisation and to think about how that role should be performed. Even if it’s only for few minutes each day or 10 minutes a week, it all contributes to the effective management of the business. If all the responsibilities for these tasks are left for one person, it’s no wonder that many small/medium enterprise operators get “bogged down”. Read more on our blog

6 min2015 APR 24
Comments
B040 Portfolio Allocations Is Important For Effective Management

B039 Accountants: Don’t let this happen on our watch!

This was the direct appeal made to attendees at the ATSA (Australian Technology Showcase for Accountants) conference in Melbourne, on 21st October 2014, by Deloitte partner Jason Bender. Mr Bender had earlier said that accountants need to think about how they’re going to react to the changes that are occurring in the marketplace and to the accountancy profession. He said that, “If accountants are not really careful, the profession could really suffer.” Sobering words to take into consideration. Do you have a plan for the 2015 challenges? There are many on the horizon. Read the blog: You can start a 30-day free trial of ESS BIZTOOLS. Click here to sign up. As a preview of what is included in ESS BIZTOOLS, a complimentary copy of our ‘Debtors’ Management System – Introduction Checklist’ can be downloaded below. To receive future editions in the ‘Business Advisory News for Accountants’ series, I invite you to subscribe, FREE of charge, to our ESS BIZTOOLS – Business Advisory ...

13 min2015 MAR 6
Comments
B039 Accountants: Don’t let this happen on our watch!

B038 Priority Industries Are In Vogue

Accountants need to be aware of the ‘priority industries’, which are the main recipients of grants under the four major grant programs introduced by the Abbott government. Priority industries are industries that the government believes enjoy a competitive advantage and are likely to exploit favourable market conditions or have a significant impact on the Australian economy.

6 min2015 FEB 19
Comments
B038 Priority Industries Are In Vogue

B037 Business Plans Are Important For All Businesses

Business plans are like ‘maps for tourists’. If you don’t know where you’re planning to go, how are you going to know when you get there? Virtually every business, large or small, requires a business plan, including sporting organisations, charities and churches. Within the small/medium enterprise, the CEO, directors (if any) and the management team should be utilising a business plan to help them direct the business towards achieving its overall objectives. Other people are also interested in business plans, as a means of determining whether they’re prepared to be involved in the business in some way.

9 min2014 DEC 12
Comments
B037 Business Plans Are Important For All Businesses

B036 Entrepreneurs’ Infrastructure Program Fully Operational

The Entrepreneurs’ Infrastructure Program has been developed by the Federal government to drive business growth and competitiveness through support for business improvement and promoting economic growth through research, connections and commercialisation of novel products, processes and services. Accelerating Commercialisation Last week, the government released its final grant program within Entrepreneurs’ Infrastructure Program, Accelerating Commercialisation. The aim of the grant Accelerating Commercialisation contributes to Entrepreneurs’ Infrastructure Program’s objectives by: · Accelerating the commercialisation of novel intellectual property in the form of novel products, processes and services. · Creating new businesses based on novel intellectual property with high growth potential and facilitating greater commercial and economic returns both from public and private research. · Develop investment to drive business growth and competitiveness.

12 min2014 NOV 27
Comments
B036 Entrepreneurs’ Infrastructure Program Fully Operational

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

B042 Are you famous for adding value?

Are you famous for adding value? Virtually every accountancy business in Australia does tax returns. Some firms claim to be “famous” for tax but how do you differentiate yourself in a crowded market place? The beginning of a new financial year is an appropriate time for an accountancy business to stop, reflect and take stock on where your accountancy practice is headed over the next few years. We are living in a situation where there is undoubtedly digital disruption going on in the community, affecting accountancy firms and a wide range of other businesses. Another particular concern to accountants is the Standard Business Reporting system that is currently being phased in by the Australian Taxation Office (ATO). The ATO is very confident that this is going to cause at least a $500M per annum reduction in professional accounting fees. How much of this is likely to affect your firm? Taxation returns are becoming more of a commodity product and there is the ongoing increase in over...

7 min2015 JUL 1
Comments
B042 Are you famous for adding value?

B041 Skills Development Grants Assist Businesses

In the last few months, the Federal government has released two new grant programs, which offer significant benefits, not only to employees, but also to the businesses themselves. These grants are Industry Skills Fund and Training for Employment Scholarship. Accountants, who are acting as trusted advisers and offering a range of business activities, are able to alert their small/medium enterprise clients to these types of grants. In some instances, they will be able to actually perform some of the work relating to the grant funding. Industry Skills Fund The Industry Skills Fund has different levels of benefit available, depending on the number of full-time equivalent (FTE) employees that are engaged by the business. These range from: · Micro-businesses (0-4 FTE employees) – 75% · Small businesses (5-19 FTE employees) – 66% · Medium businesses (20-199 FTE employees) – 50% · Large businesses (200+ FTE employees) – 25% The business’ contribution must be in cash. The purpose is...

8 min2015 JUN 2
Comments
B041 Skills Development Grants Assist Businesses

B040 Portfolio Allocations Is Important For Effective Management

One of the problems with many small/medium enterprise operators is that they try to do too much, primarily because they haven’t introduced effective delegation within the organisation. One way to introduce effective delegation is to allocate portfolios relative to that particular business. It’s a good exercise to sit down and write down all the functions that relate to the organisation and to think about how that role should be performed. Even if it’s only for few minutes each day or 10 minutes a week, it all contributes to the effective management of the business. If all the responsibilities for these tasks are left for one person, it’s no wonder that many small/medium enterprise operators get “bogged down”. Read more on our blog

6 min2015 APR 24
Comments
B040 Portfolio Allocations Is Important For Effective Management

B039 Accountants: Don’t let this happen on our watch!

This was the direct appeal made to attendees at the ATSA (Australian Technology Showcase for Accountants) conference in Melbourne, on 21st October 2014, by Deloitte partner Jason Bender. Mr Bender had earlier said that accountants need to think about how they’re going to react to the changes that are occurring in the marketplace and to the accountancy profession. He said that, “If accountants are not really careful, the profession could really suffer.” Sobering words to take into consideration. Do you have a plan for the 2015 challenges? There are many on the horizon. Read the blog: You can start a 30-day free trial of ESS BIZTOOLS. Click here to sign up. As a preview of what is included in ESS BIZTOOLS, a complimentary copy of our ‘Debtors’ Management System – Introduction Checklist’ can be downloaded below. To receive future editions in the ‘Business Advisory News for Accountants’ series, I invite you to subscribe, FREE of charge, to our ESS BIZTOOLS – Business Advisory ...

13 min2015 MAR 6
Comments
B039 Accountants: Don’t let this happen on our watch!

B038 Priority Industries Are In Vogue

Accountants need to be aware of the ‘priority industries’, which are the main recipients of grants under the four major grant programs introduced by the Abbott government. Priority industries are industries that the government believes enjoy a competitive advantage and are likely to exploit favourable market conditions or have a significant impact on the Australian economy.

6 min2015 FEB 19
Comments
B038 Priority Industries Are In Vogue

B037 Business Plans Are Important For All Businesses

Business plans are like ‘maps for tourists’. If you don’t know where you’re planning to go, how are you going to know when you get there? Virtually every business, large or small, requires a business plan, including sporting organisations, charities and churches. Within the small/medium enterprise, the CEO, directors (if any) and the management team should be utilising a business plan to help them direct the business towards achieving its overall objectives. Other people are also interested in business plans, as a means of determining whether they’re prepared to be involved in the business in some way.

9 min2014 DEC 12
Comments
B037 Business Plans Are Important For All Businesses

B036 Entrepreneurs’ Infrastructure Program Fully Operational

The Entrepreneurs’ Infrastructure Program has been developed by the Federal government to drive business growth and competitiveness through support for business improvement and promoting economic growth through research, connections and commercialisation of novel products, processes and services. Accelerating Commercialisation Last week, the government released its final grant program within Entrepreneurs’ Infrastructure Program, Accelerating Commercialisation. The aim of the grant Accelerating Commercialisation contributes to Entrepreneurs’ Infrastructure Program’s objectives by: · Accelerating the commercialisation of novel intellectual property in the form of novel products, processes and services. · Creating new businesses based on novel intellectual property with high growth potential and facilitating greater commercial and economic returns both from public and private research. · Develop investment to drive business growth and competitiveness.

12 min2014 NOV 27
Comments
B036 Entrepreneurs’ Infrastructure Program Fully Operational
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