“Business Advisory Services” has been identified by accountants surveyed by CommBank Accounting Market Pulse as the “highest rating product that they are planning to offer, or significantly grow, in the next 12 – 18 months” in the May 2021 report.
In the survey 81% of “leading firms” and 67% of “lagging firms” identified “Business Advisory Services” as their significant growth service line for the next 12 – 18 months.
Accounting Market Pulse commented: “When comparing themselves with their closest competitors, leading firms believe they stand out for the diversity of their service offering, both traditional accounting service lines and those that sit outside. This is something they intend to build on this year as the two largest points of difference between them and lagging firms are their focus on developing their expertise in niche areas and building out their range of accounting and accounting related services”.
Accounting Market Pulse also made the following comments:
- Clients’ needs are constantly evolving and their expectations around the quality, value, speed and range of services keeps rising.
- New forms of competition have emerged.
- Technology has changed the way accounting firms deliver their services.
- Firms have had to provide a range of initiatives for staff in the battle for talent and ensure that employee skill sets keep pace with advances in technology and are aligned with clients’ needs.
At ESS BIZTOOLS we believe that “Business Advisory Services” implies that the accountant is going to be able to act as if they were the employed internal accountant for a client and, as such, they will be able to “dig” into all aspects of the business’ records and not just concentrate on the preparation of an annual set of accounts and income tax returns.
SMEs that are growing require a wide range of business commercial services supplied to them. There is no reason they should be battling on their own – with today’s communications and technology, all business operators should be able to avail themselves of a “Virtual Chief financial Officer” service.
The Accounting Market Pulse report has identified that a significant number of the “leading firms” (81%) and a not insignificant number of the “lagging firms” (67%) have rated Business Advisory Services as the service that they expect more of their clients to be seeking during the next 18 months.
The challenge for accountants is going to be gearing up to supply those types of services, tailored to the particular requirements of an individual firm’s clientele.
Some of the services that could be included under the heading “Business Advisory Services” include:
- Research and Development
- Predictive Accounting (Budgets, Cashflow Forecasts, Projected Balance Sheets)
- Business Health Checks
- Business Planning
- Buying a Business Advice
- Selling a Business Advice
- Debtors’ Management
- Business Funding including:
- Early Stage Innovation Company
- Crowd Sourced Funding Equity Raising
- Section 708 Capital Raising
- Borrowing Money
- Personal Property Securities Register Awareness
- Succession Planning
- Tradie’s Charge Out Rates Calculation
- Professional Services Charge Out Rates Calculation
- Product Mix and Mark-Ups for Retail Businesses
- Survival in Difficult Times – Right Now!
Would you like to know more about the services supplied by ESS BIZTOOLS? If so, you’re most welcome to visit our website www.essbiztools.com.au, send me an email peter@essbiztools.com.au or give me a ring 1800 232 088.
Now is the time to finalise your strategies and product selections for 2021/2022.
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