There are significant challenges for accountants at present, including:
- “Digital Disruption” – forecast 32% change.
- Standard Business Reporting (SBR) – ATO claims $500 million per annum “red tape reduction”.
- Outsourcing of accountancy work to overseas organisations. These organisations appear to be concentrating on compliance work.
- Competition from consultants, coaches, bookkeepers and other accountants who have already embraced the changing market conditions. These organisations have embraced small/medium enterprises’ needs as identified in various surveys.
There are products readily available to assist accountants to deliver new services to compensate for the “red tape reductions” as announced by the ATO and “digital disruption”, including:
- Personal Property Securities Register (PPSR) Due Diligence System.
- Debtors’ Management – the Second Commissioner of the ATO has indicated that debt owing to the ATO by small/medium enterprises is extremely high and is disproportionate for the size of the small/medium enterprise market – “opportunities for accountants to offer cashflow management advice.”
- Chief Financial Officer (CFO) Services – a great introduction to a wider range of activities that can be offered to small/medium enterprise clients.
- Grants – in particular, grants that some of the work could be undertaken by accountants, including:
- Business Growth Grant
- Accelerating Commercialisation
- Industry Skills Fund
- Leadership – to assist the team to prepare themselves for the new challenges that are confronting accountancy businesses.
There’s no doubt that preparing to offer the new services will be a significant challenge to many firms. However, if it doesn’t challenge you, it doesn’t change you!
ESS BIZTOOLS supplies tools to assist accountants to deliver business advisory services that many small/medium enterprises have indicated they require from accountants.
For Accountants and ESS BIZTOOLS have negotiated a 10% discount for all For Accountants’ members who subscribe to ESS BIZTOOLS. To obtain this discount, please quote ESS3WHA when completing the ESS BIZTOOLS’ subscription form.
You’re invited to sign up for a no-obligation 30-day trial of ESS BIZTOOLS, whereby you will be given the opportunity to test the system. Click here to try ESS BIZTOOLS for free, or visit www.essbiztools.com.au