ESS BIZTOOLS is in the process of reconfiguring our product packages following the strong response we have received from the webinar, presented by the Academy of CPAs (Certified Predictive Accountants) 3 weeks ago, when Adam Hale, partner Summit CPA an American accountant who was described by the Managing Director of PlanGuru as an “accounting industry rockstar”, gave an outstanding overview of the Virtual CFO Service that his firm had introduced for their clients.
The concept, discussed by Adam Hale, is very logical if an accountancy firm is keen to assist an SME client to add value to their business and, at the same time, supply interesting and challenging work to your accounting team members. This aspect has another benefit: the attraction and retention of talent, which the recent CommBank Accounting Market Report described as the biggest single problem confronting accountants in 2022/23 financial year.
Australian Accounting Industry Guru Andrew Geddes sent us an email containing one word after this very interesting webinar: “EXCELLENT”.
Click here to listen to the webinar recording (60 minutes).
You can listen to the podcast recording that featured Andrew Geddes talking with Peter Towers, Managing Director ESS BIZTOOLS, a couple of hours after the webinar by clicking here (22 minutes).
Our vision for the type of services that Australian accountants will be able to provide in addition to compliance services incorporates the following:
- Financial Forecasting
- Business plan – developed with the leadership team outlining the vision for the next 5 years
- Understanding the business – a very important part of the process of offering this expanded range of advisory services is to gain an understanding of the “business of the business”
- Preparing supporting documents to the financial forecast process:
- raw materials
- energy requirements (electricity, gas, fuel oil)
- labour team
- completed products inventory
- creditors
- debtors
- loans
- Key Performance Indicators (KPIs)
- Budgets – for each individual business unit – up to 5 years
- Cash flow forecast – up to 5 years
- Projected balance sheets – up to 5 years
- Identifying any funding requirements:
- Assist with preparation of loan applications or assist with mentoring the client on requirements for capital raising for:
- Section 708 Corporations Act Capital Raising
- Crowd Sourced Funding Equity Raising
- Early-stage Innovation Company Capital Raising (if a young company that meets the specifications for this type of capital raising)
- Accounting Processing
- Design and train client’s team (if necessary) in the preparation of “Weekly Performance Reports” and the analysis of weekly performance
- Weekly KPIs
- Weekly comparison to the budgets
- Preparation of “Monthly Management Accounts” for each business unit conducted by the business
- Monthly KPIs derived from the management accounts
- Comparison of key performance indicators to previous periods within a “Business Health/Benchmarking Check” format
- Leadership Review Process
- Potentially facilitating the “Monthly Business Review Meeting” to analyse the performance of each individual business unit during the previous month
- Analyse KPIs
- Authorise adjustment to the budgets and cash flow forecasts where required
- Periodic Work that has been Selected by the Client
- Buying a business
- Debtors management system – specifically reduction of debtors days outstanding
- Leadership training
- Personal Property Securities Register (PPSR) due diligence review as it applies to this business
- Selling a business
- Succession planning
- Finance director role
- Tradie and manufacturers charge out rate calculator to achieve targeted profit
- Professional services firm charge out rate calculator to achieve targeted profit
- Retail/wholesale businesses determination of product mark-ups in conjunction with estimated volume sales to achieve targeted profit
- Research and development guidance on the system and lodging of the reports for AusIndustry and the Australian Taxation Office (ATO)
- “Survival in Difficult Times” workbook to assist in the evaluation of business performance
- Information on government grants that the business might be able to apply full
- Corporate governance
- Directors duties and responsibilities
- Company secretary duties and responsibilities
Peter Towers | Ess BIZTOOLS | essbiztools.com.au
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