What Additional Work Can You Offer Clients?

There are many challenges facing accountants and, indeed, the whole business community. These could be summarised as:

• The economy – interest rates are not at the current level to assist borrowers. They’re indicative of an economy that has significant problems.
• There are depressed business situations in some areas around Australia.  This leads to businesses closing or making significant staff retrenchments.
• “Digital disruption” keeps on affecting businesses in all sorts of ways.
• Standard Business Reporting (SBR) – the Australian Taxation Office intends to implement this strategy from 1 July this year which, the ATO believes, will have a significant “red tape reduction” effect on accountants, even though the government will maintain that it’s good for business.

In these circumstances, accountants have a choice.  You can either meet the challenges and provide the services the marketplace wants, or retreat and hope things will improve in the future.

I believe there are many positive outcomes accountants can achieve by being proactive at this time.

• The Australian Taxation Office’ Second Commissioner has identified that there’s a real role for accountants in offering debtors’ management advice and cashflow management advice to small/medium enterprises.  Debtors’ days outstanding is currently 51.6 days – three weeks longer than the standard business trading period of 30 days.

• The Personal Property Securities Act (PPSA) and the Personal Property Securities Register (PPSR) is a quagmire that can cause immense problems for businesses that are unaware of the requirements to register assets and other “personal property” on the register to gain some protection.

• Sale of businesses – there are thousands of businesses that baby boomers would like to sell.  Many of these owners need assistance.

• Shrinkage/waste management reviews – potentially millions of dollars could be saved by businesses.  Many small/medium enterprises need assistance in this area.

• Succession planning – every business should be facing up to this very important phase in a business.  Are you offering succession planning advice?

• For more ideas on services that can be offered as part of Business Advisory Services in 2015, please go to www.essbiztools.com.au.

Peter Towers

Managing Director

ESS BIZTOOLS PTY LTD

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Peter Towers

Managing Director at ESS BIZTOOLS

Managing Director of Enterprise Support Systems Pty Ltd and creator of ESS BIZTOOLS and ESS BIZGRANTS, Peter Towers, has had a career that includes twenty-three years as a Principal of a Public Practice in Townsville and ten years in Commerce, six years of which was as Chief Financial Officer/Company Secretary of a Listed Public Company on the Australian Stock Exchange.

Latest posts by Peter Towers (see all)

• Preparing to deliver advisory services - 2 April 2024
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