ESS BIZTOOLS Podcast: Recent Episodes
Peter Towers
Peter Towers, creator of ESS BIZTOOLS, tools written for accountants so they can quickly and easily offer business advisory services to their SME clients, presents news topics that accountants should be aware of if they work with SME clients.
Are accounting firms doing enough to support SME clients beyond tax compliance?
In this episode, Peter Towers explores why accountants, bookkeepers, and business advisors need to embrace advisory services, predictive accounting, business planning, cash flow forecasting, KPI monitoring, and capital raising support. Discover how firms can strengthen client relationships, create new revenue opportunities, retain talented team members, and help SMEs survive and thrive in challenging economic conditions.
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In this episode of Accountants Minute Podcast, Peter Towers explores why accounting firms, bookkeepers and business advisory firms are at a critical crossroads: remain focused on compliance or begin building structured advisory and Virtual CFO Services.
Peter reflects on the original FMRC vision for accountants to become trusted business advisors to SMEs, then compares that ambition with today's reality — where only 15% of SMEs identify their accountant as a Key Strategic Partner.
This episode highlights the opportunity for firms to move beyond tax returns and annual accounts by delivering practical advisory support, including business planning, budgets, cash flow forecasting, KPI analysis, debtor management, costing reviews and 52-week business performance systems.
For firms ready to take the first step, Peter explains how ESS BIZTOOLS helps accountants and bookkeepers build repeatable advisory services, develop internal champions, and support SME clients with the guidance they need to survive, grow and succeed.
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Why are so many firms struggling to attract and retain accountants?
In this episode of Accountants Minute Podcast, Peter Towers explores the talent challenges facing accounting firms in Australia, and why younger accountants are looking for more meaningful, advisory-driven work. He discusses how broadening your services beyond compliance can help your firm build stronger teams, deliver greater value to SME clients, and position itself as a true Key Strategic Partner.
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Discover why only 15% of SMEs see their accountant or bookkeeper as a Key Strategic Partner, while many firms believe they are already delivering that level of service. In this episode, Peter Towers explores the disconnect, the missed advisory opportunities, and the practical questions firms need to start raising to become more valuable to their SME clients.
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How do you start offering advisory services without disrupting your firm?
In this episode, Peter Towers explains why advisory services are too important to ignore – and how accounting firms, bookkeepers, and business advisory firms can begin with a simple, practical step-by-step approach. Discover how to start small, deepen client relationships, and position your firm as a true Key Strategic Partner with the support of proven tools, training, and client communication resources from ESS BIZTOOLS.
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Advisory services can create significant value for clients, but they do not sell themselves.
In this episode of Accountants Minute Podcast, Peter Towers of ESS BIZTOOLS explains why accounting firms, bookkeepers and business advisors need to actively position, communicate and sell advisory services if they want to be seen as true Key Strategic Partners. Featuring insights from the Intuit QuickBooks SMB 2025 Survey and The Boss Factor Library, this discussion highlights how firms can strengthen client relationships, build new revenue opportunities and deliver the forward-looking advice SMEs need.
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In this episode of Accountants Minute Podcast, Peter Towers of ESS BIZTOOLS and Darren Gleeson of TaxFitness discuss the growing need for accounting firms to move beyond compliance and deliver real advisory services. They explore benchmarking, business improvement opportunities, and practical ways accountants, bookkeepers and advisory firms can strengthen client value and work towards becoming a true Key Strategic Partner.
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In this episode of Accountants Minute Podcast, Peter Towers (ESS BIZTOOLS) and Darren Gleeson (TaxFitness) explore how benchmarking transforms client conversations, drives behavioural change, and unlocks measurable profit growth. Discover why comparing clients to the top 20% in their industry provides the clarity, context, and commercial focus that traditional financial reports often miss.
If you want to increase client profitability, strengthen advisory revenue, and reposition your firm as a forward-looking strategic partner — this discussion will show you where to start.
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Only 15% of SMEs rate their accountant as a Key Strategic Partner. Why is that – and how do we change it?
In this episode of Accountants Minute Podcast, Peter Towers (ESS BIZTOOLS) and Trevor Marchant (The Boss Factor Library) unpack what it truly means to move beyond compliance and become your client's go-to advisor for growth, strategy and innovation. From debtors management and cash flow forecasting, to R&D Tax Incentives and capital raising, this episode explores the missed opportunities sitting inside most accounting firms – and how to confidently communicate, package and deliver them.
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Only 15% of Aussie SMEs see their accountant as a Key Strategic Partner — the go-to advisor driving growth and success.
In this episode of Accountants Minute Podcast, Peter Towers, Managing Director of ESS BIZTOOLS, is joined by Darren Gleeson (Founder, Tax Fitness) to show how top 20% benchmarking turns "advisory" into a repeatable system – fast, evidence-based, and built for quarterly client conversations that improve profit and performance.
SPECIAL OFFER: Use code ESS100 to get Tax Fitness for $1,000 + GST (save $200) plus 12 months FREE access to the ESS BIZTOOLS Starter Package.
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In this final Accountants Minute Podcast episode for 2025, Peter Towers is joined by Darren Gleeson, Managing Director of TaxFitness, to explore how benchmarking and virtual CFO services can transform struggling SMEs into top-performing businesses. They discuss why benchmarking against the top 20% (not the average) is critical, how to turn profit gaps into advisory opportunities, and why accountants and bookkeepers must move beyond compliance if they want to stay relevant in an AI-driven world. Perfect for firms ready to lead clients—and their own team—into 2026 with stronger profitability and sharper advisory services.
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In this episode of the Accountants Minute Podcast, Peter Towers explores how predictive accounting reports turn a business plan into a live early-warning radar for SMEs — with budgets by operation, key drivers, cashflow forecasts, projected balance sheets and KPIs all working together. You'll hear real stories of how weak communication, poor debtor and creditor management, and hidden inventory or capex blowouts can quietly destroy cash flow — and how accountants, acting as Virtual CFOs, can step in, monitor the numbers weekly, and protect profitability. Peter also highlights the role of benchmarking with the top 20% of performers and best-practice Trades Charge-Out Rate Calculators as powerful tools to help your clients scale with confidence.
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In this episode of Accountants Minute Podcast, Peter Towers introduces Stage One of the Innovation Journey — where every breakthrough begins with a simple idea. You'll discover how accountants and bookkeepers can guide SMEs from that first spark through R&D eligibility, record-keeping, prototype development and commercial planning.
This is your roadmap to becoming the internal auditor, advisor and strategic navigator SMEs desperately need as they innovate, experiment and build new intellectual property. If your firm wants to lead clients through real innovation (and unlock new advisory revenue along the way), this episode is your starting point.
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Transforming from "tax technician" to true key strategic partner is no longer optional.
In this episode of the Accountants Minute Podcast, Peter Towers unpacks the uncomfortable gap between what 75% of accountants think they deliver and what SMEs actually say in the Intuit QuickBooks SMB Navigator Report. You'll explore why so many firms are still seen as "transactional", how to test your own client perception with a simple three-option survey, and the practical steps to deepen Financial / Commercial / Management Accounting services so clients genuinely see you as their go-to advisor. Tune in and start shifting your firm's vote to "Key Strategic Partner".
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In this episode of Accountants Minute Podcast, Peter Towers unpacks why only 15% of SMEs currently see their accountant as a true Key Strategic Partner – and what you can do to change that. You'll discover how to reposition your firm from "tax return provider" to virtual CFO, delivering Financial / Commercial / Management Accounting advisory services that help SMEs survive, thrive, and scale up. Peter also shares practical insights on debtor management, cash flow, the innovation journey, and capital raising – and outlines how the ESS BIZTOOLS product packages (including a limited-time 75% Black Friday discount) can fast-track your road to advisory excellence.
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In this episode of the Accountants Minute Podcast, Peter Towers explores why so many SMEs are still failing – and how accountants, bookkeepers and advisors can change that story. Drawing on Michael Gerber's "Dreaming Room" concept, real client case studies and the ESS BIZTOOLS Starter Package, Peter shows you how to build systems, introduce virtual CFO-style support, and position your firm as the strategic partner SMEs desperately need to survive and grow.
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Turn "it's a buyer's market" on its head.
In this episode of Accountants Minute Podcast, Peter Towers shows how advisors can double an SME's sale value by planning early – embedding systems, documenting IP, driving weekly performance, building real business plans, and running annual valuations – so the multiple moves from "average" to outstanding. If you help clients prepare like a listed company, you don't just tidy up before sale – you create the premium. Listen now and learn how to lead, lift the multiple, and help your clients cash out stronger.
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Crowd-Sourced Funding (CSF) Equity Raising: a real, underused pathway for SMEs – and a powerful advisory opportunity for your firm.
In this episode of Accountants Minute Podcast, Peter Towers busts the myth that only unlisted public companies can raise via CSF, explains the ASIC-licensed intermediary model, and shows how accountants, bookkeepers and advisors can prepare SME clients to raise up to $5M without a prospectus. You'll learn where firms add the most value – investment-readiness (plans, budgets, cashflow forecasts, governance), crafting the CSF Offer Document, and converting post-raise support into ongoing Virtual CFO work.
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When smart corporate leaders buy small businesses, they often discover hidden gaps—pricing by margin instead of markup, giving credit too freely, weak debtor follow-ups, and zero cash-flow rhythm.
In this episode of Accountants Minute Podcast, Peter Towers unpacks a real case study and shows how accountants, bookkeepers, and advisors can step in as the strategic partner: install weekly performance reporting, set pricing correctly, tighten credit control, and guide buyers with ESS BIZTOOLS Buying a Business toolkit. Help clients survive the first 6–12 months—and build a business that lasts.
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In this episode of Accountants Minute Podcast, Peter Towers busts the myth that R&D is "only for engineers" and shows how accountants and bookkeepers can lead as the internal-audit partner—keeping evidence tight, forms right, and AusIndustry-ready. Learn how to spot eligible clients, ensuring at least $20,000 was spent on approved R&D work in the financial year being claimed, and turn refundable offsets for sub-$20m companies into real cash flow—opening pathways to ESIC, crowdfunding, and ongoing Virtual CFO work.
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Only 15% of SMEs see their accountant as a true strategic partner.
In this episode of Accountants Minute Podcast, Peter Towers unpacks why – spotlighting MYOB’s findings on poor debtor practices (no credit vetting, weak follow-up, rising DSO) – and outlines how firms can flip the script. Learn practical, billable ways to implement robust debtor systems, set clear terms, use pre-due reminders, and track Debtors Days Outstanding monthly. Equip your team to lift cash flow for clients – and your positioning as their essential advisor.
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Selling advisory isn’t about luck – it’s a system.
In this Accountants Minute Podcast episode, Peter Towers reports on discussion with master sales trainer Trevor Marchant to unpack how firms can move from transactional compliance to true “key strategic partner” status. Learn the internal prep you need (team training, SME needs analysis, rhythm of reporting), how to frame value around dominant buying motives, and practical steps to confidently package, price, and sell advisory services that SMEs will say yes to – consistently.
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Peter Towers – Managing Director of ESS BIZTOOLS, and Darren Gleeson – Founder of Tax Fitness, presented a live podcast on moving beyond once-a-year compliance to true strategic partnership.
The podcast covers the following:
✅ Why so few SMEs see their accountant as a key strategic partner—and how to change that.
✅ A simple advisory rhythm: quarterly/monthly reviews, onsite conversations, and deep client discovery.
✅ Turning plans into numbers: collaborative business plans that feed predictive accounting (budgets, cash flow, projected balance sheet) and weekly performance.
✅ Benchmarking that drives profit: focus on a handful of KPIs vs the top 20% in your client’s industry.
✅ Faster cash: tighten debtors days with practical steps.
✅ Packaging & capacity: tiered offers, client selection, and standing up an advisory division.
This podcast episode provides a crisp blueprint to shift firms from compliance-only to ongoing advisory – powered by metrics, quarterly reviews, and benchmarks that matter.
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Andrew Geddes – FMRC co-founder, long-time Chair of Greencross Ltd, and renowned industry mentor – joins Peter Towers to cut through the noise on where the profession really stands three years after Chris Jordan’s Xerocon warning. We unpack why many firms remain “compliance factories,” and lay out a practical four-step pathway to advisory:
✅ Set clear revenue, profit, and weekly activity targets
✅ Lift margins with pricing, client mix (A/B/C/D), and sales focus
✅ Strengthen cash and controls (stock/WIP, billing, debtor management)
✅ De-risk and build value (leadership, succession, scalability)
Real firm examples, candid insights on outsourcing/offshoring, and how to create fewer, deeper, higher-yield client relationships. If you’re serious about moving to external CFO/Board of Advice work, this is your blueprint.
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Profitability isn’t a matter of luck—it’s the result of smart, deliberate strategies. In this episode of the Accountants Minute Podcast, Peter Towers, Managing Director and Founder of ESS BIZTOOLS, unpacks why pricing is one of the most critical levers for small business success.
Peter challenges the traditional “historian’s role” of accountants, urging professionals to step forward as trusted advisors who help SMEs set charge-out rates, create budgets, and monitor performance in real time. Drawing on years of experience and insights from industry leaders, he highlights why so many SMEs are struggling – and why accountants must do more than prepare tax returns after the fact.
You’ll discover:
✅ How to guide clients in calculating charge-out rates that truly reflect costs and profit goals.
✅ The importance of ongoing KPIs, cash flow forecasts, and performance reviews.
✅ Why SMEs need proactive advisory – not retrospective compliance.
✅ Practical ways to use tools and calculators that take the guesswork out of pricing.
If your clients are undercharging, guessing their margins, or missing key performance indicators, they’re not just at risk – they’re running blind. This episode shows how you can step into the role of “profit partner” and deliver the strategic advice SMEs are crying out for.
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In this episode of Accountants Minute Podcast, Peter Towers, Founder and Managing Director of ESS BIZTOOLS, explores one of the most overlooked drivers of SME success: getting the price right.
Far too often, small businesses rely on industry hearsay, competitor benchmarks, or guesswork when setting their charge-out rates. The result? Underpricing that eats away at margins or overpricing that drives customers away.
As accountants, bookkeepers, and business advisors, you hold the key to guiding your clients toward accurate, sustainable pricing strategies. Peter breaks down the fundamentals of calculating true charge-out rates – from labour on-costs and overheads to productivity percentages and profit margins – showing how these elements directly shape business performance.
You’ll also hear practical examples across trades, professional services, and retail, and learn how the ESS BIZTOOLS’ Charge-Out Rate Calculators can help advisors remove the guesswork from pricing. More than compliance, this is about helping SMEs thrive, scale up, and achieve the profitability they deserve.
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In this episode of the Accountant’s Minute Podcast, Peter Towers, Founder and Managing Director of ESS BIZTOOLS, takes a deep dive into the proven advisory essentials that can help accounting firms, bookkeepers, and business advisors scale up their SME clients into stronger, more resilient businesses.
Through real-world client stories, Peter illustrates the stark difference between businesses that embrace continuous improvement and those that simply “mark time.” You’ll discover why business health checks, pricing reviews, KPI monitoring, and forward-looking cash flow forecasting are not optional extras – but critical tools for protecting and growing any business, whether they aim to expand or simply remain stable and efficient.
Peter also explores practical systems, automation opportunities, and funding strategies – from charge-out rate calculators to Crowd-Sourced Funding equity raising – that you can implement to add measurable value to your clients. With clear, actionable insights, this episode challenges you to move beyond tax returns and become the trusted advisor SMEs truly need in today’s challenging business climate.
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Peter Towers, Founder and Managing Director of ESS BIZTOOLS, challenges accounting professionals to think beyond compliance and step up as true business advisors.
Are you helping your SME clients build the strong foundations they need for sustainable growth? Or are they operating without the critical systems that drive business success?
Peter unpacks the essential structures every small and medium-sized business needs—cash flow forecasting, KPIs, business plans, debtor systems, and the rhythm of meetings. Drawing on real-world advisory experience, he shares practical strategies to:
✅ Improve financial discipline and performance visibility
✅ Prevent costly decision-making mistakes
✅ Implement advisory systems your clients will value
✅ Transition your firm towards high-impact advisory services
This episode is a call to action for accountants, bookkeepers, and business advisors who want to become indispensable to their clients and build stronger, more resilient businesses.
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In this episode of Accountants Minute Podcast, Peter Towers, Managing Director of ESS BIZTOOLS, challenges accountants, bookkeepers, and business advisors to step beyond compliance and embrace their true role as strategic advisors.
With SME insolvency rates rising and funding pathways often overlooked, now is the time to help your clients access capital through government grants, R&D tax incentives, and equity-raising options like Early-Stage Innovation Companies and Crowd-Sourced Funding.
Peter explores:
✅ Why many SME owners miss out on funding – and how you can change that
✅ The practical steps to help clients get funding ready with business plans, forecasts, KPIs, and capital strategies
✅ How capital advisory services can position your firm as indispensable – and reinvigorate your team
✅ Real-life examples of missed opportunities and how proactive advisors can step in
Whether your firm is just starting its advisory journey or ready to expand into capital strategy, this episode offers both a roadmap and a rallying cry. It’s not just about numbers – it’s about impact.
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In this episode of Accountants Minute Podcast, Peter Towers unpacks the critical role accountants, bookkeepers, and business advisors play in helping SMEs secure funding for survival and growth. From government grants like the Export Market Development Grant and R&D Tax Incentive to equity capital options including Early-Stage Innovation Companies, Section 708 of Corporations Act, and Crowd-Sourced Funding – this episode is a practical roadmap for advisors ready to step up.
Peter challenges the notion that funding advice is only for engineers or scientists, showing how trusted advisors can guide clients through strategic planning, financial forecasting, and capital-raising compliance.
You’ll discover:
✅ Why SME clients need more than tax returns
✅ How to help clients access up to $780,000 in grants
✅ The untapped power of R&D advisory for firms
✅ The role of business advisors in capital raising strategies
✅ How offering these services can attract and retain talented team members
Whether you're looking to diversify your services, better serve your clients, or build a stronger firm culture, this episode delivers insight, clarity, and direction.
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In this episode of Accountants Minute Podcast, Peter Towers, Founder and Managing Director of ESS BIZTOOLS, delivers a clear challenge to accountants and bookkeepers: It’s time to stop planning and start doing.
As client demands shift and compliance work becomes increasingly automated, the future of your firm lies in delivering high-value advisory services. But where do you start? Peter walks you through a practical, step-by-step approach to launching and scaling your advisory offering – starting with just one SME client.
You’ll discover how to:
✅ Turn weekly performance insights into strategic business decisions
✅ Use the 52-Week Business Enhancement System to drive accountability and results
✅ Package, price, and deliver advisory services with clarity and confidence
✅ Position your firm as your clients’ virtual CFO
✅ Support SME clients in scaling up, funding, and investment readiness
This isn’t theory – it’s your blueprint for building long-term, high-impact client relationships that elevate your firm’s relevance, revenue, and reputation. Whether you’re just getting started or ready to scale up your advisory offering, this episode is your next strategic move.
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Most accountants and bookkeepers still deliver what SMEs have come to expect: an annual set of accounts and a tax return. But what if that’s no longer enough?
In this powerful episode, Peter Towers, founder of ESS BIZTOOLS, challenges the profession to step up and become the trusted strategic advisor every SME desperately needs. From real-time financial insights to weekly performance reviews, Peter reveals how you can help clients make better decisions – faster – using tools like KPI dashboards, business health checks, cash flow forecasting, and the 52-Week Business Enhancement System.
Discover how to:
✅ Build retainer-based, Virtual CFO services
✅ Set up weekly and monthly reporting rhythms that drive accountability
✅ Use business evaluations, checklists, and survival strategies to lift SME performance
✅ Add real value beyond compliance – before AI and automation redefine your role
If you're ready to stop reporting history and start shaping the future for your clients, this episode is your roadmap.
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In this episode of Accountants Minute Podcast, Peter Towers, Founder and Managing Director of ESS BIZTOOLS, explores how accountants, bookkeepers and business advisors can offer powerful value to SME clients through capital raising advisory services.
Peter explains the immense opportunity in helping SMEs raise funds through Crowd-Sourced Funding (CSF) Equity Raising and Early-Stage Innovation Company (ESIC) status. These services not only help clients grow without debt but also open new revenue channels for your firm – such as virtual CFO roles and strategic advisory board positions.
You’ll gain insight into:
✅ How to guide clients through the CSF and ESIC processes
✅ Eligibility rules, documentation requirements, and ATO/ASIC compliance
✅ Why most CSF applications are rejected – and how to help your clients avoid that fate
✅ How your firm can differentiate and grow with these services
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In this compelling episode, Peter Towers, Managing Director of ESS BIZTOOLS, explores how offering Research & Development (R&D) advisory services can transform your firm into a strategic partner for innovative SMEs. Discover why R&D is not just a tax incentive – it’s a powerful differentiation tool for accountants, bookkeepers, and business advisors.
Peter outlines:
· Why R&D services are critical in a post-compliance world
· How to guide clients from idea to incentive and beyond
· Key requirements: company structure, $20K minimum spend, documentation
· The ripple effect: mentoring, commercialisation, and capital raising
· How ESS BIZTOOLS supports your journey with 46 R&D tools and templates
With looming changes in compliance workflows and increasing SME demand for innovation support, now is the time to diversify your service offerings.
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In this powerful episode Accountants Minute Podcast, Peter Towers, Founder and Managing Director of ESS BIZTOOLS, urges accountants, bookkeepers, and business advisors to reflect on a vital question: Are you really helping your clients grow, or just lodging their tax returns?
Peter shares compelling insights from his journey—ranging from CFO of a public company to advisor on innovation and capital raising—highlighting how traditional compliance work is rapidly losing value in today’s tech-driven world. With AI, value-based pricing, and government-backed funding options reshaping the landscape, firms that fail to diversify will be left behind.
Tune in to learn:
✅ Why most SMEs don’t see their accountants as advisors
✅ How to break free from the “compliance-only” trap
✅ The real-world benefits of offering services like R&D support, cash flow forecasting, and capital raising
✅ What you can learn from corporate finance that applies to SME clients
✅ How ESS BIZTOOLS packages are built to help you stand out—and scale up
If you want your firm to thrive, not just survive, this episode is your wake-up call. It's time to differentiate—or disappear.
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In this episode, Peter Towers, Managing Director of ESS BIZTOOLS, shares a compelling roadmap for accountants, bookkeepers and business advisors ready to transition from tax-focused work to delivering high-impact advisory services for SME clients.
Discover how to implement a structured business planning process, identify key client concerns with the SME Needs Analysis, and coordinate meaningful leadership team discussions. Peter outlines the critical steps in developing business plans that don’t just sit in drawers – but actively drive performance. From predictive financial reports and budgeting per business unit to real-time performance tracking and KPI management, this episode is a practical guide to becoming your client's trusted advisor.
If you're ready to help clients survive and thrive with a systemised advisory approach, this episode is your blueprint. Don’t miss Peter’s insights into the ESS BIZTOOLS Financial Forecasting Package, including the training and tools that can elevate your firm’s services in 2025 and beyond.
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In this edition of Accountants Minute Podcast, Peter Towers, founder and Managing Director of ESS BIZTOOLS, dives deep into the essential – but often overlooked – topic of corporate governance for SMEs. This episode is a must-listen for accountants, bookkeepers, and business advisors who want to provide stronger leadership and risk management guidance to their clients.
From understanding directors' duties under the Corporations Act to improving board meeting practices, internal controls, and financial literacy, Peter outlines practical steps professionals can take to help SME clients strengthen their governance frameworks. Whether your clients are companies, not-for-profits, sporting clubs, or churches, this episode shows how Corporate Governance can boost confidence, prevent costly mistakes, and build stakeholder trust.
Learn how to position yourself as the trusted advisor your clients need to navigate their legal and fiduciary responsibilities. Plus, discover how ESS BIZTOOLS' Corporate Governance and Advisory Packages can support your advisory journey.
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In this episode of Accountants Minute Podcast, Peter Towers challenges accountants, bookkeepers, and business advisors to step into the role of true strategic partners for SMEs. Discover how financial forecasting, real-time reporting, and predictive accounting can transform your client relationships and your practice.
From cash flow management to capital raising through crowdsource funding, Peter outlines the practical tools and advisory opportunities waiting for firms ready to move beyond compliance. If you're looking to deliver deeper value, build recurring advisory revenue, and help clients scale with confidence
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In this episode of the Accountants Minute Podcast, Peter Towers explores why family businesses are the cornerstone of the Australian SME sector—and what that means for accountants, bookkeepers, and business advisors.
With 70% of SMEs being family-run, understanding the unique dynamics, challenges, and opportunities of these businesses is essential. Peter dives into real-world advisory questions—from employing family members and paying fair wages to succession planning and funding options like crowd-sourced equity and early-stage innovation.
Discover how ESS BIZTOOLS can equip you with ready-to-use tools, resources, and communication strategies to confidently advise your family business clients and grow your own firm in the process.
Whether you're already working with family businesses or just getting started in advisory, this episode will inspire you to think bigger, ask better questions, and deliver real value.
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In this episode of Accountants Minute Podcast, Peter Towers, founder of ESS BIZTOOLS, challenges accountants, bookkeepers, and business advisors to rethink their role with SME clients. It's time to move beyond tax returns and embrace the full potential of business advisory services.
Peter explores how tools like the SME Needs Analysis, Business Plus+ newsletters, and Predictive Accounting Reports can empower accountants to deliver real impact – helping clients manage cash flow, reduce debtors days outstanding, plan for succession and raise capital. He also reflects on why many SMEs are missing out on critical advice and how accountants can step into the gap as trusted business advisors.
If you’re ready to broaden your services, deepen client relationships, and future-proof your firm, this episode is essential listening.
👉 Tune in and discover why the future of accounting is advisory.
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In this episode of the Accountants Minute Podcast, Peter Towers dives into why so many Australian businesses struggle to scale—and how accountants and advisors play a pivotal role in building the right foundations. From strengthening internal systems and cash flow forecasting to debtors management, supplier negotiations, and business planning, Peter unpacks practical ways professionals can guide SME clients toward sustainable growth.
Tune in to discover how you can help your clients avoid costly pitfalls and position your firm as a trusted advisor on their scaling journey.
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In this episode of Accountants Minute Podcast, Peter Towers explores how accountants, bookkeepers, and business advisors can respond to the mounting pressures faced by SME clients—and their own firms. With compliance services rapidly evolving and advisory opportunities expanding, Peter outlines how the ESS BIZTOOLS Starter Package equips you to become a virtual CFO, deliver ongoing commercial insights, and support clients through financial forecasting, R&D, charge-out rates, and more. If you're ready to move beyond tax returns and help businesses truly thrive, this episode is your roadmap to getting started.
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In this episode of the Accountants Minute Podcast, Peter Towers, Managing Director of ESS BIZTOOLS, explores how accountants, bookkeepers, and business advisors can create meaningful conversations that go beyond compliance and drive real results for SME clients. Drawing from decades of experience, Peter highlights the importance of proactive client engagement, effective communication of advisory services, and the power of tools like the Business Plus+ newsletter to spark valuable dialogue and deliver measurable improvements in client outcomes. Discover how to shift your conversations from reactive to transformative – and why it’s time to start promoting your advisory offerings like your clients market their own businesses.
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In this episode of Accountants Minute Podcast, Peter Towers, Managing Director of ESS BIZTOOLS, explores how accountants, bookkeepers, and business advisors can put Business Plus+ into action to spark meaningful conversations with SME clients. Learn how this monthly communication tool becomes a gateway to advisory services - covering everything from business planning and R&D to selling a business and improving cash flow. Peter also reflects on industry shifts, including warnings from Chris Jordan and Mark Wickersham on the decline of compliance work, reinforcing the urgent need to evolve into proactive advisory roles. If you're ready to move from insight to implementation, this episode is essential listening.
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In this episode of Accountant’s Minute Podcast, Peter Towers unpacks the urgent need for accountants, bookkeepers, and business advisors to pivot as traditional compliance work continues to decline. Drawing on insights from thought leaders like Mark Wickersham and former ATO Commissioner Chris Jordan, Peter explores how firms can future-proof themselves through proactive, value-adding advisory services. Learn how the Business Plus+ newsletter can become your secret weapon to engage SME clients, build trust, and showcase your expertise far beyond tax returns. If you’re ready to move from "tax preparer" to "trusted advisor," this episode is for you.
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In this special podcast episode, based on the 400th edition of Accountants Minute, Peter Towers delivers a powerful wake-up call for the accounting profession. With compliance work on the decline and automation accelerating, the future belongs to those who embrace their role as trusted advisors. Learn how to diversify your services, implement powerful advisory tools like financial forecasting and virtual CFO support, and make your firm indispensable to SME clients. Featuring insights from thought leader Mark Wickersham and a candid look at the challenges facing SMEs today, this episode is a must-listen for any accounting professional serious about staying relevant—and thriving—in a changing landscape.
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In this Accountants Minute Podcast episode, Peter Towers challenges accountants, bookkeepers, and advisors to step beyond compliance and become strategic leaders in their clients’ growth journeys.
Peter dives into what it really takes to deliver premium advisory services—from implementing performance-driven systems and predictive accounting to mastering business planning and becoming a true "storyteller" for your clients’ future success.
Whether you're advising SMEs or aspiring to be a virtual CFO, this episode is packed with practical insights to help you build scalable, future-focused services—and position your firm at the forefront of the profession.
Don’t miss this call to action as we approach our 400th edition!
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In this episode of Accountant’s Minute Podcast, Peter Towers urges accountants, bookkeepers, and advisors to move beyond compliance work and embrace value-added services. With automation rapidly reducing tax-related tasks, now is the time to step up as trusted advisors, offering strategic insights to help SMEs thrive.
Discover why your future depends on advisory services—and how you can start the shift today.
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In this episode of The Accountant's Minute Podcast, Peter Towers, Managing Director of ESS BIZTOOLS, delves into The Future of Accounting—a crucial topic for accountants, bookkeepers, and business advisors working with SMEs. With over 2 million small businesses in Australia facing increasing financial pressures, is your firm ready to evolve beyond compliance and tax return services?
Peter explores the shifting landscape of accounting, highlighting former Tax Commissioner Chris Jordan’s warning: High-volume, low-margin tax work is unsustainable. Learn how you can transition to advisory-based services, add value to your SME clients, and secure the future of your practice.
Plus, discover the Advisory Intro Package—a simple way to start offering financial and management advisory services within just one week. Tune in for actionable insights and strategies to future-proof your accounting firm.
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Boost your firm’s impact with financial forecasting! In this episode of the ESS BIZTOOLS Accountants’ Minute Podcast, Peter Towers explores how accountants, bookkeepers, and business advisors can elevate their SME clients’ success through effective business planning and predictive accounting. Learn why financial forecasting is crucial for sustainable growth, cash flow management, and strategic decision-making. Discover how to guide SMEs in developing business plans, managing key financial drivers, and leveraging capital-raising opportunities. Tune in to stay ahead in advisory services and help your clients thrive!
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In this episode of Accountants Minute podcast, Peter Towers, Managing Director of ESS BIZTOOLS, explores the crucial role of systems in ‘scaling up’ SMEs. Drawing from real-world business insights and MYOB research, Peter discusses how poor debtor management, inadequate supplier agreements, and lack of cash flow planning contribute to SME failures. He highlights the importance of structured processes, weekly financial tracking and strategic planning to ensure business sustainability. Tune in to discover practical strategies accountants, bookkeepers and business advisors can use to help their clients build robust financial systems and drive growth.
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In this episode of the Accountant’s Minute Podcast, Peter Towers, Managing Director of ESS BIZTOOLS, dives into the critical role that systems play in SME success. Drawing from MYOB research and real-world business case studies, Peter highlights how poor implementation - or complete absence - of financial and operational systems leads to cash flow crises, supplier issues, and mounting tax liabilities. He discusses key problem areas such as unrealistic payment expectations, debtor management, and the importance of predictive accounting. Peter also outlines the 12 Essential Systems for Business Success and explains why accountants, bookkeepers, and advisors should guide their clients in establishing structured financial processes. Tune in to gain insights on how to help your SME clients avoid financial pitfalls and thrive in today’s business environment.
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In this episode of The Accountant’s Minute Podcast, Peter Towers dives into the critical role accountants, bookkeepers, and business advisors play in helping SMEs thrive. With 91% of business owners identifying growth as their biggest challenge, Peter discusses how structured financial systems, predictive accounting, and strategic business planning can drive sustainable success. He highlights the shifting landscape of compliance work, urging professionals to expand into advisory services to stay ahead of automation and changing industry demands. Packed with insights on financial controls, business metrics, and the importance of weekly performance reviews, this episode is a must-listen for those looking to add real value to their clients. Tune in to learn how to future-proof your practice and take advantage of ESS BIZTOOLS’ ready-made advisory systems.
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In this podcast episode, Peter Towers, Managing Director of ESS BIZTOOLS, discusses the growing challenges faced by SMEs, including financial pressures, high debt levels, and business closures. He emphasises the crucial role of accountants, bookkeepers, and business advisors in providing proactive financial and commercial advisory services to help SMEs navigate these difficulties. Peter highlights the importance of business planning, debtor management, cash flow forecasting, and strategic financial advice, arguing that accountants should expand their services beyond tax compliance. He also introduces ESS BIZTOOLS as a comprehensive solution for firms looking to enhance their advisory offerings, providing resources, training, and tools to better support SME clients.
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In this episode of The Accountants Minute Podcast, Peter Towers discusses the significant challenges SMEs will face in 2025. He highlights the critical need for SMEs to have access to real-time financial and commercial advisory services beyond just annual tax returns. Drawing from his experience in corporate financial management, Peter emphasises the importance of proactive financial reporting, key performance indicator (KPI) tracking, and predictive accounting. He urges accountants and bookkeepers to implement a ’52-Week Business Enhancement System’ that includes daily and weekly financial oversight to help SMEs identify and resolve financial issues promptly, ensuring their long-term survival and success.
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In this final Accountant’s Minute podcast episode for 2024, Peter Towers emphasises the critical role accountants, bookkeepers, and business advisors play in guiding SMEs through increasingly challenging times. Amidst high interest rates, inflation, and business failures, SMEs are struggling with fiscal management, cash flow issues, and a lack of strategic financial guidance. Peter underscores that accountants must evolve beyond taxation services to offer financial and commercial advisory support that businesses desperately need. He highlights the importance of predictive accounting, detailed reporting, and proactive planning to help SMEs not only survive but thrive.
Drawing on examples and industry insights, Peter explores the value of structured systems, such as the 52-Week Business Enhancement System, developed by ESS BIZTOOLS, and stresses the need for ongoing financial reporting—daily, weekly, and monthly—to drive accountability and performance. He urges accountants to adopt a virtual CFO mindset, providing SMEs with the expertise typically reserved for larger businesses. As the year concludes, Peter encourages professionals to seize the opportunity to expand their advisory services, ensuring a prosperous and resilient future for their clients in 2025.
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In this episode of Accountants Minute, Peter Towers explores how the Business Plus Newsletter equips accountants, bookkeepers, and business advisors with the tools to empower SME clients for success. As SMEs face rising challenges like high interest rates, inflation, and market uncertainty, Peter emphasises the need for proactive financial and commercial advisory services. The Business Plus Newsletter offers practical strategies and insights to help advisors guide SMEs in areas such as business planning, cash flow management, and capital raising.
Peter highlights key features of the newsletter, including actionable articles that address fiscal management, R&D, and innovation opportunities. Designed to spark meaningful conversations between advisors and their clients, the Business Plus Newsletter is a resource for fostering resilience and growth in SMEs. Tune in to learn how this tool can position you as a thought leader and provide real value to your clients in navigating the complexities of today's business environment.
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In this episode of Accountants Minute Podcast (based on Issue 388), we explore the transformative power of advisory services and how they can future-proof your firm in an ever-evolving business landscape. As traditional compliance-based roles face increasing automation and market competition, firms must pivot toward offering strategic insights that deliver measurable value to their clients. Peter Towers share actionable advice on identifying advisory opportunities, building client trust, and leveraging technology to enhance decision-making and create a competitive edge.
Tune in to learn how embracing advisory services can unlock new revenue streams, strengthen client relationships, and position your firm as a forward-thinking leader. If you are just beginning to diversify your service offerings, this episode provides practical tips and real-world examples to help you adapt, innovate, and thrive in the future of business consulting, as well as how to utilise the ESS BIZTOOLS Advisory Intro Package to kick-start your advisory services journey.
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In this insightful episode of Accountant’s Minute (based on Issue 387), Peter Towers, Managing Director of ESS BIZTOOLS, dives deep into the transformative role accountants can play in small and medium-sized enterprises (SMEs) by adopting a proactive advisory approach. He emphasises the limitations of traditional accounting practices that focus solely on tax returns, which often reflect past performance rather than addressing ongoing business challenges. Through the innovative Advanced Package, developed by ESS BIZTOOLS, accountants are equipped with tools to monitor key financial metrics, address productivity fluctuations, and provide real-time strategic advice to help SMEs navigate complex market conditions.
Peter underscores the importance of services such as predictive financial accounts, detailed cash flow forecasting, and strategic business planning to ensure businesses stay resilient in an increasingly volatile economy. By adopting a virtual Chief Financial Officer (CFO) role, accountants can drive client loyalty, enhance team engagement, and generate additional revenue streams. This episode provides a compelling case for modernising accounting practices and showcases how ESS BIZTOOLS’ resources empower accountants to deliver value beyond compliance, ensuring long-term client success and firm growth.
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In this episode of Accountants Minute Podcast, Peter Towers, Managing Director of ESS BIZTOOLS, dives into the essential role of accountants and advisors in supporting SMEs through challenging economic conditions. Peter explores the gap in advisory services offered to SMEs and highlights how accountants can transform their approach by offering comprehensive virtual CFO services, leveraging modern tools, and adopting a proactive mindset.
Discover insights into the ESS BIZTOOLS Starter Package, featuring 13 modules designed to upskill accounting teams and enhance their ability to deliver impactful advisory services. Peter also discusses the importance of business planning, cash flow management, and alternative funding methods like crowd-sourced funding equity raising. This episode is packed with actionable advice for accounting firms looking to strengthen client relationships and deliver value beyond compliance work.
Key Topics Covered:
· The need for proactive advisory services for SMEs.
· Benefits of offering virtual CFO services.
· How the ESS BIZTOOLS Starter Package supports accounting firms.
· Practical tools like charge-out rate calculators and retail pricing models.
· Unlocking growth through research and development incentives and funding strategies.
Learn how to empower your firm to be a trusted advisor and help your clients navigate today’s challenges. Visit www.essbiztools.com.au to explore the Starter Package and begin your journey.
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The success of SMEs in challenging economic times is increasingly tied to the advisory services provided by accountants. High interest rates, inflation, and business failures are creating significant hurdles, and many SMEs lack the fiscal management skills needed to navigate these issues. Accountants can play a vital role by offering continuous, year-round support, helping with debtor management, financial planning, and business enhancement systems. To remain viable, accountants should shift from traditional roles to becoming trusted advisors, as recommended by the former Tax Commissioner, thereby attracting clients focused on scaling their businesses.
In this episode of the ESS BizTools podcast, host Peter Towers, Managing Director of ESS BizTools, introduces the Tradie Charge Out Rate Calculator, a powerful tool designed to help tradespeople accurately determine their charge-out rates. The article emphasises the importance of setting rates that not only cover costs but also ensure profitability and business growth. By using this calculator, tradespeople can take into account all relevant expenses, including labor, materials, and overheads, to arrive at a rate that reflects the true value of their services. This post is a must-read for tradespeople and accountants alike, as it highlights the critical role of accurate pricing in maintaining a sustainable and successful business, and offers a practical solution to a common challenge in the trades industry.
In this episode of the ESS BizTools podcast, host Peter Towers, Managing Director of ESS BizTools, delves into the significant opportunities that equity financing presents for accountants. The article highlights how accountants can play a crucial role in guiding businesses through the complexities of raising capital, particularly through equity financing. Key topics include understanding the various forms of equity financing, advising clients on the strategic benefits of bringing in investors, and navigating the legal and financial implications of equity deals. The post underscores the importance of accountants expanding their knowledge in this area to better support their clients' growth and long-term success. This piece is essential for accountants seeking to broaden their expertise in financial advisory services and capitalize on the valuable opportunities presented by equity financing.
In this episode of the ESS BizTools podcast, host Peter Towers, Managing Director of ESS BizTools, explores the dynamic challenges and emerging opportunities within the accounting profession. The article emphasises the need for accountants to adapt to a rapidly changing business environment, where technological advancements and evolving client expectations are reshaping the role of financial professionals. Key insights include the importance of embracing digital tools to enhance efficiency, the growing demand for strategic advisory services, and the need for continuous professional development to stay ahead in the industry. This post is a must-read for accountants looking to future-proof their practices by leveraging new opportunities and meeting the increasing complexities of the profession with confidence.
In this episode of the ESS BizTools podcast, host Peter Towers, Managing Director of ESS BizTools, delves into the evolving landscape of accountancy with a focus on how advisory services are shaping the future of the profession. The discussion centers around the increasing demand for accountants to go beyond traditional tax and compliance roles, taking on the mantle of strategic advisors who guide businesses through complex financial landscapes. Key points include the importance of proactive financial planning, the value of detailed cash flow analysis, and the critical role accountants play in helping businesses navigate economic challenges. This podcast is an essential listen for accounting professionals seeking to expand their advisory capabilities and offer clients a more holistic approach to business management, ultimately contributing to their long-term success.
In this episode of the ESS BizTools podcast, host Peter Towers, Managing Director of ESS BizTools, is joined by Trevor Marchant, Managing Director of Marchant Dallas. They discuss crucial financial management and advisory strategies for small businesses and entrepreneurs, particularly emphasising the need for thorough fiscal preparation before starting a business. The conversation highlights the often-overlooked aspects of business planning such as realistic budgeting, understanding supplier terms, and the importance of cash flow management. They also delve into the broader role of accountants and bookkeepers as essential advisors beyond tax and compliance, stressing their importance in preparing entrepreneurs for the hurdles of business management. This episode serves as a valuable resource for professionals in the accounting and bookkeeping fields, offering insights into how they can better serve their clients and potentially reduce business failure rates by providing comprehensive financial advice from the outset.
Featuring Trevor Marchant of Marchant Dallas, this podcast discusses the latest article produced by The Boss Factor Library.
The '2024 NAB Accounting and Financial Planning Report' revealed that 85% of surveyed Accounting Firms are “offering business strategy”, emphasising the growing importance of Advisory Services in the Accounting Industry.
While the report highlights the significant role of ‘Advisory Services’, it prompts a crucial question: Is your Accountancy/Bookkeeping Firm prepared to ‘DELIVER BUSINESS ADVISORY SERVICES IN 2024’?
Peter Towers, Managing Director of ESS BIZTOOLS and Jordan Lowry, Managing Director of Blackstone Business Group discuss HR and business issues facing small businesses in 2024.
This podcast episode recaps Issue 357 of Accountants Minute, the fifth segment of the discussion with Andrew Geddes about important issues currently facing the Accounting industry.
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When Andrew Geddes speaks, smart accountants listen – they’d be crazy not to!
This podcast episode recaps issue 351 of Accountants Minute, where we highlight our recent interview with Andrew Geddes, a co-founder of the FMRC and former Chair of Greencross Pty Ltd. Andrew issued a timely warning to accountancy firms that they need to diversify and to do it now. This episode also provides the why and the how of this particular warning.
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This episode looks into Issue 350 of Accountants Minute, where accountants are reminded that launching advisory services should be a high priority for the last quarter of 2022/23 financial year.
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This episode discusses the key components of the "52-week business enhancement system", which is the main topic of Accountants Minute Issue 349.
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This podcast episode is based on Issue 348 of Accountants Minute, which provides commentary on Thomson Reuters' recent White Paper, Leading Australian SMEs in 2023's Changing Economy.
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This podcast discusses Issue 347 of Accountants Minute, which explains why accountants and bookkeepers should diversify their services by providing R&D assistance to their SME clients.
Based on the recent report from Commbank's Accounting Market Pulse, "the only limitation they face is the worsening talent shortage."
This podcast looks back into Issue 346 of Accountants Minute, where a point was raised on how accountants and bookkeepers are facing this particular issue and ways of overcoming the hurdle of talent shortage.
read more: https://www.essbiztools.com.au/ess-biztools-blogs/e-newsletters-a-vital-communication-tool-for-accountants
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.
More: https://www.essbiztools.com.au/ess-biztools-blogs/want-to-know-more-about-the-accounting-revolution
Peter Towers comments on the following:
- podcast last week with Andrew Geddes “It’s a New Business Model – I think it is going to revolutionise the sector globally.”
- Predictive Accounting webinar presented with Paul Barnaby, Beyond Accounting Technologies;
- Holiday Package promotion.
Peter Towers comments on the following:
- podcast last week with Andrew Geddes “It’s a New Business Model – I think it is going to revolutionise the sector globally.”
- Predictive Accounting webinar presented with Paul Barnaby, Beyond Accounting Technologies;
- Holiday Package promotion.
Peter Towers, Managing Director of ESS BIZTOOLS and Andrew Geddes, Director of Andrew Geddes Pty Ltd, discuss “Where to for Australian Accounting Industry in 2022-2023”
Accountants are facing a worsening talent shortage according to the recent edition of CommBank’s Accounting Market Pulse.
In November 2021 “Australian Accounting Guru” Andrew Geddes indicated that “partners of accountancy firms are saying there are not enough young accountants, but no, there are enough of them, they have chosen not to work in the profession because they have been asked to do compliance work only and to obtain 80% productivity which has caused people to say – I’m not sure I want to work in that environment”.
More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=449&Itemid=639
Are your clients carrying out research and development activities behind your back?
You might be surprised to discover that many SMEs conduct their research and development activities in total secrecy.
That’s because they’ve been scared off by blogs and articles warning about confidentiality and protecting intellectual property.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=447&Itemid=639
How often do you take the time to step back and catch a high-level view of your accountancy practice and the way it’s performing?
Most of us are too busy doing the things we do day-to-day to meet our clients’ tax needs. We just don’t get the time to take that helicopter view as often as we’d like.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=446&Itemid=639
How often do you take the time to step back and catch a high-level view of your accountancy practice and the way it’s performing?
Most of us are too busy doing the things we do day-to-day to meet our clients’ tax needs. We just don’t get the time to take that helicopter view as often as we’d like.
If you can spare just a few minutes, I’d like you to consider a couple of questions.
The answers to these questions could help:
- reshape the way you do business;
- pave the way for more interesting and challenging work;
- produce some very happy clients; and most importantly;
- create a new sources of revenue.
Here’s a suggestion.
Why don’t you print out this article and note the answers next to the questions, so you can review them later.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=445&Itemid=639
Let’s start today with a snap quiz!
Did you read last May’s Accounting Market Pulse report and seriously think “maybe our accounting firm should be offering those Business Advisory Services to our clients?”
Now, eleven months later, have you done anything about it?
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=444&Itemid=639
If you want to add a new long-term income stream to your accountancy practice without having to meet those hefty development costs, then keep reading.
At ESS BIZTOOLS, we have developed a new package that will help you to diversify into Business Advisory Services for your clients, without you having to ‘reinvent the wheel.’
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=443&Itemid=639
Our team at ESS BIZTOOLS has created an opportunity for accountants, like you, to offer a broader range of commercial services to their SME clients in a cost effective way.
Providing professional Business Advisory Services can add a new stream of income that will flow into your practice and help grow your business.
But, for smaller firms, offering new services over and above compliance work is often seen as an uphill battle, especially with all the preparatory work involved.
Read More: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=442&Itemid=639
This article is based on the podcast conversation Andrew Geddes, Accounting Industry Coach with Peter Towers, Managing Director ESS BIZTOOLS – “Challenges for Accountants in 2022”:
- Getting to the starting point
- What are the things to nail?
- SME needs review
- Does a client need funding?
- Succession planning
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=441&Itemid=639
- Making it easier for you – Access to Business Advisory Services Product Streams without a Contractual Commitment!
- “Getting to the Starting Point”
- Development of Product Champions
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=439&Itemid=639
How long have you been discussing the implementation of a diversification strategy to introduce Business Advisory Services to your accounting firm?
It is nearly 10 months since the CommBank Accounting Market Pulse Report was produced which indicated that 95% of the accounting firms that the CommBank had interviewed had indicated that in 2021 and 2022 they would be “diversifying services”.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=438&Itemid=639
Change is always difficult and there never is a really good time to implement it. Let’s look at the current situation in Australia. The Reserve Bank Governor’s forecast last week, that he expected unemployment to be about 3.7% later this year, highlighted that the Reserve Bank Directors believe that economic conditions are going to be better this year and, in fact, the forecast unemployment percentage is the lowest in 50 years.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=437&Itemid=639
Every accountant that I talk to indicates to me that the market is changing.
Some of the issues that are discussed with me include, The Accountants Daily article which indicated that 70% of employed accountants are evaluating their employment prospects elsewhere.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=436&Itemid=639
Are you hesitant to implement changes to your accountancy firm because you don’t know where to start?
This is not an uncommon problem. Many accountants have thought about diversification and have decided to implement diversification but never seem to find the time – there is always another compliance task that you think has to be done by you!
Sound familiar? Then I hope that the following comments will assist you and show you that you are not alone in being caught halfway between making a decision to “ implement change” and “getting started”
[Read the Full Article Here]
2022 has now really started for business people with schools recommencing or about to commence around Australia and with more and more people returning to work within their actual business premises.
It’s a time of the year that many people will be thinking about their planning for 2022.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=433&Itemid=639
Do you intend to continue or embark on a diversification strategy during 2022? The CommBank Accounting Market Pulse released in May 2021 indicated that 95% OF THE ACCOUNTING FIRMS OF ALL SIZES FROM ALL OVER AUSTRALIA THAT THEY HAD SURVEYED HAD INDICATED THAT THEY INTENDED TO DIVERSIFY THEIR SERVICES IN 2021 AND 2022!
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=432&Itemid=639
Let us look at the issues confronting accountancy firms:
“OVER 70% OF THE ACCOUNTANCY PROFESSION EYEING OPPORTUNITIES ELSEWHERE – the “great resignation” impacting the accounting team”. Accountants Daily
“Any employer who is not thinking about how to retain existing employees and attract new ones could fall behind”. Dr Jane Rennie, General Manager External Affairs at CPA Australia reported in Accountants Daily
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=431&Itemid=639
You are invited to visit: www.essbiztools.com.au and www.essbizgrants.com.au to view a sample of the product packages that have been developed to assist Accountants, Business Advisors, Chief Financial Officers for SMEs and Bookkeepers supply value adding diversified services to SME Clients.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=425&Itemid=639
There is no doubt that Accountancy firms are going to face significant challenges and great opportunities in 2022. This is our final review of some of the challenges and issues that were encountered in 2021 that will probably continue in 2022.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=423&Itemid=639
“Accountants need to fill up the “hopper” by keeping marketing going to keep the “hopper” filled up because every business experiences clients dropping out of the bottom of the “hopper” and if you don’t keep topping it up, and you, just arrogantly go along and say I have got plenty of business I don’t need to worry, clients will drop out of the bottom of the “hopper” to the point that you are no longer viable.”
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=422&Itemid=639
“We joined ESS BIZTOOLS five years ago as a subscriber and we have never looked back – it is an amazing set of products and tools that we utilise with our clients but we also utilise the system to guide young accountants in our mentoring program to better understand the challenges of delivering a wide range of non-compliance services to SMEs.” “ESS BIZTOOLS enables us to empower young accounting professionals with tools and knowledge to achieve their goals”. Priscilla Bea Smith, Director, Cloud Nine Associates who joined Peter Towers, Managing Director, ESS BIZTOOLS in the final webinar presentation of the ESS BIZTOOLS Black Friday Business Advisory Services webinars.
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“Too many accountants do not involve their client in the planning process which commences with the Business Plan and proceeds through to the Predictive Accounting Reports of Budgets, Cash Flow Forecasts and Projected Balance Sheets without effective communication with the client.” Paul Barnaby, Regional Integration Consultant Asia-Pacific for Plan Guru and CEO of Beyond Accounting Technologies.
“Predictive Accounting is documenting for future accounting periods what we have been doing in the historical accounting process, but software tools are now available to enable the preparation of “3 in 1 financial forecasts” which enable the future financial position of the business to be clearly documented.” Paul Barnaby.
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In session 3 of the Black Friday webinar extravaganza Amanda Gascoigne, Amanda Gascoigne Consulting joined Peter Towers, Managing Director, ESS BIZTOOLS for a discussion on 5 Key Product Packages that are part of the ESS BIZTOOLS’ Business Advisory Services offering for Accountants, Business Advisors, Chief Financial Officers and Bookkeepers.
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Andrew Geddes, Accounting Industry Coach and former Chair of Greencross Ltd, a Top 200 ASX company joined Peter Towers, Managing Director, ESS BIZTOOLS for a discussion in Session 2 of the ESS BIZTOOLS’ Black Friday webinar series and made the following comments relative to the utilisation of:
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SYSTEMISING BUSINESS ADVISORY SERVICES In last week’s ESS BIZTOOLS’ Business Advisory Services Podcast – “Systemising Business Advisory Services”, Peter Towers, Managing Director, ESS BIZTOOLS discussed recent comments made by experienced accountants on why systems are important for the effective delivery of Business Advisory Services.
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Amanda Gascoigne, Principal, Amanda Gascoigne Consulting, made this comment in the ESS BIZTOOLS’ Business Advisory Services Podcast last week - “I can assure you that if you’ve got the systems, you will get that extra work, but you have to make a proactive decision to be reactive and respond to the type of services that your clients want you to provide to them”.
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WIN for your clients, you’ll be assisting them to add value to their businesses!
WIN for your team, who will have interesting and challenging work, will help your firm with retention and attraction of team members!!
WIN for your firm, diversified services will add value to your firm!
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Andrew Geddes, Australian Accounting Legend, Chair for 10 years of Greencross Ltd, a company which developed over 30 years from a very small veterinary surgery to be a Top 200 ASX company utilising the “Scaling up Process” that Geddes introduced to the Greencross leadership team 15 years ago.
We invited Andrew Geddes to participate in the ESS BIZTOOLS’ Business Advisory Services Podcast with Peter Towers, Managing Director, ESS BIZTOOLS on the subject “Scaling up Strategies for Team Building”.....
[Read the Full Article Here]
At long last the COVID-19 lockdowns are ending and there is an air of optimism in the marketplace as businesses go about the task of reopening and repositioning themselves for what is expected to be boom conditions in 2022.
Accountants, this is a great opportunity to identify yourselves as a proactive accounting firm that is willing to supply a range of business enhancement services to your SME clients.
In the “ESS BIZTOOLS Business Advisory Services Podcast” this week Phil Chynoweth, Managing Director, Bridge Global joined Peter Towers, Managing Director, ESS BIZTOOLS to review the recent Zoom presentation by Professor Terry Kramer, Adjunct Professor, Anderson School of Management, UCLA (University of California Los Angeles) and to comment on the benefits for Australian companies from participating in the UCLA GAP Field Study Program. You can listen to the podcast by clicking here.
“Terry Kramer, as an Adjunct Professor at UCLA, has spent time at Harvard University but more importantly fundamentally he is a businessman who ran Vodafone in America and has had a number of senior business positions.”
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The “window of opportunity” is here at last for Accountants all over Australia as New South Wales leads the way in dismantling lockdowns. This is presenting an opportunity to Accountants, Bookkeepers, Business Advisors and Chief Financial Officers to be able to deliver services focused on “adding value” to SME clients and providing interesting and challenging work for your accounting team which will assist in the challenge that many firms have in retaining great staff and attracting new team members to the firm.
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Accountants are in a unique position to assist small and medium-sized businesses to recalibrate their business strategies to meet the challenges of a “post lockdown world”.
In an interesting presentation last week, Terry Kramer, Faculty Director of the Anderson School of Management at UCLA (University of California, Los Angeles) and chair of Skylo Technologies indicated that his expectation was that there would be boom conditions over the next twelve months very similar to what happened when the Spanish Flu was finally constrained in 1920. Kramer said that this boom ushered in the “Roaring Twenties”.
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There is a “ window of opportunity” emerging for accountants to assist SME clients to create new opportunities by navigating out of the problems that have been caused to businesses all over Australia by COVID-19 lockdowns.
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The announcements by some of the state Premiers of an easing of lockdown laws once a predetermined number of the state’s residents have received two of the COVID-19 injections has encouraged some enthusiasm from business operators that there is light at the end of the tunnel and that they might be able to get back into what they do best – running their businesses in an efficient manner.
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Diversification Strategies for Small and Solo Firms is the title of Peter's presentation. Peter has already produced a 50 minute webinar on Diversifying Accounting Services – Why? which I have uploaded in the group, so we thought we would discuss the key requirements of diversification on how small and solo practitioners can implement diversification strategies to their accountancy services. In this session Peter and Amanda talk about why diversification makes good commercial sense and strategies to get started on this pathway
Traditionally accountancy firms have looked very similar especially from the outside. Accountants were known as the people you went to in order to satisfy the government’s requirements for the preparation of an Income Tax Return and this required the preparation of Financial Accounts for a business.
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“The future will be vastly different – we will see some clients receiving diversified services which will create greater value for the client’s business, but also the accounting firm” Jordan Lowry, Managing Director, Blackstone Business Group said in a preview discussion.
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One of the obvious diversification strategies that accountants can pursue is to assist SME clients to have a better understanding of the government grants that are available and to assist clients in the grant application process.
A further benefit is that your accounting firm may then be able to undertake some of the projects that are being 50% funded by the government. This can relate to services that accountants, involved in undertaking business advisory services activities, can undertake for the benefit of their clients including...
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The CommBank Accounting Market Pulse Report, a few months ago, commented that only 5% of the accounting firms that were surveyed for the production of the report “will not be diversifying services in the next few years”. This implies that 95% of the firms that participated in the survey, will be diversifying their services.
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Predictive Accounting enables accountants to utilise their skills to assist SME clients to navigate future problems in addition to recording the financial history of what has already occurred. It’s too late to change what has already occurred, but there is a great opportunity for accountants to be a valued partner with clients in the development of winning strategies for the future by helping to interpret a Business Plan into a “Financial Plan Incorporating Budgets for each Operation, Cashflow Forecast and Projected Balance Sheets.”
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What is your firm’s point of difference? From a SMEs’ point of view most accountancy firms look the same – the majority provide a service relating to the preparation of annual financial accounts and income tax returns for businesses, superannuation funds, individuals.
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According to the recent report released by CommBank Accounting Market Pulse, diversification of services is a major objective by accountancy firms all over Australia this financial year.
ESS BIZTOOLS is pleased to contribute to this diversification strategy by offering a 50% discount on four product packages which are significantly diversified to give accountants, bookkeepers and business advisors a great choice of the type of services that they wish to offer to their SME clients.
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One of our Affiliates has agreed to support professional firms who subscribe to ESS BIZTOOLS’ Special Package Offers before 6th August 2021 with ten packages being available to the first ten new subscribers to ESS BIZTOOLS.
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This was the response that Andrew Geddes, Australian Accounting Industry Mentor and Coach, gave to a question that was asked in a recent webinar “Why Should Accountants Proactively Deliver Business Advisory Services To Their Clients?” Click here to listen to the webinar.
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The process of the preparation of a three-way financial forecast, which is known as “Predictive Accounting”, adds real value to the input that an accountant can make to a client’s business.
The recording of past events is the “writing of history”. What is more important for the client is for them to be able to view a “financial picture” of what their business will look like, if they are able to implement the strategies contained within their Business Plan in one, two, three years’ time.
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The financial year commenced with significant challenges for businesses, governments and accountants trying to assist clients to survive the challenges of COVID-19.
At 30th June 2021, 12,000,000 people in Australia are in lockdown which highlights the ongoing challenges that businesses are confronting in trying to continue to operate viable businesses whilst borders shut and we have a wide variance in official announcements being made by governments.
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It’s the end of 2020/21 and the beginning of 2021/22. The CommBank Accounting Market Pulse Report has identified that most accountancy firms will be implementing a broader range of services. This is the resolution but now it’s time for action!
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Business Advisory Services has been talked about for the last decade and has got a little bit closer to becoming a mainstream accounting industry service each year, over that 10 year period.
The CommBank Accounting Market Pulse Report released in early May 2021, has given tremendous endorsement to accountants diversifying their services with particular emphasis on Business Advisory Services.
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The CommBank Accounting Market Pulse report released early in May 2021 identified that the firms that the review team had identified as “leading firms” are “looking to boost staff numbers which reflects their intentions to grow both traditional accounting service lines and diversified services in the coming year”. These firms indicated that “they are preparing themselves for increased activity in tax consulting and tax compliance, as well as Business Advisory Services, Risk Management, Property Advisory, Cyber Security/Technology Consulting and External/Statutory Audit”.
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Accountants who are committed to offering a broader range of diversified services, known as “Business Advisory Services”, to SME clients need to assist those clients in planning their future.
Business plans document the vision over a range of activities for a business.
“Predictive Accounting” creates a “financial picture” of the visions and strategies contained within the business plan.
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Preparation is important and not trying to answer all potential questions about “Business Advisory Services” at the very beginning.
Business advisory services is basically supplying to small businesses and medium sized enterprises access to the type of accounting services they would expect to receive from a qualified accountant who was working for the business on a full-time basis.
The technologies and communication systems which are now available enable accountants, in public practice, to be able to deliver a “Virtual Chief Financial Officer Service” to SME clients.
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The CommBank Accounting Market Pulse Report released 3.1/2 weeks ago identified that, from the surveys that they had conducted with accountants all over Australia, only 5% of those firms “would not be diversifying services in the next 12 – 18 months”. These firms were from the group that the CommBank report identified as “lagging firms”.
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This is a direct quote from the Federal Treasurer, Josh Frydenberg, in his budget presentation to the House of Representatives on 11th May 2021.
It is an appropriate description of what many of us are hoping will occur in Australia over the next 12 months.
Australian government budget:
A lot of money has been invested by the government to “kick-start” a whole range of activities, including SME businesses.
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The “CommBank Accounting Market Pulse Report” released a few days ago has identified that a survey of accountants all over Australia has identified that the highest rating product that they are planning to offer, or significantly grow, in the next 12 – 18 months is “Business Advisory Services”.
In the survey 81% of “leading firms” and 67% of “lagging firms” identified “Business Advisory Services” as their significant growth service line for 2021 and 2022.
The “Accounting Market Pulse Report”, now in its sixth year of publication, identified “leading firms” as follows:
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In the most recent ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation, Matthew Karakoulakis, Principal Legal Officer of AMK Law discussed with Peter Towers, Managing Director, ESS BIZTOOLS a range of legal issues that affect inventors and small companies as they undertake research activities.
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Mark Holton, an Accountancy Industry Consultant and Director of Smithink Pty Ltd, discussed with Peter Towers, Managing Director, ESS BIZTOOLS the opportunities that accountants have to differentiate their firms by proactively advising clients on research and development opportunities and the taxation benefits that they can obtain from the proper implementation of a research and development system.
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“Research and development services can help an accounting firm to differentiate itself in a market that, from a business operator’s perspective, most accountants look very similar” said Mark Holton, Director, Smithink Pty Ltd.
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Are companies giving sufficient priority to determining return on investment as part of the decision as to whether to proceed with a research and development project? This will be the theme for the conversation between Peter Towers, Managing Director, ESS BIZTOOLS and Peter Milla, Managing Director, Business Tree Pty Ltd, an experienced innovation consultant, in the ESS BIZTOOLS’ Business Advisory Services Webinars/Conversation on Wednesday, 17th March 2021.
There are many questions that have to be considered by a company as part of formulating a research and development project, which include:...
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In the ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation on Wednesday 10th March 2021, Peter Towers, Managing Director, ESS BIZTOOLS will discuss with Priscilla Bea Smith, Director, Cloud Nine Associates some of the important issues on which small business and medium-sized enterprise owners and CEOs are seeking advice:
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Preparation of Budgets and Cashflow Forecasts for the next 12 months and beyond.
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Determination as to whether the business needs some extra funding and, if so, giving consideration to the “Australian Government 50% Guaranteed Loans” that are for loans of up to $1 million to be repaid over a 5 year period at a low interest rate.
Applications need to be made to banks and financial organisations that ...
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Many businesses are facing an uncertain economic future and will be looking to their accountants/business advisors/bookkeepers to give them advice as to what the future holds for them. The key to this advice is for accountants to have the confidence and ability to offer “Predictive Accounting Services” so that their clients have an awareness of the financial implications of the decisions that they are now making.
Paul Barnaby, the Australasian Representative for PlanGuru and an experienced Chartered Accountant and Predictive Accounting Consultant, together with Peter Towers, Managing Director, ESS BIZTOOLS are....
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There is a range of services beyond taxation, that smaller accountancy firms can provide to their SME clients, to assist those businesses to grow and add value.
Amanda Gascoigne, an experienced Consultant to smaller accountancy firms, together with Peter Towers, Managing Director, ESS BIZTOOLS are the presenters of the ESS BIZTOOLS’ Business Advisory Services Update Webinar/Conversation on Wednesday, 24th February 2021 at 11.30am AEST (12.30pm AEDT). To register for this free webinar ....
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Research and development is an area that many accountants have very little experience in, but it is an area that many small business and medium-sized clients are interested in having a clear understanding of what they can claim in their income tax returns and what government grants and special company status is available to assist them on their research and development and commercialisation journey.
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In the past, many accountants were not called upon to be able to display outstanding communication skills, but in the era that we are now in accountants, who wish to broaden their work activities to include Business Advisory Services, need to have cultivated strong written communication skills; have the ability to be able to think critically and translate accounting data and reports into compelling documents that are able to be easily understood by the targeted recipients, whether they are business owners, leadership team members, shareholders, team members or government organisations.
In the next ESS BIZTOOLS’ Business Advisory Services Update webinar/conversation that we’re presenting on Wednesday, 10th February 2021, the theme is “Virtual Corporate Communication”.
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The challenge at this time of the year for accountants is helping your SME clients set their plans for 2021.
Now is the time for business operators, both medium-sized and small, to be planning their business activities as best they can for 2021. Many of your clients are going to need assistance in setting their strategies for this year which, hopefully, will be different to 2020.
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In our last Business Advisory Services Webinars/Conversation for 2020 Peter Towers, Managing Director, ESS BIZTOOLS and Paul Barnaby, Managing Director, Beyond Accounting Technologies and Australasian Representative of PlanGuru, discussed the concept that ‘Predictive Accounting’ will be vital in the planning to help clients in 2021.
More Info: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=349&Itemid=639
Knowing the financial impact of decisions before a client implements them is very important for financial stability. This process is generally known as “Predictive Accounting”.
The process commences with an examination of the key drivers relative to the physical number of units to be produced and the calculation of the direct costs that will be involved in that process. The calculation of stock holdings can be made, based on manufacturing/purchase estimates and the unit sales based on estimates from salespeople.
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If you haven’t already started, now is the time to be thinking about the services that your accountancy firm is going to offer to your clients and prospects in 2021.
We will all be glad to see the end of 2020, but many challenges still exist. There are thousands of businesses around Australia still on the JobKeeper program and many businesses are not performing at full capacity, primarily because of the problems experienced by the tourism industry, accommodation and restaurants and bars because of the various lockdowns that have been in place around Australia.
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Despite COVID-19 Coronavirus and all of its associated problems Crowd Sourced Funding continued to grow in Australia during 2020 and the Joint Founder and Managing Director of Birchal Pty Ltd, one of Australia’s leading Crowd Sourced Funding Intermediaries, Matt Vitale, expects 2021 to be a “bumper year” for the capital raising market centred on small businesses and medium-sized enterprises.
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The Accounting Business Expo was conducted as a virtual conference on Monday 16th and Tuesday 17th November, with one of the most talked about features being the large number of presenters commenting on the introduction of “Business Advisory Services” by accountancy firms. This is great news, especially for those people who have been advocating, for many years, that accountants need to provide a broader range of commercial services to assist small businesses and medium-sized enterprises to grow and add value.
Peter Towers presented “Delivering Business Advisory Services To Add Value” to the accountants, business advisors and bookkeepers who participated in the expo.
You can access Peter’s Accounting Business Expo presentation....
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Welcome to our new format of weekly Business Advisory Services Update articles and videos with presentations by ESS BIZTOOLS and one of our Affiliates where we will discuss various issues relating to the implementation of Business Advisory Services by accountants/business advisors/bookkeepers.
Our first presentation “Reset Your Practice” will feature Amanda Gascoigne, Chartered Accountant, Coach and Mentor, Amanda Gascoigne Consulting and Peter Towers Managing Director ESS BIZTOOLS.
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Business people are looking for more accurate financial information as to what the effect of their decisions will be on their future operations by utilising 'predictive accounting' which incorporates 'key driver budgeting' to prepare Budgets, Cashflow Forecasts and Predicted Balance Sheets relating to their future operations.
In the next COVID-19 Survival Panel webinar will be presented on Friday, 23rd October 2020 with the theme relating to “Predictive Accounting”.
The keynote presenters are Paul Barnaby, Regional Integration Consultant, Asia-Pacific PlanGuru, CEO Beyond Accounting Pty Ltd, a Predictive Accounting consultancy firm and Peter Towers, Managing Director, ESS BIZTOOLS.
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“The Australian economy is going to be very reliant on a suitable vaccine for COVID-19 Coronavirus if we are going to get the economy operating as it was in January 2020 once again. In the meantime, the government needs to be a bit more targeted with its financial support and businesses are going to rely on their accountants to guide them on the best way forward for the operation of their businesses”. Ashley Evans, Managing Director, AAA Financial Solutions, the keynote speaker in our COVID-19 Survival Panel webinar on Friday 25th September, said today.
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"The key group of clients that accountants should be promoting the concept of Business Advisory Services to, are any clients who are receiving JobKeeper payments", said Mark Holton, Director, Smithink Pty Ltd in the previous COVID-19 Survival Panel webinar.
These clients were obviously running sound businesses prior to the challenges of COVID-19 and many of them will need your assistance to be able to recreate the business activities that they had in operation, prior to the lockdowns and other problems that have been caused by the virus.
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How good is your relationship with your clients?
One of our keynote speakers in our COVID-19 Survival Panel webinar for accountants on Friday, 14th August 2020, Amanda Gascoigne is an experienced Chartered Accountant. She has been a small business owner for 21 years and had her own accounting practice for 18 years working primarily with SME clients. She has pivoted in recent years and now helps small and solo accounting practice owners have better practices and better lives and also helps them have better relationships with their clients through her coaching and mentoring business exclusive for accounting practice owners.
One thing that Amanda realised while in practice was that a large proportion of her new clients’ previous accountants, weren’t proactive in selling them advisory services. Their practice model was to simply provide the compliance services the clients asked for and they were hesitant to suggest value added services such as tax planning, budgeting and cashflow planning and business planning...
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Will Business Advisory Services be the number one product in your firm?
Business Advisory Services was nominated by the accounting firms interviewed by the Commonwealth Bank’s Accounting Market Pulse as the “practice area to be in the most demand in 6 to 12 months of 2020/21".
Have you developed a strategy of how you can offer a range of services to assist your clients to organise themselves so as to maximise their opportunity to survive COVID-19 Coronavirus?
Business Advisory in a COVID World
In our next COVID-19 Survival Panel webinar for accountants on Friday, 28th August 2020, Mark Holton, Director, Smithink Pty Ltd and well-known presenter at accounting conferences, will outline a further series of strategies following on from the presentation, “Business Advisory in a COVID World”, that he presented in early July 2020.
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“Business Advisory Services” – highlighted by the Commonwealth Bank’s “Accountants Market Pulse” report has been the activity identified by a group of accountants as being their main priority for the next 6 to 12 months – What is happening in your firm?
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The Prime Minister has announced significant changes to the JobKeeper Programme from 28th September 2020 with the programme being extended until 28th March 2021 following some changes. From 28th September 2020 the current flat $1,500 a fortnight subsidy will be replaced by a 2 Tier System.
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Greetings from ESS Small Business – the challenges for business operators continues with the ever changing circumstances of COVID-19 coronavirus.
The ever changing situation in Victoria and now New South Wales with Queensland imposing selective border restrictions targeting Victorians and Metropolitan Sydney is all highlighting a significant degree of nervousness for the business community.
The next week will be a big week for Federal government announcements culminating in the Economic Statement to be released by the Federal Treasurer, Josh Frydenberg on Thursday 23rd July.
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The situation in Victoria is a warning to the rest of Australia!
The unfortunate situation in Victoria, relating to the significant increase in cases of COVID-19, has highlighted the ongoing problems for business operators and accountants to be diligent about all aspects of business operations so as to reduce the possibility of severe COVID-19 restrictions being reapplied, which will undoubtedly have a significant effect on business operations.
All of this highlights the necessity for accountants and business operators to be aware of the ongoing desirability of continuing the implementation of marketing strategies and also having an awareness of key issues relating to legal matters, as they affect professional accounting firms and small businesses and medium-sized enterprises.
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83 days to go to the end of JobKeeper – will your clients be ready?
Business advisory service expected to be the most in demand!
The CommBank Accounting Market Pulse for June 2020 has identified that a majority of firms expect Business Advisory Services to experience the greatest demand in the coming 6 to 12 months.
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Welcome to the New Financial Year on Wednesday!
“Accountants Become the 'Centrelink' of Business World” – Financial Review.
“The accountant of the future will need to be a compliance expert who can grapple with fast changing rules while providing broader advice to clients about their business” – Financial Review 18th June 2020.
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Welcome!
Preparing Budgets and Cashflow Forecasts early will identify when additional funding is required.
This is a very important consideration as we are about to commence a new financial year – with many more challenges and dangers for businesses that have not taken some time out to plan and think about the funding of their businesses – these will be some of the problems that confront accountants in 2020/21.
In this week’s "COVID-19 Survival Panel" webinar, Paul Barnaby, Prescriptive Accountant and the Australasian Representative for PlanGuru, will outline the necessity for accountants to be closely involved with their SME clients in the preparation of three-way financial forecasts for the next 3 years to give an insight to the funding that the business is going to require to fulfil the expectations that are contained within the organisation’s Business Plan....
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Good news last week for your clients in the building and construction industries and some tradies.
The Australian government’s Stimulus Package Number 4 will bring some joy to the building industry, including tradies operating in the house building and renovations industries.
In this week’s COVID-19 Survival Panel webinar Peter Towers, Managing Director of ESS BIZTOOLS, will comment on the opportunity that is available for accountants to offer a 'Chief Financial Officer' service to assist your clients to meet post COVID-19 challenges including....
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Welcome!
In this week’s "COVID-19 Survival Panel" webinar, Andrew Geddes, Accountant Coach/Mentor and Former Chairman of Greencross Ltd (a top 200 ASX company), will present an update on his advice for accountants on how you can assist your small business and medium-sized enterprise clients to navigate through the difficult trading conditions that will confront all businesses as the COVID-19 support programs – "Jobkeeper”/"Boosting Cashflow" start to run down for most businesses from 30th September 2020.
Andrew will pose a question “What Opportunities Are Staring You in the Face Right Now”?
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Welcome to winter! It looks like there is going to be plenty of snow in the south and hopefully businesses will be able to recommence operations.
Last week Andrew Ward a Foundation Director of Crowdfunding Institute of Australia gave an overview of the crowdfunding industry in Australia.
This week Peter Towers introduces research and development activities into this theme because some of your clients may have spent the lockdown period pursuing a research and development idea and they'll need systems and processes to be able to claim the Research and Development Tax Incentive. Next week, we continue the innovation theme when we will introduce Renee Chilton from AusIndustry to give an overview of the Federal government grants that are available to assist people and businesses who have developed new products, processes or services.
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Welcome to some winter weather! It’s great to see that some of the States and Territories are opening up for business operations again. There are going to be plenty of challenges for accountants to respond to, especially as we approach 30th September.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=270&Itemid=639
Greetings: we hope that you’re well and you're starting to develop strategies for your clients to emerge from the COVID-19 coronavirus lockdowns with reinvigorated businesses. We believe that there is a tremendous opportunity for accountants to perform a 'Chief Financial Officer' role for your clients to assist them to survive the very challenging times that will be evident post 30th September 2020.
The Australian Government’s Small Business and Family Enterprise Ombudsman, Kate Carnell, pulled no punches in an interview in the Financial Review on 18th May 2020 “Banks Warned: Don’t Pull The Plug Too Early”....
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Greetings – we hope that you were able to take advantage of some of the rules relaxation that applied over the last few days.
Last Friday we conducted the third COVID-19 Survival Panel webinar for accountants, business advisors and bookkeepers with keynote speakers Andrew Geddes, a well-known accountancy industry coach and mentor and former chair of Greencross Ltd and Priscilla Bea Smith, Partner of Cloud Nine Associates Pty Ltd.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=266&Itemid=639
Last Friday we conducted another of our “COVID-19 Survival Panel” webinars with keynote speakers Paul Barnaby, a Predictive Accounting Consultant, Australasian representative of Plan Guru and Amanda Gascoigne an Accounting Consultant who assists her accountant clients to achieve a better balance in their lives thus producing a win-win situation.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=264&Itemid=639
Greetings – we hope you're staying safe!
On Friday 17 April 2020 we launched the first of our “COVID-19 Survival Panel” webinars with keynote speakers Andrew Geddes and Jordan Lowry.
Andrew Geddes, a well-known consultant to the Australian accounting industry and a top 200 ASX public company chairman, gave an interesting overview on the approach to the crisis that is being employed by the twelve businesses that he is chairman of which are involved in accounting, IT, engineering, surveying and a couple of start-ups.
Andrew indicated that their guiding values were to treat their team in an exemplary manner with more communications, planning and review with involvement across all sections of the individual firms.
The firms have lifted their customer experience to new highs at every “touch point”.
Some of the firms are utilising this “less busy time” to simplify all processes and share the learnings with the other team members....
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Greetings – we hope you're staying safe and are able to assist your clients with the planning and implementation of their COVID-19 survival strategies.
The Australian government, through the stimulus package number 3 which was unanimously passed by Parliament last week, has definitely implemented a number of significant strategies to assist small and medium-sized enterprises with their struggles with COVID-19.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=262&Itemid=639
In the last 21 days the Australian government has released three stimulus packages relating to COVID-19 Coronavirus. There are a range of direct payments, subsidies, investment incentives and loan opportunities now available with a strong emphasis on businesses with turnovers under $50 million per annum.
The government has done its job – they have supplied a financial injection of around $300 billion to assist Australian businesses to survive one of the most significant challenges ever presented to businesses in this country.
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This is definitely a “defining moment” for the Prime Minister - Scott Morrison, Treasurer - Josh Frydenberg and the Chief Medical Officer - Professor Brendan Murphy and the State Premiers and Chief Ministers of the Territories and their advisors, but it is also a defining moment for accountants and business advisors who will be called upon to offer advice and support for small businesses and medium-sized enterprises in areas that many of you have not considered to be part of your engagement with your clients previously and this is “Business Improvement Advice!
Read more here: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=260&Itemid=639
Welcome to the launch of “Survival in Difficult Times Product Package 2020”.
We are indeed confronting the biggest challenge in 100 years that was identified by the Prime Minister, Scott Morrison this week.
The seriousness is clearly identified by the concept of a national cabinet, comprising the Prime Minister and the Premiers of each State and the Chief Ministers of the two Territories, having virtually daily meetings utilising communications technology to plan strategies for the country.
Read more here: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=259&Itemid=639
On Thursday, 12 March 2020 the Prime Minister announced a stimulus plan to curb the economic impact of the coronavirus and to keep “Australians in jobs and businesses in business”.
The package, which aims to provide an immediate stimulus to the economy, will be worth $17.6 billion of which $11 billion is expected to be spent before 30 June 2020.
Read more: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=258&Itemid=639
“Whatever you thought 2020 was going to be about, think again!” The Prime Minister, Scott Morrison has certainly laid down the challenge for all of us.
As accountants/business advisors/bookkeepers, what services can you offer to your clients to assist them to “Survive These Difficult Times” which in a few short weeks have grown from the consequences of clients suffering from drought, bushfires, floods and cyclones to a worldwide major health problem which has caused severe disruption to international tourism, supply chain havoc, caused illness and quarantine for 104,000 people resulting in over 400 deaths. COVID-19 (Coronavirus) has definitely got the world’s attention.
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Most businesses in Australia are now operating within “difficult times”. We seem to have had one crisis after another relating to droughts, bushfires, floods, cyclones, and now the Coronavirus!
There is significant uncertainty as to what the outcome of these events particularly the Coronavirus is going to be.
These difficult times affect all types of businesses – small, medium-sized and large businesses, miners and exporters together with farmers, fishermen, tourist operators including accommodation, restaurants and cafés, bars and nightclubs
Farmers have also been caught up in the ongoing problems whether they are fruit and vegetable growers, producers of beef cattle, lambs, pigs and dairy cattle for milk.
Universities and some private schools are also suffering as are accommodation and food outlets near universities.
Pharmaceutical suppliers have also been affected by problems caused by the Coronavirus in overseas countries.
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Start-ups – Looking for Finance?
Have you got clients who have developed a new or significantly improved product, process, service, organisational or management methodology who are keen to raise finance to complete the commercialisation of their research activities?
If so, Early Stage Innovation Company Status could assist your client to be able to attract investors.
Firstly, let’s look at the key requirements for the “First Test” to be able to satisfy the Early Stage Innovation Company Status.
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Are your clients having difficulties borrowing from banks?
Peter Towers, Managing Director, ESS BIZTOOLS, will be making a presentation to the Crowdfunding Institute of Australia next Friday and would love your input as to what is currently happening in your location.
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The start of a new decade!
2020 heralds the start of a new decade – “The Decade of Change”. Many people expect this decade to introduce significant changes to the accountancy profession – some observers believe that 80% of the current work been undertaken by accountants will have disappeared by the end of this decade!
Your opportunity to offer a broader range of professional services:
Whilst software and technology developments are taking over many of the traditional roles performed by accountants there are still tremendous opportunities for accountants in public practice to offer a broader range of “Business Improvement Services” to assist your clients to run better businesses.
Clients looking for assistance in operating their business:
Many small and medium sized enterprises are seeking a “Chief Financial Officer” type service to assist them to add value to their business...
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Grants are a great introduction to value-added services that accountants can provide to small businesses and medium-sized enterprises.
Recent reports by:
- Commonwealth Bank – “Accounting Market Pulse Report”
- Australian Financial Review – “Top 100 Accounting Firm Report”
- Xero – “Automation Will Force Accountants to Reinvent Their Role”
have all identified the significant trend now in play that some accountants have started to move into business advisory services. These reports all indicate that this will be a growing trend over the next few years.
Identifying government grants which might be suitable for individual small businesses and medium-sized enterprise clients is a great way for an accountancy firm to get started on offering business advisory services.
Read Full Article: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=251&Itemid=639
What sort of accountancy business do you envisage operating or working at in 2020?
The Commonwealth Bank’s “Accounting Market Pulse Report” produced earlier this year highlighted the desirability for accountancy businesses to have established a “point of competitive difference”. Has this been done in your firm?
This report identified that Business Advisory Services” was the service delivery area that the majority of participants identified as their growth area in 2020....
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The Federal Treasurer, Mr Josh Frydenberg has announced details on the Australian Business Growth Fund which the Australian Government is contributing to along with investments from the top banks (a total investment of $520 million).
The Fund which is expected to launch in the near future will provide long-term patient equity capital to 30 to 50 firms a year with annual turnovers between $2 million and $50 million.
The aim is to make it easier for small businesses and medium sized enterprises to access equity, which will allow them to grow and employ more people.
The Government believes that access to equity capital will help to reduce business risks for small businesses and medium sized enterprises because it will reduce their reliance on debt financing and will give greater confidence to the SME community.
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The Australian Financial Review Top 100 Accounting Firms for 2019 Report has identified that a “continuing expansion beyond traditional accounting and taxation work into higher margin consulting services has continued to drive the performance of the top 100 accounting firms in Australia.”
Many of the firms surveyed have identified the key contributors to their growth and achieving client satisfaction has been their supply of a variety of services based on “rock solid compliance advice” supplemented by a range of commercial services including...
Read full article here: https://www.essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=247&Itemid=639
The Financial Review Top 100 Accounting Firms for 2019 Report has again identified that many of the top 100 firms have expanded beyond traditional auditing and taxation work into higher margin consulting services and outsourced Chief Financial Officer Services.
“The future accountant seems to be heading towards a respected GP status, one’s own “financial GP” that then refers the clients to an in-house or external professional.”
Read more here: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=246&Itemid=639
Yes, 19 October 2019 was the first anniversary of the commencement of Crowd Sourced Funding Equity Raising when private companies were able to raise capital direct from the public.
If you have clients who have a turnover of less than $25 million per annum and have gross assets valued at less than $25 million and are not listed on the Stock Exchange they are potentially eligible to raise capital as a Crowd Sourced Funding Equity Raising Company.
An eligible company will need to have a vision, a capable leadership team and a sound business that they could gainfully utilise capital raising of up to $5 million in 12 months to further develop their company.
The introduction of Crowd Sourced Funding Equity Raising for private companies represented the most “significant improvement to business financing” for small businesses and medium-sized enterprises in the last 35 years.
Read full article: https://essbiztools.com.au/index.php?option=com_zoo&task=item&item_id=244&Itemid=639
Accountants can play a very important role in assisting clients to source one of the key components of the life-cycle of a business – “cash”!
In “Scaling Up” Verne Harnish identified that “having plenty of cash to weather the storms” was one of the four lifecycles of a business.
As businesses grow, they normally require more money.
As your clients’ businesses grow it is desirable that some forward planning is undertaken to get an appreciation of the amount of cash that is going to be required over the next 2 - 3 years to fund the growth in the client’s business.
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Attracting and keeping the right people is one of the four essential components of the “life cycle of a business”! (Verne Harnish – “Scaling Up”). Where-ever there is “people” there is also a requirement for “leadership.”
The development of “leadership skills” for team members is vital if a business is going to be able to develop internal people to undertake leadership roles within the business.
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Attracting and keeping the right people is one of the four essential components of the “Life cycle of a business”! (Verne Harnish – “Scaling up”)
Most small business owners and management of medium sized enterprises need assistance in implementing strategies to employ great team members who can be developed as the leaders within the business.
Does your client have the “right people doing the right things” inside their businesses?
Assisting clients in every aspect of team member recruitment, training and leadership development is a value adding process that proactive accountants wanting to “add value” to clients can contribute.
This is all part of helping your client to run a better business. Most small businesses and medium sized enterprises will not have a designated Human Resources Manager – this is an opportunity for your firm to be able to supply many of these services.
Where do you start in adding value to “People” in your client’s organisations?....
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“Driving flawless execution is a vital ingredient of the life-cycle of most businesses” Verne Harnish wrote in “Scaling up”.“Driving flawless execution is a vital ingredient of the life-cycle of most businesses” Verne Harnish wrote in “Scaling up”. How do accountants assist small businesses or medium sized enterprises to plan and deliver the execution of a business strategy especially for those clients who are asking “Can You Help Me Run a Better Business”? There are some key areas that proactive accountants who are prepared to offer more than just compliance services to their small business and medium sized enterprise clients can do to assist in the execution of strategy process: • Identifying the key targets for this quarter. • Communicating the key targets to team members at all levels within the organisation so that they are all aware of the targets. • Assisting in the allocation of accountability of the team members allocated specific responsibilities for tasks. • Establishing systems to encourage and then acknowledge team member input for deliberation by the leadership team.
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This article is a continuation of our series on “Help Me Run a Better Business” (refer to Accountants Minute 204, 205 and 206)
The development of a strategy that is different from their competitors is very important for small businesses and medium sized enterprises.
In “Scaling up” Verne Harnish indicated that a “Differential Strategy” is one of the key “Lifecycles of a Business”.
If the development of a “differential strategy” is so important for business success shouldn’t the key trusted advisor be assisting the owner or CEO of the business to develop a great strategy?
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Do Financial Accounts “Add Value”?
Have you ever had a critical look at the Financial Accounts that your firm is preparing?
Do your clients get value from the Financial Accounts that your firm is preparing?
Does the Profit and Loss Account look something like the following:
Income
$3,200,000
Less
Opening Stock
$ 70,000
Purchases
$ 1,300,000
Freight
$ 45,000
Subtotal
$1,415,000
Less
Closing Stock
$ 72,000
Subtotal
$1,343,000
Gross Profit
$1,857,000
Overhead Expenses
$ 1,900,000
Details were shown of the overhead expenses which included labour but no labour on costs
Net loss
$ 43,000
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There has been some debate about fee level of services for accountants recently – refer “Accountant’s Daily” article 26 July 2019 “Is $5,000 Reasonable to Pay Accountants Annually?”
There is a resistance from some business operators to paying premium fees for “compliance work”.
Most clients do not perceive that there is any “value add” to them from the supply of compliance services!
To get paid more for additional services accountants need to identify and clearly articulate the benefit from the client’s point of view of any extra services above compliance work that have been provided to the client.
It all starts with the initial client engagement...
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“The truth is that while I’ve been patiently waiting for you to escape the compliance cubicle, I cannot hang around much longer.
Business is getting more competitive by the day and I need your help!
Over the years, I’ve sat through meeting after meeting with you about my tax returns. To be honest, I do this under sufferance – tax does not light me up!
Besides, I pretty much know by now what you are going to say....
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