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Accountant's Minute Podcast

Updated 24 days ago

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Business News
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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.

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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.

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GREAT JOB!

By MattMcWilliams - Jul 20 2015
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WOW…Accountant’s Minute’s Podcast is flat out awesome. Good production quality. Easy to listen. Very impressed Peter. Keep bringing it.

iTunes Ratings

1 Ratings
Average Ratings
1
0
0
0
0

GREAT JOB!

By MattMcWilliams - Jul 20 2015
Read more
WOW…Accountant’s Minute’s Podcast is flat out awesome. Good production quality. Easy to listen. Very impressed Peter. Keep bringing it.

Best weekly hand curated episodes for learning

Cover image of Accountant's Minute Podcast

Accountant's Minute Podcast

Latest release on Dec 18, 2020

Best weekly hand curated episodes for learning

The Best Episodes Ranked Using User Listens

Updated by OwlTail 24 days ago

Rank #1: Analysing Survey Trends Could Be Vital For Your Business!

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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

Nov 19 2019

4mins

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Rank #2: Get Ready for 2020 With Some Assistance from Black Friday/Cyber Monday Promotion!

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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....

Read the Full Article Here

Nov 27 2019

5mins

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Rank #3: 7 Facts Accountants Need To Know About Crowd Sourced Funding Equity Raising

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A sure way to be rewarded with new revenue streams is to be a progressive and innovative accountancy firm, always open to new business ideas which could help your clients build a future for their companies!

A number of accountancy firms are already benefiting from the introduction of Crowd Sourced Funding Equity Raising, which finally became legal here in Australia for small proprietary companies on 19th October last year.

READ THE FULL ARTICLE HERE

Feb 22 2019

4mins

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Rank #4: Start-Ups Who Have Developed “Something” Can Be Attractive for Investors

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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.

View The Full Article Here

Feb 26 2020

10mins

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Rank #5: Business Improvement Services Explained!

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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...

Read Full Article Here

Feb 14 2020

11mins

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Rank #6: Impact of COVID-19 and Financing of Businesses

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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

May 26 2020

10mins

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Rank #7: Accountants Need An “Opportunities Mindset!”

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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....

Read The Full Article Here

Apr 22 2020

10mins

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Rank #8: This Is A Defining Moment!

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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

Mar 27 2020

9mins

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Rank #9: Coronavirus Stimulus Package for SMEs

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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

Mar 16 2020

7mins

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Rank #10: Cash - A Vital Ingredient

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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.

Read The Full Article Here

Oct 09 2019

3mins

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Rank #11: Do Financial Accounts Add Value

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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

READ THE FULL ARTICLE HERE

Sep 04 2019

3mins

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Rank #12: Supply “Value Adding” Services!

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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...

READ THE FULL ARTICLE HERE

Aug 28 2019

5mins

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Rank #13: It Is Time to Spell It Out - Help Me Run a Better Business

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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....

READ THE FULL ARTICLE HERE

Aug 14 2019

6mins

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Rank #14: Is Crowd Sourced Funding Equity Raising the Same as Crowdfunding?

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  • Crowd Sourced Funding Equity Raising is not the same as “Crowdfunding”.
  • Crowd Sourced Funding Equity Raising is governed by the Australian Government’s “Corporations Act” which specifies strict legal requirements for the company to abide by.
  • The company has to appoint an Intermediary from the businesses which have been appointed Crowd Sourced Funding Intermediaries by ASIC.
  • The company has to produce a Crowd Sourced Funding Offer Document (similar to a Prospectus) which contains significant amounts of information.
  • “Crowdfunding” is a popular term given to people or organisations raising money for particular needs or events.....

READ THE FULL ARTICLE HERE

Jul 16 2019

5mins

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Rank #15: Crowd Sourced Funding Equity Raising Report Card June 2019

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Happy New Financial Year!

36 companies have raised $31.6 million as Crowd Sourced Funding Equity Raising Companies.

This augers well for a great capital raising performance during 2019/ 20.  The momentum certainly increased after 19 October 2018 when proprietary limited companies were able to raise Crowd Sourced Funding Equity Raising Capital direct from the public without having to upgrade to an unlisted public company.

There has been great activity including:

  • A $5 million capital raise by a 100% digital bank
  • A $ 4.2 million raise for mining exploration in Greenland
  • A $3 million single tranche raised by an all - female rideshare business in Melbourne

At the other end of the spectrum there were successful capital raises undertaken by companies who were seeking $300,000 - $400,000...

READ THE FULL ARTICLE HERE

Jul 03 2019

6mins

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Rank #16: SME Capital Raising: Advisors Need To Know The Details

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Former Greencross Limited Chairman, Andrew Geddes, believes the new capital-raising process, Crowd Sourced Funding Equity Raising, could be a real wake-up call for small and medium sized companies to expand.

Raising capital places as lot of pressure on businesses to justify that they’re worth lending to” said Mr Geddes, a highly experienced public company director.

To raise capital, SMEs have to go through all the disciplines of getting their ‘house in order’ before investors will even consider supporting them, and in many ways, that’s a good thing” he said. 

Mr Geddes says the preparation required for any form of loan or capital raising forces companies to take a very serious look at their structure and operations...

READ THE FULL ARTICLE HERE

May 24 2019

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Rank #17: Helping Your SME Clients Raise Capital Painlessly

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Helping SME (Click here) clients raise capital can be a funny process and when confronted with ideas like Crowd Sourced Funding Equity Raising (Click here), it’s understandable that your first reaction may be to put up barriers.

Oh yes, we’ve all seen tax schemes over the years, like feature films and jojoba plantations, that end up going pear-shaped, leaving your clients asking ‘So, what happened to my money?

As accountants, it’s no wonder we’re becoming reluctant to recommend any new ideas to clients, in case those ideas turn out to be ‘turkeys’.

Well, Crowd Sourced Funding Equity Raising is quite different.  It’s not a tax scheme, or a scheme of any kind, for that matter.

In fact, it’s a completely legal process that gives your clients access to the capital they need to continue building their businesses.

READ THE FULL ARTICLE HERE

Jan 29 2019

3mins

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Rank #18: Tax Work Avoid the Famine

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It’s sad, but true.

Tax compliance work alone isn’t going to keep your practice running in the years to come.

Recent research amongst the Top 100 accountancy firms (Australian Financial Review) clearly shows that accountants must start looking for alternative income streams, if they’re going to survive in the 2020s.

  • Financial Review Top 100 Accounting Firms 2018 (Click here)
  • 2018 Top 100 Accounting Firms: Number Crunchers Follow the Big 4 into Advisory (Click here)

For example, have you looked at the ESS BIZTOOLS' website - Crowd Sourced Funding Equity Raising (Learn More)?

The Conclusion: there’s little, if any, growth left in tax compliance work and margins are being slashed as clients look for better deals.

The most lucrative form of new revenue will come from marketing the professional expertise within your firm.

You need to become trusted advisors and provide advice that will help your clients grow.

That’s how you, in turn, will grow.

You need to become proactive in bringing creative business ideas to your clients.

For example, have you looked at concepts like Crowd Sourced Funding Equity Raising? (Learn More).

Taking innovative concepts, like this, to clients, that you know could be a good fit, may help open the door to a lucrative relationship as their trusted advisor.

READ THE FULL ARTICLE HERE

Jan 10 2019

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Rank #19: What Do Your Clients Expect From You in 2019

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Have your clients, as part of their New Year resolutions, asked themselves….  “Am I getting everything I should be getting from my accountant?

When you hear of new, innovative ideas in the world of accounting, is your first reaction to say “Oh well, my clients wouldn’t be interested in that”?

Do you really know your clients as well as you think you do?

Jan 07 2019

3mins

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Rank #20: Complacency - A Good Way To Go Broke

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Dec 12 2018

6mins

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