ESS BIZTOOLS - Business Advisory Services Update Podcast

There is an expectation that businesses are going to find tougher conditions for financing their businesses. A key component of my presentation to the Accounting Business Expo on Tuesday 17th November at 1.30pm AEDT (12.30pm AEST) will relate to activities that accountants can contribute to assist SMEs with their financing arrangements whether it is borrowing money to an understanding of the capit...

  The Accountants Business Expo presentation that I'm making is on Tuesday 17 November is at 1.30pm AEDT (12.30pm AEST).  Register for your FREE ticket - https://secure.terrapinn.com/V5/step1.aspx? E=10138&p=1&_ga=2.139956148.680047742.1604884253-2119313395.1604884253 There is now SME market awareness that accountants can provide services beyond taxation, including Chief Financial Officer Services...

"Delivering Business Advisory Services to Add Value" is the presentation that I'm making at the virtual Accounting Business Expo on 16/17 November. The Commonwealth Bank's Market Pulse Report has identified that 'Business Advisory Services' is the practice area expected to be most in demand in the next 6 to 12 months. This was the determination of a group of accountants, from all types of accounti...

Accountants can contribute to their SME clients' leadership skills by incorporating personal leadership capacity and development within the Chief Financial Officer services being offered to clients.  In this way the leader will understand how they can influence followers and be able to communicate to the team the purpose of the organisation, whilst showing strong personal capacity. The leader need...

The Export Market Development Grant provides financial incentives based on expenditure paid to promote exports of products and services, including inbound tourism and the export of intellectual property and know-how outside of Australia. Total claims are calculated at 50% of eligible expenditure capped at a maximum of $150,000 per exporter. There eligible expenditure categories include: Overseas r...

Business Advisory Services provides a great opportunity for accountants to supply a broader range of value adding services to their clients.  Accountants in public practice should embrace this opportunity to offer a range of commercial services to your clients. The key items for consideration include: Preparing accounts on a departmentalised basis. KPIs on a departmentalised basis. Business review...

There are still plenty of challenges confronting SMEs of which accountants need to be aware - assisting clients to develop strategies to overcome challenges is part of the broader range of services incorporated within "Business Advisory Services". Some experts are predicting that debtors' days outstanding could blow out considerably over the next few months.  This is a very dangerous situation for...

Accountants, many companies will potentially need your assistance on this process. For young companies which have not been active for very long there is an alternative test to the Gateway Test that we discussed in a post yesterday. The company must be able to supply supporting documentation to answer the following questions: Read The Full Article Here

There is an expectation that many businesses will have spent some of the lockdown time caused by COVID-19 to undertake research and development activities and some of those businesses will be giving consideration as to whether they can raise funding to finance the commercialisation of their research and development. Some young companies will pass the initial test that we summarised in yesterday's...

Early Stage Innovation Company status is not well-known and this has probably meant that many directors of young companies were unaware of the special category of companies that the government established to encourage investors to consider investment in companies which have developed new products, processes, services, management or marketing methodologies. To be eligible the company must be under...

Accountants who wish to be able to advise clients on Crowd Sourced Funding need to have a clear understanding of the duties, responsibilities and powers of Crowd Sourced Funding Intermediaries. ASIC has appointed the Crowd Sourced Funding Intermediaries.  The Intermediary's role is to act as the "Gatekeeper for ASIC" to ensure that the Corporations Act has been complied with by the company in the...

Crowd Sourced Funding presents accountants with an opportunity to be able to undertake a significant range of professional services to assist clients to be able to raise capital direct from the public. The process includes: Briefing your client on the Crowd Sourced Funding journey from the initial discussion through to receiving a list of the new shareholders from the Intermediary. Mentoring your...

Many directors of private companies will be considering ways that they can "scale up" their businesses.  When people undertake these reviews many of them will come to the conclusion that whilst they have a very good business they could encounter difficulties in being able to borrow money from banks and they may speak to you on alternative fund raising opportunities. One of these opportunities is "...

EMDG applications for 2019/20 financial year must be lodged with Austrade by 30.11.20. The EMDG aims to assist the development of exports by Australian firms.  Eligibility applies to any Australian business entity type.  To be eligible to make a claim, businesses must have spent at least $15,000 on eligible export marketing activities in 19/20. If this is the first year a business has submitted an...

With the general business uncertainty accountants are going to be in ongoing demand from their clients to assist them to survive.  There are many key aspects of a business to be considered including: identification of government grants for your clients; determining how the business is controlling its day-to-day activities relative to productivity; mark-ups; charge out rates; Read The Full Article...

n the recent budget, the Australian government made changes to the research and development system applicable for large companies (turnovers over $20M).  In so doing, the government repealed its proposed legislation, which has been stalled in the Senate. Companies with annual turnovers of $20M or more will still face a tiered intensity approach that will now see two tier levels instead of three. T...

In the Federal Budget, released last week, the government has made significant changes to the Research & Development Tax Incentive rules, thus reversing many of the changes that the government had proposed in its previous budget, which have been stalled in the Senate. The government has announced a new commitment of up to $2B to Research & Development Tax Incentive. The changes include the scrappi...

Breakeven Analysis is very important for your business clients to understand, because this is the point where the business knows whether it has made a profit or a loss.  It's the starting point for the generation of profits within a business. I think it's important that, irrespective of whatever role you're playing with your accountants, preparing accounts and income tax returns or offering a Busi...

Accountancy firms have experienced significant increases in work activity directly as a result of assistance being given to business clients relative to surviving the COVID-19 crisis. In many respects this is the first prolonged experience that many accountancy firms have had with delivering a broader range of professional services (commonly known as 'Business Advisory Services') to assist clients...