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’?