A deeper dive into the virtual CFO services
Peter Towers
Founder of ESS BIZTOOLS Pty Ltd | Certified Public Accountant | Business Advisor | Mentor and Coach
Accounting News
A deeper dive into the virtual CFO services
By Peter Towers – ESS BIZTOOLS Pty Ltd
To truly understand the potential of offering virtual CFO services, let's take a closer look at the key components of the "52-Week Business Enhancement System" and how they can help you make a difference in your clients' businesses.
The Leadership Team: It all starts with the people steering the ship. Get to know the client's leadership team, their roles and responsibilities, and their vision for the company. Understanding their goals will help you tailor your services and offer insights that align with their objectives.
Operations Review: Analyse every aspect of the company's operations, from procurement and inventory management to sales and marketing. This comprehensive review will allow you to identify areas of improvement and opportunities for growth, ultimately helping your clients streamline their business processes.
Internal Control Processes: Ensure that your client's internal control processes are functioning efficiently. This includes checking that they are receiving what they have paid for, and that the quality of goods and services meets their expectations. You will also want to confirm that proper documentation is in place for inventory records and payment authorisations.
Staff Training and Development: Assess the company's staff training programs and team meetings. Are they effectively developing their employees and fostering a productive work environment? Offer suggestions for improvement where needed.
Energy Requirements: Review the business' energy needs and potential supply challenges. Are there any opportunities to reduce costs or improve efficiency? Provide guidance on how to address these issues.
Marketing and Sales: In today's competitive market, a strong marketing strategy is crucial for business success. Evaluate the company's marketing efforts across various channels, such as social media, website, and newsletters. Similarly, assess the sales process and ensure proper pricing structures and approval systems are in place.
Research and Development (R&D): If your client is involved in R&D activities, make sure they are keeping accurate records to claim tax incentives. Additionally, confirm that any resulting Intellectual Property is adequately documented and protected.
Risk Management: Identify potential risks facing the business, from operational challenges to regulatory compliance issues. Work with the leadership team to develop strategies for mitigating these risks and safeguarding the company's future.
New Customer On Boarding: Review the process for welcoming new customers, including credit application forms, reference checks and terms of trade agreements. Ensure that your client is setting the stage for long-term, successful customer relationships.
Debtors Management System: Examine the company's debtors management system, including record-keeping, account opening procedures, and the Personal Property Securities Register (PPSR). Offer guidance on improving efficiency and reducing the risk of overdue or unpaid debts.
Business Planning: Help your client create or update their business plan, using the insights you have gained from your comprehensive review. This includes setting clear goals, identifying growth opportunities, and outlining strategies for achieving success.
Predictive Accounting Reports: Finally, work on the predictive accounting reports that provide a financial interpretation of the business plan. This includes updating the chart of accounts, preparing budgets and cash flow forecasts, and projecting balance sheets. These reports will help the leadership team visualize the potential results of their strategies and make informed decisions moving forward.
The future starts now!
As an accountant offering virtual CFO services, you have the power to make a significant impact on your clients' businesses. By implementing the "52-Week Business Enhancement System" and providing ongoing support, you will help them navigate the challenges of today's economy and pave the way for a successful future.
Don't miss out on this opportunity to revolutionize your accounting services and elevate your clients to new heights. Go to www.essbiztools.com.au and explore ESS BIZTOOLS' virtual CFO product packages and start making a difference today.
Are you ready to embrace the future of accounting and become an invaluable partner to your clients? Don't wait – click here to learn more about ESS BIZTOOLS' product packages and begin your journey as a virtual CFO now!
ESS BIZTOOLS Easter Special
For a limited time, ESS BIZTOOLS is offering a massive discount on the Starter Package and Advanced Package.
Normally at $2,100 (including GST), you can now subscribe to this package for $1,899 (including GST). That’s a savings of $201!
What’s included?
Normally at $6,500 (including GST), you can now subscribe to this package for $2,968.90 (including GST). That’s a savings of $3,531.10!
What’s included?
This special offer is available until Tuesday 11 April 2023.
Click here to learn more and get started.
ESS BIZTOOLS – a resource service that assists accountants to deliver value adding services
ESS BIZTOOLS provides resources that includes papers, checklists, videos and promotional articles, developed to assist with the delivery of the following services:
To find out more, you’re welcome to visit our websites:
ACCOUNTANTS DAILY ARTICLES
Accounting firms fetch higher prices as supply dries up
A quiet consolidation in the regions means fewer sellers and now buyers are changing their strategy, says one specialist.
Accounting practices are selling for higher prices with fewer of the most attractive firms coming up for sale, according to one buyer’s agent, who said there had been a “quiet consolidation” in the regions.
Radar Results said the most sought-after firms generated fees of $1 million to $2 million, although larger operations with $5 million in revenue were also in demand.
“It is simply a matter of supply and demand, with fewer sellers on the market,” it said.
Consultant Brett O’Malley said large accountancy firms had changed their purchase strategy recently from upfront buyouts to gradual takeovers.
CLICK HERE to read more.
ASBFEO launches inquiry into Commonwealth tendering and SMEs
The review will identify the effectiveness of AusTender and the ability of small businesses to compete for government contracts.
The Australian Small Business and Family Ombudsman (ASBFEO) Bruce Billson has launched an inquiry to examine the Commonwealth procurement rules on small businesses.
Mr Billson said the inquiry was referred to him by the Minister of Finance Katy Gallagher and would look to examine the ability of small firms to acquire Commonwealth contracts after it was revealed SMEs were awarded 30 per cent of procurement contracts in 2021–22.
“It’s great to see the Australian government’s commitment to be a bigger customer for small businesses,” said Mr Billson.
“But for many small and family businesses, identifying and securing Commonwealth procurement contracts can be complex, costly, confusing and time-consuming.”
领英推荐
CLICK HERE to read more.
AUSTRALIAN FINANCIAL REVIEW ARTICLES
Scott’s may have traded insolvent for months, administrators warn
Scott’s Refrigerated Logistics may have been insolvent nine months before its collapse, according to the company’s administrators McGrathNicol.
The Anchorage Capital Partners-owned transportation group – one of the largest in the country and a key supplier to retailers including Coles, Aldi and IGA – collapsed in late February.
In a report lodged with the corporate regulator, McGrathNicol said it was also possible the company had been insolvent, on a cash flow basis, only a week before they were called in.
On a “balance sheet basis”, the administrator’s report added, “Scott’s Group was potentially insolvent ... from as far back as May 2022”.
“Further investigations by an appointed liquidator will consider the headroom in available lending facilities provided by ScotPac and ACP, and the extent to any formal agreements with creditors to extend trading terms, with the aim of establishing more precisely the date that the Scott’s Group became insolvent,” the report reads.
CLICK HERE to read more.
Bosses must ask staff before rostering to work public holidays: court
Employers must ask workers if they want to work public holidays and cannot just automatically roster them on, according to a landmark court ruling that will apply to all workplaces regardless of what is in contracts or agreements.
In a judgment delivered just days before the Easter holidays, a full bench of the Federal Court held that BHP’s internal labour hire outfit, Operations Services, breached the Fair Work Act by requiring miners to work on Christmas Day and Boxing Day.
The ruling is a big win for unions and could expose other employers to civil penalties, including in resources, logistics, retail, hospitality, health and emergency services, if they automatically roster their employees on public holidays.
Justices Berna Collier, David Thomas and Elizabeth Raper affirmed the national employment standards (NES), which override contracts, awards or enterprise agreements, mandate that employers make reasonable requests to work public holidays. A roster or contractual requirement did not count as a request.
The judges said, “the intended mischief the provision confronts is the inherent power imbalance that exists between employers and employees”.
CLICK HERE to read more.
Grants Update
There are number of grants for which your SME clients might be eligible.
Want to know what they are??Click here for a list of current grants, prepared by ESS BIZTOOLS.
ESS BIZTOOLS Podcast
Our podcast channels are available to access on different platforms.?Click on your preferred platform to access.
Business Advisory Services Update Podcast
This podcast episode explains how a 52-week service is a great strategy that will bring growth, not just to your SME clients, but also to your firm.
You can also access our podcast on the following platforms:
Accountants Minute Podcast
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.
You can also access our podcast on the following platforms:
ESS BIZTOOLS Webinars
Upcoming Webinars – Click to Register
Previous Webinars
Want to know more?
Visit www.essbiztools.com.au.?You are also welcome to visit www.essbizgrants.com.au, a website that can assist in the identification of government grant(s) suitable for your clients.
If you would like to have a discussion about how this concept of virtual CFO services can be supplied by Australian accounting firms please ring our Managing Director, Peter Towers, on 1800 232 088 and we will arrange a complimentary 15-minute Zoom meeting to discuss your firm’s position and to give you our advice.
We believe that this is the blueprint for the delivery of an enhanced range of services by Australian accounting firms to assist SME businesses to add value to their businesses and to assist accountants not only to attract but to retain outstanding talent who want to be involved in the delivery of “real accounting services”.
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