Financial Storytellers benefit from the 'AFTERS' promise
Peter Towers
Founder of ESS BIZTOOLS Pty Ltd | Certified Public Accountant | Business Advisor | Mentor and Coach
Accounting News
Financial Storytellers benefit from the ‘AFTERS’ promise
By Peter Towers – ESS BIZTOOLS Pty Ltd
It’s January again!
Looks like it is back to work and time to start planning those business strategies for 2023.
During the break, you’ve probably given some thought about where you’d like to see your business heading this year.
Can we throw a few ideas into the mix too?
In 2023, think about becoming the Financial Storyteller to your SME clients and prospects.
Financial Storytelling will help you explain to your clients how they build stronger businesses in these times of uncertainty.
It is what many of your clients will want you to do.?By being their trusted advisor, you will build closer relationships with them and start to become an essential part of their business.
Now please excuse this blatant plug, but we at ESS BIZTOOLS can help make your transition to Financial Storyteller a lot easier, by helping you support your direct clients through our professional product packages.
We know that when you venture into new territory, there will always be concerns, especially when you are faced with signing up to online products/services of which you may not have previously heard.?That little thought-bubble keeps going off in your mind, asking “Am I doing the right thing?”
Before you commit, you’ve got to feel comfortable that the products you are subscribing to are:
No one wants to get left in the lurch with unsupported products.
After-sales support or ‘AFTERS’ are just as important with online subscriptions as the original service.
At ESS BIZTOOLS, we back our ‘AFTERS’ with our 20 years of experience supporting the Australian accounting industry.
Knowing you can rely on our ‘AFTERS’ is key to the ongoing delivery of your Financial Storytelling.
Accountants, like yourself, who are prepared to provide services beyond taxation are positioning themselves to benefit greatly as they develop their Financial Storytelling skills.?When you apply these skills, you’ll be able to help your SME clients fully understand how they can grow and prosper.
Knowing that you have a reliable range of ‘AFTERS’ available to back up your product packages creates a sense of confidence within your accounting team.?By relying on our professional product packages, you will be able to deliver a broader range of services to your client base.
This is not only financially rewarding, but results in great job satisfaction.?Isn’t that what we’re all looking for?
There is a growing trend towards virtual CFO and Business Advisory Services being supplied to SME clients.
Sure, the US led the way in this concept, however it is expected that more and more Australian companies will turn to their accountants for similar services over the next twelve months.?Trends show that more SME clients believe they need additional services to help them to operate successfully in the recession-prone waters ahead.
If you wonder why these trends are starting to emerge, you only have to look to the following points:
Our development team at ESS BIZTOOLS stands behind all our product packages and we are happy to make the following ‘AFTERS’ promises to our professional advisory clients:
Advanced Package subscribers have access to all of our papers.?That’s now nearly 570 reports covering a wide range of accounting, taxation and business topics.
Starter Package subscribers have access to approximately 340 papers.
These are the kinds of ‘AFTERS’ services that professional accounting firms, like yours, need to know are available and can be relied on when they subscribe to professional product packages.
Remember…we are always available to help you deliver the services in our packages to your clients.
Like to know more?
Come and check out our websites.
Visit www.essbiztools.com.au to discover how easy it is for you to start down the path of providing Business Advisory Services, including Financial Storytelling, to your SME clients.
You can also visit www.essbizgrants.com.au, a platform that can assist you to find out which government grants could be a good fit for your clients.
Are you interested in finding out how your firm can provide Business Advisory Services, Financial Storytelling and CFO Services to your SME clients?
Give ESS BIZTOOLS a call on 1800 232 088 and we will arrange a no-obligation Zoom meeting with our Managing Director, Peter Towers.?Peter is an expert in diversifying accounting practices and can guide you through the steps you will need to take to integrate financial storytelling into your new range of services.?Alternatively, you can book an appointment online at www.essbiztools.com.au.
Business Advisory Services and Financial Storytelling are the future for Australian accounting.
So let us help you support your clients.
Boss Library will assist Financial Storytellers!
ESS BIZTOOLS has been appointed a distributor of the Boss Factor Library for accountants, prepared by Marchant Dallas Consulting.
You are invited to become a member of a rapidly growing list of accountants who have joined the Boss Factor Library, because they are committed to personal and professional growth for themselves, their team, and their clients in the areas of business, leadership and life.
If you are like most of the partners/directors we speak with – attracting and retaining top quality staff is an ongoing issue.
One way to address the issue is to provide easy access to exceptional development material, which shows your team that there is an opportunity at your firm to learn and grow – unlike other firms who don’t pay much attention or care about this critical recruiting and retention rule.
Sir Richard Branson shares the view that if you put your employees FIRST – they will work harder and ultimately become your most important Brand Ambassadors.?His idea is that:
Employees come FIRST, clients SECOND and shareholders/partners THIRD.
The theory makes sense, doesn’t it??If your employees are happy and smiling, this contagious joy will flow through to the people you serve.
To give you an idea of what’s contained in the library, click here to access a complimentary article – The Sales Factor.
Click here to access a complete summary of the Boss Factor Library for Accountants.
The initial release contains 50 articles – a fantastic resource for your firm to utilise internally for team training and development, and also utilising in your role as the Financial Storyteller for SME clients.?The articles within the library will assist you to convey the key messages in relation to business growth and prosperity to your clients!
$495 (including GST) will give you a 12 month subscription for this fantastic package.
As an introduction of the Boss Factor Library, we are presenting two complimentary webinars, featuring Trevor Marchant and Eve Dallas.?Click on the webinars below to register to attend.
ACCOUNTANTS DAILY ARTICLES
ATO issues final ruling on changes s100A
The decision comes after accountants had to rely on basic guidance for 30 June deadlines.
After extended consultation the controversial s100A ruling has been released by the ATO.
The anti-avoidance provision will impact those who are beneficiaries of trust income where it has been agreed that another person will benefit.
Section 100A applies in cases in which a beneficiary has become presently entitled to trust income where it has been agreed that another person will benefit, and that agreement is made by any of its parties with a purpose that some person will pay less or no income tax as a result.
The ruling stated that it would “apply to so much of the share of trust income that a beneficiary is presently entitled to, and/or that has been paid to them, or that has been applied for their benefit (that share) as:
Satisfies the, connection requirement, benefit to another requirement, and the tax reduction purpose requirement
Does not satisfy the ordinary dealing exception”
CLICK HERE to read more.
Accounting industry gives cautious thumbs-up to final s100A ruling
It could be “like having the ATO at the kitchen table” according to CA ANZ, but most find TR 2022/4 a “significant improvement”.
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Accounting bodies and tax professionals have responded favourably to the ATO’s final s100A ruling, welcoming greater clarity.
The guidance was developed to support trustees and their accountants according to ATO deputy commissioner Louise Clarke, and the initial reaction from the industry was that it had achieved its goal.
“The ATO’s finalised guidance materials on section 100A are a significant improvement from the draft materials that were released in February,” said Robyn Jacobson, senior advocate at the Tax Institute.
“They provide clearer and more comprehensive guidance on the interpretation of section 100A and the ATO’s compliance approach.”
However, she was concerned by the use of the term “ordinary” in the ruling.
“Section 100A contains an exception for an arrangement entered in the course of ‘ordinary commercial or family dealing’. Ordinary is an unhelpful term,” said Ms Jacobson.
“Everyone’s understanding of what is ordinary differs for a range of factors including cultural, familial and personal influences and experiences.”
“This term in section 100A needs to be replaced with a more suitable term following consultation with the broader tax community.”
CLICK HERE to read more.
Bosses warned: be wary of forcing workers back to the office
Two-thirds would look for another job, according to a survey by global payroll specialist ADP.
Employers who force their workers back to the office may get pushback according to the latest report from payroll company ADP, with two-thirds saying they would look for another job.
People at Work 2022: A Global Workforce View found that seven in 10 workers (71 per cent) had contemplated a career move this year and there was a questioning about what job security meant in the wake of COVID.
“Today, workers are thinking about more than just a steady pay check,” said report author Nela Richardson.
“The pandemic has put personal wellbeing and life outside work into an even clearer perspective than ever before, and intensified the desire for more amenable working conditions, including greater flexibility, remote work options or better organisational culture.”
The report revealed that workers were increasingly interested in a company’s ethics and values with three-quarters saying they would consider looking for a new job if they discovered their company had an unfair gender pay gap or no diversity and inclusion policy.
CLICK HERE to read more.
Four essential functions for any ambitious finance team
Growing a business involves tricky decisions, the right data and appropriate tools.
For many start-ups and small businesses, it can be challenging to move beyond business-as-usual mode and shift up to the next gear. The question of what should come first — new resources or new business — is hard to answer.
Businesses often face a crossroads when they need to choose whether to spend more on headcount to meet surging demand or avoid hiring new staff to keep costs down.
Additionally, some businesses have turned away new business to remain viable if demand drops off. The balancing act of maintaining cash flow while taking on new business can make it hard to sustain operations at a healthy level.
With cash flow at the heart of the finance function, any future plans must be backed by sound financial input. Fortunately, finance leaders have a growing selection of tools and technology to provide detailed business insight enabling the right decisions for operational success.
CLICK HERE to read more.
ATO targets dodgy deductions for holiday homes
Thousands of dollars in claims “that would fail the pub test” contribute to $1.6bn tax shortfall, assistant commissioner says.
Expense claims running to thousands of dollars for occasionally rented holiday homes fail the pub test and will fall foul of the ATO’s crackdown on property deductions, says assistant commissioner Kath Anderson.
She said 2.2 million property owners filed rental expense claims of $42.6 billion in 2021, but full compliance by the sector would add $1.6 billion in revenue and she called on tax agents to help bring owners into line.
“Holiday homes might sound minor in the scheme of things,” Ms Anderson said at recent Accountants Daily Strategy Days in Melbourne and Sydney. “But if we applied the pub test, I don't think we would find many Australians would think it's OK for someone to claim thousands – in some cases hundreds of thousands – of dollars in deductions for their holiday home.
“Many of the returns that have errors in them have actually been prepared by agents. Quite often clients are not telling their agents or providing them with all of the information that they should.
“We need your help to educate clients about what is a valid rental deduction and what's not. We also need your help to get the message out there that claiming deductions and effectively taking money from the community to pay for your holiday home is not OK.”
CLICK HERE to read more.
When it comes to valuations, make sure the price is right
There are “at least 206” different tax provisions that may require you to determine the value of an asset.
Whether you’re preparing for succession, planning a restructure or thinking about selling, the ATO will have questions about the value of your business. The updated ATO guidance makes it clear that it's your responsibility to give an accurate answer — with steep penalties and unwanted tax bills for those who get it wrong.
Fortunately, the ATO’s updated guide Market Valuation for Tax Purposes outlines how you can get it right.
The guide details the Commissioner’s general expectations on market valuations for tax purposes, including what market value means and the evidence and processes the ATO generally expects to see as support for a valuation. It sheds light on what is often a complex area.
CLICK HERE to read more.
INNOVATION AUSTRALIA ARTICLES
Harvesting Australia’s future food potential in Western Sydney
Harvest B opened its first alternative protein manufacturing facility in Western Sydney on Tuesday, hoping to start a fundamental shift in Australia’s $85 billion agriculture sector. The venture is looking to disrupt the current approach of shipping produce offshore to be processed, only for it to be bought back at higher costs as finished consumer products.
The facility will produce around 1,000 metric tonnes of plant-based proteins and will do so using all Australian-grown grains.
The outputs will go to companies that make the increasingly popular “meat-free” sausages, patties, and mince, locking in for the first time an all-Australian plant-based protein value chain for the products.
The company, which has raised $4.5 million dollars and benefited from a range of government innovation programs, will also manufacture full pieces of protein in an entirely new way, promising an even cleaner and cheaper alternative protein.
CLICK HERE to read more.
Enterprise Intelligence: The digital ethos for business is here to stay
It’s an understatement to say that the cyber landscape is ever changing and challenging.
Asset-intensive industries face significant challenges that limit top-line growth (connected services, time to market, changing demands and seamless customer experience) and bottom-line savings (labour shortages, waste, security costs and sustainability and the environment).?
Yet these operational pressures cannot be surmounted with outdated technologies or work methods.
To not just survive but thrive, organisational excellence depends on the reliability of new technology for smarter insights and faster decision-making. That’s where Enterprise Intelligence comes in.
What is Enterprise Intelligence?
From virtual consultations to digital twins, digital technologies are reshaping the consumer-packaged goods (CPG) landscape and redefining consumer expectations.
At the same time, rising costs are threatening to swamp profits — and providers must tackle new regulations and cyberthreats.
Changes — and new disruptors — are everywhere you look. Digital transformation is essential to building a more efficient, more agile and more successful CPG business; but it isn’t enough.
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.
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