Future-Proof Your Firm: Embrace Advisory Services Now
Peter Towers
Founder of ESS BIZTOOLS Pty Ltd | Certified Public Accountant | Business Advisor | Mentor and Coach
At Xerocon 2022, the former-Tax Commissioner Chris Jordan issued a powerful warning:
“If your business model is high-volume, low-margin, and focused on simple tax returns, it will not be viable in 3 to 5 years.”
He urged accountants and bookkeepers to diversify their offerings and focus on becoming brilliant and trusted advisors.
Fast forward 2 ½ years, and that timeline has shortened. The window for change is now just six months to 2 ½ years. With advancements in ATO automation, this transformation is no longer optional—it’s essential.
At ESS BIZTOOLS, we’ve been analysing these industry shifts. Our conclusion? It’s time to embrace a new era of financial and commercial advisory services.
The growing challenges for SMEs – and you
It’s not just the accounting industry that’s under pressure. SMEs, the backbone of your client base, are struggling with:
Economic Pressures: Rising interest rates, inflation, and increasing business failures.
Declining Contributions: SMEs now generate only 33% of GDP (down from 40% in 2006) and employ 42% of the private sector workforce (down from 53%).
Poor Financial Literacy: MYOB’s recent review found widespread fiscal mismanagement, with SMEs failing to control debtors, understand payment terms, or plan for tax obligations.
These challenges demand more from accountants and bookkeepers. Traditional compliance services alone won’t help your clients survive and thrive.
The opportunity to transform
This is your chance to reposition your firm as a trusted advisor and go beyond compliance. By offering advisory services, you can:
Guide SMEs through economic uncertainty.
Add real value to their operations.
Elevate your firm’s reputation while attracting and retaining top talent.
ESS BIZTOOLS has developed the Advisory Intro Product Package—a tailored resource to help your firm deliver impactful advisory services to SMEs.
Why Advisory Services matter now
The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, recently highlighted concerning trends:
Small business conditions have declined 3.5% in the past year.
SMEs have faced a deteriorating operating environment for two years.
Meanwhile, Gerry Harvey, Chairman of Harvey Norman, has warned that ongoing government spending could keep interest rates and inflation high for at least five years.
These insights align with the former Tax Commissioner’s call for diversification. The message is clear: The time to start your financial and commercial advisory services journey is now!
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Take action with ESS BIZTOOLS
Don’t wait until it’s too late. Join us for an exclusive webinar on Monday 9 December at 10am AEST, to explore how the Advisory Intro Product Package can empower you to support your clients effectively. We’ll walk you through tools and strategies to help your clients tackle challenges like cash flow management, debtor control, and strategic planning.
Special Offer: BIZ AID Discount
To help firms get started, we’re offering a special discount through our BIZ AID initiative.
Makethe most of our special offer, available until Monday 23 December 2024.
For 12-month access, you can subscribe to Advisory Intro Package at a discounted price of $495 (incl GST).
Alternatively, you can sign up for a 3-month access at $143 (incl GST).
Your next steps
The industry is evolving, and standing still isn’t an option. Don’t ignore the insights of leaders like the former Tax Commissioner, the Small Business Ombudsman, and the CEO of MYOB.
Instead, seize the opportunity to:
Add value to your clients’ businesses.
Strengthen your firm’s position as a trusted advisor.
Future-proof your practice for the challenges ahead.
Discover how ESS BIZTOOLS can help you take the first step. Let’s work together to ensure your firm—and your clients—are ready for the future.
Visit our website – www.essbiztools.com.au – to discover the detailed overview of the services provided by ESS BIZTOOLS. You are also welcome to contact us on 07 4724 1118 or email peter@essbiztools.com.au.
Want to know more?
Visit www.essbiztools.com.au.
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 (07) 4724 1118 and we will arrange a complimentary 45-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 and Bookkeeping firms to assist SME businesses to add value to their businesses and to assist accountants and bookkeepers 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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