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In this episode, Peter Towers, Managing Director of ESS BIZTOOLS, discusses the essentials of guiding clients through Research and Development (R&D) opportunities. He highlights the significant tax incentives available to Australian businesses engaged in R&D, and provides actionable advice for accountants, bookkeepers, and business advisors on supporting clients from idea generation to project planning. Peter emphasises the importance of establishing detailed records, understanding core activities, and securing intellectual property, along with practical steps for forming a company to qualify for R&D tax benefits. Tune in to learn how to help your clients leverage R&D for growth and innovation.
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In this episode of ESS BIZTOOLS Podcast, host Peter Towers dives into the evolving role of accountants in the business world, joined by distinguished guests Sam Salcman of Edwards Pearl and Andrew Geddes, co-founder of the Financial Management Research Centre (FMRC). The trio reflects on the transformation of the accounting profession, highlighting the importance of business advisory services and the integration of modern tools like ESS BIZTOOLS. They discuss how accountants can shift from compliance-focused tasks to becoming strategic partners for their clients, leveraging technology and financial insights to foster business growth.
The conversation also delves into the challenges and opportunities within the industry, including the adoption of virtual CFO models, addressing declining numbers in the profession, and fostering deeper client relationships. With anecdotes from decades of experience and a focus on the future of small businesses, this episode offers valuable insights for accountants, business advisors, and entrepreneurs navigating today's dynamic economic landscape.
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In this episode, Peter Towers dives into the intricacies of setting charge out rates for professional service firms. He covers essential considerations beyond simple cost calculations, such as service quality, industry reputation, and unique value-adds. Peter explains how firms can justify premium rates by offering enhanced advisory services, client education, and strong business acumen. He also emphasises the importance of understanding labour costs, productivity metrics, and competitive positioning. By following these strategies, firms can better communicate their value to clients and optimize their fee structures to support growth and profitability.
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In this episode, Peter Towers addresses the critical issue of debtors management for SMEs facing financial challenges in Australia. He emphasises the importance of effective credit management and how poor practices, such as granting credit without proper systems, can lead to cash flow problems. Towers discusses common pitfalls SMEs encounter, including inadequate credit terms, lack of monitoring, and unrealistic assumptions about payment timelines.
This episode also highlights the role of accountants and bookkeepers in helping SMEs establish strong debtor management systems. This includes setting clear terms of trade, ensuring compliance with payment documentation, and actively following up on overdue accounts. Towers also notes recent legislative changes, like Australia’s Payment Times Reporting Act, aimed at improving payment practices, particularly by larger companies.
This episode serves as a guide for SMEs and their financial advisors to implement practical strategies for reducing outstanding debts, thereby enhancing cash flow and financial stability.
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This podcast episodes looks into Export Market Development Grant, the eligibility requirements, who are eligible and most importantly, how accountants and business advisors can generate revenue by assisting SMEs with the application process.
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This podcast covers the following issues affecting accountants and bookkeepers today:
Australian Small Business Ombudsman Report Former Tax Commissioner's Warning Fiscal Management Issues - statement from Paul Robson, CEO of MYOB What do businesses need?You can also access our podcast on:
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Featuring Trevor Marchant of Marchant Dallas, this podcast discusses the latest article produced by The Boss Factor Library.
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The SME market in Australia is now estimated to be around 2.5 million businesses. Many of them aspire to “scale up” by offering new services and expanding employment opportunities as they seek out new markets both in Australia and overseas.
These businesses need advice, just the same as the CEO operating a larger business needs advice. The real difference is that larger businesses employ most of the expertise that might be required in-house, whereas the vast majority of SMEs cannot afford to do this or they simply do not have enough work to keep a highly qualified motivated person fully engaged.
Nevertheless, they still need this critical input from a range of experts – not just accountants – if they are going to succeed.
In this new financial year, there is going to be a lot of challenges for the SME market, due to high interest rates, high inflation and the ever present threat of recession.
The services that you offer to your SME clients will have a significant bearing on their survival rate in business.
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This podcast episode is presented by Peter Towers, Managing Director of ESS BIZTOOLS, and Andrew Geddes, the “public face” of FMRC. They discuss a wide range of issues affecting accountants implementing services beyond compliance, to assist SME clients to improve their business performance.
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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.
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Peter Towers, Managing Director of ESS BIZTOOLS, conducted an interview with one of his consulting clients, Duane Hunter. They discussed Duane’s “innovation journey”, which highlights the need for accountants to provide assistance to enable their SME clients achieve their objective of being able to turn their invention into a profitable, marketable product.
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We believe in the importance of after-sales service or ‘AFTERS’ being critical in the delivery of Financial Storytelling.
This podcast summarises the ‘AFTERS’ that we at ESS BIZTOOLS will provide when you subscribe to one of our packages.
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Peter Towers, Managing Director, ESS BIZTOOLS talks abut the Introduction to Virtual CFO Delivery, including the report card on the Australian Accounting Industry by the CommBank Market Pulse.
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