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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 Australiaâs 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 âscale upâ 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 â not just accountants â 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 âpublic faceâ 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.
You can also access our podcast on:
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Peter Towers, Managing Director of ESS BIZTOOLS, conducted an interview with one of his consulting clients, Duane Hunter. They discussed Duaneâs âinnovation journeyâ, 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 âAFTERSâ being critical in the delivery of Financial Storytelling.
This podcast summarises the âAFTERSâ 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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Peter Towers, Managing Director of ESS BIZTOOLS and Brad Smart, Director of Pinecam discuss the benefits of Accountants producing newsletters for their clients/prospects.
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