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 episodes looks into the essential aspects of what accountants and bookkeepers need to examine in order to ensure that their SME clients’ businesses are investment ready.

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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?

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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.

Peter Towers, Managing Director of ESS BIZTOOLS and Mark Holton, Director of SmithInk discuss How Accountants could navigate the market conditions that their SME clients are encountering in 2023/2024 with some insights from the Accountants Boot Camp and the Thomson Reuters White Paper