Accountants can help SMEs by encouraging the preparation of a SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis at the beginning of a new calendar year.

You could encourage your clients to take some quality time and sit down alone or with their team to consider the key areas of the business.

For the individual business activities, it's a good idea to ask the following questions for each of the key business areas:

• What are we doing well?
• What are we doing not so well...

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The key driver for utilising 'Predictive Accounting' is to clearly summarise the various "non-financial items" before attempting to produce a budget.

'Predictive Accounting' embraces a systematic approach to the preparation of budgets, starting with basic information relating to:

• The types of products to be manufactured.
• The targeted quantity of the various products to be produced daily.

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Succession planning is not something that business operators should think about when they get old and are ready to retire.

It is a process that should be thought about in every segment of the business journey.

Questions that you could ask:

• What is your vision for the business?...

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In our final Business Advisory Services conversation on Wednesday 16th December at 12-noon AEDT (11.00am AEST), Peter Towers, Managing Director of ESS BIZTOOLS will be joined by Paul Barnaby, Chartered Accountant and Managing Director of Beyond Accounting Technologies.

Paul's proud claim is that he can turn an accountant into a 'budgeting and forecasting superstar' in a relative short time....

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Predictive accounting is an important part of the delivery of Chief Financial Officer Services because it requires accountants to discuss with clients all aspects of their business and then to commit that vision into Budgets, Cashflow Forecast and Predicted Balance Sheet to determine the level of investment required in stock, debtors, and capital expenditure. The aim is to determine what the effect will be on the business' bank position and/or level of loans.

If there is a shortfall in the cash available for the business, decisions can be made before any commitments have been made as to whether the business should be seeking to borrow new funds or be exploring the opportunity of raising capital by utilising Crowd Sourced Funding Equity Raising or Section 708 of the Corporations Act?.....

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