Posted: 19 June 2023 ![Advisory services are a great addition for smaller accounting firms](https://www.essbiztools.com/images/zoo/blogs/bas-updates/bas200623.jpg) # Advisory services are a great addition for smaller accounting firms #### Business Advisory Services Update Andrew Geddes, a well-known Australian Accounting guru, gave an interesting overview in a recent **ESS BIZTOOLS [Business Advisory Services Podcast](https://businessadvisoryservicestips.libsyn.com/changing-from-compliance-dominance-to-business-advisory-services)**, when he discussed changing from “compliance dominance to business advisory services”. Andrew commented on a sole practitioner that he mentors. The firm is operated by a sole practitioner with 4 team members some of them working part-time. The sole practitioner performs an external CFO role for about a dozen clients and consequently doesn’t have the capacity to do much tax advisory or compliance work – this is handled by the team members. This sole proprietor sits on Advisory Boards for each client and facilitates the “annual strategic review” and quarterly reviews of “business improvement projects”. Andrew Geddes said, *“So it’s really a matter of thinking through what role do I want to play.”* This firm has achieved some balance – offering advisory services whilst continuing to perform taxation and compliance services. Where do you start on the introduction of advisory services? Start with your current clients. Subscribers to **ESS BIZTOOLS** utilises the **SME Needs Analysis** as a supplement for their discussion with their clients, as they raise the following questions: - How is your business going? - Are you happy with the profit? - Are you happy with cash flow? - Are you dispensable? Have you ever had 4 weeks leave whilst you have been running a business? - What are your concerns? - Tax planning? - Creating wealth outside the business? - Protecting your assets and your family? - Succession planning? - Would you be happy with the concept of: - Business Plan prepared for your business and updated annually? - Budget and Cash Flow Forecast prepared annually? - Monthly Financial Accounts prepared with comparison to the budget? - Monthly Business Advisory Meeting to consider the results and to plan the future of the business? There are smaller accounting firms around Australia offering these types of services. Would you like to know more? We are presenting a complimentary webinar on **Thursday 22 June at 12pm AEST** to discuss this further. **[Click here](https://essbiztools-au.zoom.us/webinar/register/WN_6ZWHW-zPQOiwYynjnJ6flw)** to register. #### ESS BIZTOOLS Blogs ### Recent Posts... 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