Posted: 24 August 2023 ![In-depth knowledge is vital!](https://www.essbiztools.com/images/zoo/blogs/bas-updates/bas240823.jpg) # In-depth knowledge is vital! #### Business Advisory Services Update Where do you start if you are undertaking the delivery of Business Advisory Services to a client? Even though you may have been preparing the income tax return and the annual accounts for a client for some time, you probably do not have an in-depth working knowledge of every component of your client’s business. The review concept is known as **“1 Inch Wide 1 Mile Deep Due Diligence Review”**. What’s included: What industry is your client involved in? What is happening in that industry? Can you obtain industry benchmarks? Locations of the business operations? What activities are conducted at each of those locations? If your client is a manufacturer where do they source their raw materials from? What is the ordering process? Who authorises the order and the payment for those supplies? Who checks the receipt of the raw materials and other products? Who authorises payment? Who is responsible for the team? Recruitment? Onboarding? Training? Team meetings? Employment agreement? Remuneration? Appraisals? Monitoring? Sales – who is responsible? Marketing: Social media? News media? News releases? Website? Communications? Customers: CRM? Database? Communications? Opening of credit accounts? Personal Property Securities Register – decision on registration? Debtors statements? Debtors days outstanding? Debtors follow-up? Chart of accounts? Intellectual property? Development? Safeguarding? Trade secrets? Risks: strategies? Internal reporting: Daily? Weekly? Monthly? **ESS BIZTOOLS** has developed a comprehensive range of resources, including checklists for the “1 Inch Wide 1 Mile Deep Due Diligence Review” that will assist accountants and bookkeepers to offer Business Advisory Services to SME clients. To find out more, reach out our Managing Director, Peter Towers, on 1800 232 088 or [](https://www.essbiztools.com/javascript:/*%20This%20email%20address%20is%20being%20protected%20from%20spambots.*/)[](https://www.essbiztools.com/javascript:/*%20This%20email%20address%20is%20being%20protected%20from%20spambots.*/). #### ESS BIZTOOLS Blogs ### Recent Posts... 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