iscoverRecent research has revealed the services small-to-medium businesses are most likely to buy or want from their accountant, and the industry is starting to “take action” compared with previous quarters.
Most sought-after accounting services revealed
07 November 2016
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7 minute read
Research house Bstar has found that the “top solutions” smaller businesses are interested in from their accountants include CFO-type services, such as advice on profits and cash flow.
Medium-sized businesses are looking to accountants for “sounding board”-type services, which are particularly popular when firms are three to four years out from sale.
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Over 70 per cent of all SME purchases from accountants fell into one of these two categories in the last 12 months.
“Sounding board” services involve regular meetings, on either a quarterly or monthly basis, where business risks, impending industry changes and growth opportunities – such as acquisitions – are discussed and strategised.
“It’s like a board of advice, as opposed to a formal company board, and it helps SMEs build value, grow and transition their business,” Bstar chief executive Grant Bloxham told AccountantsDaily.
“Accountants need to be building skills in that area; that’s the challenge,” he said.
Previous research from Bstar has suggested high awareness but low action from accountants in capitalising on these business opportunities.
However, Bstar has noted a spike in training around new service areas, including from non-senior management in accounting firms. Mr Bloxham believes this is a sign that the industry is starting to take note of calls to diversify services.
“Hopefully this trend indicated that accountants understand the opportunities in business advisory,” Mr Bloxham said.
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