It is no secret that the majority of Australian small business owners are extremely busy. Almost half of Small and Medium sized Enterprises (SME) estimate they are working 60 to 80 hours a week, which equates to 12 hours a day, or six days per week 1.
A recent NAB Business Survey 2 found that small businesses are primed for growth, with expectations for capital expenditure over the next few months at its highest level for many years. Small business owners are also feeling positive, with business conditions remaining favourable and business confidence well above historical averages.
In some ways, financial accountants act as a quasi-CFO for their small business clients and can add an enormous amount of value to help clients grow their businesses. Beyond servicing their tax and compliance needs, the point of difference for accountants lies in providing both tactical and strategic advice around business funding and helping business owners find solutions to meet their business needs.
Ultimately, an accounting business that can provide multiple services helps their SME clients save valuable time.
Adding value with complementary services
Accounting and lending are complementary services by nature, so bringing them under one roof makes complete sense.
By adding a financing service to their business, accounting firms can create value for their clients and their businesses in many ways – whether it is for funding more effective investment solutions, helping them with buying, restructuring or expanding a business, or managing intergenerational wealth transfers.
From a client’s perspective, the process is more efficient because all of their information is in one place – from financial statements, tax returns or trust deeds – making transactions much easier to navigate.
Particularly for complex transactions, where the client needs to deal with multiple assets at once, the team can collaboratively advise on the right approach from a strategic, tax and asset protection perspective.
Where to start
We recognise that a strategic business decision to introduce a new service offering can be challenging to navigate at first. At FAST, we work with accounting firms to ensure any decision is well-informed and the model they select is best suited to their business needs.
Around 85 per cent of FAST brokers have had successful relationships with accounting firms for several years, and we are focused on continuing to support great client outcomes through greater collaboration between the two professions.
FAST was recently awarded the title of ‘Aggregator of the Year’ at the prestigious 2018 MFAA National Excellence Awards for the second year in a row, and ‘Mortgage Aggregator of the Year’ at the Australian Business Banking Awards 2018. FAST finance brokers can help accounting firms offer a broader range of services to their clients. To find out more about how FAST can help your business and clients visit www.fastgroup.com.au/numbers
1 Scottish Pacific recent SME Growth Index
2 NAB SME Business Survey