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Nov 7, 2017

Why have I made this opening statement? Because innovation and change keep happening and no accounting firm will be able to avoid change. In fact, no industry can avoid change.


Think – video stores – only a little while ago they were everywhere – now hardly any!


There are disruptors everywhere:

  • accounting software

  • communications technology

  • outsourcing of processing work

  • competition

  • machines performing more work

  • social media impact

  • big data and data analytics


For accountants prepared to meet the challenge, of proactively offering commercial solutions as well as taxation advice, there are many exciting opportunities available.


We are now in the “Age of Prediction”.


The challenge is to use your knowledge of clients’ businesses to directly approach them about the availability of commercial solutions.


For example:


  • A business that:

  • is wanting to expand; or

  • acquires a new business; or

  • has high loans; or

  • has large credit card debts

could be interested in discussing the opportunities to raise capital by Crowd Sourced Funding Equity Raising (Learn More).


  • A young company aged under 3 years that has developed a new product, process or service or which has expended a significant amount of money on research and development and had expenditure of under $1 million and income of under $200,000 in the last 12 months could be interested in the opportunities to raise capital using the Early Stage Innovation Company Capital Raising Process. (Learn More)


  • Some of your clients who are looking for investment opportunities could be interested in understanding how the Early Stage Innovation Company Investment Opportunities work including the tax breaks and the capital gains tax potential exemption that is available for a qualifying investor in an Early Stage Innovation Company. (Learn More)


  • Clients that have stock stored on someone else’s premises, plant and equipment located away from their premises – indeed any type of asset (other than land and buildings) in the possession of another business should have an understanding of the risk minimisation opportunities available to them if they register that other business on the Personal Property Securities Register. (Learn More)


  • Subcontractors who are contracting to other businesses can obtain significant risk minimisation by registering that customer on the Personal Property Securities Register to minimise the threat of a liquidator’s Preferential Payment Claim being lodged on them. (Learn More)


  • Clients with Debtors’ Days Outstanding longer than the business’ targeted debtors’ days outstanding figure could benefit by your firm implementing improvements to their debtors’ system. (Learn More)


  • Thousands of businesses miss out on the opportunity of obtaining a government grant to assist them in some aspect of improving their business operations each year.


Many of these businesses claim that they were unaware of the grants that they could have applied for.


Most SMEs have an expectation that their accountants will keep them informed about grants. (ESS BIZGRANTS)


Accounting businesses that are only doing tax are probably not aware of these opportunities to assist clients to add value.


As you have read this article to this stage we are keen to supply you with additional information and answer any questions that you have relative to the supply of a range of commercial services for your clients.


Are you interested in obtaining more information about the opportunities for your firm to perform a range of commercial services for your clients beyond taxation?


  • You could participate in a free webinar “If You Only Want to Do Tax – Don’t Attend This Webinar” on Wednesday, 22 November 2017 at 12 noon AEST, 1pm AEDT (register here)

  • You can obtain more information and register for a guest login by visiting – register for Guest Login (Click here).

  • You could send me an email outlining your questions to

  • You could phone me on 1800 232 088.


Have a great day.