Business Essentials

Whether we like it or not, artificial intelligence, including ChatGPT, will have a transformative impact on the accounting profession. These tools are like employing a junior accountant, says David Smith of Smithink.

Don’t be afraid of it, he insists. Use it, it saves you time, and it’ll provide you extra resources that accounting firms are increasingly finding it hard to access.

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To differentiate your accounting practice from others is the way you service your clients. That’s according to Brad Turville, a coach and consultant to accountants.

Word-of-mouth is a powerful marketing tool, and if you offer an exceptional service, he says, they’ll tell their friends, family and peers.

Brad Turville
https://bradturville.com/ 

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It’s always hard for businesses to secure finance at any point, but it’s getting increasingly difficult these days as banks tighten their lending requirements. So how can accounting firms help their business clients obtain finance?

It’s something that Peter Angelini and his team take quite seriously. Peter’s the CEO of accounting firm Stannards Accountants and Advisors in Melbourne’s eastern suburbs.

He explains what banks require these days and what Stannards does to help their clients prepare for those applications. It takes time, but done properly many of their clients are able to secure much needed funds.

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Stannards - https://www.stannards.com.au/ 

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A lot of businesses and accounting firms are happy that 2022 is over. It’s been a brutal few years with Covid, and now many practice owners are looking forward to a more prosperous 2023.

That observation is from advisor to the accounting industry, Mark Holton of Smithink. Mark outlines what accountants can do to have a profitable rest of the year.

More: https://smithink.com/ 

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With so much compliance work available, many accounting practices don’t have the time or inclination to set up an advisory service. The problem is they could be limiting their potential for higher growth and profits.

That’s according to Emily Splatt of Mindshop, a company which consults practices with providing advisory services. If you’re thinking of implementing advisory services or want to ignite higher performance with your current offering, Emily has eight keys to help you get there.

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One of the biggest challenges for practices around the country right now is the shortage of accountants. A shrinking talent pool is indeed a headache, but it’s also an opportunity to reassess which of your clients provide the best value.

That’s according to Alan FitzGerald, founder of Practice Connections Advisory. Other opportunities for accounting firms include ever-improving cloud technology, particularly artificial intelligence and CRM software which help accountants better service their clients.

Practice Connections Advisory: https://www.practiceconnections.com.au/ 

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Now's an opportunity to invest your time to understand your employees and develop a way to communicate with them on a regular basis.

That's according to business coach, Paul Matthews, who explains why it's important to have better engagement with staff. He outlines how that's achievable for the entire organisation.

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A strong and consistent brand is much more than your logo – it's what people say and feel about you.

That's according to brand specialist, Darion Teoh of Bless Agency, who has strategies to build a strong brand so that you're constantly in the mind of your target customers. He gives examples of companies that have strong brands and how they've achieved market recognition.

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Behaviour and ability are two overriding qualities of great leadership, which helps to build better performing teams.

That's according to Jake Bridges of Leading Teams who helps business owners nurture their staff's potential. In order to build a culture that works, he says, it's important to agree upon acceptable and unacceptable behaviours amongst the team members.

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How effective really is your website? If you haven't thought about it that much, then you're not taking advantage of one of your best sales tools.

Irwin Hau is not just any website designer. He matches the psychology of consumer behaviour with the magic of website tools to create a first-rate customer experience – all of which translates to sales. For the average business owner, you don't necessarily have to build a website from scratch. Irwin provides some practical tips you can use today to improve your current website.

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