We are passionate about sharing accounting industry thought leadership information with you so you can grow your practice. There are multiple ways you can access our information.
Connect with our CEO, Grant Bloxham on LinkedIn to find out more about the latest accounting industry trends, key insights to grow your business advisory services revenue and successful strategies to attract ideal clients to your practice.
Changing advisory services from ‘discretionary’ to ‘mandatory’.
In an economy where the majority of accountants are concerned about the rate of revenue growth, this percentage, based on hard data confirms there is huge growth potential within an accounting practice clients’ base.
The pathway to fee growth resides in the small business, SME and ME sectors where the strategic opportunity is to grow a small business into a medium to large client.
Changing your revenue mix will protect your practice against declining fee returns from traditional services.
We have developed ten key success factors to future proof the growth of accounting practices.
Bstar CEO discusses new Accounting Industry Insights
The majority of accountants we speak with are concerned about their fee growth rates and declining profit margins.
If fee growth is a concern for your practice, there are three ‘fee for service’ packages you can offer to boost your revenue.
If you are a Bstar Alliance Partner you will be familiar with the acronym ‘RAVDA’ – Risk & Value Driver Assessment.
A value gap is the difference between what your client’s business is worth today and what it needs to be to attain financial independence.
Is the accounting industry about to experience a ‘blue wave’ of recurring revenue generated by business advisory services?
As technology continues to disrupt the revenue calendar of accounting practices we are predicting a new trend will emerge. That is, accountants will actively seek new ways to replace declining revenue from core ‘red’ accounting, tax and compliance services.
The building and construction industry is one of the largest and most important sectors in Australia and New Zealand. Builders and tradies are highly valued clients of accounting and financial planning practices, but they are currently facing an industry in transition.
Currently, the internal revenue growth rates for small to medium-sized practices from existing clients is between 7% and 12% per annum.
When working with small to medium-sized businesses, we often get asked about the best way to implement the Bstar program and process.
To achieve benchmark performance (top 20%), there are three key benchmarks categories you can focus on.
Our dental practice research confirms the majority of dentists and SMEs don’t know what their practice is genuinely worth.
Analysing and reducing qualitative risks can substantially improve the value of your practice.
According to our 2017/18 Accountants Research Report, attracting new business clients is the top concern for accountants.
If one of your objectives in 2018/19 is to grow your advisory services, creating leverage to achieve this goal can be a major challenge. However, with the right approach, it can also be one of the biggest growth opportunities for your practice.
We are proud to announce that we will soon be releasing an independent 2018 SMSF Insights Report for BGL Corporate Solutions.
Over the last couple of years, I have been raising the issue of the need for Accountants to develop industry and service specialisations to grow their practice revenue and attract new ‘ideal’ clients. Accountants considering developing service specialisations should tailor these solutions to the key needs of their clients.
Accountants need a services solution to replace declining compliance fees. A key growth opportunity is to offer Family Office Services and manage all the personal, family and business needs of their ‘ideal’ clients. Many accountants have the client relationships, and skills to offer this service, but have not taken advantage of the opportunity.
Bstar provides a defined framework that we can scale
"We were offering Business Advisory services to our clients, but we didn’t have a structured and repeatable way to deliver on a consistent basis. Bstar provides a defined framework that we can scale, ensuring we deliver what we say will to our clients each and every time. Without Bstar, we wouldn’t be able to offer the suite of Business Advisory Services we do today, meaning we’d miss out on a huge opportunity to grow both our business, and our client’s businesses."
Drue Schofield, 4Front Accountants
The Bstar process and tools align perfectly with our delivery model
"We appreciate the value in systemising an offering and Bstar was fundamental in allowing our practice to do that. The Bstar process and tools align perfectly with our delivery model and provide structure to what has always been an adhoc and somewhat intuitive process."
Jared Favero, Godbee Favero
"We see the value in partnering with industry experts and access to data that assists our clients (and ourselves) identify KPIs appropriate to their situation."
Matt Connor, Medical Financial Group
The latest and best tools to assist our clients prosper and grow successfully
"To be able to provide our clients with the best possible advice and support we can, in choosing Bstar to partner with we are confident that we will have the latest and best tools to assist our clients prosper and grow successfully in any future business plans they have. We want to provide a value-added service to our clients for whom we are currently providing compliance services, in the ever increasingly complex business environment, we believe that our role is even more important as being a trusted adviser to our clients and assisting them in their future decisions."
Stephen Noble, SJN Chartered Accountants
Bstar support their Alliance Partners to help them achieve results
"We made the decision to become a Bstar Alliance Partner for several reasons. First and foremost, product quality and development, Bstar is a well-respected brand in the business arena and Support. Bstar stand behind their product and support their Alliance Partners to help them achieve results. It’s very personalised and genuine and both are happy to pass on a wealth of knowledge and experience."
Tony Kolker & Rob Femia, ROCG Stirling