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.

As a result of a continued disruption to traditional revenue streams we are witnessing a transition in the profile and skillsets of key people in accounting practices.

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.

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.

Accountants are hungry for growth in both new revenue and more clients. Our Family Office Services Report confirms attracting SMEs, Professionals and High Net Worth Individuals is a top priority.

To achieve growth in the small business, SME & ME sectors, accountants need to take a different view and think outside the box.

Find out how a South Australian accounting firm was able to expand and grow by using a pilot team to implement business advisory 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.

The number and variety of SMSF services being provided are one of many insights shared in the upcoming 2018 SMSF Insights Report.

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.

I believe the number one growth opportunity for accountants in public practice is to convert an existing compliance client into an advisory client and then generate up to 7 new revenue streams per client.