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  • #978091
    VIrtualManagementAcc.
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    Hi Forum,

    I am a Chartered Accountant with 8 years of experience – 6 in the SME tax world and 2 being a Management Acccountant for an organisation that remotely manages rural supermarkets.

    I love being an accountant as number always tell a story.

    I have being ‘umming and arrghing’ for a while now about starting a Virtual Management Accountant venture as I miss being involved in the world of SME’s. I feel with the experience and knowledge I have I can arm a business owner with key data to further improve and grow their business whether it be wage spend analysis, gross profit investigation, employee efficiency or any other area they are concerned with.

    Is this a service that the small business commuity would be interested in and if so what would you ber willing to pay for this service?

    Many thanks and pennies for your thoughts and comments.

    VirtualManagementAcc.

    #1104659
    DJ_m
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    VIrtualManagementAcc., post: 116094 wrote:
    Hi Forum,

    I am a Chartered Accountant with 8 years of experience – 6 in the SME tax world and 2 being a Management Acccountant for an organisation that remotely manages rural supermarkets.

    I love being an accountant as number always tell a story.

    I have being ‘umming and arrghing’ for a while now about starting a Virtual Management Accountant venture as I miss being involved in the world of SME’s. I feel with the experience and knowledge I have I can arm a business owner with key data to further improve and grow their business whether it be wage spend analysis, gross profit investigation, employee efficiency or any other area they are concerned with.

    Is this a service that the small business commuity would be interested in and if so what would you ber willing to pay for this service?

    Many thanks and pennies for your thoughts and comments.

    VirtualManagementAcc.

    What do you mean by Virtual Management Accountant? Virtual anything stills has a ring of ‘almost, not quite or nearly’. Perhaps it means unavailable or that you are located in New Delhi?

    What is the service? Are you saying that you want to offer accounting services from a remote location? Is that not what all (external) Accountants do?

    If you are a good Accountant, available for questions, timely in your responses and don’t charge $300 p. hour for information I can get from the ATO myself then I would not care where you are located (perhaps not New Delhi).

    #1104660
    VIrtualManagementAcc.
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    Hi DJ_m,

    Thanks for your feedback. I am actually in Perth but want to promote the service on a national level. I have previous read about the growing market of Virtual Assistants and Virtual CFO and wanted to apply that idea to my chosen field of knowledge. The other way of saying it would be Management Accountant for hire!

    My idea is along the lines of a Virtual CFO. The Virtual part implies I can assist anyone nation wide from my location and communicate via electronic means. A fancy way of saying email and web based communications. Basically I am intending to offer the skills of a Management Accountant to SME’s who dont actually need a fulltime Management Accountant. The crux of the business would be quarterly reporting back to the business owner regarding trends, analyisis and results of investigations. Some key areas of investigation could be wage percentage of sales, gross profit analysis of a department or profit per square metre or an analysis or hours of service to produce a particular income. I dont intend to reinvent the wheel only to allow more passengers to ride the wheel.

    I actually used to be a tax accountant who had a charge out rate of close to $300 per hour and I know the burden it can cause SME’s. My initial gut feeling was a charge out rate of arounf $100 per hour or more preferably a quarterly amount for a set service or package. I got out of tax and moved into the MA field as I enjoy making numbers ‘talk’.

    I am in the investigative stage at the moment and I am purely seeing if there is a demand for such a service.

    I welcome all feedback.

    #1104661
    Rhys
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    VIrtualManagementAcc., post: 116094 wrote:
    Hi Forum,

    I am a Chartered Accountant with 8 years of experience – 6 in the SME tax world and 2 being a Management Acccountant for an organisation that remotely manages rural supermarkets.

    I love being an accountant as number always tell a story.

    I have being ‘umming and arrghing’ for a while now about starting a Virtual Management Accountant venture as I miss being involved in the world of SME’s. I feel with the experience and knowledge I have I can arm a business owner with key data to further improve and grow their business whether it be wage spend analysis, gross profit investigation, employee efficiency or any other area they are concerned with.

    Is this a service that the small business commuity would be interested in and if so what would you ber willing to pay for this service?

    Many thanks and pennies for your thoughts and comments.

    VirtualManagementAcc.

    Hi, this is an interesting question.

    To anyone coming from a corporate background it is obvious that accountants do a whole lot more than compliance – in my journey from management accountant to CFO my various roles were always focused on implementing systems, analysis and reporting, budgeting and forecasting, etc. All these activities were designed to assist the business improve its performance through better decision making.

    Many SME owners have become accustomed to the idea that their accountant does their tax, and not much else (apologies in advance to all those accountants reading who are the exception). This is a huge lost opportunity (for both parties) – a good accountant with a strong commercial focus can make a huge difference to the performance of a business.

    But it is hard work building a business on just management accounting, especially if your target market is SMEs. Some SMEs will recognise the value in your service, but are also looking to get their tax returns done, or to find a bookkeeper or to have someone help them implement an accounting solution.

    It seems to me that the key if you are offering a service that your clients don’t have to have (unlike a tax return), you have to be good at it to build a business. And whilst not many SMEs want your service a larger proportion need it – if you can make that leap of converting a need to a want you’ll do well,

    Good luck,

    Cheers, Rhys

    #1104662
    DJ_m
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    • Total posts: 147
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    VIrtualManagementAcc., post: 116120 wrote:
    Hi DJ_m,

    Thanks for your feedback. I am actually in Perth but want to promote the service on a national level. I have previous read about the growing market of Virtual Assistants and Virtual CFO and wanted to apply that idea to my chosen field of knowledge. The other way of saying it would be Management Accountant for hire!

    My idea is along the lines of a Virtual CFO. The Virtual part implies I can assist anyone nation wide from my location and communicate via electronic means. A fancy way of saying email and web based communications. Basically I am intending to offer the skills of a Management Accountant to SME’s who dont actually need a fulltime Management Accountant. The crux of the business would be quarterly reporting back to the business owner regarding trends, analyisis and results of investigations. Some key areas of investigation could be wage percentage of sales, gross profit analysis of a department or profit per square metre or an analysis or hours of service to produce a particular income. I dont intend to reinvent the wheel only to allow more passengers to ride the wheel.

    I actually used to be a tax accountant who had a charge out rate of close to $300 per hour and I know the burden it can cause SME’s. My initial gut feeling was a charge out rate of arounf $100 per hour or more preferably a quarterly amount for a set service or package. I got out of tax and moved into the MA field as I enjoy making numbers ‘talk’.

    I am in the investigative stage at the moment and I am purely seeing if there is a demand for such a service.

    I welcome all feedback.

    I think it sounds like a fine idea.

    I can see your biggest hurdle will be overcoming ‘objections’ from SMEs current accountants (even if they are not MAs).

    Perhaps your target market would be more of the Ms in SMEs?

    I would see that you could bring expertise if you focused an inch wide and a mile deep rather than vice versa. If you are already familiar with the grocery business then I’m sure there are hundreds of independents who could benefit from your experience. The good thing about grocery is their is no/little conflict of interest given they are mostly focused on a local market.

    #1104663
    Tennasee
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    I really like your idea. I think if you sold it as analysis and interpretation you might not get bogged down with the other stuff. I’ve just completed a subject in analysis and interpretation and using ratio’s and if you show the SME’s what value they can get out of it (perhaps use a sample report) you might have more luck. I guess once you get started, it’s word of mouth from there. As previous person said, maybe start with one particular type of business. in terms of pricing, i would check out what management accountants are currently being paid for which tasks, and hit a middle ground. do some research, contact the clients you would like to work for, ask if they would use a service like yours and go from there.

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