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Professional Services

Overview

The professional service sector is an important contributor to the Australian economy with $125 billion in revenue and over 625,000 people employed. The professional services sector encompasses multiple industries including:

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Legal and accounting services industries

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Building and construction (e.g. architects, town planners, engineering consultants)

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Business (e.g. recruitment consultants, human resource management consultants, market researchers, PR consultants, events managers)

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Technology (e.g. IT consultants, programmers, systems analysts)

What we do for this industry

Understanding the unique needs of Professionals and their business allows us to provide tailored assistance with:

 

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Budgeting and cash flow guidance

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Business purchase and sales (due diligence reports)

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Employment and Human Resource Support (advice on awards, dispute resolution, employment agreements)

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Financial planning for investments and insurance

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Self managed superannuation funds strategies to protect your assets and build long term wealth

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Asset protection and structure advice

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Bookkeeping support

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Assist with equipment finance

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Tax and BAS reporting

Challenges & Opportunities

 

Attracting and developing new business is a key activity for this sector. While there has been increased demand for professional services over the past 5 years (caused mainly through the mining and resources boom) consultants will also benefit from businesses looking to improve efficiency as new economic conditions constrain profit margins.

Businesses in this sector are mainly characterised as small or medium sized practices. This is partly due to low barriers to entry and the knowledge-intensive nature of professional services, which encourages firms to specialise in particular areas. While this creates opportunities to move easily with changes in market demand, it often creates uneven workloads and subsequent cash flow issues as a result. The use of technology to assist consultants to provide value for money services to their clients is becoming increasingly important.

To find out how we assist professionals, contact us.

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