Case StudiesWhatever business you’re in, shared knowledge about managing finances increases your potential to grow.
How proCFO saved a client $30k a year.
I had a client come to me recently saying their internal bookkeeper had just informed them of a family tragedy and that they needed to take immediate leave for two weeks. This person had sole responsibility for accounts payable processing and the business could not afford to have this function left unattended. Within 24 hours we had implemented a system that scanned supplier invoices and put them through a processing engine that captures the necessary information for direct upload to the client’s MYOB file. This reduced accounts payable processing time by 12 hours per week, saving the business over $30,000 a year.
There was some initial ‘learning’ of where to classify certain suppliers, but once that was set it merely became a process of managing the exceptions. Read more… Save time and money with automated accounts payable software.
Cut up to 70% of your accounting costs.
These are the most common bookkeeping mistakes that I have observed across my 20-year accounting career. When your accountant must find and correct these errors, you are paying an expensive professional to fix something that should have been picked up in your bookkeeping. In some instances, I have seen the corrections make up almost 70% of the annual accounting costs.
1. Not reconciling all bank accounts at least once a month.
2. Only reconciling the bank account and ignoring everything else in the balance sheet.
3. Incorrectly classifying a supplier as a contractor, when they are actually an employee. The fact someone has an ABN does NOT automatically make them a contractor. Refer to this handy tool to help you decide. Decision Tool: Employee or Contractor.
4. Entering duplicated invoices from suppliers, causing profit calculation to be incorrect and often resulting in double payment to the…
The difference between success & failure can be your price.
Getting the pricing right on all the products and lines of your business can be quite a challenge. Especially when the economic climate isn’t great. It requires reading the market, negotiating with customers and responding to changes in raw material prices. But above all it requires courage!
proCFO recently completed an assignment with a company whose profits were sinking, gross profit margins were up and down (but mostly down) and, not surprisingly, cash flow was terrible (read 7 Ways to Improve Cash Flow for Your Business). They had a debt to the ATO of more than six figures and could see no way of paying it back. Without serious intervention, they were at serious risk of going under.
How lending an ear saved $25k a year.
Can a virtual CFO really help your business? This case study is from one of our clients, which shows the value that a finance professional can add to your business and what qualities to look for in a virtual CFO.
The client, who we’ll call ABC, was a supplier of printer consumables such as toners, ink cartridges and printer ribbons. They sold these products to stores such as stationers and newsagents. This business ran on very tight gross profit margins and their customers were very price-sensitive.
How talking can bring profit & productivity increases.
Some people feel their business is too small to use the services of a virtual CFO. However, in the case of an electrical contractor client, a virtual CFO service proved to be the perfect fit. We ran our unique Voice of the Team workshop and uncovered a fantastic solution that saved this electrical contracting business time and money. The improved efficiency reduced employee downtime improved their job efficiency and decreased the cost of processing accounts payable with one simple solution. Read on to see how companies of any size can benefit from virtual CFO services.
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… proCFO keeps clients’ interests at heart at all times, focusing on solutions that work in real life.”
– Raghav Mehra, HR Catalyst