Appoint us as your Virtual Financial Controller (FC)! The virtual FC product is our flagship service package. We have identified through talking with many of our clients that their business requires far more from us as their external chartered accountants, than the annual financial statement preparation and tax plan service. Many business have grown to the size where they require the services of a financial controller, yet this is not a viable option for them because they are not quite big enough to justify the cost. This is where we come in and take the role of a part time financial controller.
The modern environment of doing business has allowed us to create this package largely through advancements in technology (online accounting systems, the internet, iPhones, crossloop etc). This advancement in technology has given us greater access to the information we require in order to report back to you and give forward focused advice. In the past many accountants have been operating blind, whereas in today's environment there is little excuse for not having the information at your fingertips. We are strong advocates of products such as Xero, Banklink and Accountsonline because they allow us to have access to the information when we need it in a timely manner. We are approved partners with Xero and are especially fond of this product. We run our own companies on the system and Mark is especially liking the ability for any business owner to complete the daily bank rec on their iphone during the trip to work in the mornings (if they are not driving). By the time they walk in the door in the morning many business owners have the ability to know precisely the critical pieces of information that any business owner should know. Things such as debtors (who, how much and how old), cash flow position, upcoming cash outflows and inflows, all live on a daily basis.
Our Virtual Financial Controller package is a monthly fee arrangement whereby we agree at the start what services we will provide depending what is required and what the client is prepared to pay for. We then commit to a monthly fee so you do not get any surprise accounting bills in the mail. The list of services is tailored and will be specific to each client. Below are examples of services that a tailored package may include:
- Monthly Financial Reports on Xero
- Monthly Financial Reports on Banklink
- Identification of your businesses KPIs (Key Performance Indicators) and monthly performance reporting against these indicators. Often they will be financial and non financial. The key to KPI reporting is they must be identifiable and measurable. Eg Customer service as a KPI might be measured by the amount of complaints or "drop the balls" in a month. Or a financial measure might be total sales in the month.
- Cash flow forecasting so you have piece of mind and are able to make informed business decisions that wont be clouded by cash flow worries.
- Monthly Tax Position reporting so you don't get nasty surprise tax bills. Just because there are only three provisional tax dates this doesn't mean we should only assess our tax position three times per year. Tax planning should not be done at year end. It should be constantly carried out through the year.
- An analysis if the internal and external environment your business operates in. This will include a SWOT analyses for your business. (Strengths, Weaknesses, Opportunities, Threats). Once a SWOT analysis has been completed we work with you to create a competitive advantage and position your business in the market.
- Referrals to one or many of our strategic alliances to create efficiencies.
- Strategic planning and direction for your business
- Goal setting for you personally and for the business. These should always be linked.
- Business Health Assessment. This assessment may look at things such as terms of trade, engagement letters and contracts, employment agreements, branding and logos, Shareholder agreements, Legal Compliance, Personal Guarantees etc. In some circumstances we will not be the best professionals to advice on a specific area, however we have the knowledge and contacts to get this box ticked off by referring you to the appropriate places (a specialist insurance lawyer for example or an experienced designer or an employment specialist).
- Preparation and Filing of GST returns. Much of the financial advice we give requires the summarization of the income and expenses of the business. We coincide this with the preparation of GST returns as this is a compliance requirement anyway.
- Applications for finance or working capital.
