Our Managing Director, Michael Derin, is a guest speaker at the Institute of Chartered Accountants Australia’s Public Practitioners Conference, which kicked off last week in the Hunter Valley. Michael was invited to present on the topic How to Transition from an accountant to a CFO. While the presentation is tailored for fellow accountants running small to medium firms, much of the content is also relevant to the business owner.
If you’re a business owner without an internal finance function and using an external accountant, perhaps you are unaware that an accountant can provide you with professional guidance that goes beyond tax and compliance advice. We have seen the rise of the ‘business coach’ in recent times, claiming they can take your business to places you never dreamed of. Unfortunately many SME’s invest significant dollars into such services with very little return. Your business might not need the full CFO solution just yet, but do not underestimate the value your accountant can bring to the bigger picture and driving your business forward.
It is vital for every business to have a clear strategy in place to help keep business thriving, and when you’re too busy staying on top of day to day business – this strategy often suffers as a result. Getting an accounting professional on board to give you guidance on the following areas of your business could be the best investment you’ve ever made:
- Strategy building and implementation
- Business planning
- Budgeting and forecasting
- Profitability management
- Cashflow management
- KPI management
- Funding requirements – both current and future
Each business will have their own story and their own specific areas that need development. Have a discussion with your accountant, see where her/his expertise is on these wider advisory areas, and if it is outside of their offering – why not consider taking on a Virtual CFO? You may not need the whole CFO solution; you might just need to pick and choose some of the key services for your specific needs. Having an expert looking at the bigger picture and finding a tailored solution that sees you meeting your tax obligations, managing your cashflow, forecasting slower periods, and implementing a strategy that looks at every single area of your business is something every business owner should seriously consider.
For a complimentary review of your current situation, please click here.
Comment