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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
On the surface, things look pretty good. New business is coming through the door and you’re working well with your business partner. The outlook is very promising. Clients like your business offering and are attracted by the way you both go about your business. But behind the scenes, there’s a few issues bubbling away under the surface. Like the finances. It’s not your strength and neither is it your partners. Your books and accounts are in a bit of mess.
Updating your books and records is a real challenge and sometimes a real headache, especially keeping track of receipts and invoices. Technology can be of great assistance, but it’s still time consuming and takes you away from the main game. Your business. If your knowledge of bookkeeping accounting, compliance, and budget is strictly limited, then you and your business partner will benefit greatly from an outsourced CFO.
Outsourcing a good CFO service can be a real game changer for your business. They can work with you on a number of levels. Let’s say you really want to expand your business. How do you get to manage things? Do you have a constructive plan in place with a definitive strategy? Does it actually make sense? This is where is where a CFO can really help you plan with the future. This could include cash flow projections, (one of the key issues for small and medium business). finance structuring and assistance, budgeting, compliance obligations and profitability monitoring.
Eliminating the worry factor
Getting your accounting right with the assistance of a CFO means that you can relax and stop worrying, knowing that your business is compliant with the many number of accounting and tax laws and that the information from which all that is based is reliable. If this is not in order, it’s quite difficult to make any real progress.
The value of a good outsourced CFO can go well beyond eliminating the worries. Clarity and focus are two key elements that are sometimes completely undervalued by business owners. The value of getting very clear about your business and the direction its taking is paramount. It eliminates all the guesswork. And there are no surprises along the way that could derail your business direction. You know exactly where you stand. You clearly know the state of the ledger. How much profit and cash you have.
Looking on the inside of your business
At this point in time, with an outsourced CFO at the helm, you now have the ability to gain insights into the real workings of your business, and are able to discuss and analyse. You and you partner can then make informed decisions on how to keep everything on track and how your business can reach its full potential. What’s important though is that your actions match your intentions. You actually have to follow through with what you say you are going to do. So who keeps you and you partner on the straight and narrow? You need someone to keep you focused and that the strategy that is put in place is followed through and your goals achieved.
A good outsourced CFO can help you do exactly that.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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