{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Accountants \u2013 are you delivering Chief Financial Officer services?","description":"The duties of a Chief Financial Officer (CFO) have been fairly\nwell defined in public companies.  I undertook a review of\nadvertisements for CFOs in public companies and identified some of\nthe key aspects of the requirements to perform those duties. \nI also was a CFO in a public company some years ago.\n \nMany of the requirements of a CFO in a public company also apply\nto a small\/medium enterprise.\n \nLet\u2019s look at some of these\u2026\n \nFinancial Functions\nCovers accounts, taxation and audits \u2013 things with which you\u2019re\nall familiar.  The financial functions also include cost\ncontrol and, generally, the integrity of the general ledger.\n \nCommercial Functions\nInclude:\n\nInformation Technology (IT) overview\ntreasury operations\nrisk management\neffective cashflow management of key areas such as:\n\ndebtors\nwork in progress\nstock\n\n\nmanagement of bank relationships\npreparation of budgets\n\n \nBusiness Growth\nDriving profitable growth is a key role of a CFO.  Business\ngrowth also includes establishing strategies, execution of\nfinancial strategies and activities to achieve the business\u2019\noverall results.\n \nFocus on Key Financial Data\nIncludes:\n\nCustomers \u2013 People \u2013 Growth\nKey Performance Indicators (KPIs) \u2013 are the KPIs prepared\naccurately and are the KPIs meaningful to the management team?\nBenchmarking comparisons \u2013 how does the business\u2019 activities\ncompare to others?\nAnalysis of cost and margins.\nAnalysis and interpretation of the results so that the trends\ncan be discussed with management.\nBeing a member of a management team \u2013 offering proactive advice\non the performance of the business.\nReviewing of systems.\nBeing the commercial partner with the CEO.\nBeing the \u201cchampion\u201d of key commercial outcomes.\nPreparation of management reporting packs in a manner that can\nbe clearly understood by the management team.\n\n \nCompany Secretarial\nPerforming the Company Secretarial duties such as:\n\ncoordination with Chair relative to meeting arrangements\npreparation of the agenda\nreceipt and distribution of reports\npreparation of the Minutes of the Board Meeting\npreparation of the action plan for the follow up items\n\n \nManagement Team Input\nCFOs have a key role to identify issues in the business and\nbring them to management\u2019s attention.  One way that a public\naccounting practice can do this is to develop a range of \u201cbundled\u201d\nservices, which we\u2019re calling \u201cgold\u201d, \u201csilver\u201d and \u201cbronze\u201d,\ndepending on your client\u2019s requirements.  In some instances,\nyou might have to develop a unique CFO offering for special\nclients.  There\u2019s also the role to:\n\nreview charge-out rates for trades\nprofessional fees in professions\nretail prices in retail activities\nmonitoring of debtors, work in progress and stock\nutilising effective KPIs and benchmarking that management\nunderstands\nimplementing appropriate systems in the business for abidance\nwith the rules and regulations relating to the PPSR so that your\nclient doesn\u2019t lose valuable assets through inaction on the\nPPSR\n\n \nIn 2015, Benchmarking.com produced an interesting report on the\nAustralian accounting profession.  This report indicates that\nthe \u201call firm average fee\u201d is $3,285.  You won\u2019t have to do\ntoo much work in offering CFO services to have an impact on that\naverage fee being charged to clients.  If you could get 100 of\nyour clients to undertake some additional work, which might be as\nlittle as a PPSR review and a small amount of CFO services, the\nfees could increase by $2,000.  This would generate an extra\n$200,000 worth of income.\n \nIf you\u2019re offering a full range of CFO services, my expectation\nwould be that you would increase your fees for that client anywhere\nfrom $10,000 to $50,000 over and above what you\u2019re currently\ncharging.  Remember, small\/medium enterprises have been saying\nfor 15 years in the various surveys that small\/medium enterprises\n\u201crequire more services\u201d.\n \nWe have a fantastic offer for you at present.  You can\nobtain a copy of our report on CFO services, which is attached with\nthis transcript.\n \nWe also have a special offer for our Business Advisory Services\nIntroduction Package, whereby you can obtain Module 1, free of\ncharge.  Then, if you wish, you can purchase the Modules 2-11\nat a special rate of $440 including GST, normally at $660 including\nGST.  This is a great way to get started in laying the\nfoundations for an effective business advisory services program\nwithin your business.\n \nIf you wish to purchase individual packages within ESS BIZTOOLS,\nincluding Chief Financial Officer Servicers Package for $550\nincluding GST, you can do so.\n \nAlternatively you can sign up for the ESS BIZTOOLS\u2019 Gold\nPackage, which includes everything within the ESS BIZTOOLS\u2019 product\nofferings, including a subscription to ESS BIZGRANTS (our grant\nidentification product).  Normally at $2,970 including GST, we\ncurrently have a special 20% discount offer at $2,376 including\nGST.  We\u2019re extending this special offer until 9th May\n2016.  Visit our website, www.essbiztools.com.au, to sign\nup, making sure to enter in the code ESSGOLD20 to\nobtain the discount.\n \nESS BIZTOOLS is presenting a webinar on Tuesday 3rd May 2016 at\n12pm AEST, featuring \u201cChief Financial Officer\nServices\u201d.  You\u2019re invited to attend this webinar,\nfree of charge, which will look further into the matters mentioned\nin this edition.  Click\nhere to register to attend.\n \nAlternatively, we can arrange a one-on-one webinar for you and\nyour colleagues.  Please contact us with your preferred date\nand time for the webinar and we will do our utmost to accommodate\nyour preference.\n \nIf you have any questions on any aspect of the services that are\navailable from ESS BIZTOOLS and ESS BIZGRANTS, to assist\naccountants to deliver an outstanding range of services to your\nclients, please contact us.\n \n \n \n \n \nPeter Towers\nMANAGING DIRECTOR \u2013 ESS BIZTOOLS PTY LTD\n+61 7 4724 1118 | 1800 232 088\npeter@essbiztools.com.au\nwww.essbiztools.com.au\n| www.essbizgrants.com.au\n \n","author_name":"ESS BIZTOOLS Podcast (Accountant's Minute)","author_url":"https:\/\/essbiztools.com.au","html":"