Posted on July 6, 2018 by Chris Grieve
We recently conducted our first in a series of free information sessions discussing issues and opportunities facing business owners. This particular seminar was entitled “How to increase profits in your business”.
On a wet and wintery night the session was well attended and we thank those that braved the elements to come along.
The evening was a relaxed affair starting with a discussion on ways to target specific areas of your business in an effort to improve its profitability. These included:
- Improving the way your financial information is displayed so that it is simpler to interpret as well as highlighting areas to focus on,
- Identifying the key drivers within your business and understanding the interaction between balance sheet, profit and loss and business cashflows,
- Strategies to improving a business’s gross profit such as pricing strategies, benchmarking supplier discounts,
- Strategies to improve stock control such as regular stock takes, analysis of stock level requirements and controlling who can buy stock internally,
- Measuring and controlling our debtors by providing quotes and upfront agreements and having an agreed debt collection policy,
- Discussing the importance of people and culture within a business and how to incentivise your staff,
- Strategies for increasing the ultimate sale price of your business; and
- Showing how small changes in your business can have significant impacts on your profits and business valuation.
The evening concluded with drinks and food and an informal discussion between participants on the challenges and successes they have had in their respective businesses.
If you are facing challenges within your business or wish to improve your profitability, we at GeersSullivan have developed a program to identify and address the area’s that require improvement which we call “Financial Fitness Bootcamp”. Alternately, you may wish to develop a regular monitoring system of results within your business to ensure you are interpreting your key financial drivers correctly and in a timely fashion.
If you are interested in discussing the above further contact one of the Directors at GeersSullivan and arrange a meeting today.
We look forward to the next information evening which we will circulate on social media and via email.
Share this:
Posted on November 22, 2017 by Chris Grieve
On the 12th and 13th of September the management team at GeersSullivan attended the annual two day Xerocon event at the Melbourne Convention Centre.
Since its introduction the accounting software package Xero has challenged the status quo in the accounting industry and forced it to reconsider the way in which we approach our work. GeersSullivan fully embraced this when we successfully transferred our internal practice management system from MYOB AE to Xero Practice Management. With any significant change in an organisation it was not without its challenges, however through good planning and the buy in of our amazing team we are now utilising the Xero Practise Management environment to its full potential. This has resulted in the following benefits:
- A smaller carbon footprint as we further reduce our use of paper as we fully utilise the paperless office system
- Mobility of accountants as all client data is securely accessible remotely allowing us to work effectively anywhere in the world without taking files
- Automation of certain data entry aspects
- Allowing us to provide end to end services effectively taking on bookkeeping duties right through to periodic advisory using real time figures
The above benefits are not limited to us, they can also be achieved in your business. Xero is a cloud based accounting software package that, amongst other things allows efficiency of data entry and ease of access for advisors.
Over 3000 advisors attended the annual conference which in addition to using the software itself included presentations on:
- Running a business in the age of machines
- Working with apps
- Cloud security
- Machine learning and Artificial intelligence
- Building positive workplaces
The conference also included a number of exhibitors promoting specialised software that integrates with a client’s internal software providing more powerful and/or industry specific software. These included:
- Boma – an application that generates marketing material that can be easily disseminated across a variety of multi-media platforms
- Futrli – an application that allows tailored key data reporting and graphical display of clients results
- Fathom – which is a reporting and financial analysis tool.
- Jet Convert – allows clients to easily migrate their existing data to the Xero platform
- Receipt Bank – an app which scans receipts from suppliers and automatically pre populates the details into Xero
- Tanda – Cloud workforce management application
The conference also provided an invaluable opportunity to discuss with our peers issues relating to the use of the software and best practise (without giving away our trade secrets to local competitors!).
If you would like to free up valuable time and money by having your bookkeeping much more automated call us today.
Share this:
