As a small business owner and entrepreneur, you know that in order to save money and maximize profits, you need to handle a lot of the day-to-day business operations on your own. However, and though this may be difficult for you to hear, there are some tasks that are best left to the professionals. One such task is accounting.
Hiring remote workers for your business gives you a number of advantages. In addition to saving on the overhead associated with on-site staffers, since you aren’t limited by geography, you can hire the best of the best from anywhere in the country – or even the world! Finding the right staffers is one of the most important elements of business start-up, as is finding communities of like-minded entrepreneurs to collaborate with. Here are some tips on how to get started courtesy of Tina Martin.
A digital mindset is key to a CFO being able to drive change in their business. Alexandra Cain captured the key themes from my recent interview with three senior leaders in the finance teach space in Australia
You can have all the tech in the world. But it is likely to be rendered useless unless there are strong processes and procedures behind it, and a change management culture that supports people across the business to adopt new technologies.
This was the central message at the most recent CFO Magazine Lunchtime Live WebCast, which attracted over 230 CFOs and finance leaders, highlighting the importance of the topic.
The audience was treated to an insight into how a well-run fintech operates, in addition to popping the bonnet on one of Australia’s most successful med-tech companies.
The topic for the panel was situated in our new COVID reality, in which many finance teams are transitioning back to the office. In fact, a survey of audience members found the majority (63 per cent) were back in the office.
New Zealand has been one of the most successful countries to manage the COVID-19 pandemic. But the nation’s early, brutal lockdown was one of the most challenging events its finance professionals have ever had to manage.
A year on, CFO Magazine was fortunate to host a fascinating webinar with three of NZ’s most senior finance professionals, facilitated by James Solomons, global CFO of online reference checking platform Xref.
The session was an opportunity for the 150 CFOs who attended it to hear how the panellists piloted their organisations as they automated and transformed many aspects of their operations to drive down costs and drive up efficiencies through 2020.
Alexandra Cain wrote this piece summarising all the takeaways from my chat with leading CFOs on how reviewing your supplier agreements and possibly outsourcing this process could reap your business significant benefits !
Systematically reviewing procurement processes delivers many benefits aside from reducing costs. But all too often, lack of expertise, time and resources means businesses simply roll over supplier contracts without really taking the time to explore all their options. Which is why outsourcing this process can deliver so much value.
Guest speakers at CFO Magazine’s most recent CFO Lunchtime Live event explored this topic, drawing on their experience rationalising the cost base in their organisation with Expense Reduction Analysts (ERA).
A topic that does not get enough attention is IFRS 16. Aside from the requirements for financial accounts, understanding IFRS 16 can empower businesses to make better decisions on the use of their capital. Alexandra Cain with another great write up, summarises the benefits from focusing more attention on this area
The real questions CFOs should be asking their finance team.
The transition to the AASB 16 / NZ IFRS 16 accounting standard, which was published in 2016 and came into force in January 2019, has been one of the most widely-anticipated shifts in accounting and finance. Now that most reporting entities have been through one full compliance cycle, it’s an opportune time to assess how all stakeholders are responding to the new standard.
Technology is changing the way forward thinking CFOs work, particularly in the last year during the Covid-19 health crisis.
Technology has revolutionised the CFO role over the years, streamlining processes and bolstering company insights in new ways.
That’s according to the CFO of environmentally friendly food packaging company BioPak, Kim Jeanneret, who is an avid believer that the wonders of technology can drive better business outcomes.
James Solomons 