How did my Accounting firm help so many loss-making client businesses turn around into profit-making and cash-piling companies?

No real secrets actually, it’s all hard work, persistence and discipline !

No short cut please.

For the start, the financial reports so generated monthly by your accountants must be reflective of the real business operation and the state of affairs, and these processes numbers must also be clear and visible enough to steer business decisions.

We all know : Garbage-in, Garbage out.

In order to achieve that, need to get to the root cause and source of Problem. Here you go…our 10 Pointers of using your Accountants to turn around loss-making and failing companies :

1. relook at your Business Model on sense and cents check on Profit Maximizing, Tax Minimizing and Cash Pooling and Upstreaming angles

2. test your current Workflow to ensure reliability of information captured in terms of timeliness and quality ( completeness & accurate and correct person in charge of each work item ),

3. document flows to ensure adequate audit and information trails to enable proper and meaningful accounting,

4. implement authorization matrix to ensure only approved transactions are captured and paid are reflected in the financial statements,

5. ensure you have a meaningful Chart of Accounts to accumulate and process the right data for financial analysis later,

6. timely financial analysis to point to gaps and issues,

7. monthly generation of new and review of old Action items Plan,

8. do rolling forecasts on P/L and Cash Flow,

9. make sure beginning of year Balanced Score Card and milestone KPIs for the year are done

10. be persistent with disciple on tracking and continuously update action items list,

In conclusion, use your accountants well, you will get there.

Hope above 10 pointers help.