The pandemic has been one of the most significant tests of resilience many businesses have ever faced. But one of the hard realities of business is that there are countless challenges which can test a business’ sustainability and resilience over time. Economic volatility or recession, talent shortages, higher costs and increased competition can all threaten a business’ viability. The most...
By Tracy Miller
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External CFO
Is your business failing to reach its full potential? A lack of financial insight and governance could be the cause. The only way to grow your business, outpace your competitors, identify market opportunities and improve your business’ performance is by taking a strategic view of your financial position and using this information to drive critical business decisions. Without a strategic...
By Tracy Miller
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External CFO | News
What is the number one factor which can sink even the most successful business? Cash flow. Maintaining cash flow is absolutely essential for businesses to operate successfully and sustainably. Without sufficient cash flow, you won’t be able to pay your employees or suppliers, cover your rent or purchase product, which can quickly cause the business to spiral out of control....
By Tracy Miller
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External CFO | News
As a business matures, there comes a time when more sophisticated financial governance will be required. This often occurs when the business is on the cusp of significant growth, has ambitious goals, may be held back by limited insights into their financial situation, or is experiencing issues with cash flow, costs or profit. Whether your business is looking to take...
By Tracy Miller
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External CFO | News
Under new changes to the Corporations Act 2001 (Cth) and the Treasury Law Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth), Australian company directors are now required to verify their identity through a new director identification number (director ID) requirement. These changes came into effect on 1 November 2021. What is a director ID? A director ID is a...
By Tracy Miller
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External CFO | News
The COVID-19 pandemic has created some of the most challenging circumstances modern businesses have ever faced. From economic uncertainty, to navigating lockdown restrictions, businesses have had to quickly adapt and pivot to survive. The conditions have intensified some of the more common accounting challenges businesses face. Here’s how you can approach these challenges and find solutions. Cash flow bottlenecks Cash...
By Tracy Miller
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External CFO | News
One of the best strategies to ensure your business is generating predictable revenue is to develop a recurring revenue stream. Under this model, the customer or client is billed at a predetermined interval (for example monthly), often at a fixed price, in return for regular and ongoing access to products or services. Examples include subscriptions for streaming such as Netflix...
By Tracy Miller
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External CFO | News | NFP Accounting
Our team at Keeping Company work with a diverse set of clients in both industry and size. One of the dividing differences between overall performance we have noticed, is the level of sophistication in their financial insights and planning. This highly correlates with the presence of CFO services or lack thereof. Without comprehensive financial insights and governance it can be...
This article is part two of our two-part series on measuring the profitability of every product or service. Check out part one here which looks at how to calculate gross and net profit and allocate overhead. In part one of this article series we looked at how to calculate your gross profit on a product or service and how to...