Each year, Xero holds an annual conference called Xerocon that allows those that utilise the accounting software to learn of the game-changing product announcements, invigorate their mindset with inspiring keynote speakers, participate in break out sessions and network with like minded accountants and add-on partners.

This year, Troy, Michael Dance and Gary ventured off to Brisbane. Gary provides us with his insights on the two days below…

Day 1

Day 1 is in full swing. The team strides down to the Brisbane Exhibition Centre with excitement in our hearts, and what a scene it is. There are skateboards flying up and down the halfpipe, a pop-up barber, table tennis and a million donuts nailed to the wall; this is going to be fun. The highlight of the day hands down was by Xero’s Managing Director, Craig Hudson where he opened up on his personal battle with Imposter Syndrome and mental health. It takes a lot of courage to give the world a look behind the curtain, at the moments you’ve lost hope, when you can’t see a future and are right at your breaking point. He served as an example that it’s never too late to turn things around and that with the right support networks and skills, you can bring yourself back on the right path and get through.

Technically, Xero has focused on solving the big issue facing SMEs, cashflow. Most small businesses fail due to running out of money and Xero has partnered with payment processing platform Stripe to help fix this. If your business is struggling to chase up those clients who just won’t pay, this is a must have feature for you. Having the payment function directly embedded in the Xero invoice has led to payments being received up to 15 days faster.

Day 2 

My standout for day 2 was a presentation on leadership by Peter Baines. He gifted us some lessons learnt from his years working at the head natural disaster operations. He mentioned that leaders often have the same technical ability as everyone around them, however what separates them is their ability to act.

He told a story about a young boy and his grandfather running for shelter, desperately trying to find refuge before they would be swept away by the tsunami that hit Thailand in 2004. The grandfather looked toward a building ahead, however knowing that they wouldn’t make it, he made a split-second decision to climb a tree, dragging the young boy with him to the top. 

They made it to the top of the tree, battered, bruised and exhausted… but alive. That split second decision saved his grandson’s life, but what we didn’t know was with the decision to climb the tree, he had to leave the boy’s younger brother behind, knowing the tsunami would take his life.

Through my glassy eyes, Peter’s message was clear; leadership is often difficult, but the best leaders take responsibility, make the best decision they can at the time and live with the consequences and the inner doubt of whether they could have done anything better to improve the outcome. They take on the burden of responsibility.

To finish off the conference, we headed down to the wrap party with all our friends, both old and new. We celebrated a successful week of getting to know the direction of where Xero and the accounting industry are headed, and all the third-party applications we can use to make our clients’ lives easier. 

Xerocon this year showed us what is most important. In this industry, we often focus on performance, efficiency and output so much that we can sometimes lose awareness of how we and those around us are travelling. We could all use a reminder to be kind, helpful and considerate to our colleagues, clients, friends & family.

It’s always worth making five minutes to check in with someone, to make sure they are doing okay or to see if they need any help. To you, it might just be a moment of kindness, to them it may be the moment that saves their life.

Gary Barton

HTA Intermediate Accountant

A quick scan at a study conducted by the Australian Bureau of Statistics gives you an accurate picture of the region’s business exit rates for the 2012 to 2013 financial year. According to reports from ABS, SME exit rates surged from 13.1% to 14.1%. With these figures in mind, the basic assumption is that a steady rate of businesses in the country lacks a strong and cohesive set of business goals.

Quite evidently, the alignment of your business goals can give your business that much-needed boost. But do you know exactly how these goals can impact your business? What are the positive effects of seeking a professional business advisory service for your company? Read on to understand the bigger picture:

Goals define your vision

A clear set of business goals is vital in strategically aligning your critical management decisions. Clearly setting and communicating your business goals with your internal staff makes it easier to eliminate distractions that are not part of the priorities you have set for your business.

Goals strengthen initiatives

Defining your business goals and working towards achieving them are essential in making your internal staff understand and appreciate your business objectives. And with that clear understanding of the goals, they are striving for the strong initiative to perform well and work with minimal supervision.

Goals increase focus

Having adequate focus is an indispensable aspect of a successful business.  When your internal staff has a tight grasp on the priorities they need to concentrate on, getting things done at the speed of light is practically effortless for them. And by far, the easiest and most effective way to achieve focus is to keep your business goals aligned.

Goals improve collaboration

There is no better way to accomplish your business goals faster than to work hand-in-hand with your internal staff. You can improve and ensure effective collaboration by setting your business goals. By having a shared objective, everyone in the organisation will have a clear vision about the targeted business objective.


With the latest technology updates and business trends today, it is easy to get sidetracked from what you want your business to achieve. Fortunately, you can keep your SME on track by putting your business goals in place. Seeking corporate secretarial services can help solve that problem for you.

Now more than ever, you should think about setting your business goals and aligning management decisions with your ideal targets. Need more information about setting business goals? Check out the HTA website here

In the past, keeping your books up to date meant manually inputting data in your accounting software and doing tons of work that cannot be integrated into those systems. With the advent of cloud technology, business accounting made a turn for the better. Now, keeping an eye on your books and ensuring positive cash flow has certainly become more manageable.

The problem, however, is this: how are you supposed to know which cloud accounting software to choose? Is QuickBooks your best bet? How about Sage? Or perhaps switching to Xero will do the trick.

Don't make decisions haphazardly. Read on to find out the best practices in choosing the best cloud accounting tool.

Determine your accounting needs

Take some time to review your business and try to find out how extensive your accounting needs are. The larger your business operations, the more complex your accounting needs will be. By looking into the amount of accounting assistance that your business needs, you will find it easier to choose among the wide variety of accounting software products out in the market.

Look into your own skills and capabilities

Doing hands-on work on business accounting tasks is not just about having enough time to take charge of your critical business numbers. You also need to have a tight grasp of finance and accounting processes. Gauging your accounting skills and capabilities will help you find a more apt cloud accounting solution for your business.

Set a definite budget

When it comes to choosing the suitable cloud accounting tool for your business, the price of the product is one of the things that you should take a look at. If you are eyeing a more generic cloud accounting software, you may purchase these at a significantly lower rate. On the other hand, the more specialised versions are bound to be more expensive.

Be mindful of add-ons

There are cloud accounting tools that come with a couple of very useful add-ons. These additional features will definitely help your business accounting processes significantly. However, since these add-ons come with a price tag, make sure to choose only the add-ons that you will be able to make good use of; otherwise, you will just end up wasting your resources.

Seek advice from your accountant

Choosing a cloud accounting software can be a little tricky. The benefits of choosing Xero over QuickBooks or Sage is filled with a lot of complexities. If you want to make sure about making the right decision, talk to your accountant about it. Your accountant will give you those much-needed updates and additional information to help you choose - and come up with the right cloud accounting tool, of course.


Through a thorough understanding of your business’ cash flow, you will be able to easily choose the perfect cloud accounting software that can ensure more cash inflow and lesser outflow.

Want to keep your books organised to better gauge your financial transactions? Click the button below to download a FREE copy of our cash flow management eBook.

In the last week or so, we have seen an escalation in volatility in the Australian sharemarket. This follows a month of significant volatility in global equity markets, resulting in price declines of between 7% and 10%.

A perfect storm to blame

Elevated geopolitical risk, persistent issues in Europe, US monetary and fiscal policy, slowing growth rates in China, falling commodity prices and large moves in foreign exchange rates have had a marked impact on investor sentiment recently. 

These factors in isolation can affect markets to varying degrees but the recent interaction between all of them has been a strong negative influence on investor sentiment, and has created the recent increase in sharemarket volatility globally.

Geopolitical risks have increased markedly over the past couple of months. 

In particular, the rise of the Islamic State (ISIS), the increased pandemic risk from Ebola and the ongoing tension between Russia and Western Europe over Russia’s active support for the Crimean separatist movement in the Ukraine, have dominated news-flow and soured investor sentiment. 

This perfect storm of negative global events has resulted in a loss of confidence in sharemarkets around the world as investors ask if things will get worse. 

Of course that’s possible, but more bad news has already been factored in to many sharemarkets to some extent. 

In fact, we believe, based on current valuations, that now may be a good buying opportunity both here and selectively overseas.

The positive news is that, globally, inflation is contained and US growth, while modest, remains positive.

And China is still looking at around 7% p.a. growth (albeit that being a little lower than expected).

Further, corporate profitability is strong with balance sheet improvement post the Global Financial Crisis increasing the stability of corporates.

So, looking through this recent volatility, the foundations for a return to more stable sharemarkets are in place.

Impact of US Interest Rates

Global markets have for some time placed significant emphasis on the Federal Reserve (Fed) and the continued wind down of its bond buying program called Quantitative Easing (QE).

The likely timing of the next increase in US official rates continues to be a dominant driver of investment markets.

The QE program is due to end this month after being wound back consistently and predictably over the past year.

With the end of QE the market has speculated that the logical progression for the Fed is to increase official interest rates.

To address this speculation, Fed chairperson Janet Yellen has committed to low interest rates for the time being and has intimated that it will be a considerable time before interest rates rise, making it clear that rate changes will be data dependent rather than calendar based.

Despite these assurances, and US inflation and growth rates remaining subdued, the ending of QE along with a ‘flight to quality’ buying by risk conscious global investors in light of recent events, has seen the $US strengthen against most major currencies.

In Australia’s case the $A has depreciated by approximately 9%. The relative decline in the $A has occurred in part due to the expectation of eventual rising rates in the US which would narrow the difference between their interest rates and ours, which in turn puts downward pressure on the $A.

The $A has also come under pressure as a result of the weaker than expected economic data from China.

Given the strong trade links between China and Australia, particularly given their demand for our iron ore and coal, any weakness in expectations for Chinese growth should result in a poorer outlook for Australia’s export sector which is dominated by resources.

For this reason, offshore investors wishing to maintain their $US purchasing power have sold $A-denominated assets, key among these being Australian listed company shares. 

This created something of a vicious circle as more selling of equities by foreign investors acted to push both the share market and the $A lower.

Europe Continues to Struggle

Elsewhere on the global front, European data over the past month has been far from positive, forcing the European Central Bank (ECB) to cut interest rates to all-time lows of 0.05%, placing pressure on ECB President Mario Draghi to honour his previous commitment to do ‘whatever it takes’. 

Adding to this, sentiment indicators from Germany (Europe’s largest economy) sank into negative territory for the first time since November 2012, lending support to the IMF and World Bank cuts to global growth projections for the remainder of 2014 and 2015. 

In our view, while Europe continues to deal with its economic issues, the valuation of its equity markets remains relatively attractive and should present selective buying opportunities after this recent bout of volatility.

Falling Commodity Prices a Contributing Factor to global volatility

Commodity prices in general have responded to the weaker global growth expectations and fallen. 

And, contrary to the usual situation at times of elevated tension in the Middle East, the oil price has been falling dramatically. 

This has in turn been detrimental for the Russian economy with oil being Russia’s largest export (around 58%). 

This has acted to elevate Russia’s interest in the Ukraine as the majority of the natural gas Russia supplies to Western Europe is transported in pipelines traversing the Ukraine. 

Clearly control of these pipelines is significant in gaining surety of the revenues for natural gas sales. 

This conflict, and the sanctions the EU has imposed on Russia for its active support of the Crimean separatists, further serve to increase geopolitical tensions and global sharemarket volatility. 

Australian Banks and Resource Companies Back to Fair Value

In the Australian sharemarket, we have witnessed a decline of close to 10% over the past few months, which has effectively eroded the gains for calendar 2014 to date. 

Bank shares and mining shares, the two largest sectors in the Australian equity market, have suffered the largest falls for differing reasons. 

The banking sector, which has experienced very strong returns over the past few years, has recently been faced with the prospect of regulatory changes to bolster the strength of Bank balance sheets to bring them in line with higher global standards and strengthen the domestic banking system to withstand shocks in times of crisis. 

The Murray inquiry is currently considering these changes and speculation around the likely outcome has negatively impacted Bank share prices. 

That said, the major banks are trading at valuations as low as 12-13 times current earnings and with fully franked dividend yields between 5.6% and 6.1%. 

With net interest margins remaining steady (or possibly more favourably following reductions in term deposit rates), bad and doubtful debts remaining at very low levels, lending growth at about 5% sector wide and earnings per share expected to be at around 7% p.a., the sector now looks relatively attractive. 

Resource companies have been significantly affected by Chinese economic data released in mid-September. 

The data indicated that Chinese industrial production growth was the lowest since the 2008 global financial crisis, which has increased doubts that China’s 7.5% p.a. target annual growth rate will be reached. 

As China is Australia’s largest export destination, this news was not good for Australian resource companies. 

Over the past few months, there has been a massive increase in export volumes of Australia’s key commodity, iron ore. 

Steep declines in iron ore prices have resulted and these falls coupled with the aforementioned decline in Chinese industrial production, have hurt domestic sentiment. 

As a result, resource companies are also looking more attractive from a valuation perspective for investors than they have for a while.

Australian shares look attractive

Despite these global and domestic issues, from a valuation perspective Australian equities are generally not expensive and are tending toward being attractive relative to the 20 year trend of the price multiple of current earnings.

Interestingly, a declining Australian dollar favours a number of sectors that will aid Australia’s transition from being a mining led economy to a more broadly based economy. 

For example, Australian manufacturers and exporters are more cost competitive under a lower $A.

Tourism operators are likely to experience a boost in profits as Australia becomes a cheaper destination for foreigners. 

Further, the retail sector, which suffered heavily from the high A$ and adapted by reducing costs and providing online offerings, will also be a beneficiary.

A Time to Buy? We think so.

It is important to remember that sharemarkets are bound to go through periods of higher volatility from time to time, and that investment in quality assets is a long term endeavour. 

As a consequence, we believe clients should stay the course during periods of higher volatility. 

Particularly when, as is the case now with current earnings suggesting that sharemarket valuations are attractive, the risk of a major equity sell off is low (in the absence of an unforeseen external shock, of course). 

In fact, at these current valuation levels, it may prove to be opportune to review portfolios in a positive light.

Financial Planning Services are provided by Scott Millson, Authorised Respresentative of Australian Unity Personal Financial Services Ltd AFSL: 234459

In recent years, virtual CFOs have taken their rightful place as a fixture in the contemporary business setting. Globalisation, modern technology and developments in business communications are all major contributors to this phenomenon.

If you are still unsure of the actual impact of virtual CFOs in your business, just take a look at how it affects your cash flow. Here are some of the ways by which virtual CFOs are extremely valuable to your business:

Managing your cash flow

You can rely on a virtual CFO to manage your cash flow effectively. By taking on the role of a cash manager, the virtual CFO takes charge of your business capital and makes sure that your money is growing. This includes determining the specific investment strategy and the asset classes to be considered, among others.

Creating the budget

For small business owners, prioritising the complexities of business financial planning by working out a budget is never easy. Seeking the help of a virtual CFO can help you create a budget and adjust your cash outflows based on your your inflows to keep your company from overspending.

Supervising your critical business numbers

Entrepreneurs who do the math on their own often find it too taxing to interpret their own financial statements. Hiring a virtual CFO can give you the assurance that your critical business numbers are interpreted accurately. More than anything else, it also keeps your business on its feet by establishing certain strategies that ensure a smooth and reliable cash flow.

Collecting debt

A strict debt collection policy is essential for keeping your cash flow in good condition. A virtual CFO can help guarantee that someone is keeping an eye on your receivables. By strictly implementing debt repayment strategies, the virtual CFO also ensures the timely collection of money that is owed to your business.

Exploring financing options

When your business finances slide, seeking financing options can significantly change your financial position. With that much-needed boost in your capital, you can have more resources to fund machineries or raw materials, which can add to your revenues in the long run. With their vast experience and understanding of financing options, a virtual CFO is indispensable in looking for the perfect financing option for your business.


The list of potential benefits for hiring virtual CFOs can be quite expansive, but truth be told, it all boils down to having experts who can work their magic on your cash flow.


Are you interested in virtual CFO services? Click on the button below to download a FREE copy of our virtual CFO eBook.


According to the D&B Global Business Failures Report , the number of small businesses going into liquidation has increased by 48 percent. If these findings are any indication, small business owners have to exert more business financial planning efforts to tighten their belt and mitigate business risks.

As we all know, risks cut across different industries. Fortunately, you can lessen these by predicting possible cash flow challenges before they become a major issue. This is exactly where a cash flow forecast comes in handy. But did you know that these forecasts can do more than just help you anticipate money management challenges? Here are more reasons why your business should prepare a cash flow forecast:

1. It helps you in budgeting.

A cash flow forecast gives you a clearer understanding of how much cash your business owns and how you can use these resources to fund your daily business operations. Managing your business finances through a cash flow forecast also helps you map out the wise use of your money.

2. It showcases your financial viability.

A cash flow forecast is valuable if you are considering a sale of your business or admitting business partners. Since it asserts the financial viability of your business, a cash flow forecast is extremely valuable in proving the worth of your business to your would-be shareholders or purchaser.

3. It measures business performance.

Is your business doing well? A cash flow forecast is vital in measuring business performance. Since these financial statements provide accurate figures for your cash inflows and outflows, you can use it to ensure improvements in business performance.

4. It improves goal-setting initiatives.

At this point, can you name the specific goals that you want your business to focus on? Failing to set your business goals may compromise your business direction. The ideal approach: Use a cash flow forecast to set your targets and have better chances of hitting those targets as accurately as possible.

5. It simplifies your financing options.

When businesses struggle with their cash flow, availing loans becomes essential in keeping your business capital on track. A cash flow forecast helps you determine a) if there is a need for loans as well as b) the frequency of loan repayment.

To say that a cash flow forecast is extremely valuable for your business is an understatement. In a nutshell, you can prepare these financial statements on a monthly or quarterly basis – depending on the phase of your business and its level of stability. The more volatile your business performance is, the more frequent your cash flow forecasts should be.

By closely monitoring the movement of money in your business through a cash flow forecast, you will make more informed business decisions.

Can’t get enough of cash management tips for your business? Click on the button below to download a copy of our FREE cash flow management eBook.

HTA Advisory has a broad spectrum of clients across many industries. Often, it's only the business advisor who gets to hear about the exciting things our clients are doing. Our Client Conversation offers an opportunity for us to present our clients to our readership in a way that shares their passion for what they do.

This month we introduce you to 

Today I had the opportunity to sit down with Matt Knuppel from Pride Athletic Clifton Hill...I think his clients were thankful for the 10 minute breather.

Matt, as a new client of ours I thought this would be a great opportunity for us to learn more about you and how you came about starting this business.

I originally took my PT course when I was waiting to be a fire fighter... by the time I got through to the MFB final interview I had opened up my first CrossFit gym and was loving it too much to stop! Three years on, I've sold out of the first one, which I owned with partners, and opened up Pride Athletic/CrossFit Clifton Hill, which I'm proud to own 100%!

So tell us about your business and the service you provide.

We run (as far as I know) the only CrossFit gym in the world that specialises in women and women's health. While we aren't an exclusively female gym, we currently don't have any male clients and Ben (one of my coaches) and I are the only fellas in the whole place! This has created an amazingly tight-knit female community, which really thrives in and out of the gym. 

We are also starting to run online nutrition and well being programs that focus on the mental side of implementing a quality health and well being program, that can be done either locally or completely remotely! We are getting amazing results with this so far and we think it's going to be a real game-changer for women around the world.

In starting this new business and achieving its growth, what hurdles have you tackled to get where you are today?

When I started, I had no staff and ran the whole show myself. This involved running 9 hours of classes per day, the first at 6am and the last finishing at 8:30pm! I also lived about 40 minutes away (Cheltenham) from the gym, so I moved my bed into the office and slept there quite a lot. It was pretty brutal to begin with, and I'm very relieved to be able to employ three coaches and an admin now!

Wow that's dedication! So to assist with building your business what tools have you put in place to ensure it is profitable?

Facebook marketing has been huge for us, and I have hand-picked amazing staff. What I truly believe has made us profitable is our commitment to service - when this is exceptional, everything else falls into place!

What sets your business apart from other gyms?

  • Exceptional service that truly goes above and beyond
  • One of a kind CrossFit gym that specialises in women's health, fitness, nutrition and happiness!
  • The best staff in the world!

If anyone has questions, they can check out your site, but can they email you too?

Of course! We're closing in on capacity but would love to have more quality members that are committed to their health and fitness. You guys can email me personally at [email protected] any time.

Thank you so much Matt, is there anything else you'd like to mention?

Even if you aren't near Clifton Hill, we can legitimately help you. We care about our clients and are truly committed to their results. If you're looking for a fitness and nutrition program that is well and truly above the rest, drop us a line and we'll see if it's a good fit!

If you’re an employee, this is a cost effective way to purchase a new (or used) car. You don’t have to pay GST on the purchase price, you can use your car for both business & personal use & your running costs can also be included in your arrangement. Your employer pays the vehicle payments and running costs for you from pre-tax salary, which means you will also pay less tax.

As an employer, the benefits are simple. You get to claim the GST back on the purchase of the car, increased deductions throughout the year including interest on repayments, depreciation & running costs of the car & this arrangement can have a great impact on employee satisfaction. However, please note that a novated lease is considered to be a car benefit & a fringe benefits tax liability may arise.

Finally, a benefit for both parties is that in the event that employement ceases, the obligations and rights under the lease revert back to the (former) employee. This benefits the employee as they get to keep their car (with no tax consequences), but also the employer as they are not left with an extra vehicle or a financial commitment for it.

Specifically, a novated lease is an arrangement where an employee enters into a lease with a finance company & the employer enters into a deed of novation with both the employee & the finance company. Under the deed of novation, the employer may agree with the employee and the finance company to take on all, or some, of the employee’s rights & obligations in the original lease agreement. Under a full novated arrangement, the empoyer is responsible for guaranteeing the risdual value of the vehicle at the end of the lease. As the effective life of a motor vehicle is 8 years, here is a table to guide you in calculating the minimum risidual value for your novated leases’;

Would you like to learn more about how a novated leases could benefit you? Give your accountant at HTA a call to discuss.

Customer service should be at the top of the list of priorities for every business.  Unfortunately, it is often neglected.  Once you realise how customer satisfaction affects your business, you will want to adopt some of the methods below to help keep your customers coming back.

Have you noticed that customer service is losing its way in business these days?  Some businesses just don’t seem to care about keeping their customers happy.  If only they knew how damaging this is to their business! 

Consider the following statistics from the White House Office of Consumer Affairs: 

  • For every customer who bothers to complain, there are 26 others who remain silent

  • The average ‘wronged’ customer will tell 8 to 16 people

  • 91% of unhappy customers will never purchase services from you again

  • It costs about five times as much to attract a new customer as it costs to keep an old one

  • Each one of your customers has a circle of influence of 250 people or potential customers who hear bad things about you

Lack of quality customer care could be costing businesses thousands of dollars!  Kelly Sims in her article ‘5 Ways to Keep Your Customers Coming Back For More’ (Source: Free Articles from has these suggestions for improving customer care:

Say Thank You

This is the simplest possible way to keep your customers happy, but it is all too often overlooked.  A customer who feels appreciated is much more likely to bring you repeat business and/or refer you to a friend.  Your clients are the reason for your business’ continued existence, so they should be appreciated. 

Respond to enquiries promptly

People simply don’t like to wait. If a customer has to wait days to have questions answered by you, they will likely take their business to a company that responds to their enquiries quickly.  This situation could be rectified by...delegating this task to an employee. 

Know when to say sorry

Learn to be accountable, not only for your own mistakes, but for those of your employees as well.  When you consider that it is estimated that 35% of dissatisfied customers would not go to the competitors if they received apologies, you realise the true value of “I’m sorry”.  We all know that there are difficult people who will never be pleased, but the vast majority of your clientele are not these people.  Being sincere and genuinely trying to make a disappointed customer happy will undoubtedly help you to retain more clients.

Give your customers a little extra

Value your customers by giving them a little extra.  This is a small step that doesn’t have to cost you a fortune.  It can be as simple as a small, unexpected free gift after a purchase, or providing a little extra service above and beyond that for which you were hired.  Going the extra mile for your customers will make them feel appreciated and might even generate some referrals.

Personalise your service

Call your customers by their names and ask them how their day is going.  Even if your business is conducted over the Internet, there are ways to personalise emails to let your customers know that you care about them.  If a client feels you know them, even a little bit, they are much more likely to show you loyalty and not move on to your competitors.

Some other ideas

  • Your customers will be happier if you promise less and deliver more.  They’ll also likely tell their friends about the good service if you keep your word.

  • Customers feel great when they save money unexpectedly.  From time to time, slip in some unadvertised sales to give your customers a pleasant surprise.

  • Make sure your employees are properly trained in how to handle a customer complaint.  Give them guidelines and make sure they know what to say and do to make that customer’s experience a positive, pleasant one.


Without your customers, you don’t have a business.  Therefore, customer service should be your top priority.  Your customers will really appreciate being shown respect and sincere gratitude.  In return, you will likely receive their loyalty. 

When customers walk away from dealing with you with a smile on their face, they'll be less likely to take their business to an unknown competitor.

Did you know that keeping yourself swamped with work can strain your productivity and affect your business performance in a negative way? According to a study conducted by the Australian Institute, consistently putting yourself under the pump leads to sustained job stress. This constant pressure costs Australian businesses $12.3 billion per day in lost productivity.

This emphasises the fact that going solo compromises the ideal level of productivity as well as the potential success of your business. Fortunately, you can seek professional advisory services, in the form of a virtual cfo or a virtual management accountant to make things more manageable.

A virtual CFO is a professional bean counter, compliance consultant, and business adviser rolled into one. Although these professionals take on the role of the traditional CFO, there is more to these professionals than meets the eye. You can start discovering these by taking a look at the advantages of hiring one:

Cost efficiency

One of the major reasons why business owners hire a virtual CFO is to cut costs. Since these professionals are not working with you on-site everyday, you can significantly save on personnel and technological resources. Do the math and you’ll easily figure this out.

Staffing flexibility

A factor that is directly linked with the cost reduction benefits of hiring a virtual CFO is the staffing flexibility that it brings to your business. Seeking the services of a virtual CFO gives you access to high-calibre talent right when you need it – during tax season or business and strategic planning.

Enhanced results

A virtual CFO takes great pride in their experiences and proficiencies in handling business accounting functions. Through the services of these professionals, you can easily anticipate better outcomes from your critical business numbers.

Greater Focus

The working arrangement with a virtual CFO varies depending on the requirements of your business. This way, you can easily choose which tasks you want your virtual CFO to focus on. You can focus on the biggest issues for your business in a systemised and structured manner.

Improved cash management

Reviewing profits and putting your revenues to work could be a challenge for first-time entrepreneurs who have just dipped a toe into running their own business. By hiring a virtual CFO, you can rest easy, knowing that your financial resources are being put to good use.

As a small business owner, you constantly have to deal with decision-making processes. But obviously, when your plate is too full and your mind is always occupied, the tendency for miscalculations is very palpable. This is where hiring a virtual CFO comes in handy. When you have a virtual CFO to assist you in making strategic and profitable business financial decisions, you’ll have fewer problems to worry about.

The plus sides of having a virtual CFO are innumerable. Want to explore your options further? Click below to download a FREE copy of our eBook on virtual CFOs.