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Business Insight

Business Improvement

Business Insight
Performance analysis & improvement
Know where to improve, know how to improve

While our Accounting Insight services help you stay on top of your accounting, compliance, tax and administration, our Business Insight services—listed below—help you stay on top of your game: The game of winning in business.

This is where Insight CA differs from your typical tax and compliance-focused accountant: We see the Accounting Insight side of things as details—albeit very important details to stay on top of—and not the main game.

Our focus as your business advisor or Virtual CFO is on helping you build a successful business.

We have an advantage over typical public practice accountants who have spent most of their time over the years focused on tax and compliance matters, in that we are focused on business performance management. Our 30+ years experience in advising corporate businesses allows us to share these business management insights with small and medium sized businesses, but in a way that’s relevant to businesses at this stage of growth.

As Michael Gerber, author of the E-Myth says, “A big business is just a small business that did the right things.”

We’ll help your business ‘do the right things’ too.

We use a range of models and methodologies to analyse your performance, identify areas for improvement and then suggest practical strategies for addressing key aspects across strategic, tactical and operational areas of your business. We’ll identify your key success factors and then track your key numbers and ratios across profitability, efficiency, liquidity and solvency.

In other words, we’ll give you clear measures to ensure your business is maximising its profitability and cashflow through operational efficiencies and wise financial management.

To find out more about how our business performance analysis and improvement services can help take your business to the next level, get in touch for an initial obligation-free discussion.

 

Cloud Accounting
Get your financial information organised and accessible

Are you still entering bank statements into your accounting program by hand? Have you ever wanted to show someone your sales figures but left them at the office? Have you ever been uncertain about the cash flow position of your business, despite knowing the current bank balance?

We firmly believe that any business that is not running a real-time, cloud-based accounting system is not only behind the times, they are at a severe disadvantage to their competitors who are.

If you are still using old-fashioned desktop accounting software, we will help you make the switch to a cloud-based accounting system such as Xero, the cloud-based accounting system that’s taking the world by storm (and was created by Kiwi entrepreneurs!).

We will help you every step of the way as you transition your accounting—and later, other business systems—to the cloud.

We love technology, especially the way it can help businesses with their accounting. And we’re a Certified Xero Partner, so we have the expertise to get your Xero setup and then keep your books up-to-date for you.

And once that happens, you’ll be able to get the information you need wherever and whenever you need it. There are also a number of very efficient add-on apps that can connect to Xero to help make other areas of your business much more efficient. We’ll advise you around these too.

And while we love Xero, we’re also happy to support you if you’re on other cloud-based accounting systems such as MYOB or Quickbooks.

So if you’re ready to make the switch to cloud-based accounting, get in touch with us today and we’ll get things moving.

 

Business start-up
Start off on the right foot to maximise your success

Starting a business is an exciting time. It’s also a time filled with uncertainty and, often, anxiety as you make decisions today that will have ramifications in the months and years to come.

We love advising start-up businesses. We love helping them transform their business ideas into business success.

We can help your business start-up no matter which stage you are at:

  • Assessing the feasibility of a business idea
  • Developing a robust business model
  • Assessing the strengths and weaknesses of the business and its competition
  • Structuring the business for attracting investors
  • Developing a business plan
  • Capital raising — whether via equity investors or debt
  • Building your initial team
  • Launching the business
  • Managing the early stages of growth

If you have an idea for launching or investing in a new business, or perhaps you are in a start-up business already, we can help you develop a sound strategy for growth and then provide the management support and financial governance to maximise your chances of success. Get in touch and let’s have an initial no-obligation discussion to explore the possibilities.

Risk management
Helping you manage and reduce risk

A large part of managing and growing a business is managing risk. We’ll help you do that with our systematic and thorough approach to risk management:

  1. Identify risks: What could adversely affect your business?
  2. Prioritise risks: Which risks would have the greatest impact? Which risks have a higher likelihood?
  3. Document risks: Clearly document your risk management priorities
  4. Decide on actions required: Advise you on strategies to reduce and mitigate your risks
  5. Implement strategies: Assist you in the implementation of risk mitigation strategies
  6. Monitor risks: We’ll review your Management Plan with you each year

We’ll review your business and identify not only the pain points and perceived risks you currently see in the business, but our process often also uncovers blind spots that had not yet been identified but could put the business at risk of reduced performance or even failure.

For example, most small and medium sized businesses have risks in relation to being overly dependent on key people. These might be staff, senior management or owners actively involved in the business. We’ll identify and prioritise with you your key person dependence risks and then set in place strategies to reduce that risk.

This could include key person insurance that will protect the business in the event of the death or major illness of a key person and can, for example, fund a buy-out if one partner/shareholder (or their surviving family members) want to exit the business.

Other common risks faced by business include:

  • Lack of corporate governance and financial control
  • Cash flow management processes
  • Under-capitalisation
  • Attracting enough good quality staff
  • Changing family or relationship status of key people (e.g. divorces requiring liquidation of assets)
  • The use (or lack of use) of contracts with suppliers
  • Foreign exchange rates and global markets
  • Natural disasters

On that last point, how would you fare if your business was hit by a natural disaster or fire? Do you have a disaster recovery plan? Do you have built-in redundancy (back-up options already in place) for your IT infrastructure and internet connectivity? Where do you store your sensitive documents? Could you access them in the event of a disaster? Could your team continue to access data and documents to continue their work? What do your current insurance policies cover you for?

As part of the Risk Management assessment we’ll look at the strength of your business’ value chain to ensure that your business is not under undue risk from particular suppliers, competitors or customers.

Having a comprehensive set of risk management strategies in place not only gives you peace of mind in the here and now, it also makes your business more attractive to buyers, thereby increasing its value.

HR management
Comply with HR and WHS laws and regulations

While we’re great with analysing and monitoring numbers, we know that people are the heart of any business. It’s crucial to attract, on-board, train and retain great staff.

It’s also important to dot all your I’s and cross all your T’s in relation to human resources (HR) laws and workplace health and safety (WHS) regulations, otherwise you can leave your business exposed to legal and financial liability. And with New Zealand increasingly aligning itself with Australian legislation in these areas, it’s only getting more complex to know what you need to do as an employer to comply with all the requirements.

This means there is potentially more liability risk for employers in this area, especially in relation to visiting other workplaces. Combine that with society’s increasingly litigious nature, and these are areas that it pays businesses to stay well on top of.

Understanding the crucial nature of businesses’ HR and workplace health and safety issues, Insight has partnered with EnableHR so we can provide robust guidance in these areas and also refer you to specialist HR professionals when appropriate.

This gives you the peace of mind knowing that the advice, templates, guides and tools we provide you to assist with your HR and WHS have all been created and vetted by specialist lawyers. EnableHR tools can also integrate with the payroll function of cloud-based accounting packages, which gives added efficiencies.

Using EnableHR we will help you with:

  • Better, faster, less costly and more compliant HR.
  • Employment contracts, HR templates, policies, tools.
  • Employment lifecycle management from hiring, to management through to termination.
  • Candidate Management
  • Contractor Management
  • Simplified Work Health & Safety compliance regarding the reporting and management of hazards, incidents, return to work and consultations
  • Custom WHS policies and procedures

In addition to our partnership with EnableHR we also work closely with Auckland-based HR and recruitment specialist firm Hello Monday. Hello Monday is located in the same building as Insight which allows us to collaborate and communicate frequently with them. This means we can be highly responsive to your queries in relation to HR and recruitment.