Rapid Growth Management

Navigating expansion with strategic financial oversight

Need/Event

Discovery session 

A critical first step was understanding the current state of the business, a task undertaken by DAB’s director and a senior client manager. This involved a thorough review of the business’s systems, extending beyond accounting to finance structure, processes, HR, risk management, and more. This review also included an assessment of the stakeholders’ personal financial situations due to concerns about cash flow, funding, and personal risk management. This comprehensive analysis helped alignpersonal and business goals with ABC’s strateg ic plan.

Approach

What We Discovered and Applied

Overview of Implementation

DAB initiated a virtual full accounts department reporting directly to Steve, facilitating a complete transfer of processing and paperwork responsibilities to manage the company’s exponential growth. This included engaging a Virtual CFO and COO.

Specific Resolutions

• Tax and Structure Risks: Identified and mitigated significant risks to stakeholders by reorganising the business structure, and ensuring proper processes and controls.
• Accounting System Enhancements: Upgraded technology and document management for efficiency, including streamlined processing of purchase orders and invoices, and improved payroll data capture, reducing errors while enhancing accuracy.
• Operational Management: Addressed operational challenges by appointing a Virtual COO.
• Accounting Practices: Corrected accounting practices from cash to accrual basis, aligning with standard reporting requirements.
• Financial Planning: Established budgeting and cash flow management, including debtor lending solutions for short-term growth needs and monthly management reports with variance analysis.
• Customer and Creditor Agreements: Clarified terms and conditions in customer agreements and improved creditor processing systems for better cash flow management.
• HR and Payroll: Automated time tracking and processing, and updated HR agreements for compliance
  and efficiency.

These solutions implicitly include the refinement of accounting, bookkeeping, IAS, and BAS, fundamental to the improvements made.

Results

Over time, Steve transitioned into the role of Business Development Director, overseeing operations from a strategic vantage point as the Virtual CFO and COO report directly to him. This shift has alleviated the pressures of day-to-day management, allowing for a project-managed approach to business development without the need to hire a team of specialists. This transformation was achieved swiftly, marking a significant turnaround in the company’s operational achievements.