$20K per quarter being wasted – Business owner’s shocking discovery!
A combination of suppliers being overpaid and paid too quickly, customers paying too slowly and GST being handled incorrectly came to a total of $20K in wasted cash flow!
Lucky for the business owner, this was uncovered by one of our CFO On Call people, who also discovered:
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- The Balance Sheet was wrong (unhelpful if you’re applying for finance/leases, selling a business etc.)
- GST was unbalanced i.e. transactions had been incorrectly posted to the control account meaning overpayment of GST.
- Reporting wasn’t right – business owners were getting the wrong picture of performance.
- General Ledger set up incorrectly – causing issues with reporting
- Accountants being given the wrong information for tax reporting – causing overpayment of tax
- Things being done inefficiently – wasting money and time
- No organisation of who was doing what – causing confusion and stress
- Too much complexity – simplicity saves time and headaches!
And what did it cost to get an in-depth and insightful review like that?
The CFO completed this comprehensive review for the business owner in just one day at a cost of just $2K. That’s a ROI of 40 times what they paid! Not to mention the cost of interest on overdraft, now less than necessary. Also the stress of cash flow headaches… Now non-existent. They spoke with their operations manager and bookkeeper to unearth these issues, both of whom were delighted with the outcome.
If you’d like a review of your accounts, get in touch today and one of our CFOs will be happy to bring along their magnifying glass to unearth wastage and opportunities for better efficiency and more accurate reporting in your accounts.
Click here to book your review!!
