Real-time data is no luxury. It is imperative to success in 2018.
Our assignments with clients always begin with a Needs Assessment phase. This phase is to understand the scope of work and set the first steps in their digital transformation journey. We think of it akin to cave exploration.
From the Needs Assessment, a client's current situation will surface. It reflects successive finance managers inputs, various software implementations, and multiple manual exports and imports from one system to another. Do you remember MS-DOS? (Yes! We even found some of that).
The diagnoses are different but they all have the same symptoms: departments that look like a canvas of different pieces stitched together (much of the information gathered is lost or unused) and expensive servers lying around, with management receiving reports up to 6 months after end-of-month close.
In one manager’s words...
“Any report past 10 days: I won’t read.”
The result is so much lost potential. The potential for immediate action, immediate recovery, and smarter decisions. Plus, the potential for preventive medicine leading to cash flow optimization.
When we come in, we draw the following picture:
Beautiful dashboards generating relevant metrics that answer your most burning questions.
Below are 3 examples of how Alex The CFO makes this possible:
An F&B retailer might ask “how can I boost the profitability of my outlets?” Our answer is always “by empowering your waiters with real-time data on their sales performance, average ticket, daily sales compared to targets, and averages — all of that on a dashboard for internal tablets. You can now align the whole thing with goal achievement and compensation.”
An online fashion retailer may ask “how do I adopt a peer-to-peer business model to local tax laws and regulations”. Our answer, “by re-engineering the gross profit equation; this means recognizing actual revenue and not cash inflow and getting official written approval from the MoF”.
One CEO, frustrated from being notified that they needed to pay the non-resident tax on the date of the deadline, asked: “how can you help me know these things in advance”. Our answer, “via automation! We close all the books and compute all your tax obligations on a monthly basis and send you a series of emails when approaching the deadline so you plan your cash flow in advance”.
Finance departments must look less like caves and more like fully connected pipes of data where data flows freely and transparently in real-time to align management, staff, auditors, accountants, and all key stakeholders.
All finance work must be predictive and preventive rather than reactive and delayed. Servers and excel sheets are the tools of the declining companies. Dashboards and cloud-based systems are the tools of ambitious founders.
Ask yourself if your financials are functioning as a mirror into the future or the past. If your answer is the latter, give us a call. We will have a look and see what Alex the CFO can do to bring your business into the 21st century and help you grow.