To help our clients achieve financial success, Altitude Advisory has developed an innovative cloud-based finance system called myCFO which consolidates strategic planning, bookkeeping, accounting and taxation.
Using this system, our advisors will help you to plan business activity, view results in real time, adjust business processes and celebrate successes.
What are the benefits of using myCFO?
- Ability to identify and set clear goals
- Provides external accountability
- Helps set and track financial targets
- Provides improved business insights
- Access to real time performance tracking
- Allows for considerable cost savings
- Improves back office processes and procedures
- Automatically generates business reports
How has myCFO helped my businesses?
SME family business
The owners of this business were tired and couldn’t see the light at the end of the tunnel. Despite working up to 70 hours per week, they were still not seeing any rewards for their efforts. Cash flow was a constant battle and valuable time with the family was often sacrificed in order to keep their heads above water.
With myCFO, the business owners have reclaimed precious family time and reduced financial stress, so they can focus on business strategy and improvement. Customer invoices are processed and sent out daily rather than in large batches at the end of each month. Unpaid invoices are also followed up as soon as trading terms are breached. In addition, profit margins have improved as a result of identifying efficiencies and costs savings at critical times. As a result, the business’ cash flow has improved and profitability is starting to match investment.
Most importantly, the business owners are working at least 10 hours less per week meaning more time can be spent with their family.
This business was paying approximately $130,000 per annum to internal staff and external consultants for minimal positive impact. There was no clear direction and as a result the business was lagging in a fast-moving market.
With myCFO, the directors of the business now have a clear strategy and improved accountability measures. They have less people to manage and new ideas are being injected into the business on an ongoing basis. Regular and real-time reporting allows them to make fast decisions. They are also more innovative as a result of being able to focus on other areas of their business and have insights to support their fresh ideas.
In an ultra-competitive marketplace, the owners of this business were struggling to get rewards for their efforts. Whilst they had surrounded themselves with qualified advisors, there was no collaboration or framework to execute plans or hold people accountable. As a result, many opportunities slipped by and money was left on the table.
With myCFO, the Board received a more transparent view of the business operations and confidence in supporting new investments. The CEO feels empowered by the real-time data and confident that employees are accountable to their KPIs. This improved model of financial management and planning has inspired innovation in risk management and other areas of the business.