Join our business community

Financial Analysis Service

Discussion in 'General Business Chat' started by Tim Hammond, 26th Oct, 2017.

  1. Tim Hammond

    Tim Hammond New Member

    Joined:
    26th Oct, 2017
    Posts:
    1
    Location:
    Sydney
    Hi, I having been working in the finance and accounting field for over 20 year and most recently as Group Financial Controller for a private investment company.

    Over the years I have seen many small to medium size businesses who employ bookkeepers and the like to do the accounts for the business but don't have the expertise to assist the business owners in analysing and interpreting the results. The owners then take their accounts to their accountant, most likely once a year, who prepare a set of financial reports which are often focused around tax. This is normally at a considerable cost to the business and the owners get limited feedback on how the business is performing etc (if they do, it is normally at least six to nine months after the end of the year).

    I am looking at providing a service to businesses whereby, on a monthly basis, the business would provide me with basic financial data which would be entered into a template I have setup and I would then provide the business with a financial snap shot or dash board for their business that will help them make financial decisions for their business. This would be at a considerably less cost than had the business employed a financial controller or engaged an accounting practice to provide a similar report.

    I would like to hear from small to medium size businesses owners as to whether they think this service would be of use.

    If this is something that you would be interest in, please let me know.
     
    Terry_w likes this.
  2. Srini Ranganathan

    Srini Ranganathan Active Member

    Joined:
    5th Sep, 2016
    Posts:
    34
    Location:
    Melbourne
    Hi Tim,

    Sounds very interesting. We've only been in business about 10 months. Our accountant is very good and I catchup with him a few times a year. We talk about strategy, where the business is going, scaling etc.

    Tax is for the most part a discussion towards the end. Not sure what others' experience is.

    But I find this sort of financial and business analysis very interesting and useful. If business owners didn't have these conversations with their accountants, I can see the service you are proposing to provide as very valuable.