Case Study
The Real Impact of Advisory Services:
An interview with ProfitSee and Navigate Virtual CFOs Recently I sat down with our partners, Aaron Lane and Kyle Jenkins, from Navigate Virtual CFOs in Sydney to talk about the real impact of providing advisory services to their clients and how ProfitSee has helped them improve their processes and grow the value they provide. Navigate Virtual CFOs was a finalist nominated as the New Firm of the Year for the 2018 Accountants Daily Australian Accounting Awards. They believe, and have proven, that by helping businesses tackle their unique challenges they will be able to grow in a sustainable way...
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hroughout my time working with Aaron and Kyle, and during this conversation, what really impacted me was how they are future driven. They are always looking forwards and forecasting the future for their clients with the goal of reducing risk and improving profitability. Our conversation kept coming back to a few main topics: using real-time data, making smarter decisions, needing scalable solutions, and providing real value. The value of using cloud based accounting software is the ability to be real-time. Having access to up-to-date information allows accountants and bookkeepers to help their clients make informed decisions based on the insights they gain from looking at the financials. This means they can partner with their clients and be an integral part of the team while monitoring the business’ progress every day. There is no point in telling your clients at the end of the month that they have gone over their budget. By monitoring their progress on a regular basis, you can work towards 82 / Issue 15
achieving their targets before it’s too late. Being proactive means you can be working towards meeting their goals, rather than having to reactively fix problems. One of the clients Navigate Virtual CFOs (Nav CFO) recently started working with had been through a period of growth and had acquired other companies, but it was not easy to understand their financial status. Once the Nav CFO team came on board, they realised that they could solve some of these business problems by using real-time data and consolidated reporting functions. This allowed them to have up-to-date performance reports on divisions and staff and understand where the company was standing as a whole at any point in time. After researching their options, the Nav CFO team decided to partner with ProfitSee to make this work. Thanks to the evolution of cloudbased technology, accounting professionals can access up-todate information to help their clients make better decisions. As Aaron Lane says, the changes in the accounting industry are
@MyProfitSee
James Tobin, Director of Australian Operations, ProfitSee James has traveled and worked in the US, the UK and Australia. He has designed and run training programs for service teams to ensure they are meeting the needs of their clients. After working at Macquarie Bank for almost 10 years dealing with Superannuation and Platform Operations, James has taken the opportunity to lead the Australian business. In his spare time James enjoys bike riding, photography, and visiting new places.
“really challenging the accounting profession to become more realtime.” This information is critical to SMEs and can be the difference between success or failure. If a business is going to achieve stability, profitability, and growth then they need to be looking forwards with quality insights. “What ProfitSee brings is real-time reporting that can look backward and forward. A lot of the software solutions we looked at previously basically just looked backward, and if they look forward it’s in a really rudimentary way,” explained Aaron Lane. “You can’t keep looking backwards to see how you’re going to grow. You need to understand where you are and be in the moment. Once you see what’s really in front of you, you can make the right decisions and see the true power of real-time data” says Kyle Jenkins. As an advisor, providing your clients better quality insights allows them to make better quality decisions. “It can take our real-time position and aid decision making by adding scenarios, looking at the
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