What does a business advisor do?
A business advisor works with you to create a reporting tool to help you grow your business. Essentially, a business advisor provides you with the information to make informed decisions for your business.
How can a business advisor benefit my business?
A business advisor can help analyse your business to provide you with insights into the numbers so that you can increase your profitability, allowing you to make better business decisions. Often, business owners don't understand the numbers or what they actually mean for their business. Engaging with a business advisor will give you clarity and put you in control of your business financials.
How often should I engage with a business advisor?
You should engage with your business advisor at least quarterly to discuss your business and plan a pathway forward. That way, you can identify any possible issues before they cause problems for your business and ensure you're on track to reach your business goals.
What is the difference between and advisor and a virtual CFO?
A virtual CFO has a closer involvement in your business with finance assistance and involvement in the review and preparation of the monthly finance function. An advisor is a step away in the business and doesn’t have the same involvement in the day to day activities, instead, engaging usually on a quarterly basis.
What is the benefit of having a virtual CFO on board?
A virtual CFO provides the experience and expertise which normally costs in excess of over $100K for only a fraction of the cost. It allows small to medium businesses to enjoy the benefits of having a cheif financial officer, without having to employ someone internally.
How do I create better financial reports for my business?
It's a good idea to work with an advisor to create sound financial reports for your business. Your advisor will work with you to create financial reports with KPIs and charts to track how your business is going over a period of time, aligning these with your own goals and future vision of your business.
What software can I use to create financial reports for my business?
There are a varity of reporting software programs available in Australia. At Carbon, we recommend online reporting software since this provides insights based on real-time data rather than historical figures. We recommend using Spotlight and Xero in conjunction.