- Business Bookkeeping
- Cashflow Commando
- Systems Development
- Strategic Direction
- Decision Making Support
Real Balance Business Bookkeeping
Great bookkeeping is the foundation of all great business decisions.
A Real Balance premium bookkeeping package provides you with access to first class bookkeeping without paying top-dollar. You gain the advantages of a premium bookkeeper, without the burden of a full time salary. You also receive timely, accurate financial information which can be used to guide your business and reduce your compliance costs at the end of the financial year.
What are our core bookkeeping services?
We structure our services to your business - there is no one-size-fits-all. We work to your schedule so that we are available when you need us. Financial solutions may take the form of hourly, daily or weekly support - depending on your needs. Our main bookkeeping services include:
- Creditors and debtors
Financial Reporting and Analysis
As a small to medium sized business owner, you're passionate about what you do. You love what you do but it's easy to lose sight of your financial performance when you're focusing on the next big success.
Financial reporting is pivotal to the success of your business. One of the leading causes of business failure is poor financial management. Our financial reporting fills the gap often found in most small businesses.
What are our core financial reporting services?
Our core financial reporting and analysis services include:
- Cash flow
- Financial reporting
- Management reports
- Key Performance analysis
- Budgeting & projections
What's the difference between ordinary bookkeeping and Real Balance bookkeeping?
Ordinary bookkeeping services usually end at data-entry. How can you possibly maximise the profit potential of your business if you are only fulfilling the minimal requirement of recording of financial data? You should be utilising your financial data to measure performance and grow your business. That's where we come in.
Real Balance has redefined what business owners should expect from a bookkeeper. For us, efficient bookkeeping is the foundation of business success. As qualified accountants, we have a wider skill set than ordinary bookkeepers. We can transform empty financial data into meaningful information which helps you grow your business.
We are more than data-punchers! We are committed to understanding your business. Despite being engaged as sub-contractors, our team work in your business as if they were an employee. This allows us to gain a first-hand experience in your business. This unique perspective enables us to get behind the numbers and understand how your business works. We focus on real solutions to your business problems.
Interim Chief Financial Officer
Real Balance's interim Chief Financial Officer (iCFO) service is designed to provide small business with a competitive advantage by providing first rate financial specialists at a time and budget that suits you, the client.
The iCFO role ideally suits businesses with annual turnover exceeding $4 million. These businesses fall into a type of financial "no man's land" where the complexity of the business requires a higher level of skills but the budget and the nature of the work to be undertaken doesn't justify a Financial Controller or Chief Financial Officer.
But now, Real Balance is able to provide dedicated financial control/CFO service to these businesses. Our objective is to provide SME's with the specific skills they require to make the most of every opportunity.
Our client's have enjoyed success in the following areas
- Experiencing rapid growth and required interim financial control to assist with managing the growth and implement cost control measures;
- Interim financial control to fill roles that are in transition awaiting appointment of a full time financial controller;
- Recruitment at the appropriate level. Our client was looking at recruiting a financial controller but they would be required to process basic data. We were able to fill a financial control capability and allowing the client to recruit at the appropriate accounts level and saving them thousands of dollars;
- Project financial control to assist with one-off projects to provide financial performance monitoring, budget and cost control;
- Interim financial control to cover prolonged periods of absence to due illness, annual leave or long service leave.
Your iCFO will work with you to take control of your financial position and help you get a better understanding of your profitability, cash flow, key performance indicators, core profit drivers and system efficiency.
Our iCFO service include:
- Strategic Planning and Direction
- System Planning and Development
- Decision Making Systems
Our objective is to help you take control of your business and put more cash in your bank.
Cash is crucial to the survival of your business, remember cash is King! The cash flow cycle is fluid - from acquisition of a new client, to having a finished product and money in the bank. Poor or undisciplined cash flow management places significant pressure on the business.
The Cashflow Commando team have developed a systematic cash flow system is designed to put more money in your bank account. We work to maintain relationships with clients and is based around changing habits rather than making aggressive demands and "chasing" debtors.
As specialist financial controllers, we have diverse industry experience, from mining and construction to professional services, medical specialists, marketing & design, retail and hospitality. As such we understand the Cashflow cycle in many industries.
As fellow small business professionals, we understand how problems in your own business can take its toll on your family, health and wellbeing.
The key elements of the cash flow cycle that Cashflow Commando review are:
- Work in progress/production
- Debtors and recovery
Understanding the core competency of your business is crucial to management of the cash flow cycle. Let's be honest, if you spend more than you earn you are going to have a cash flow problem and there is little that better efficiency or debtor recovery systems can do to help you, eventually you will go broke and have to close your business.
So, understanding what it is that your business does well and what it is that your business does to generate profit is crucial to the financial and cash flow viability of the business.
Work In Progress / Production
If not managed well your production phases can bring your cash management cycle to a crashing halt. The production phase often consumes the largest portion of the cash flow cycle and the greatest risk in this phase is delay.
Inadequate equipment, poor or missing raw materials, inadequate documentation or poor project scheduling are examples of some delays that can have a catastrophic impact on the cash flow cycle and can prevent you from completing work on time and being paid by your client.
Debtors and Recovery
It is possible to collect debts without ruining the relationships you've worked hard to nurture. The best approach to billing and recovery is to be firm without being forceful. Communication with clients needs to be clear and expectations need to be set from the start. Time needs to be allocated to chasing up debtors through a systematic process of letters, emails and calls. It is much easier to receive payment immediately after the job is complete than it will be months later.
The Cashflow Commando Cash Flow Solution
The Cashflow Command system is a methodical 7 step process that starts from the moment the job order is taken and is complete when the client pays you and you have money in your bank account.
The process is:
1. Client Meeting - We meet with you to discuss your cash flow problem and set the scope and goals of our work. During this meeting, we outline expectations, requirements, pricing and a time frame.
2. Systems assessment - We give you and your staff a check-list for all the information we require and appoint someone to manage debt collection. From here, the assessment of your current cash flow systems begins.
3. Systems development - Once we have collected all the information we need, and the systems assessment is completed, we look at areas for improvement, or the development of an entirely new system. We make sure the team are committed to following system changes.
4. Billing - We ensure that your billing system is efficiently systemised and invoicing occurs as regularly as necessary. During this step, we ensure that the expectations of debtors are clearly communicated on invoices.
5. Debtors - We implement a rigorous and systematic debt collection plan. This involves making it easy for debtors to pay, communicating with debtors through their preferred means, developing payment arrangements and setting up commitment dates for payment.
6. Appointment of a debtor champion - We appoint someone who is firm and professional to control the debtor process. This involves communication with clients, offering multiple payment options and discounts for early payment.
7. Measurement - We measure the value added to your business.
Systems Development and Review - Ensure Your Business is Running Smoothly / Keep Things Running Smoothly
It's essential that the machine of your business is running smoothly. Is it time for some oil?
Your business is like a machine - a bundle of cogs, axles, belts and chains working together to produce a desired outcome. In order to keep a machine working smoothly, you have to clean it, replace worn out parts and make sure that it is well oiled. Your business is just the same- in order to keep things running smoothly, you have to make certain that the systems you have in place optimise your profit potential. Is your business running like a well oiled machine? Or could you do things more efficiently?
Are your systems holding your business back?
It is impossible to take advantage of all of your opportunities if your business is not supported by the right system. The profitability of your business is underpinned by the systems you have in place. In order to reach your revenue potential, your business strategy needs to be supported by efficient, well-planned systems. That's where we come in. Give us a call to discuss how the Real Balance team can help you design internal systems and processes that will guide your business to success.
How can Real Balance help your business perform at its best?
We start the systems review and development process by taking stock of your current systems. In reviewing each system, we consider the following:
- What is the purpose of the system? Is the current system achieving this purpose?
- What is the desired output of this system?
- What problems are you having with the current system?
- Is the system supporting business objectives and goals?
- Could the current system be improved? Does a new system need to be developed?
Despite being engaged as sub-contractors, our team work in your business as if they were an employee. This allows us to gain a first-hand experience in your business. This unique perspective enables us to get behind the numbers and understand how your business machine works. We focus on real solutions to your business problems.
Strategic Direction - Fast Track to Success / Provide Focus and Clarity to Your Business Efforts
Would you set out on a long, unfamiliar journey without a map or GPS in hand? Of course not - you need direction to get to successfully reach your destination. You can't afford to waste precious time taking the scenic route - are you on the right path to success? The Real Balance team can help you develop a road map for your business.
As a business owner, you are passionate and a specialist in your industry. Developing a business strategy provides clarity to you, your staff and other parties, such as suppliers, distributors and investors. This allows you to focus your business so that you can concentrate on what you do best.
The Real Balance team have diverse industry experience, from professional services, medical specialists, marketing & design, retail & wholesale and hospitality. Our experience in small to medium enterprises allows us to provide "whole business" solutions that go beyond the financial aspects of the business.
We are people who are passionate about business, and are committed to helping your business reach its full potential. Our anticipation and deep understanding of the businesses of our clients always leads to quality outcomes. Let us help you find the road to success - give the Real Balance team a call.
You don't need to feel overwhelmed by business strategy
Real Balance can guide you through the business landscape. We provide the most comprehensive in-business solutions for small to medium enterprises in the Newcastle region. Our team are determined to help you make the most of all your business opportunities. With our help, you can have a map of your business and be assured that you are on the track to success. We can help you:
- Design internal systems
- Develop a vision statement
- Identify your core values and purpose
- Focus on organisational and departmental goals
- Develop key performance indicators for departments and staff
- Establish support systems and structures
Decision Making Support
Review All Options and Make Optimal Decisions / Have the Right Information to Make Decisions Easier / Make Your Job Easier
The Real Balance Decision Support Process
We are focused on helping you improve your business. The Real Balance team have developed a decision support process which has a proven record of success.
- Learn your business: We'll start by discussing your business in detail in order to get a complete picture of the business. The Real Balance team want to understand your business, products, markets, staff, service, methods of decision making and what you want to achieve by working with us.
- Do business: The Real Balance team throw themselves into the deep end of your business so that we can gain first-hand experience in your finances, operations, systems, HR and strategy.
- We observe your daily operations and ensure that financial records are accurate.
- Control and report: The real Balance team put-together detailed financial reports anduse modelling systems which provide you with accurate and timely feedback on your business activities. These reports include monthly profit and loss, with comparison to budget, year to date and last 12 months, and cash flow projection.
- Exploration: This phase involves us "getting behind the numbers" to understand the activities and behaviours that produce the numbers that appear on your financial and management reports. This requires us to transform raw numerical data into information which is useful for decision making purposes.
- Planning based on numbers: After evaluating the activities and behaviours that generated the numbers, we develop a plan to guide your business to success.