How expert financial reporting helped Detector Inspector grow quickly from micro to major-sized business

Often the most successful business ideas are founded on the simple premise of identifying a need or gap in the market and developing a service offering that fills it. Detector Inspector have done just that and grown into a multi-million dollar business within about ten years. Rapid growth can be challenging for business owners and in 2014 directors Jordan Kagan Gescheit and Jason Radolnik engaged the services of Colin Wright as their freelance CFO (“ceefo”) to help guide them through this time of great challenge and opportunity. This is their story. Tell us a little about yourselves and your [...]

Good business decisions are supported by accurate financial reports!

No doubt you rely on your financial reports for many of your key business decisions. Of course, there will be a range of metrics that you rely on to understand how the business is performing, but it is the financial reports that are your final arbiter of your business’s performance. Some of the critical performance areas you will want to know in detail are: Revenues: Are you achieving your sales targets? Which business segments are performing to expectation and which are not? Gross profit: Are you achieving targeted gross profit margins? What gross margins are being achieved in the [...]

The 3 BIGGEST REASONS why your monthly reports are MISLEADING you!

Ceefo has worked with numerous small and medium sized businesses over many years. Without exception the first few months tend to always the same. When we review their financial reports at the end of each month, it’s very common to find that their financial results are inconsistent. So we ask a range of questions about how their business is handling a number of basic accounting requirements. In most cases, we find that the inconsistent results are an outcome caused by incorrect accounting treatments. How big an issue is this? It is a huge issue. All too often we hear [...]

“Why I love having a ceefo” (as written by a serial business exit-maker now in CFO-led recovery)

MELANIE WILLIAMSON - BACKYARD PODS AUSTRALIA |In my latest small business adventure, a kind of D-day occurred when the P&L showed turnover could be forecast to exceed $1m in the current financial year. "Performance is on-track with your budgets and objectives," our bookkeeper said. "Well done," said the accountant. While most business owners would celebrate this 'Magic $1M' milestone now looming on the horizon, I felt rising anxiety. I'd reached this same milestone in businesses before and hit the ‘EXIT’ button immediately – forecasting, calculating multiples of EBIT, preparing an IM, and calling business brokers to divest just as actuals [...]

The 8 BIGGEST MISTAKES made by small business owners – are YOU making any RIGHT NOW?

When a small business is growing, visibility is key to managing profitability and ensuring that growth is sustainable. Too many small business owners start losing track of the true picture of performance once the size and complexity of the business increases - typically by the time turnover has reached $1M+. Is your business making any of these 8 BIGGEST MISTAKES RIGHT NOW? If your profits vary significantly from one month to the next and you are not clear why, you have little clarity on how you are actually performing If your accounts are not structured correctly you [...]

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