MYBC: A Unique Proposition

MYBC offers a complete solution to the management of your businesses financial administration. We offer a comprehensive, cost-effective package of financial management services, from meticulous bookkeeping and accurate forecasting to detailed, timely commentary and reporting.

At MYBC our mission is to help business owners get in control of their finances so they can enjoy peace of mind... reduce their stress levels... get their time back... and focus on getting the vital information they need to manage and grow their business.

Business Owners Beware! Growth can cause financial management headaches

As your business expands, more financial issues arise and everything becomes more complex. This can leave you exposed to risk, so it's important to get your financial records under control to ensure your long term survival. 

• The more complex your business is, the harder it is to know whether or not your bookkeeper is managing your accounts properly and efficiently. It also becomes riskier to rely solely on one person to provide you with all your bookkeeping and management reporting needs.
• Many a report on business failures mentions poor financial and cash-flow management as one of the number one reasons for failure. Even experienced business owners and entrepreneurs are so focused on generating new clients - and forget about the area of financial management which causes significant financial challenges and prevents the business from steady growth.
• Growth and expansion can leave you in the dark about whether or not you have enough cash to pay your staff / bills / GST / tax, etc.
• (FACT: In a recent MYOB survey it was discovered that 64.5% of small business owners are relying on their bank balance as an assessment of their financial performance and 24.4% are relying on "Gut Feel"!)
• With so much money coming in and out, it's often difficult to tell whether your business is profitable and making money. And whether or not it could be doing better and making more money. This can cause you to hold off on decisions which could allow you to expand your business.

Poor financial records prevent you from making decisions which could avoid cash-flow problems or ensure the growth of your business.

Remember: Information is Power.

And not having access to timely information from your accounting systems could mean you miss out on opportunities, or fall into cash-flow traps which could have been easily avoided.

Knowledge is Power

It's vital to realise just how important accurate and timely information is to your business. Up to date and accurate information gives you peace of mind that your finances are under control and the knowledge you need to have more control over your business, so you can make the right financial decisions to ensure you succeed in today's tough economy.

Information gives you peace of mind because you know exactly where your business is at in any given moment. It allows you to stop worrying about your tax payments, how you are going to pay your staff's super or wages, whether you can afford to take on more staff, which bills to pay and which ones to delay, and how to forecast the expansion of your business.
 
With our best practice financial management systems, you can have the information you need to analyse your profitability, set budgets, forecast cash flow requirements, and identify and resolve issues before they become major problems.
With MYBC you'll get the same financial systems and controls normally reserved only for those companies turning over $10 million or more so you can monitor your performance, forecast and plan for your future, enjoy peace of mind that your accounts are in order and, above all, get your time back.
 
At MYBC we specialise in providing small business owners with the information you need so you can say goodbye to financial worries and focus on making the decisions you need to manage your business efficiently. If you've ever worried about your cash-flow, if you delay making decisions because you're flying blind, if you don't understand how to use your figures to grow your business; we can help you

It all seems so complex. How do I get in control of my business financials?

This is a question I am asked almost daily. And the reason why most businesses suffer from poor financial management is because their financial systems have been poorly set up from the beginning. Poor systems cause real damage to your company and to your ability to manage your business and make effective decisions.
Big businesses realise this and set up financial systems and controls which allow them to expand effortlessly. They realise that for a business to flourish, it has to operate just like a powerful machine. Otherwise it can never become that thriving autopilot cash cow you've always wanted.

Let's look at some examples of the sort of problems poor systems can cause:

Problem # 1: Poor systems mean poor internal controls

For example, customers not being invoiced properly or regularly enough, not chasing up debtors soon enough or at all, not managing supplier payments, not managing liabilities sufficiently and therefore incurring tax debts, interest and penalties, etc.

Problem # 2: Poor systems can result in poor cash flow management

Fail to keep on top of regular payments and liabilities, or plan for delayed liabilities (eg GST/tax etc) and you'll soon be in hot water with no money available when these payments fall due. Plus, you could miss out on other opportunities because no cash-flow is available.

Problem #3: Poor systems can result in poor business decisions

Failure to monitor your business's performance with accurate and reliable financial information on a regular basis, can leave you "flying blind" and unable to make informed business decisions when you really need to.

Does all this mean that a business with good financial systems will run more fluidly and profitable? Absolutely. The bottom line is without the right financial systems, you will continually be left in the dark and hoping for the best.

What's The Difference Between Big Company Financial Management And Small Company Financial Management?

For years I worked with many large businesses including British Airways and British Airport Authorities. In a nutshell, I discovered companies with a turnover in excess of $10 million per annum can afford to get their systems set up effectively, and employ a:

• Financial Controller (at approximately $120,000 per annum)
• Management Accountant (at approximately $80,000 per annum)
• Assistant Accountant (at approximately $60,000 per annum)
• Accounts Clerk/s (at approximately $40,000 per annum each)

As a result, their systems run extremely effectively and obviously they have an unfair advantage over smaller businesses.

To the contrary, most businesses turning over less than $10 million per year can't afford this sort of expense. Therefore they operate very differently.

Normally they rely on an administration staff member or sole operator bookkeeper to do the work for them, and then pay a visit to their accountant once or twice a year for advice and the completion of their annual tax return.

There are several essential problems with this process, including...

• A sole operator bookkeeper is often untrained in certain aspects of the role and can make mistakes if unsupervised. What's more, they often become overloaded with work or have unexpected issues which stop them from delivering on their promises, leaving you way behind the eight-ball. Not only on knowing your figures, but for compulsory filing of BAS and other regulatory requirements.
• Admin staff usually have less experience in doing the books and have made many a mistake which has cost their employer thousands of dollars. What's more, because this is not their field of expertise, they will usually need to spend significantly more time on the role than a trained professional.
• You seldom find bookkeepers or employees who will be able to provide you with the high level reporting and financial information you require to be able to guide your business most effectively.

The bottom line is it's virtually impossible for the small to medium size business to get access to the sort of high level financial service which the big companies have access to.... until now. 

Truth is, most business owners are like the captain of the ship who knows where he wants to go, but doesn't know where he is right now. And no matter how fast his ship moves, if he doesn't know where he's located, he's almost certain to end up in choppy waters.


Contact MYBC Today To Make An Appointment 

Whether you're a retailer, manufacturer, consultant, distributor or in the service industry; regardless of what kind of business you're in, implementing these leading financial systems will create exceptionally positive results for you and your business. Our systems will take away your accounting headaches, create better control, ensure your bookkeeping is always up to date and allow you to make decisions to grow your business year in and year out.

If you're frustrated with the unreliability and inconsistency of your bookkeeping, or tired of not having access to the financial information you need to manage your business successfully, it's time for you to partner with MYBC.

"Right Now… You Have 2 Choices"

One…

Or two…

Truth is, you've probably got enough stresses in your business without worrying about record keeping. Not leveraging off the experience of my team will only cost you money.

If you want to get your peace of mind and your time back, simply

Contact Us to secure your Free, No Obligation Consultation Today

Don't spend another day managing your financials the old fashioned, obsolete, horse and cart way. We can transform your business with 'best practice' accounting systems that will give you more control, take away your financial headaches and give you the timely and accurate information you need to make the informed decisions which will improve your profitability and cash-flow position.
 
Thank you for reading, and I wish you success in all your endeavours!