DIXIE: We have probably all heard the adds for Field Financial Consulting about doing it differently Animal noises etc.
Iain: Yes, I try to stand out from the other accountants and financial advisors locally.
DIXIE: Well, why are you different?
Iain: Field Financial Consulting is about business profit, cashflow improvement, success and innovation.
DIXIE: What are some examples of this?
Iain: Well last month I talked about using Cloud Based Technologies namely Xero and Google and previously I have talked about saving money on your electricity bills. This month I would like to talk about a subject more aligned to what you would think accountants normally talk about namely “Cashflow”.
DIXIE: Yes, I hear about cashflow often. Can you expand here?
Iain: I know some farms and other local businesses are finding it particularly tough at the moment. We all came out of the drought two years ago after a decade of dry and many businesses haven’t recovered. Cashflow is very tight and with overdraft limits being hit or will shortly be hit and the banks are getting a little anxious. You as the business owner may be very anxious but it is hard to get away from the everyday to make plans for the future.
DIXIE: How is Field Financial Consulting different here?
Iain: We like to look at your whole picture and not just the cashflow. The current cashflow is vital and your bank will focus on this but it is not the whole picture. You know that when you have confidence that most things are working well in your business you can sleep well at night. If some things are not quite right then you may have plans that you can implement to correct the situation. The Field Financial Consulting cashflow review process puts some order around these plans and allows coherent focus on what is important.
DIXIE: What is the process you go through at Field Financial Consulting?
Iain: Firstly, there is no one way of doing it so I will identify the key parts. Clearly, it is great to have accurate historical financials. I find the financials that I see aren’t detailed enough and this weakness would hold back a lot of businesses. With some smart tweaking your business would have 50% better financials. Often when completing cashflows it becomes very obvious that structural changes need to be made. These don’t have to be worked through in detail for the current cashflow but flagged for later discussion and analysis. In addition fixed and variable costs and the key drivers of the business need to be understood. The detail of costs needs to be in a cashflow but also an accurate big picture. Once completed, the cashflow is then reviewed and signed off. Cashflow is an essential business tool that when used well is invaluable.
DIXIE: That is what I expected an accountant or financial advisor to talk about but in a whole lot more detail.
Iain: Well at Field Financial Consulting we do it differently.