Accountants for Lawyers

Challenge
Establish a finance function for new hotel integrating bookings, cafe/restaurant, in-room entertainment systems to enable streamlined reporting and payment systems

How we solved it
We looked at a range of front-of-house booking systems, CRM and POS systems, as well as various back of house accounting software. We helped the client settle on their preferred providers and assisted with implementation and integration of systems and various merchant facilities.

Outcomes achieved
Streamlined, integrated, data rich systems enabling efficient reporting and minimise administrative costs.

Services provided
Process and systems review, systems implementation and training

Challenge
Poor profitability across business

How we solved it
We implemented a strategic review of business to identify goals and actions. We discovered a legacy accounting system which was slow, difficult to use and provided no oversight of where or why profitability was impacted. We implemented a software upgrade to improve oversight, reporting and efficiency, enabling a reduction in administration staff. We also identified several opportunities to diversify income streams and boost business value. We developed a strategic plan for the next 3-5 years to roll-out these income streams and business units.

Outcomes achieved
Improved profitability, reporting, reduced costs and implemented change in operations. Business owners clarified strategic direction and action plan to increase long-term business value

Services provided
Strategic planning, cost review, processes and systems review.

Challenge
Client operated as a services trade to construction industry. The business had poor profitability and cash flow.

How we solved it
The Accorti team reviewed the internal business systems and processes. Working together, we updated the accounting systems to enable real-time job and cash flow reporting, allowing the business owner to understand the business’ financial position at any time. To help manage cash flow better, we established a payment collection process that was enabled to support various payment methods.

Outcomes achieved
Business owner was equipped to see where they were losing money, understand the reasons why and implement remedial action leading to cost reduction and timely payment collection.

Services provided
Bookkeeping, business processes and systems review, financial reporting, business advice

Challenge
Business owner operates several caravan parks located in remote areas and was seeking a way to monitor management and operational performance because they were not physically based at business sites.

How we solved it
We identified and implemented strict controls and delegated authority and duties between site management and business owner. Business accounting function relocated to the Accorti office, enabling the business owner line of sight across business.

Outcomes achieved
Improved financial reporting, improved cash control, reduced business risk, improved management performance.

Services provided
Outsourced accounts, financial reporting, risk management

Challenge
Client was experiencing financial distress due to failure of a business, putting related commercial property portfolio at risk.

How we solved it
Worked with client and other advisors to quarantine assets from legacy issues.

Outcomes achieved
Protected significant property holding from potential claims, enabled repayment of bank debt in full and secured long-term tenants providing income stream for owners in retirement.

Services provided
Strategy, business advice, risk management