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A free eBook that covers everything you need to
know about successfully managing your cash flow
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Business
Business
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Conquer cash flow management and you will conquer your business. If you talk to any successful business
person with a business that is cash rich youll undoubtedly realise it is because they adopted the strategies
we share with you in this eBook.
Our research shows that cash flow remains a major concern for business owners. For every business there
are certain times of the year where sales drop and the tap is tightened, making it difficult to focus on
business as usual. Running a profitable business means clearly understanding the lifeblood of your business,
your real business profitability.
You need to ask yourself these two questions as a business owner/operator:
1) Do you receive both regular and timely monthly financial information that is accurate and allows you
to clearly understand the profitability of your products, services, divisions and people?
2) Are you clear on the value of your businesses assets and liabilities right now as you read this preface?
If you are at all unsure about your answer to either question then you will be like most business owners in
the dark. It is time to help shine some light on running your finances. The challenge of managing while also
building a business is daunting. It requires dedication that has no boundaries to ensure that every element of
the business is managed with excellence.
At Azure Group and CFO Australia we have over 400 years of collective commercial experience in alleviating
the stress associated with cash flow and we do this by implementing tried and tested strategies that will
improve your business cash flow so it becomes a worry of the past. We have developed systems and
processes that will convert your business from being in the red to in the black.
1) Guide you through the process of analysing your cash flow approach with a questionnaire designed
to help you determine your individual approach.
2) Look at your present situation and identify any red flags.
3) Put an action plan together for a healthy cash flow in the future so you are no longer bleeding your
business dry.
4) Provide you with a video case study that shows you step by step how to use a P&L Statement and a
Cash Flow Forecast in your business.
5) Provide you with free downloadable templates to get you started.
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Much like your own health, there are many different ways to approach cash flow and there isnt necessarily
one perfect way that will work for everybody. Each of us have varying personal values, attitudes towards
money, business goals and an array of other variables that affect how we each approach cash flow.
While we each have a highly diverse approach, business owners tend to fall into one of the following three
categories:
1) The Preventative Approach; or
2) The Deal With it When it Happens Approach; or
3) The Adrenaline Junkie Approach.
Understanding which category you fall into is the first step to taking control of your cash flow and avoiding any
of the potential risks you may not be seeing on the horizon.
The 3 Formulas of Financial Management
Understanding how you use these three formulas will help you work out your overall cash flow approach.
Formula 1:
Cash Now
The money you currently
have in your account
(income received minus
your expenses)
Formula 2:
Future Cash
Balance in the bank now
+ future receipts - future
payments
Formula 3:
Profitability
From every unit sold of
your product or service,
how much do you get to
keep?
1.
2.
3.
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A Preventative Approach tracks all of these separately and makes it very clear to you, as the business owner,
where you stand at any point in time.
Formula 2: Future Cash
How do you know if your cash will drop into a negative position at some stage in the future? A decent cash
flow forecast will tell you this fairly quickly at a glance. A gradually dropping cash balance over time may also
be an early warning sign.
As a preventative person, youll also know whether your customers are paying on time and whether your
supplier terms are being honoured. Youll know how long it takes for your purchase of supplies to convert into
sales and collections from customers.
Lets say your cash flow will drop below zero in six months time, due to a tax payment, then the ATO may be
prepared to give you an extension if you have a track record of forecasting cash flow and can show when you
can pay it.
Formula 3: Profitability
If you are a preventative person you will have a robust system in place that captures all the information
about sales and costs that will help give you insight into all of the following:
Are my marketing programs converting into leads at the expected rate, based on the amounts
invested?
Is my sales strategy converting leads into sales, and at what rate, compared to what Im paying them?
Are my staff aware of the financial goals of the company and working towards achieving those goals?
What are the margins on my products or services? How will a change in focus impact my margins?
Am I getting all the discounts previously agreed with my suppliers?
Am I on track to deliver expected results for my investors or bankers?
Have I met all my tax obligations?
Are all of my insurance policies in place?
Am I losing any money through fraudulent activities?
FACT:
If you are looking to grow your business through funding, banks tend to
be more open to business owners who use the preventative
approach to managing their financial health.
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If you prefer to deal with problems when they happen, lets take a look at the impact to the three formulas:
Formula 1: Cash Now
If you are a person who really does just deal with it when it happens, it may be that a tax bill arrives and you
need to pay it on fairly short notice. While its always easier to plan for these things, all is not lost!
A bank overdraft is still an option at this stage, especially if you can show when it will be no longer required.
The other option is that the ATO has the discretion to give extensions if you can demonstrate that you can pay
it back within a reasonable time period.
They arent happy with the products or services theyve received and youve not had that feedback
through other channels. You need to outlay cash to address the concerns so the bill will be paid.
They cant pay their bills and are about to file for bankruptcy. At this stage, if you are an unsecured
creditor, you need to get in line behind the administrator, employees, the tax office, and secured
creditors (such as banks). If theres anything left after that, you may get a percentage of what youre
owed.
Either situation will reduce your future cash balance. Addressing this so it doesnt happen again moves you
into preventative financial management.
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Formula 3: Profitability
Youve just received your annual accounts back and the profit number is lower than you thought it would be.
Why is that? You then start digging into a lot of information to try and find out whats going on:
Are my marketing programs converting into leads at the expected rate, based on the amounts
invested?
Is my sales strategy converting leads into sales, and at what rate, compared to what Im paying
them?
Are my staff aware of the financial goals of the company and working towards achieving those
goals?
What is the margin on my products or services?
Am I getting all the discounts previously agreed with my suppliers?
Am I losing any money through fraudulent activities?
You may be someone who craves adventure. You only live once! Many people in the financial services area
will interpret this approach as a recipe for disaster. However, in reading any highly successful entrepreneurs
memoirs, the consistent theme they all talk about is how much they learned during these times.
Formula 1: Cash Now
You may not have cash in the bank; so lets look at how much limit you have available on your credit card
instead. This is still available cash; it just costs you money (interest payments) to maintain it.
Being an adventurous entrepreneur, you know that life waits for no-one and if you dont get out there now,
someone else will and youll miss your chance. You cant make money unless you spend money! You also need
to impress and that costs money.
If you identify with this, you are best to avoid going into a business that involves holding advance deposits
from customers. Either that or lock temptation away somewhere you cant get at it. The regulatory bodies who
govern these things tend to get very excitable if the money disappears, which will just ruin your day all round.
Formula 2: Future Cash
All is not lost in this situation. We can get you back on track, patch you back up again and send you on your
way. We may need to remove the credit cards for a while though. The banks may not talk to you either for a
period of time, but dont worry, its not personal.
This apparently happened to Rupert Murdoch, during the phase he was building his Fox TV empire in the US.
For a period of time he had to wing it financially until the companys debts could be sorted out. Rumour has it
this included the confiscation of his personal credit cards.
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A Scenario:
A pesky tax bill turns up.
You keep getting late bills from your suppliers.
How much time do you spend keeping them calm
when you could be doing other things?
Formula 3: Profitability
While you keep an eye on profits, its personal success that drives you and makes you put in the hard yards.
Keeping track of spending and measuring things just isnt your strong point. Partnering may be the best thing
for you; with a report that comes to you every week or month that tells you where you are, plus some advice
on how to tweak a few things as you go.
So which approach do YOU take? You can work this out with the
tool on the next page that looks at how much time you spend
on cash flow related tasks.
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The following exercise is a great way to determine the value of your time, and will help you identify into
which category you fall. There are risks that youre being over or under attentive with some of the core tasks
related to cash flow management, and this questionnaire should help raise any red flags. Whether you
manage your finance function yourself, or have outsourced help, you may be under or over investing time in
the processes that contribute to your cash flow success.
Tick the letter that corresponds with your response:
A. I always do this myself
B. My bookkeeper takes care of this
C. My bookkeeper takes care of this and I review it
D. I dont address this at all
#
Money coming in
Question
Managing payroll
Compliance obligations
7
Paying superannuation
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You may be spending a lot of your time tracking and keeping on top of things; however, how much is that
taking away from growing your business. Here is a simple calculator to work out the actual cost of your time.
We use a simple example below to demonstrate the formula. You may be surprised with the result.
Question 1
If you did what you do now for someone else full time,
what would the annual salary be?
$150,000.00
Question 2
40
Answer
$ 98.35
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Before you can draw a line in the sand and focus on the future, it is vital to look at your cash flow history and
identify any patterns that may be leading you astray. We all know Cash is King and in todays ever changing
and diverse business landscape the more cash that sits in your bank account means the more opportunity for
your business.
A Cash Flow Management Report has become one of the most powerful reporting tools for businesses needing
to closely manage their cash flow and who are seeking guidance from advisors in order to remain on top of it
each month.
This report shows a companys inflows and outflows over a specified period. The report will normally begin
with a starting balance and generates an ending balance after taking into account all cash receipts and paid
expenses during the period.
In this day and age, businesses are trying to forecast what their cash flow position will be over a long period of
time in order to manage the inflows and outflows more effectively. In this instance timing is everything.
Having the right cash flow forecast in place will show you if/when you need to borrow money, how much you
would need, as well as when/how it can be repaid.
In either case, cash flow management is a necessity for the survival of many businesses today.
Believe it or not, the most important accounting report is your Balance Sheet, not your Profile & Loss
Statement. When was the last time you truly looked at your business Balance Sheet and challenged each item
on it? The Balance Sheet quantifies exactly how strong your business really is and there are a couple of key
areas to focus on, but firstly lets get a clear understanding of a Balance Sheet.
What is a Balance Sheet?
A Balance Sheet may be best explained as a snapshot of your company's health. It tells you how much your
company owns (its assets), and how much it owes (its liabilities). The difference between what it owns and
what it owes is its EQUITY, commonly known as net assets" or "shareholders equity".
The Balance Sheet tells a lot about your company's financial fundamentals:
How much debt the company has
How much debt it needs to collect from customers
How fast it collects debt from its customers
How much cash and equivalents it possesses
What kinds of funds the company has generated over time
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ASSETS
A companys Assets are
considered one of the
most important
elements of a Balance
Sheet, because they
represent the business
cash, inventories and
receivables. A Balance
Sheet which represents
plenty of cash is always
more attractive to
investors or bank
managers and often
indicates strong
company performance.
LIABILITIES
Equities
A companys Liabilities
are also imperative to
have right from a cash
flow perspective because
this represents your
current and noncurrent
liabilities, i.e.
management of your
debt. Any business
would want to see this at
a manageable level,
accounted for in the
right months and highly
accurate. Having your
liabilities not accounted
for correctly could mean
the difference between
your business surviving
or failing in the current
economic climate.
A companys Equity
represents what
shareholders own, so it is
often called
shareholder's equity.
Equity is equal to total
assets minus total
liabilities.
The two important elements to remember in terms of equity items are those paid in capital and those that are
retained earnings.
Paid in capital:
The amount of money shareholders paid for their shares
when the business was established
Retained earnings:
A tally of the past profits the company has chosen
to reinvest in the business rather than pay to
itself via dividends.
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Banks or Investors would look closely at how a company puts retained capital to use and how a company
generates a return on it all, highlighted through your Balance Sheet.
In summary, these three core elements are significant to how a business looks to the public eye. A clean
Balance Sheet can help you with further funding, raising capital or providing evidence for your bank for various
facilities.
So is your business Balance Sheet good or bad? Lets take a look at a common scenario and find out!
Meet Nick.
Nick prides himself in knowing his numbers and runs his chain of menswear stores like a well-oiled machine.
Nick believes he is a preventative type and understands the importance of keeping his Balance Sheet up to
date and accurate and seems to do a good job.
What Nick thinks his Balance Sheet looks like:
ASSETS
Current Assets
Cash
Accounts receivable
Inventory
Total Current Assets
$
$
$
$
20,000
15,000
150,000
185,000
$
$
$
$
50,000
650,000
70,000
770,000
955,000
Current Liabilities
Accounts payable
Bank overdraft
Credit card debt
Tax liability
Total Current Liabilities
$
$
$
$
$
25,000
10,000
5,000
30,000
70,000
Non-Current Liabilities
Long term business loan 1
Long term business loan 2
Total Non-Current Liabilities
$
$
$
450,000
50,000
500,000
TOTAL LIABILITIES
570,000
NET ASSETS
385,000
OWNERS EQUITY
385,000
Non-Current Assets
Equipment
Business premises/ property
Vehicles
Total Non-Current Assets
TOTAL ASSETS
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While Nick thinks his Balance Sheet is accurate and a true reflection of his business, this actually isnt the case.
What Nicks Balance Sheet actually looks like:
ASSETS
ACTUALS
COMMENTS
Current Assets
Cash
Accounts receivable
$
$
20,000
15,000
Inventory
150,000
185,000
$85,000
Non-Current Assets
Equipment
Business premises/ property
Vehicles
Total Non-Current Assets
$
$
$
$
50,000
650,000
70,000
770,000
955,000
$645,000
TOTAL ASSETS
Current Liabilities
1
4
Accounts payable
Bank overdraft
Credit card debt
$
$
$
25,000
10,000
5,000
Tax liability
Total Current Liabilities
$
$
30,000
70,000
Non-Current Liabilities
Long term business loan 1
Long term business loan 2
Total Non-Current Liabilities
$
$
$
450,000
50,000
500,000
TOTAL LIABILITIES
570,000
$665,000
NET ASSETS
385,000
-$20,000
OWNERS EQUITY
385,000
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If your working capital position is strong, it allows you to expand and take
on new opportunities in business. If your working capital is weak then it
will restrict your ability to grow and operate efficiently.
It was the poor working capital management of businesses such as ABC Learning, Centro Properties, Allico
Finance, and Babcock & Brown that resulted in their demise. Thousands of SMEs followed suit.
Non-Current Position of your Balance Sheet
Your long term position is known as the non-current position of your Balance Sheet. It is all those assets and
liabilities that will not normally be realised or payable for more than 12 months.
Non-current assets include your plant equipment, property, loans to Directors, and any other investments.
Non-current liabilities include bank loans, leases and so forth.
Your non-current position may well be very strong if non-current assets are greater than non-current liabilities
and that will allow you perhaps, the possibility of borrowing or selling an asset to give you sufficient cash to
cover a weakness in your working capital.
During the GFC many large organisations had significant bank loans that were due to expire in 2-3 years. At the
time they realised that their assets had deteriorated significantly (i.e. value of the businesses, investments,
properties). So they knew they would have a critical working capital issue in 2-3 years time when the banks
would call on their loans.
It was with this broader understanding of their Balance Sheet that they initiated strategies to improve their
Financial Positions back in 2008 and 2009. They had too, or bankruptcy was imminent. For many small
business owners they simply focused on their Working Capital yes, they were focusing on the short term.
While large organisations were playing a game of chess looking 20 moves ahead, the small-medium business
person was focusing on the now!
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Regardless of whether you fall into the preventative, deal with it as it happens or the adrenaline junkie
camp one thing is commonregardless of what has happened in the past there is always the opportunity to
do things better in the future. Lets now explore the various tools you can use to get you started on your way
to improving your situation. It will also show you how to identify the various areas where you may need to
consider professional guidance.
A Cash Flow Forecast is a projection of your business cash inflows and outflows over a period of time.
Preparing a cash flow plan will:
Provide early warnings of potential cash shortages so corrective action can be taken quickly
Identify if additional funds will be needed
Assist in preparing requests to financiers for additional funding by demonstrating that the
business can meet repayments
Identify potential surpluses than can be invested to generate additional income
Help manage tax obligations
Your Cash Flow Forecast should be prepared monthly and extended out for the next 3 months as a
minimum. Keep it conservative as the impact of a cash crisis can be severe.
Your Profit and Loss Statement is your day-day tool that drives decision-making and the performance of your
business.
A Profit and Loss Statement is comprised of three key components:
1. Revenue
2. Direct Costs
3. Other Costs
It is imperative that you understand each component and how it interrelates with other components. It is
having a positive result - a profit - that will allow you to continue in business, while a loss will lead to failure.
A loss will lead you to make decisions to ensure you are in profit again as soon as possible, or you will be
destined to fail. The loss will drive your personal decision-making and efforts to turn this around for the
business.
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Revenue
Income is the reason for your business existence. Be it a product or service that satisfies the needs or wants
of others, the bigger the need or want the higher your income in a day, week, month or year. Building this
income is what motivates 99% of business people.
The key driver of income is selling or marketing that stimulates a greater need or want for your product or
service by either making people aware that it exists, or aware of its value.
It is critical to understand the level of demand for your products and services and things that impact this
demand, such as economic factors like recessions or booms; or other products or services that make yours
redundant or less valuable.
Fighting a losing cause is of no value. In some countries the competitive advantage of certain products is
greater than in other countries. You must stay ahead of the pack by continuing to be innovative in your
business.
Direct Costs
Your direct costs are the costs associated directly with manufacturing each product or delivering each service.
If you made no sales you would have no costs of sales. In this way it is a variable cost of your business.
Other Costs
Expenses are your fixed costs associated with running a business. The expense does not directly generate
income. Some expenses, nevertheless, must be incurred to operate a business, for example your accountants
costs for completing your tax return, unless of course, you can do this yourself. Expenses range from rent,
legal, accounting, telephone, travel, and administration staff, to insurance, interest on loans, and of course
anything marketing related.
A sole trader operating from home would keep his expenses to the minimum though the costs related to sales
are unavoidable.
This all seems quite basic, and your reaction may be to skim over the above section, however this is the life
blood of your business.
Almost every set of financials The Azure Group reviews for a client has fundamental errors in allocation of a
cost of sale item under expenses, or vice versa. Another problem is having all types of income under one line
item. The most common problem is the business bookkeeper allocating purchases to the incorrect accounting
code.
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Virtual CFO, Rachel White, shows how effectively maintaining a P&L Statement and a Cash
Flow Forecast helped ease the cash flow concerns of this outdoor furniture business.
Click to watch video!
The following strategies are things you can do right now to change your situation. Sometimes the simplest
solutions are staring you right in the face. At Azure Group we have found that slight changes in the following
areas have seen fantastic results for our clients. Regardless of whatever approach you take to your cash
flow, you need to be across these strategies.
Reviewing and improving your credit collection policy will significantly improve cash flow.
Tips for improving debt collection include:
Sometimes one of the hardest things to do when running your own business is to persuade your customers to
pay you promptly.
Some of you are lucky and credit control is not an issue. Others experience growing concerns, largely due to
the cautious approach taken to communicate with your customers for payment and/or the fact your account is
never made a priority for your customers to pay.
Sending statements and letters may get the cash in earlier, but proven methods
of dealing with this balancing act are focused around regular telephone
contact and recording calls in your calendar or against your debtors. Understand
your customers and collect your money while retaining the relationship.
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Your customer Slowpayer Pty Ltd traditionally takes over 90 days to pay a 14 day account.
They have been a regular customer for some years and always eventually pay the accounts.
You decide to take the telephone approach, with the following result:
First call on 30 days - owner out left message to call note made
Call 2, Day 2 - no return call so called Slowpayer again in a meeting so left a message
note made
Call 3, Day 3 - still no return call so called very early in the morning - spoke to owner
and advised account seriously overdue and that you really do not wish to do this but
would need to consider putting a stop on the account. Owner says he will pay in a
couple of days note made.
Call 4, Day 5 - no remittance yet so called again early morning owner blames nonpayment on his bookkeeper and would rectify note made.
Call 5, Day 7 - remittance received bringing the account in line - note made.
This is a very familiar story for business owners and shows how important it is to really get to
know your customers payment habits. Do not be afraid to put a stop on a customers account,
but ensure this is not automatic e.g. an automatic computer response. Overdue payments
should be flagged to you before action from your accounts team is made to decide the best
approach on a case by case basis.
It is imperative you weigh up the pros and cons of going in hard or soft based on your
knowledge of the customers business and the importance of that business to you. As a
supplier, the best position you can be in is that when a customer has insufficient funds to pay
all of their suppliers on due dates, your business is seen as a priority to receive payment.
Your customers will respect you are running a business and will appreciate you are simply
wanting to clear overdue monies.
Strengthen your relationship with your suppliers. Establish a good track record in paying your accounts. Once
youve gained the trust of your suppliers by paying their bills regularly, try negotiating discounts or better
terms of credit. Any discount is worthwhile, so always take them. Good relationships also mean a better
chance of being offered special deals down the line.
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Use trade credit where available and calculate benefits for making prompt payment to your creditors.
Putting in place finance or overdraft facilities is likely, in the long run, to reduce the time and effort involved in
managing cash flow. Typically, trying to obtain cash from your bank when in serious need is near impossible.
On the other hand putting facilities in place while business is performing well is likely to prove effective in the
long run.
The ATO charges over 12% on outstanding tax obligations, well in excess of most business working capital
facilities.
Pay close attention to your business expenses over a six month period to get a feel for where the money is
going. Identify what you can cut back without affecting your service levels. Ask the hard question Are the
dollars Im spending really earning money for my business?.
Get to know your important customers. Putting some effort into good customer relations can pay quick
dividends when you need cash in a hurry. For example, you could ask selected customers to:
a) Pay by credit card
b) Pay a deposit on a large order
c) Make progress payments as work is completed or goods delivered
To encourage early payment, offer your customers as many payment options as possible.
Reduce costs through e-commerce and speed up payments by emailing invoices and encouraging online
transactions.
Work at releasing the money locked up in unpaid invoices. Efficient systems can greatly improve your cash
flow. Some tips to get the process started:
Credit check all new customers
Invoice promptly, identify late payments early and follow up promptly
Collect money fast. If your customers take an average of 45 days to pay, set a goal of reducing this to
30 days
Change your terms of payment to 7 days net rather than 20th of the month following invoice date
Consider cash discounts for early payment of invoices
Think of ways to increase cash sales and decrease credit sales
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You can get the speediest cash flow results from more efficient stock control and getting rid of surplus stock.
Stock is essentially locked up money, so it is important to take a very detailed look at your stock levels. Identify
your fastest moving stock and concentrate on that. Hold a sale to free up cash by getting rid of outdated,
surplus or non-essential stock. The most efficient businesses are those that can turn their stock over quickest.
Overstocking should be avoided. Close watch should be placed on ensuring that correct procedures are in
place over purchase ordering. Now is not the time for surprise invoices to be received for non-essential
purchase items. Once the goods arrive along with the invoice, it is often too late to do anything about it.
If youre a Preventative Approach business owner you wont have surprises. Youll know all about the
following points. For everyone else, it is important that you pay some attention to outgoings that are likely
in the future.
Set money aside in advance for tax obligations and also for major bill payments. Talk to your accountant or
financial advisor for more on your tax commitments.
With the continued instability of the Australian dollar, foreign exchange movements need to be monitored
by small businesses that either import or export their products.
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Any time is a good time to seek professional advice however, it is often once your business is under stress
that the thought of seeking out a professional advisor crosses a business owners mind. Most of our clients
come to us with various degrees of cash flow issues and all of them have greatly benefited from getting an
outsider to review their business cash flow in a practical and professional way.
There are various professionals that can assist with cash flow concerns
My Accountant
My Financial
Planner
My friend with
loads of
experinence
My Bank
Manager
My Partner
(the unofficial
expert)
But who do you ask in the first instance? A myriad of answers spring to mind:
Your accountant
Your financial planner
Your insurance broker
Your bank manager
Other business associates with lots of on-the-job experience
All of these people are highly qualified professionals with years of experience in their areas. They all have
pieces of the puzzle which you need to combine to form the right answer for your situation. Many times
people in these professions will form alliances with each other to help provide you with all the pieces needed
from a trusted source. And if you dont have access to a network like this? Try typing improve my business
financial health into Google and youll get several million responses, all of which will fall into one of the areas
mentioned above.
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Large corporations have someone who manages their financial health full time, with the difference that all the
specialists and staff involved in the process work for them and are paid for by the organisation. This person is
called a CFO (Chief Financial Officer).
They may have started out their career in an accounting firm, then moved to a company and had a variety of
roles in the finance function. It is also strongly recommended they spend some time in one of the operating
units to get good exposure to customers, distribution and supply issues.
Once they become a CFO, they have many competing priorities and usually a large team to help them deliver
on expectations. To be successful, they need to be highly technically capable in accounting and tax, banking
and finance, insurance and risk management, and in the regulations that govern their company, and also in
how to run their delivery operation, both in managing staff and outside suppliers. They either hire experts in
each area or have advisors they can turn to for specific guidance.
They also need the trust of the CEO, the banks, the investors, the Board and audit committee and also the
management team. Many times this person started out in a profession that is very analytical and has a
reputation as a person who is great with numbers, though not so much with people. This makes a successful
CFO, one with both sets of skills, a fairly unique individual.
They usually have at least 20 years experience and their total cost per year may be up to $250,000. For large
publically listed companies, it can run into the $millions.
Azure Group is a leading chartered accounting, business advisory and virtual CFO services firm. Azure Group
supports the growth and success of fast growing and entrepreneurial small and medium sized businesses by
providing innovative and proactive accounting services by highly experienced chartered accountants and
virtual CFOs.
Your business will benefit from the hands-on involvement from our expert tax advisors, management
consultants, corporate advisory team, virtual CFOs and chartered accountants. Our Sydney, Gold Coast and
Shanghai offices service clients both nationally and internationally. Our team will work proactively with you
to streamline your business accounting function and improve the overall financial management and health
of your business.
Our chartered accountants are dedicated to helping your business achieve success. Our services are tailored
to address your unique business accounting requirements and business objectives to ensure your company
moves forward and you are able to realise your business and personal financial goals.
Azure Group was established in 2002 by Michael Derin with the idea of offering sophisticated accounting
services combined with proactive strategic commercial advice to small and medium sized businesses.
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Derin introduced the outsourced Chief Financial Officer service to the SME market as he recognised that
Australian small businesses rarely get appropriate strategic commercial advice. This is because they cannot
afford or attract an experienced CFO who is normally only afforded by large corporations.
I have a passion to help Australian businesses to be leading companies by educating and developing
individuals in the financial management of their business
Michael Derin
Our Vision
Azure Groups vision is to deliver successful solutions by playing an active role in the development,
implementation and ongoing support of our clients business strategies.
Since its inception Azure Group has grown considerably. The company currently has three offices, one in the
Sydney CBD, one based on Queenslands Gold Coast, and the latest addition expanding the business onto
the international stage in Shanghai, China.
Why Were Different
Azure Groups services have also expanded and go well beyond standard accounting practices. Through their
Total Accounting Solution service, Azure Group ensures that its clients financials and tax position are
considered throughout the year, not just at tax time. This helps business owners make better decisions,
grow their business and plan for the future.
Azure Group works hands-on with its clients to provide premium accounting services that help them to
achieve success.
I challenge the perception of the accountant. We thrive on more than just numbers; we thrive to be
involved in sustainable and successful businesses; we aim to influence positive decision making; and to assist
entrepreneurs to launch successful ideas Michael Derin.
Azure Group is gaining a reputation for providing expert financial advice for small and medium businesses
and regularly features in mainstream media, such as Sky Business News and the Australian Financial Review.
In 2008, Azure Group established the CFO Network which brings together CFOs to collaborate about their
role in business and the industry. Azure Group regularly holds networking events for CFOs in collaboration
with the Institute of Chartered Accountants in Australia.
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Michael Derin
Managing Director Azure Group
Rachel White
Virtual CFO
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Tracing our heritage back to 1825, NSW Business Chambers mission is to create a better Australia by helping
businesses maximise their potential. The Chamber is a voice for business in the public arena: whether
standing up to government and decision makers when business interests are neglected, or working together to
create positive change.
On a one-to-one basis, the Chamber helps businesses from small enterprises to large corporations maximise
their outcomes offering tailored business solutions. Our commercial services division, Australian Business
Solutions Group (ABSG), delivers a range of business services to both member and non-member clients
throughout Australia with the operating surplus going back to supporting Chamber initiatives
Connection to the chamber movement, facilitated networking, provision of the latest updates in government
relations and business development opportunities are just some of the reasons why more than 14,000
businesses have taken advantage of our membership.
Let the NSW Business Chamber team be an extension of your business so you can concentrate on what you do
best - growing your business.
Ask Us How is a portal for NSW Business Chamber members which houses hundreds of practical how
to articles and resources and tools designed to help our members better manage, operate and grow their
businesses.
Written by NSW Business Chamber members who are experts in their fields, and NSW Business Chamber
industry experts, the Ask Us How portal includes How to articles, Case Studies, Thought Leadership Papers
and eBooks that cover the breadth of business areas.
To get a flavour of the wide range of tools and information you have access to in Ask Us How and to find out
more about how NSW Business Chamber can help your business please visit:
http://www.nswbusinesschamber.com.au/Ask-Us-How
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