When you need an executive business leader with an accounting background to your business, myCxO has many qualified teammates available. Our team has certified accountants including CA, CGA, and CPA’S. We will pair you with the right specialist to meet your needs.
Mergers & Acquisitions
Want to be larger player in your industry? Feel disadvantaged by the size of your business? Is a good partner or competitor looking like an ideal opportunity to grow?
Companies grow in many ways, some more rapid than others. The acquisition of the shares and business of a competitor or complementary business helps to immediately increase either the company’s top line, bottom line or some other factor like skills. Other times, the merging of similar-sized synergistic companies to create a single larger organization with the right critical mass makes sense. myCxO team members have practical experience with valuing new acquisitions and putting together plans to properly combine the operations and personnel. Our team knows what valuation and purchase models are used by both acquirers and sellers. We can help you keep costs down, avoid pitfalls, and make the transition work smoothly.
New Financing and Cashflows
Can’t do what you need due to a lack of cash? Want to grow but don’t know where the funds will come from?
Often bootstrapping isn’t enough. As a company grows, additional cash is required. The preparation of new cash flow forecasts and the making of presentations to banks, venture capital, and angel investors are necessary. Our team has obtained new financing including bank, shareholder, and investor debt arrangements. We can advise on options and methods to approach various groups. Alternatively, we can roll up our sleeves and help you prepare and present requests for funds.
Government Assistance and Reporting
Does Revenue Canada make these rules up just to annoy you? Are deadlines for reporting getting harder and harder to make on time? Does an upcoming audit fill you with dread? Are you paying too much corporate tax?
The collection of data and formatting of government applications and reporting for things like Sales Taxes (HST) or applying for Scientific Research and Experimental Development (SRED) claims have many detailed rules to follow. There are many other government forms and applications of similar nature. The myCxO team has set up systems and performed these tasks before. We know the formats and shortcuts to make your employees’ lives easier and your life better by having things get approved quicker. SRED claims for compensation costs have very complex rules and particularly benefit from our standardize spreadsheets for preparation and formatting of claims.
Periodic Reporting Enhancements Including KPI
Are you wasting paper by printing a multiple page report just to get the last page of information? Does your manager have the right targets and a way to measure performance against them? Are too many hours spent manually creating reports that might be able to be created and save a lot of time?
All accounting and production systems come with standard reports. Most systems provide simple reports that have been standardized for the masses but may not be detailed or specific enough for your business. We are experienced with many different systems and reporting solutions. Helping to get quicker and better-formatted reports will give you and your team faster access to information and allow them to make better decisions. A further extension of reporting is the creation and use of Key Performance Indicators (KPI’s) to highlight and help manage your business. Everyone understands that KPI’s are useful, but not necessarily which ones to use in what case. We can help you determine the best measures for your business.
Financing Optimization
Stuck with banking arrangements you do not like? Wishing that you could get more interest on the excess funds in your account? Are your competitors’ bankers more friendly and approachable than yours?
Over time financing options change, the economy changes and so too does the overall value of your company. Your company’s ability to get additional funds (whether you need them now or not) may be better than before. myCxO team members will help you assess all of your options to determine if you should apply for refinancing to benefit from better rates and terms. Additional financing is always easier to get when things are good, so why wait to increase your approval levels. We know many of the criteria used by banks and lenders and how to best present information for consideration.
Accounting Document Flow and Handling
Do you feel uncomfortable with how you’ve been doing things for the last number of years? I wish there was a more efficient way to do things? Tripping over the need for more space for file cabinets? Photocopy and offsite storage costs keep getting bigger?
An uncertain economy prompts questions from engaged managers and owners: Are we doing things as efficiently as possible? Can we do more efficient and save money or time? Can our processes be improved? With our depth of experience, the myCxO team brings the capability and skill to provide the answers to these questions and also how to make the required changes. We have been involved in business cases as aggressive as near paperless environments and virtualization. Companies benefit from the documenting of processes and procedures, providing benefits for the training of new employees, understanding the impact of future changes for auditors.
Cost Cutting
Wish your bottom line was better? What expenses can be reduced without hurting my business? My people are like family, how can I let someone go?
All companies want to lower costs. During a downturn for your business this is even more critical than normal. myCxO team members have lived through reducing costs to save cash flow and improve the bottom line. We help you to make the hard decisions of what costs can and should be cut. People, locations, and products are all costs that need to be reviewed. Making the right decision in the right amount at the right time is where we will help. Too few cost cuts and you are merely delaying the inevitable, too many cuts and you may damage your business. We will help you choose the optimal path.
Divestitures
Should I hold onto that location? Can I do better if I had a site downtown versus in the burbs? How do I free up some cash before retiring? How do I respond to the offer for my western unit that just came in?
As businesses grow there are times when a major change is required, such as getting rid of a location, division or subsidiary. Setting the right value for what you are getting rid of is one of the most important items on your list. Valuations for selling a full company or a portion of a business are different from how you look at acquisitions. When selling you want to know how to present your data and values in the most optimistic light to the potential buyer. During the purchase of a new unit, you want to figure out the worst cases of what you are getting. We have experience in both the sell and buy-side of these deals. We understand methods to best present your information to get maximum value. We will help you do the sensitivity analysis and ask questions the purchaser may ask you to be ready in advance of bargaining meetings.
Downsizing – People/Locations
How do I know when the time to eliminate people is? What are the unforeseen consequences of shrinking my team? What will clients think if I close a location?
Knowing when to downsize is one thing, knowing what and how much to do is another. Many options exist for what to downsize. Locations, products, and people are typical targets as they represent the largest dollar values. To help reduce cost and refocus teams on the key business drivers, companies will consolidate operations to a smaller base is a typical tactic. We can draw on our experience to guide you and help you evaluate all the various downsize options. Doing the analysis can be easy but making the final decision can be hard as it involves emotions and will affect the lives of people that may be close to you. Our team will remain objective and will help with the difficult emotional decisions. We will help you to deliver the message to those affected.
Changed Financing and Cash Flows
How do I know the financial health of my company? What if I don’t trust my projections? How do I avoid “analysis paralysis”?
Financial and cash flow projections are critical when assessing your options during a downturn in business. You need to understand how long you can hang on if you change nothing. Similarly, you need to know the costs underlying each major area and function in your business if you need to perform some rationalization of efforts and cost-cutting. Our financial team has helped others do the analysis to have the right information available to make the right decisions. Time is of the essence when faced with a decline in your business. Don’t wait to call us to help!
Period End Assistance
How can I shorten my month-end closing times? How do I get ahead of the curve without cutting corners or missing deadlines? How do I make my year-end closing process less stressful and quicker?
Our team has colleagues with over 20 continuous years’ experience of being VP Finance and Controller. We’ve lived in the trenches doing the journal entries, balancing and reporting. If you are doing it now, we’ve done it before. Let us help find ways to get you caught up and ahead of the workload. Is your issue a reporting package or doing a complex consolidation? Frustrated with USD/CAD conversions and balancing? We know the attention to detail needed to do things right. We also know how to make it easily repeatable. Let us help you simplify your period ends.
On Call Finance & Accounting
What if I don’t know what I don’t know? Wouldn’t it be nice to have someone to call for a second opinion on a topic? Who can you call to get unbiased impartial and non-competitive advice? It would be nice to have someone who has the experience to help!
Our goal is to help you have the experience you need, when you need it, for as long as you need it. We want to be there to help you as a trusted resource. As your business goes through changes, and as your marketplace goes through changes, we can be there without burdening your business’ cash flow. We know managing your business is not easy. Deciding to spend your funds needs to provide you value. myCxO provides a complete roster of experienced teammates. Ask us for someone to be your executive buddy. We’ve been there and done it before. We will help identify where it makes sense to engage our expertise and support, and areas where you have the skills in-house. One day a month or more, the decision is yours. You already make good decisions. Access the experience you want when you need it. We are always just a phone call or email away.