In this edition of WrightCFO’s Spotlight CFO, we introduce Kadia Barry. Equipped with ACCA and MBA qualifications, Kadia has been supporting fast-paced tech startups for a decade.
Kadia is also our Xero guru, offering our WrightCFO clients Xero implementation, training and system migration.
Areas of Expertise
- Strategic Financial Management – Deploying tools and techniques to create a roadmap, assess investments, and ensure the financial health of the company supports its overall strategy and long-term goals.
- System Implementation and Technology Integration– Making new systems fully operational for users. This includes setting up, training users, and ensuring effective function. Technology integration, on the other hand, focuses on connecting different systems so they can share data and work together seamlessly.
- Regulatory Compliance and Audit – Regulatory compliance and audits go hand in hand to ensure an organisation operates legally and ethically. Both external and internal audits help identify areas for improvement and manage risks.
- Operational and Cash Flow Management – Operational management focuses on efficiency, ensuring your business delivers at the lowest possible cost. Cash flow management tracks the money coming in and going out. By optimising operations and managing cash flow effectively, you can achieve financial stability and fuel business growth.
Unique Selling Point
Kadia’s key strengths lie in her ability to manage complex and high-value financial projects coupled with her expertise in system migration and integration. She demonstrates a unique blend of strategic financial management and technology proficiency.
This combination is particularly valuable in today’s tech-driven business environment, where financial leadership is increasingly tied to innovative financial systems and processes.
Client Success Story
Kadia has served clients across diverse sectors, including real estate, financial services, and technology.
While on commission with a tech client preparing for an exit, Kadia recalls how she addressed the company’s financials, which were not structured for optimal decision-making. The company’s reporting lacked crucial metrics, and the balance sheet failed to accurately reflect its financial status.
To address this, Kadia developed a strategy to streamline its financial operations in preparation for sale.
This strategy entailed:
- Transitioning the company to a more robust accounting system.
- Reconfiguring the chart of accounts to better represent the company’s business activities.
- Implementing third-party revenue recognition software to accurately and efficiently account for revenue.
- Integrating other applications to automate accounting processes.
The operation required approximately five months to migrate four years of data, reconcile all account codes, and position the company for a successful exit. Following this transformation, Kadia engaged in the due diligence process, which resulted in the successful acquisition of the company.
Financial Security Challenge
In Kadia’s experience, the biggest challenges businesses face regarding financial security are cash flow management, fraud, and technology integration.
Businesses must be on top of their operational costs to ensure operational efficiency and long-term sustainability. They should know their monthly cash burn rate, identify monthly budget vs actual and investigate monthly variances. This way, they can minimise the risk of fraud.
Additionally, having the right technology and systems in place saves businesses time by automating processes and costs.
Cash flow management, fraud, and technology integration are interdependent. Without the right systems in place, business costs will rise, eventually affecting cash flow and potentially leading to inefficient processes and fraud.
Advice for Businesses
We have the Wright team in place to help identify, analyse and mitigate financial risks, including those associated with cash flow, technology, credit and market changes, which are crucial for maintaining a healthy business.
Partnering with WrightCFO gives you access to Kadia’s comprehensive expertise and ensures the financial well-being of your business. Contact us today!
This article was originally published on LinkedIn on 3rd July 2024.
