Frequently Asked Questions

1. What are your qualifications?

I was a partner at one of the largest accounting firms in the world, KPMG, before starting Financial Insights. My clients at KPMG included Nedbank where I sat on the IT Risk Committee, Johannesburg Stock Exchange, Tiger Brands and Old Mutual.  In addition, we have two qualified Chartered Accountants working in the business.

We and our team have a wealth of experience developing the accounting systems and processes necessary to run a successful business. We enjoy helping businesses increase profitability, thanks to efficient accounting systems and experienced financial advice.

 

2. How long have you been in business?

Financial Insights started in 2011, as an integral part of the Profit Partners Group.

Profit Partners has been working since 2008 to build more profitable businesses.

 

3. Who are your clients?

Our clients are small to medium sized businesses that need to fully outsource their accounting function or require financial management oversight of their existing bookkeeping function. We handle all of their financial accounting and advising needs so that you don’t have to become experts in finance themselves.

 

4. Do you have references?

We invite companies who are considering using our services to contact our clients to confirm how we deliver on our promises. We have found this kind of experience-based testimonial to be our best reference. Just contact us and we will provide you with the names and contact information of our referees.

 

5. What are your fees?

Our fees vary depending on the level of input and processing your company requires.

Financial Insights has developed an accounts processing system that is efficient and fast allowing us to offer you a high value product at an affordable price. We are always open to creating a program that works for your company and your budget.

 

6. Do you know and understand my industry?

The Financial Insights team has worked with over 250 companies. Our experience is both deep and broad. We have provided expertise in such industries as mining, retail, banking, IT, manufacturing and wholesaling. We have used our knowledge to tailor accounting solutions to suit the business and industry that need our assistance at the time.

 

7. How long will it take you to get up to speed?

Our standard process at Financial Insights to take on a new client typically takes about one month. On occasion we run across companies whose existing accounting records are not substantially up to date or are inaccurate. In cases like that we may need a longer period of time to get up to speed.  We’ll do a thorough review of your situation and let you know what to expect.

 

8. What is your availability?

We understand that when you have come to a decision to reach out to our firm, you are looking for results. One of our team is always available to meet with you immediately, to assess your situation and provide the financial assistance and accounting services your business needs.

 

9. Do you work off-site or at our office?

Most of our processing takes place off-site.

When we process your financial information off-site, we can ensure that all processing is overseen and checked by a competent supervisor.

Processing off-site has the added benefit of freeing up office space for you. You can expect to experience NO disruption to your day to day operations.

We can, however, be onsite for meetings and strategy sessions, to help you get the results you need.

 

10. What types of services do you offer?

Different levels of service are available depending on your needs. For example; some clients require us to handle their full accounting function from invoicing to processing to the capturing of payments and preparation of monthly management accounts. Other clients require us to provide financial management services for their existing accounting team. Our job is to ensure the financial information they are working with enables them to manage and increase the profits of their business. We check that the systems and controls in their accounting function are effective and operational and that the monthly financial information is accurate.

Other services we offer are:

A full payroll and tax service including filing PAYE, VAT, SDL, provisional and annual income tax returns. Providing qualified accountants to perform the role of accounting officer and prepare and sign off annual financial statements.

 

11. How can I ensure my tax affairs are up to date?

As part of our service to our clients, we will, at no cost to you, provide a tax clearance certificate each year from SARS confirming your tax compliance. This is just one of the services we offer to add value to your relationship with Financial Insights.

 

12. Will you help me determine my gross profit margin?

At Financial Insights, our focus is on providing business owners with the information they need to make their businesses more profitable.  Without accurate information on your gross profit margin you are missing a critical piece of your business financials. Your gross profit margin will determine what decisions you make and your business strategy going forward.

Our team considers all aspects of your profit margins from break-even points to gross and net profits to be of the utmost importance to your success.

 

13. Will you help me determine my break-even point?

Absolutely! Without knowing your break-even point you can’t determine your profit margins. At Financial Insights we pay particular attention to educating our clients about this and other critical numbers so that you can manage your business better.

 

14. What return on investment should I be getting on the capital I invest in my business?

Return on investment for capital you have put into the business is all part of the overall financial picture we develop for you.

You need to know that your investment is worthwhile and you can’t assess that without looking at the big picture.

 

15. How will you improve the cash flows in my business?

A healthy cash flow is another critical piece of a well-functioning business. Our team at Financial Insights will make sure you have the right systems in place in your business to ensure all your invoices are processed and sent to your customers on time. We will also help you put debt management processes in place so you collect your receivables and manage your credit risk.

We can also provide valuable guidance and assistance on the other side of the cash flow equation: accounts payable.  We’ll advise you on expenditures you might be able to cut, or ways to get more favorable terms with vendors and suppliers.

In addition we will help you assess your entire cash collection cycle to identify ways to shorten the cycle, eliminate mistakes and if necessary improve your business model.

 

16. How can you help me understand my financial information?

Financial Insights believes it’s important to always be on top of your numbers. After all, they are what keeps the company healthy.

With that in mind, we have devised a system to help you to do just that. Every month we will take you through your accounts and ensure that you understand them and the implications for your business. It’s all part of the service we provide.

 

17. How can you help me manage my costs?

Managing costs is the key to a successful business. We provide you with the financial tools to set zero based budgets and monitor the actual costs of doing business against them.

With these systems in place you will know where every penny is going and can make strategic plans accordingly.

 

18. How can you ensure my existing bookkeeping staff are doing their job?

We can employ the exact same system for quality control and accuracy with your staff that we use with our own team. That way you can insure you are getting the best.

 

19. Can you help me identify fixed and variable costs in my business?

There is one important fact you should know. The greater the proportion of variable costs you have in your business — i.e. costs that will only be incurred if you sell your product or services — the less risk your business faces in a downturn in sales. We will help you identify the fixed costs in your business and explore ways with you and your team, to turn these into variable costs.  The result will be higher profits and greater peace of mind.

 

20. What makes you different from other accounting firms?

Financial Insights focuses on providing you with financial information that will help you run your business more profitably.  Instead of just giving you the numbers and expecting you to deal with them, we are a full service company offering financial advice and educating you about what you need to know to make your business successful. We don’t just provide you with statutory accounts and file your tax returns. We partner with you to grow your business by setting up systems and keeping your financials in tip top shape.

 

Subscribe to Newsletter

Subscribe to our newsletter to always be up to date! See more, learn more.