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Why could big associations fail at their Executive level?

The organisation CPA (Certified Practising Accountants) has recently terminated its CEO’s contract after the resignation of almost half its Board. In light of such an upheaval, a few difficult questions need to be asked. Here are some answers to the more interesting ones:

FAQs

Q: How can an organisation like CPA fail at an executive level?

A: Sadly, even as companies develop, management and board structures tend to remain unchanged. For a large-scale company like CPA, it is possible that the management systems were simply outdated and unable to keep up with community needs. The source of the problem may be an overly centralised and self-interested board and management team (see CEO Alex Malley’s $1.8 mil salary!). Perhaps membership organisations should use a local franchise model, giving incentive to provide valuable services.

Q: Is CPA producing anything of value for their members?

A: Honestly, probably not. The organisation has invested heavily in branding, promotion and overseas growth, instead of the training and guidance their members need. This decision could have serious repercussions for the company.

Q: How can the Board take better control of what is going on in the organisation?

A: Technology is the secret weapon for the modern business. Using integrated cloud software for sharing and reporting information, the management team can get an overall picture of the organisation almost instantly. Using technology, the board can gather member data, respond to it instantly, and prevent large-scale executive failure.

Q: Is CPA meeting members’ expectations?

A:The last ten years have brought significant changes in customer expectations, which have not been reflected in CPA’s structure or membership requirements. Businesses should be able to develop quickly to meet members’ needs.

Q: What leadership role or structure is best for organisations like CPA?

A: Member-led organisations should be at the forefront of industry. The days of professional bodies lobbying governments to change their own policies should be far behind us! Nowadays, members should be the voices and leaders of their own groups.

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Tomorrow’s CFOs –Transformational Leadership in the C-Suite

Chien Dang

The growing importance of Chief Financial Officer (CFO) roles due to globalisation and business complexity has led to the need of increased expectation for CFOs to become business strategists. Equipped by technology advancement, the role of a CFO is now transforming.  

Conventionally, CFOs are required to direct the company accounting, ensure the financial information accuracy, and monitor the financial health of the company. However, the future candidates for CFO positions might experience a change in their conventional roles. Future CFOs will be expected to not only good at interpreting the numbers but also developing and supporting their companies’ business strategies. The CFO will become more progressive to act as the CEO’s right hand man, especially when it comes to strategic decision making. 

The change in CFO role could not happen without the impact of technology. Innovative technology are disrupting and challenging the conventional definition of being a CFO. Technology is indeed the significant factor that is transforming the role of the CFOs.

Image result for big data

Innovative technology enables cloud accounting to flourish. Systems like XERO provide CFOs access to real time data and insights of their companies’ performances. With advanced machine learning, XERO could learn to complete multiple manual tasks which are currently performed by human. The automation feature of XERO allows CFOs to have more time and resource for strategy analysis, thus results in a better decision making. 

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Tailored Accounts becomes The Finalist of Australian Accounting Awards 2016

Tailored Accounts has been shortlisted for the prestigious Australian Accounting Awards, partnered by Reckon.

Tailored Accounts has been shortlisted as a finalist to win an award in the Executive of the Year category at the 2016 Australian Accounting Awards, hosted by AccountantsDaily, Australia’s top publication for the accounting industry. 

We congratulate Harry Hoang on being shortlisted as one of the best Chief Executive Officers in accounting industry. Since 2009, Tailored Accounts has been offered innovative bookkeeping service to nearly two hundreds Australian businesses. We thank our clients for entrusting our service!

Now in its third consecutive year, the Australian Accounting Awards,which covers  24 categories, recognises individual excellence in accounting, from the profession’s most senior ranks to its rising stars.

Winners in the individual categories will automatically be shortlisted for the coveted AccountantsDaily Excellence Award.

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