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Shaping Your Financial Future

Most business owners have a lack financial understanding of their businesses and so leave their financial future to chance.

Some business owners have a fear of numbers. Some are overwhelmed. Most feel intimidated or embarrassed to admit that they don’t know what they’re looking for when they review financial documents.

Fortunately, you’re reading this now.

The good news is you do not need to know everything about accounting in order to define and strategically manage your financial data.

The truth is, you only have to be proficient in understanding 20% of the financial information that you generate, and informed enough to know who to go to for the other 80%.

With the right resources and mindset, you can dramatically transform the financial performance of your business, and increase your feeling of control and confidence in this area.

Let’s Define the Roles

As CEO you are responsible for the success or failure of your business.

For you to be fully successful at that, you must build a financial team around you, and leverage the information provided by the rest of the team.

Your team includes:

  • A CFO
  • A Controller
  • A Bookkeeper
  • An Accountant (SAIPA/SAIBA/ACCA)

CFO advises the CEO on trends that may impact the business, supports you in analyzing financial reports, and helps to establish and monitor the systems used by your accounting department.


A Controller oversees the personnel in your accounting department, prepares reports, and makes recommendations to improve the financial outlook of the company.

The bookkeeper is the technician on your team handling the day-to-day tasks of organizing and inputting data.

The Accountant’s main role is to advise you on tax-related matters.

This is a typical structure of a larger entity and with the vast changes to the expectancies from accountants in South Africa, for most of you, all four roles can be provided by a highly proficient accounting firm.


shape your financial future


Is This a Business or a Hobby?

Are you using an Accountant?

If so, are they analyzing your income statements for you?

If your answer is no to either of these questions, you are missing a key player on your financial team. You’re also missing tools that are vital to the control of your financial future.

The key to being motivated to shape your financial systems is to think about what you really want in return for the time you’re investing. It is critical to acknowledge whether you have a hobby or a business.

If your answer is authentically a business, then you need to begin to think about it differently.

If you have been avoiding responsible, comprehensive financial management and burying your head in the sand, there is no better time to adopt a new, healthy attitude towards it, and resolve to take action.

If you want your business to give you more life, and are committed to fulfilling your financial goals and taking control of your financial health, then making this shift is essential.

The Essential Steps

  1. Be open and curious about how your financials and your business activities are connected. Every decision and action you take shows up somewhere on your financial reports. Understanding what is underneath those numbers will allow you to have increased clarity and make better strategic decisions.
  2. Have a financial team around you that provides support, direction, and recommendations. Each position brings a different viewpoint, and it may take some time to put it together, but don’t wait to start. They do not have to be full time staff. Start with your CPA because they might be able to provide additional resources or give you suggestions as to where you can find the rest of your team.
  3. Regularly review and analyze your income statements and balance sheets. Your financial team can play an important part with this. This review needs to be done monthly. Being consistent is critical; repeated, regular, disciplined exposure will increasingly alert you to trends and anomalies, and progressively increase your “financial intelligence” and comfort level.
  4. Establish a budget and a system for using it. It does not have to be complicated. Determine when during the month you will review your budget and the variances between your plan and what actually occurred. Your budget is a plan to make you profitable and you can – and should – adjust it periodically to reflect the shifting realities of your business activities.
  5. Set up a way to track and manage your cash and make it a routine. Generally speaking, you need to have 2 – 3 months of expenses set up as a cash reserve. Even if you can only put a little away at a time, do it because it will add up quickly. Cash management is about knowing what you have now, what is due to come in, and what is due to go out. It seems simple because it is!
  6. Use accounting software. Simply relying on your checkbook, bank statements or spreadsheets is just not comprehensive enough. Although we don’t endorse any specific software, make sure it includes the ability to run income statements, and balance sheets, create and manage budgets, and has the ability to track and manage cash flow. It should also be able to provide variance reports for your budget and cash flow. ThriveCFO will be able to advise on the best solution to your circumstances if you haven’t already got this covered.
Read Also:  Five ways to increase your profit

If you acknowledge what is in your way of being fully accountable for your own financial health, set up a team around you, and follow these 6 guidelines, you will begin to develop a financial management system that will direct you on the path to building and having a healthy and thriving company.

If you choose to keep doing what is not working or continue to avoid what is, in fact, your responsibility as CEO, then be prepared to forever ask yourself why there is so much month left at the end of the money.

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Palabadi Ramaphoko
Palabadi Ramaphoko
19:38 15 May 23
I'm impressed with the work you do. You are extremely professional and polite. I hope we will grow big together!
Deidre Oosthuysen
Deidre Oosthuysen
12:20 04 May 23
I feel as though Thrive CFO is a natural part of our business. 100% professional. Very knowledgeable. Incredibly organised. And with a work ethic and proactive communication practices, I know I am in the very best hands possible.
Sean Fabian
Sean Fabian
07:45 04 May 23
As someone who has had the pleasure of working with Thrive CFO, I can confidently say that they are an exceptional company with an unwavering dedication to their clients. From beginning to end, their commitment to providing top-tier financial services is evident in every interaction.One of the things that sets Thrive CFO apart is their focus on education. They take the time to educate their clients on financial best practices and help them understand the reasoning behind their recommendations. This approach ensures that clients are empowered to make informed decisions about their finances.Thrive CFO also uses the latest technology to streamline their services and make the financial management process as efficient as possible. They utilize cloud-based software to provide real-time financial data and make it easy for clients to access their financial information at any time.Overall, Thrive CFO is an exceptional company that is dedicated to providing personalised financial solutions that help their clients succeed. If you're looking for a financial firm that truly cares about your success, I highly recommend Thrive CFO.
Michael Dawson
Michael Dawson
15:48 02 May 23
Great experience with the team! Always willing to assist with questions and able to help guide my small business to ensure that I am compliant.
Riaan Schlebusch ITMC
Riaan Schlebusch ITMC
12:15 21 Apr 23
Professional, smart and friendly people.You only deal with the best of the best, and they know how to answer your questions, and they ensure that they understand you, and make they make sure to take the time to know your business.
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