Case studies
The company Železná koule wanted order in their reporting. They gained higher revenue and peace of mind.
Almost everyone who has ever lifted a barbell knows Železná koule. The successful gym network invited us to bring order to their reporting. Today, we meet regularly. What does the CEO praise? Mainly the peace of mind – and better financial results.
Chaotic reporting was not enough for strategic decisions
Železná koule was implementing a new organizational structure, so the COO decided to put their finances in order.
They already had reporting – but it was inaccurate and superficial. It wasn’t sufficient for meaningful decisions about the company’s operations. That’s why our financial directors stepped in.
What did we uncover?
- The reports were complex and confusing.
- Some data was missing, while other data was duplicated.
- Bank and cash transactions were mixed together.
- Direct and overhead costs were not separated.
- Nobody knew who was responsible for data entry and meeting plans.
We recreated the reporting on the same platform so that employees could navigate it easily.
The first results arrived quickly: This is how we saved 0.5 million on taxes and secured money for investments.
With the new reporting, Železná koule gained enough reliable data for its growth. But we didn’t stop there.
We advised them on how to save 0.5 million on taxes by moving the equipment purchase for the new gym to 2023.
We also arranged an investment loan for the client after Železná koule was rejected by their bank.
What else did we change at Železná koule?
- We taught the COO how to manage the company through numbers.
- We created a 2024 financial plan and a tool for cash flow planning.
- We designed an accounting chart of accounts based on management reporting.
Železná koule does not need a full-time CFO. They use ours when they need one.
Currently, we meet with the management of Železná koule every one to two weeks, depending on their needs. Thanks to this, they don’t have to pay for a full-time CFO, yet they still have their own expert who understands finance.
Together, we prepare financial plans, consult on e-shop pricing, and monitor the achievement of goals.
What has changed at Železná koule? Calmness and green numbers arrived.
The results show a year-on-year improvement from a loss of 0.8 million to a profit of 1.5 million. We do not want to take credit for others’ work – this will not be solely our merit.
However, it is our merit that the CEO has gained peace of mind. As he himself says, he finally has a partner who looks after the finances.
Data helps companies grow. What about yours?
A marketing agency saved 1 million CZK in costs. All it took was bringing order to the numbers.
A marketing agency knows well what it means to “run a company by the numbers”. The owners invited us to find out if they had reliable data for their decisions. A simple task for our CFO turned into savings of 1.2 million CZK.
How did the client's cooperation with our external CFOs go?
Reporting audit
Financial management analysis
Recommendations for process improvement
Preparation of pricing templates
New reporting
Savings
“We have data. But what kind?”
Some time ago, the agency had Power BI reporting implemented. The owners used it to manage the agency. However, they were not sure about the quality of the data in the reports. They turned to us – and they did well.
What did we uncover?
- Data from accounting was duplicated in the reports.
- Projects were evaluated based on incorrectly set gross wages.
- Costs rebilled to clients were distorting the results.
- The agency did not track costs according to what they were spent on.
- Even experienced professionals could not navigate the reports.
The reports were distorting the agency’s performance. Any decision based on them could have harmed the company.
Financial management recommendation: This is how we saved the first 200 thousand CZK.
The owners were surprised by what we discovered about their reporting. They invited us to also explore the company’s financial management.
The very first recommendation saved the agency 200,000 CZK. The agency was planning an audit by an auditing firm. We recommended against it, as it would not have been useful at that moment. Thus, the agency saved 200,000 CZK.
What else did we change at the agency?
- We taught the management how to run the company using numbers.
- We audited the accounting and introduced a clearer system.
- We changed the information hand-over processes. Now, everyone has reliable data for their work.
What changed at the agency? Reliable data saved 1 million CZK.
Once the agency had reliable data, it was able to evaluate its performance. The evaluation and precise work planning saved 1 million CZK in labor costs.
Thanks to data, a company can grow. And what about yours?
Company with a revenue of over 100 million CZK
Over the last 2 years, the company had inconsistent processes and lacked a CFO and more sophisticated financial management. Everything was happening as a result of the company’s rapid growth.
The company engaged our external CFO, who primarily focused on setting up financial and related processes at the beginning, utilizing our team of experts for specific areas such as a process specialist, a reporting specialist, and a tax advisor. After setting up and streamlining a number of processes, we implemented reporting in POWER BI and a cash flow plan, as the company had problems specifically with cash flow and its planning due to seasonality.
The result of this implementation was a dramatic improvement in managerial decision-making within the company, and the company continues to grow at the same pace with improved profitability and increased company value, without cash flow shortages. Furthermore, as with other companies, we continue with regular financial management based on the company’s monthly results and evaluate the established financial plan and any further business cases, while helping with decision-making regarding new investments and hiring. We are preparing the company for the creation of a holding structure of connected companies.
Interim financial manager for a larger company
A larger shared-service center with a parent company listed on the US stock exchange was looking for an interim financial manager for the entire shared-service center for a period of approximately 1–2 years.
Since we were approached, we were able to immediately offer a high-quality candidate whom we had also tested on our own short-term projects. Thus, we provided our own reference for him, and he also had a background that was perfectly suited to the client.
The cooperation was established with maximum satisfaction, and our company regularly evaluates the progress of the cooperation, which may possibly be extended to other positions.
External CFO for a growing startup
A smaller, rapidly growing startup (healthcare) was looking for a full-time financial manager/director. After an initial meeting, we clarified the needs and scope of the collaboration and agreed on a workload of approximately 0.2 FTE per month, which saved the client significant money while providing fully sufficient service. Furthermore, thanks to the broad database of our financial directors, the CFO provided to the client is from the relevant industry, maximizing the added value. Our CFO helps the client with financial planning, preparation for fundraising, and is gradually setting up all related financial processes, including their automation. Over time, they are also getting involved in business development, negotiations with investors and key partners, and are a fully-fledged member of the team. Additionally, they bring valuable “outside” know-how because they work across a range of clients and have many valuable contacts, which they actively share with the client. Currently, preparations for 2023 and the budgeting necessary for managing the company next year are underway. In 2023, reporting will be implemented as an extension of the accounting system, allowing the company management to regularly evaluate the company’s progress together with our CFO, thanks to a perfectly set-up numerical framework.
Outsourcing financial positions
Our client – a larger corporate company – was having trouble completing several projects and was seeking several financial positions to finish them. Thanks to our wider database of people, whom we have partially tested on our smaller projects, we were able to provide assistance with a number of projects through contracting. For some specific positions in controlling and financial analysis, our help continues, especially during peak periods for the finance department (beginning of the year, etc.), when external help is useful. We have also filled a number of positions on a stable, part-time basis, where our colleagues work for the given company, for example, at 0.6–0.8 FTE and on our other projects at a smaller workload.
Grant preparation – Rise up
During the winter of 2022 and spring of 2023, we are assisting a number of our clients with the digitalization of their companies under a grant program, which allows them to streamline their processes, implement quality reporting in POWER BI, and prepare a financial plan for 2023 for only 15% of the total project costs. The grant program is valid for small and medium-sized enterprises.
Restructuring of the finance department
A company with an annual revenue of approximately 80 million CZK approached us regarding organizational changes to review the operations of its finance and accounting department. After reviewing the processes and job descriptions of individual team members (controller, financial analyst, and 2 accountants), we proposed a new process setup, including their digitalization using the wflow application and POWER BI. By saving the time of the accountants and controller, the department now operates with a financial analyst, 1.2 accounting FTEs, and 0.3 FTE of our external financial director, who brings external perspective and years of experience to the company through regular monthly meetings to discuss the company’s results. Other employees were transferred to the company’s sales and administration departments, where those positions had been difficult to fill for a long time.
Smaller construction company
A smaller construction company with a revenue of approximately 20 million CZK approached us because it had long-term problems with cash flow management and discrepancies between reports from Pohoda and Caflou. The task of our external financial director was therefore to prepare a detailed cash flow forecast for the company’s executive, which they could suitably use for managing and predicting cash flow. Since it was necessary to draw on a loan at a certain point in advance, our financing expert secured a loan for the client under very favorable conditions, primarily thanks to the fact that there was enough time to tender the loan with banks.
As part of the second task, reconciling the 2 reports, we found the cause, which stemmed from the fact that each report was pulling data from a different source. For next year, the client plans to transition to reporting in POWER BI, which will be created for them by the external CFO together with our reporting team.
After the successful launch of the project, we are continuing our cooperation based on regular monthly consultations regarding reporting and the setup of financial processes and guidelines.
Real estate holding company
A real estate holding company was preparing 2 separate projects, within which it was setting up a real estate investment crowdfunding platform and an investment company according to §15 ZISIF. For both projects, we deployed our external CFO, a specialist in the given field, who helped with the preparation of the financial plan and, in part, the documentation for the Czech National Bank (CNB). We are now continuing on the projects in the form of ad-hoc consultations.
First-class custom manufacturing
A smaller company specializing in the production of high-end custom kitchens approached us for help with preparing a financial plan, in which they wanted to reflect their specific strategic goals. After incorporating the managing director’s vision into the financial plan and our clear recommendations on how to achieve their goal, the company decided to scale down its operations and focus on other projects, with which our external CFO will again help them.
Testimonials
Skinners Technologies s.r.o.
ACRIOS Systems s.r.o.
RVLT Digital s.r.o.
Zaitra s.r.o.
Whole Earth Brands, Inc.
Železná koule, s.r.o.
Stavební Engineering Přerov s.r.o.
Carebot s.r.o.
Estampada s.r.o.
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