Consulting Services for Bermuda Businesses
At Abacus, our team of accounting professionals has a wide range of experience. We have even served in roles including Software Support Specialist, Financial Controller, and Auditor. We make immediate and lasting contributions towards your company’s strategic business objectives. Because of our outsourced model, we can provide the most cost-effective solutions available today. Whether you need an extremely broad approach to your business growth strategies or have needs in a more limited area, our experience running our own business and consulting with hundreds of clients over the years allows us to see the big picture so we can boil our recommendations down to what your organization really needs to thrive and prosper. As business consultants, we work with clients like you every day on:
- Creating your strategic business plan
- Establishing budgets
- Developing cash flow projections
- Reviewing Internal control processes
- Conducting a thorough business process review
- Liaising with external auditors, bankers, lawyers, financial advisors, and other key service providers
Abacus has the breadth and depth of practical experience from working within various fields to help you assess, plan, and implement a wide range of projects. This enables you to deliver the highest standard of outcomes in your industry. Our focus is on working with you to deliver practical solutions. We have a range of engagement options that are flexible and responsive to your budget and needs.
Business Management Consulting
Like any good consultants, we need to deeply understand your business before we start making recommendations on improvements. Some of the higher-level management consulting services we offer include:
Systems Modernization – Like a lot of businesses, many financial reporting systems have been cobbled together over time. We take a fresh look at the data you need to store, access, and report upon, and make recommendations on how to move your systems from where they are now, to modern best practices.
Transformative Advisory Program – We work with business owners and decision makers who seek to revive their organizations. When we advise you, we will never deliver cookie cutter advice. Rather, it is our commitment to offer advice that will transform your business into what you have always dreamed of. We offer recommendations on financial insights, operational effectiveness, technology deployment, managing the institutional knowledge of your company, and helping you develop a succession plan.
Outsourced Chief Financial Officer (CFO)– We know the role of CFO in a business is to participate on the executive committee, weigh in on strategic direction, and proactively manage all of the firm’s financials including payroll and benefits. At Abacus, we know CFOs demand large compensation packages. For a reasonable fixed fee per month, Abacus will assign one of our senior consultants to serve as the outsourced CFO of your business or organization. You receive all of the benefits of having an in-house CFO with none of the overhead costs.
We regularly consult with boards of directors of nonprofit and for-profit organizations. We help the board identify the key performance indicators (KPI) they should expect from the organization upon which they serve on the board. We also help boards of directors understand the financial documents they receive before each board meeting to identify possible issues buried in the numbers.
We believe the roadmap to your future success is your business plan. When you have a plan for the growth and expansion of your business, it’s highly likely you will achieve your goals. At Abacus, we work with businesses in every industry on the development of the strategic business planning roadmap that will show you the way to business expansion and growth. We use a solid business planning process that includes:
Needs Assessment/Analysis – The first step in business planning is to step back and analyze what has worked in the past; what hasn’t. We need to look at every aspect of your business including financial management, human resources, and marketing to provide the whole picture we will operate from.
Objectives and Priorities – We will work with you to identify your key objectives for growth and the priorities we must set into motion to achieve your goals.
Key Performance Indicators (KPIs) – We help you identify the most important performance indicators that will lead to meeting the objectives in your business plan.
Strategic Plan – A strategic plan will contain your objectives, messages, market and competitive analysis, operational strategies, and financial proformas that will guide your future efforts.
Action Plan – We like to say your action plan is your stated desire to make specific changes based on the results of your business analysis, objectives and KPIs identified in the strategic plan. It’s “how” we will achieve success.
Implementation – An action plan without a commitment to implementation will go nowhere. We are here to help you at every level – implement your strategic business plan. We commit to the SMART approach (Strategic, Measurable, Attainable, Relevant and Time-Bound).
Accountability – We commit to always having someone accountable to the success of the implementation of your business plan. Some of our accountability partners will be within your organization, some within ours. We must hold ourselves accountable to achieving your business planning objectives.
Frequently Asked Questions
I don’t feel like we’re getting the most out of our financial tools and software. Can you help?
Abacus has a strong team of accounting experts that help you choose the right financial tools for your business. We assess your business and its needs in conjunction with your current tools and recommend the most effective and efficient way to use them or recommend alternatives that would better fit your needs.
How do your senior consultants who serve as Outsourced Chief Financial Officers (CFO) engage with the organizations they work with?
Our Outsourced CFOs work with our Account Managers to ensure your data is complete, accurate, and received in a timely manner. Additionally, we just don’t provide you with numerical reports. We analyze your information in collaboration with you or your management team as part of our meetings with you on a frequency you prefer.
Our financial reporting is hard to understand for stakeholders without a financial background. How can you help us make this information more accessible?
As part of our reporting package, we provide comprehensive analysis, including dashboards consisting of charts and graphs that are easier to understand than just numbers. We can also meet with stakeholders to present our reporting in a way that they better understand and answer any questions they may have.
I have a business plan, but want to reevaluate it after operating for a few years. How should I reapproach my plan?
Our experts can help you assess where you are, determine where you want to be, determine your needs, and provide advice on how to close any gaps. Our advice will include both financial and operational aspects.
How does the Abacus team get to know me and my business before advising me on my business plan or financial operations?
Before we fully engage with you, we meet with you to obtain specific information about you and your business. This includes finding out what your pain points are and what keeps you awake at night. We then perform a comprehensive assessment of your financial system and information and issue you a report of our findings and recommendations to correct any deficiencies identified.
Get in Touch
To find out if our consulting services are the right fit for your business or organization, feel free to reach out and contact us for a no-obligation consultation.