MEDIA RELEASE 22 September 2008
New Media Company plans for success with help from an innovative CFO
Service
To facilitate growth, new media company, Viocorp looked to an innovative
outsourced chief financial officer (CFO) service offered by accountancy firm,
Azure Group, to help strategically plan for their future.
Established in 2002, Viocorp is an internet broadcasting company specialising in
video and audio distribution. Based in Sydney, the company experienced early
growth and in 2005 and needed the advice and planning expertise that comes from
an experienced CFO.
Viocorp CEO Ron McCulloch said they really needed an experienced CFO but did not
want to pay the full time expense.
"Azure Group's outsourced CFO service was perfect for Viocorp. We got the
experienced level of strategic financial advice we needed without having to
employ a full time CFO. Azure also looks after our entire accounting function,
right down to our monthly profit and loss statements and tax returns," said
McCulloch.
Azure Group offers a unique service of an outsourced, highly experienced CFO,
particularly to SME clients. This type of service is greatly beneficial as it
provides a source of objectivity and strategic advice.
"One of the things that attracted us to Azure Group is their ongoing proactive
approach. Along with monthly board meetings, Azure provides us with a full
financial report each month. In an industry such as ours, it is imperative to
know where you are financially at all times. It gives our stakeholders more
security and gives the company a level of financial competence not otherwise
achieved if the accounts were only dealt with once a year," added McCulloch.
"What Azure was able to do for Viocorp, is structure the business in a way that
encouraged and allowed growth," said Michael Derin, CFO for Viocorp and managing
director of Azure Group. "We then assisted the company to successfully raise
significant capital for the expansion and development of the business."
"Because Azure looks after all of Viocorp's financials, we have been able to
help them effectively put in place short term and more importantly, long term
planning. Measuring the company's financial success on a month by month basis
and participating in ongoing strategic reviews has allowed us to keep management
informed thereby pinpointing more accurately where the business needed to focus
and plan proactively rather than reactively," Derin added.
Such focus and planning has paid off with the company achieving a 20 per cent
increase in turnover from 2007 to 2008. For Viocorp, Azure has implemented a
number of initiatives, including establishing a new accounting system,
simplifying accounting processes and reporting systems, assisting in the
rationalisation of the corporate structure and participating in the development
of the detailed financial and business plans.
"Keeping ahead of the market is an important aspect of our business. We've got
some exciting plans, centred on the development of our own video publishing
software for consumers. By utilising Azure's outsourced CFO service and their
total accounting solution, Viocorp has maintained its financial health and
together with our CFO, Michael Derin, put in place strategic plans to achieve
our company goals to ensure the business moves forward," said McCulloch.
Azure Group is a Sydney-based chartered accounting and financial services firm
which was established in 2002 by Michael Derin. Since its foundation Azure has
grown exponentially with annual turnover increases in excess of 40 per cent.
Derin started Azure Group with the idea of offering strategic level commercial
advice to SME clients. The fundamental thing that he identified was that SMEs
rarely get that level of assistance because they can't afford or attract an
experienced full-time Chief Financial Officer (CFO) normally only afforded by a
large corporate and they can't find it in the consulting world.
As well as the CFO outsourced service, Azure Group is an experienced chartered
accounting firm that provides ongoing service and handles one-off projects for
clients. It provides its clients with proactive compliance advice to ensure that
a client's tax position is considered throughout the year, not just at tax time.
For more information on Azure Group, visit
www.azuregroup.com.au or call 1300 4
AZURE or 1300 429 873.
Released for Azure Group by Dennis Rutzou Public Relations (www.drpr.com.au)
For further information please call Joanna Gitsham or Nicola Rutzou on (02) 9413
4244.
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