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Financial Management Best Practices

Autotask
Autotask

Do you have the right tools to measure your financial performance? Do you know what elements are necessary to guide your business? Based on last year's rave reviews, Autotask's own Chief Financial Officer, Vince Zumbo, will return to lay out the fundamentals of planning and monitoring your financials for success. Vince will be aided by Autotask Product Manager Joe Rourke who will demonstrate how you can apply what you've learned by leveraging Autotask to support your business' optimal financial health. This session is full of tips, templates and insights that are used by financial professionals today and can be used by organizations of all sizes. [Presenters: Vince Zumbo & Patrick Burns, Autotask]

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Financial Management
Best Practices
Vince Zumbo, Chief Financial Officer
Patrick Burns, Vice President, Product Management
Vince Zumbo - Bio
Chief Financial Officer

Career Experience:
 Joined Autotask January 2011
• Several venture backed technology companies
• Software, SaaS, telecommunications; semiconductor and systems
integration
• Sourced over $65M in venture capital and bank financing
• Successful M&A and IPO experience
Financial Management – Best Practices
Goal:
Provide ideas and processes that will enhance the way you
financially manage your business

Area of Focus:
Business planning & control
Understanding facts (KPI’s) and cause & effect relationships
Rolling forecasts to gain visibility and align resources
Financial Management – Best Practices

“…business is simply prioritization with limited
resources”
- Mark Cattini
How Do You Manage Your Business Today?
How many of these can you answer “yes”?
 Do you have a formal planning process?
 Do you know what the drivers are behind
historical trending and forward looking plans?
 Do you know if resources aligned with your
revenue & profitability goals?
 Do you know which employees are more
effective than others?
 Do you know which customers or sources of
revenue are more profitable than others?
Financial Management Components
Plan Process
Team
Collaboration
Revenue Sources
Expense base
Cash Flow

Introduce
Rewards System
for Value Creation

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Financial Management Best Practices

  • 1. Financial Management Best Practices Vince Zumbo, Chief Financial Officer Patrick Burns, Vice President, Product Management
  • 2. Vince Zumbo - Bio Chief Financial Officer Career Experience:  Joined Autotask January 2011 • Several venture backed technology companies • Software, SaaS, telecommunications; semiconductor and systems integration • Sourced over $65M in venture capital and bank financing • Successful M&A and IPO experience
  • 3. Financial Management – Best Practices Goal: Provide ideas and processes that will enhance the way you financially manage your business Area of Focus: Business planning & control Understanding facts (KPI’s) and cause & effect relationships Rolling forecasts to gain visibility and align resources
  • 4. Financial Management – Best Practices “…business is simply prioritization with limited resources” - Mark Cattini
  • 5. How Do You Manage Your Business Today? How many of these can you answer “yes”?  Do you have a formal planning process?  Do you know what the drivers are behind historical trending and forward looking plans?  Do you know if resources aligned with your revenue & profitability goals?  Do you know which employees are more effective than others?  Do you know which customers or sources of revenue are more profitable than others?
  • 6. Financial Management Components Plan Process Team Collaboration Revenue Sources Expense base Cash Flow Introduce Rewards System for Value Creation
  • 7. Business Plan Elements 1.0 Executive Summary 1.1 Objectives 1.2 Mission 1.3 Keys to Success 2.0 Company Summary 2.1 Company Ownership 2.2 Company History (for ongoing companies) or Start-up Plan (for new companies) 2.3 Company Locations and Facilities 3.0 Products and Services 3.1 Product and Service Description 3.2 Competitive Comparison 3.3 Sales Literature 3.4 Sourcing and Fulfillment 3.5 Technology 3.6 Future Products and Services 4.0 Market Analysis Summary 4.1 Market Segmentation 4.2 Target Market Segment Strategy 4.2.1 Market Needs 4.2.2 Market Trends 4.2.3 Market Growth 4.3 Industry Analysis 4.3.1 Industry Participants 4.3.2 Distribution Patterns 4.3.3 Competition and Buying Patterns 4.3.4 Main Competitors
  • 8. Business Plan Elements 5.0 Strategy and Implementation Summary 5.1 Strategy Pyramids 5.2 Value Proposition 5.3 Competitive Edge 5.4 Marketing Strategy 5.4.1 Positioning Statements 5.4.2 Pricing Strategy 5.4.3 Promotion Strategy 5.4.4 Distribution Patterns 5.4.5 Marketing Programs 5.5 Sales Strategy 5.5.1 Sales Forecast 5.5.2 Sales Programs 5.6 Strategic Alliances 5.7 Milestones 6.0 Web Plan Summary 6.1 Website Marketing Strategy 6.2 Development Requirements 7.0 Management Summary 7.1 Organizational Structure 7.2 Management Team 7.3 Management Team Gaps 7.4 Personnel Plan 8.0 Financial Plan 8.1 Important Assumptions 8.2 Key Financial Indicators 8.3 Break-Even Analysis 8.4 Projected Profit and Loss 8.5 Projected Cash Flow 8.6 Projected Balance Sheet 8.7 Business Ratios 8.8 Long-term Plan
  • 9. Business Plan Elements Our area of Focus today… 8.0 Financial Plan 8.1 Important Assumptions 8.2 Key Financial Indicators 8.3 Break-Even Analysis 8.4 Projected Profit and Loss 8.5 Projected Cash Flow 8.6 Projected Balance Sheet 8.7 Business Ratios 8.8 Long-term Plan
  • 10. Business Planning Important Assumptions Calendar or Fiscal Year?  Timing – when do you do your planning process Calendar year or fiscal year  Prioritization of initiatives  Run rate business vs. new business  Competition and cyclical variations Have the Plan in your business model Completed by January 1  Utilization % of your services Assuming a Calendar personnel Year  Fixed and variable cost structure
  • 11. Business Planning Important Assumptions  Timing – when do you do your planning process Calendar year or fiscal year New Service Offerings?  Prioritization of initiatives New Sources of Revenue?  Run rate business vs. new business New Markets?  Competition and cyclical variations Number of new customers in your business model signed up? New or increase size of the  Utilization % of your services bank line? personnel  Fixed and variable cost structure List them out and Prioritize!
  • 12. Business Planning Important Assumptions  Timing – when do you do your planning process Calendar year or fiscal year  Prioritization of initiatives  Run rate business vs. new business What is your customer  Competition and cyclical variations mix in your plan? What in your business model % are new customers vs. existing?  Utilization % of your services What are you going to personnel change in your business  Fixed and variable cost structure to change your mix?
  • 13. Business Planning Important Assumptions  Timing – when do you do your planning process Calendar year or fiscal year  Prioritization of initiatives  Run rate business vs. new business  Competition and cyclical variations in your business model  Utilization % of your services personnel  Fixed and variable cost structure How does competition impact your plan? -Pricing? -Geographies? Services?
  • 14. Business Planning Important Assumptions  Timing – when do you do your planning process Calendar year or fiscal year  Prioritization of initiatives  Run rate business vs. new business  Competition and cyclical variations in your business model  Utilization % of your services personnel  Fixed and variable cost structure What is your employee utilization rate ? What should it be? What are your Benchmarks?
  • 15. Business Planning Important Assumptions Fixed Costs (e.g.):  Timing – when do you do your -Rents planning process Calendar year or -Utilities fiscal year -Insurances  Prioritization of initiatives  Run rate business vs. new business Variable Costs (e.g.):  Competition and cyclical variations -People costs in your business model -Travel  Utilization % of your services -Marketing costs personnel Otherwise known as controllable costs…  Fixed and variable cost structure
  • 16. Revenue Model Components a) Run rate business vs. new business b) Recurring vs. One Time Fees c) Cyclical variations in your monthly model d) Attrition or Churn e) Pricing and Discount Strategy
  • 17. Cost Model Components a) b) c) d) e) f) g) h) i) j) Base run rate of existing + new labor + any increase pool Fringe benefit rates Employee turnover Utilization % Sales costs & commissions Marketing promotions Travel Facility costs Utilities and insurance Legal fees
  • 18. Summary Financial P&L Model Revenue Managed Services Billable hours Maintenance Cost of Sales 3rd Party Maintenance Agreements Direct labor Software licenses Sources of revenue Fixed & variable costs with direct relation to revenue generation Gross Margin Operating Expenses Indirect Labor Marketing Sales EBITDA G&A Expense base of fixed and variable expenses and indirect labor
  • 19. Fine Tuning Will Be Required • Are we burning cash or generating cash? • Sources of Revenue • Predictability • Competition Cash Required or Generated Revenue Assess the Risks Mitigate the Risks Profitability • Are we profitable? • Have we prioritized? Cost • Are we capital efficient? • Have we prioritized?
  • 20. Summary Financial Cash Model Accounts Receivable DSO = Business Health Capital Cash Flow from Operations Equipment Cash Balances
  • 21. Financial Management Components Real time KPI Review Cause & Effect What's working and what's not? Plan Process Team Collaboration Revenue Sources Expense base Cash Flow Introduce Rewards system for value creation
  • 22. Top Ten Key Performance Indicators All Compared to Plan AND to Prior Year Results 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. New Business Bookings MRR Net Business Bookings (after attrition) Recurring Revenue (Invoiced customers) Gross Profit Margin Operating Expenses EBITDA Headcount Utilization Rate Cash Balances & Debt Ratios Accounts Receivable DSO (AR/Revenue X # of days)
  • 23. Other KPI’s You Need to Consider… Revenue and Cost per Employee Cost of Customer Acquisition Months to Break Even on Sales and Marketing Costs Average Revenue/Billings per Customer Attrition value and % of Recurring Revenue Current Ratio (Current assets/current liabilities) Customer Survey Results Average Selling Price ROI on Sales and Service Personnel Break Even Point in Revenue
  • 24. Financial Management Components Real time KPI Review Cause & Effect What's working and what's not? Plan Process Team Collaboration Revenue Sources Expense base Cash Flow The “Plan” is Fixed Introduce Rewards system for value creation “What if” Analysis Other markets New Sources of Revenue Other Funding Sources Rolling Forecasting Spending Resource Alignment Reassess Cash “Planning” is an on-going process
  • 25. Rolling Forecasts & Continuous “Planning” Are Essential to Sound Financial Management • Are we burning cash or generating cash? • Sources of Revenue • Predictability • Competition Cash Required or Generated Revenue Assess the Risks Mitigate the Risks Profitability • Are we profitable? • Have we prioritized? Cost • Are we capital efficient? • Have we prioritized?
  • 26. Summary Dos & Don’ts  Do a Financial Plan & create a culture of financial management  Don’t put the plan in a draw to be forgotten after completed  Do know your KPI facts vs. plan and prior year  Don’t fail to act on what your KPI’s are telling you  Do continuous planning through rolling forecasts  Don’t manage your business without a sound financial roadmap
  • 28. Performance Dashboards  Access to KPI’s and trending data  Pre-configured but customizable  Flexible analysis features  Extensible to multiple data sources