Wall Street has taken a fall and despite the spirit of political “unity” that took hold of the battling US senate, the world financial markets refused to have faith in the US government’s bold bail out plan.

Meanwhile the Australian dollar, property prices and (thankfully) interest rates are going down. The world, it seems, on the eve of the US election is in turmoil and the global credit crunch is starting to have an effect on all facets of our lives.

So it’s time to get tough, get down to business, stick to the basics and brace ourselves for a bumpy ride. The only solace is that it is indeed cyclical and we will get out the other side, perhaps with a new political persuasion in the White House. Perhaps with a more robust, resilient global economy..maybe with a fantastic new career that you would never have thought of unless an economic crisis forced your hand in another direction.

Whatever the outcome we are indeed living in interesting times, let’s savour them and the knowledge that we will draw from the experience.

This too shall pass!

Kindest regards,
Diane Humphries, CPA
Director | Cameron Recruitment

The Down Turn Survival Guide

As financial uncertainty hovers, big businesses will seek advice from the stock market, investment bankers and even marketing gurus but SME’s are beholden to the wisdom of their accountants as valued business advisors. Accountants rank consistently as one of the most trusted sources of advicefor small businesses in SME association surveys.

One of the cornerstones in accountancy is that you track cash in and out of your business. In a booming economy it can be annoying when a customer pays late but in a downturn it can be a very serious problem. In growth times people focus on profit, in a downturn people focus on cash.

In lean times it is important to chase up cash from debtors promptly, and check all credit references. You also need to keep an eye on your suppliers' financial health. It is very important as accountants to be kept fully informed, by managers and owners, about any changes to the business in this current economic climate.

Here is a quick guide to getting through some tough financial times.

Our survival guide for Businesses and their Managers:

Tighten up costs - Yet avoid the temptation to make immediate cuts in your marketing expenditure, as this could lose you competitive edge.

Re-invent your strategy - In an unstable environment, things can easily change. Determine which product lines, sectors and customers may put pressure on your profitability.

Be the bargain hunter - Distressed times create distressed assets (but assets that were once highly coveted). Company owners may be looking for a quick exit, rather than trading through a more difficult economic period.
Keep staff motivated - Make sure that your staff understand your objectives and are rewarded by achieving them. Downturns demand a cohesive team spirit.

Right size, not down size - Don’t throw away talent unnecessarily, as it may prove to be a false economy, when you consider future recruitment costs and the loss of expertise.

Not everyone has to suffer

Not everyone suffers during a global credit crunch. In tough economic times there are a few sectors of the economy that are sure to benefit.

Just think of Deloitte UK’s global chairman John Connolly. He pocketed £5.7 million last year, a cool million above his previous year’s earnings, despite the downturn.

The fact is that Mr Connolly and his 680 partner colleagues all benefited immensely from the crazy escalation of global debt, the requirements of restructuring in lean times and forensic accounting work. The best thing about a downturn for accountants is that companies all require merger and acquisition advice and often complex consultancy to help them stay solvent.

The average profit per Deloitte partner rose to £970,000 from £877,000, while partners on the executive committee shared a profit pool of £44m, which was £10m up on the year before.

Connolly said the audit arm was working on client company year-end results earlier than usual because of problems that might emerge in the credit crunch.

The problem of being an accountant is that auditors are also the first to be blamed when firms run into difficulty. Look at Opes Prime, Lehman Brothers etc etc. However, the opportunity of being on the front line means that if you do keep your client’s head above water, you will always weather the worst of financial tsunamis.

HOT JOBS

Senior Financial Accountant

Successful FMCG Multinational
North Ryde location
Package up to $100k

This highly profitable FMCG organisation has a suite of trusted, household brand name products with a long successful history in Australia. There is a strong commitment to research and development, innovation and increasing market share through qualitative growth. Improvement in sound earnings performance year on year has been achievable through superior supply chain management as well as each brand being first or second in its category.

The company participates in major sponsorships and has an ongoing commitment to a variety of charities. With responsibility for both Australia and New Zealand, the company's modern head office offers superior employee facilities at North Ryde.

This role needs a dynamic, energetic candidate to learn quickly and be ready to take on a greater level of responsibility within a short period of time.
Duties will include but are not limited to:

Monthly management accounts and analysis
Year end financial statements
Annual budgets
Inventory management
Sales and stock reporting
Cash flow management
Taxes and compliance

To be considered you need to be accounting qualified with a CA /CPA designation. Experience in a multinational, FMCG environment will be highly regarded, but not essential. One of your drivers must be a desire to step up and progress your career quickly.

The package includes a generous car allowance and this is a great opportunity to join a progressive team in a professional and stable organisation.

If you are interested in the position of
Senior Financial Accountant - please contact us

Financial Accountant

Employer of Choice
6 month contract
Norwest location

Due to a temporary need in the accounting team a good all round financial accountant is required to join this well known health /FMCG organisation.
This company has traded in Australia since early last century and offer a wide variety of well known consumer brands. They operate from state of the art premises in Norwest Sydney with modern facilities for all employees.
Your responsibilities will include:

Budget analysis
Fixed asset management
Balance sheet reconciliations
Utilisation of excel spread sheets
Taxes and compliance

To be considered you must be degree qualified and have completed or be near completion of your CPA/CA studies. Knowledge of large and fully integrated IT systems is highly desirable. Large multinational experience as well as familiarity with US GAAP and SOX compliance will also be well regarded. Working for this organisation in a contract position would be a desirable inclusion on any resume. You must be available immediately to work in North West Sydney.

If you are interested in the position of
Financial Accountant - please contact us

Remember to look out for our latest job offerings at anytime on our website or contact us on 02 9955 0559

Upcoming Events AT Cameron Recruitment

Please take a look at our event diary for 2008.

We will constantly update this calendar with new seminars and events. You can register on line to a variety of topics including:

Interview techniques to secure that next job
Improving resume preparation
Career advice for accountants
Occupational Health & Safety – National changes

click here...