William Buck New Zealand
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
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William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
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We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
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Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
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By TRENT ANTONIO
MANAGER, BUSINESS ADVISORY
Identifying measures that matter
Today, accounting systems have allowed improvements in decision-making and performance due to their ability to collect, analyse and report information on a range of deliverables. These are a great source of information for an organisation, however when it comes to measuring actual business performance, the traditional means of solely relying on financial indicators does not offer a holistic view.
Getting the balance right involves analysing a range of functional management and high-level practice information to track trends on every level and to align these with key activities and goals. When the focus is only on financial outcomes, the practice’s strategy and objectives are not clear, which in-turn affects other facets of the organisation- most significantly culture, which drives growth and encourages positive behaviours and overall business performance.
A management system commonly used to gather more accurate views of business performance is the ‘Balanced Scorecard.’ This scorecard is derived from the practice’s strategy, which sets, tracks and achieves key business strategies and objectives. Put simply, it’s a Report on A Page (ROAP).
As these measures are derived from the practice’s strategy, it has evolved from being a performance measurement system to a strategic implementation system. This is for the two reasons. Firstly, the Balanced Scorecard forces practice owners and managers to translate what can be a vaguely expressed as strategy into concrete objectives and measures. Secondly, it is relatively straightforward to cascade the scorecard down throughout the practice and thus create a culture of shared objectives.
A Balanced Scorecard integrates performance measures from four perspectives: financial, customer, internal business processes and learning and growth perspective. It’s important to employ a range of measures in each of these functional areas that identifies business drivers, data and KPIs.
Finance measures include revenue, profitability, cash and budget variances. However, when it comes to KPIs, financial indicators should only make up about 25 per cent and Non-financial 75 per cent of your measurement capabilities. The other 75 percent comes from customer measures that capture the creation of value from the perspective of the customer such as their satisfaction; Internal business processes which include the key processes at which the practice excels in order to add value to customers and, a learning and growth perspective that supports the rest of the scorecard, by focusing on the organisational infrastructure, such as employee skills and information systems.
Some KPIs for a practice may include:
To ensure your KPIs are working the best for you, it’s first key not to fall into two common traps of performance measurement. First, don’t make the mistake of measuring against yourself. Benchmarking your practice against other practices will ensure that you measure performance against an independent, industry standard source. Second, make sure that you don’t just look backward. Although historical performance can be a good gauge, when it comes to identifying future performance, you need to look at big trends and other external and internal forces that may inhibit or grow your performance. Therefore, it should also cover a variety of lead and lag indicators; that is what is about to occur and what has already occurred.
While developing a high-quality set of performance indicators takes considerable effort to develop, the positive outcomes for practices are worth the investment of time and resources; creating synergy throughout and ultimately allowing the business to perform at its best.
The ability to accurately measure and report on the identified measures may be difficult given internal reporting system limitations. A number of key challenges when implementing a Balanced Scorecard can arise such as not having a clear idea of the practice’s strategy and key objectives , having conflict in terms of what measures are deemed as important. Also, if compensation is tied to key targets for the performance indicators, conflicts of interest may arise and cause considerable bias in the process.
It’s important to engage your doctors, support staff and customer’s satisfaction to understand if your measures are working; fine tuning and diligence is required by all parties.
To achieve objectives, once you have identified the KPIs for each key business area, creating a dashboard – or visual display- where metrics and goals come together to provide a complete view of the situation will allow everyone to visualise and monitor the consolidated information at a glance. This is where your ROAP comes into play. Your KPIs are much like instruments that measure temperature and barometric pressure. It might be useful to know whether the temperature has increased or decreased, and even more critical, whether a storm is imminent.
Armed with insights, you can take action to strengthen the leading indicators and drive improved future results.
When it comes to KPIs, consistency is key. They aren’t a set and forget implementation. A healthy process for identifying and implementing key performance indicators involves the practice owners and managers regularly revisiting and revising the measures. Furthermore, a properly developed and implemented KPI program incorporates regular review processes where practice owners and managers and other stakeholders (such as your doctors) assess the meaning of the results.