Kathryn Fryer is the Founder of KF & Associates, a flourishing accounting practice operating in Australia, New Zealand and New York, and one of the first to launch an accounting practice online. Since 2014, KF & Associates has consistently taken their clients to the next level through the elimination of manual processes, innovation and extraordinary support and communication. The KF team provides a comprehensive strategy for their clients and supports their growth through effective cash management strategies.
We sit down with Kathryn to understand her best financial management tips for business owners in 2023.
What inspired you to become an entrepreneur/business owner?
Kathryn: I wanted to disrupt the way accounting firms operate both in employee management and client satisfaction. I wanted to provide a working environment that focused on task completion and not the number of hours an employee must sit at their desk each day. Our staff can work the hours they want at any time, which creates huge flexibility, job satisfaction and opens the talent pool. We also wanted to break away from the ‘boring’ accountant that spoke in tax jargon and was difficult to understand. We speak in simple, easy-to-understand language and relate this directly to the client and what’s best. We make it fun! Clients enjoy calling us and we enjoy working with them.
What makes your business unique?
Kathryn: The way we take care of our clients – they trust us and know that we are invested in their business. The client can call or email at any time and we will have a quick response.
What results do you provide for your clients? Why do business owners need a good accountant?
Kathryn: They need someone they can trust to take accountability for the daily operations and tax lodgements and to provide recommendations that are customised to their business operations, corporate structure or internal procedures. We have saved our clients thousands of dollars each year by implementing strong internal controls.
How did you get started?
Kathryn: I had worked as a senior executive for many years in not-for-profit companies and I was burnt out, I needed a new direction. I loved being an accountant and helping people, this was channelled into using my skills to help business owners operate their companies more effectively.
If you were a CFO of a company, what financial metrics would you track and why?
Kathryn: Cash flow is a daily process that we monitor for companies, this extends into debtors and keeping everyone paid up to date and continually monitoring the profit margin on all products and services offered.
What do you believe sets top-performing accountants apart from those who are simply good at their jobs?
Kathryn: The ability to communicate complex information and translate that into simplified language for the client. The accountant needs to make recommendations and follow these through.
What’s the best advice you’d give to business owners when it comes to the financial management of their company?
Kathryn: Business owners need to set up systems in their businesses where they are able to monitor the critical success factors. They don’t need to do every task – if they hire the right staff and monitor them, they are able to do more. If a business owner becomes overwhelmed, they tend to remove themselves from that process and the task is no longer managed effectively. The reality is, they should be bringing in expert help to fix it before it becomes a costly and non-compliant problem.
What do you believe are the biggest challenges facing business owners today, and how do you help business owners address those challenges?
Kathryn: Business owners are flooded with information and pressures, by hiring KF & Associates, we can filter through the noise and allow the business owner to focus on what they do best while keeping them informed and providing recommendations. KF also goes one step further and will project manage the recommendation and ensure it is implemented correctly. It is very easy to become overwhelmed and most business owners don’t understand how to operate the backend of their business in a cost-effective manner or what needs to be lodged.
In terms of legacy, what is the mark you’d like to leave on the world?
Kathryn: To break down the traditional stereotypes surrounding accountants so that more business owners start to leverage us as business trusted advisors
For more information on KF & Associates, follow their LinkedIn and Facebook and visit their website: www.theassociates.com.au
