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Financial Transformation with BlackLine

In this exciting interview CEO of Aviva Spectrum Sonia Luna, interviews Gayle Edwards, Managing Director, Professional Accounting Solutions (PAS).

Gayle Edwards has over 25 years of experience in hotel operations, starting as a night auditor and advancing to the VP of Finance level. Her impressive track record and wealth of operational insight allows her to be the resident BlackLine expert for PAS and pasUNITY. By leveraging her deep knowledge of back office operations, Gayle has been able to successfully introduce BlackLine into hospitality, creating one of the largest Blackline Partners deals to date.
Connect with us for a complimentary BlackLine Demo at Info@AvivaSpectrum.com .
Learn more about financial transformation: http://www.avivaspectrum.com/blacklin...

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Top 3 Skills ROBOTS CAN'T take away from CFOs!

By now you’ve heard me and probably others talk about Financial Transformation and Continuous Accounting. My interview with financial transformation expert, Gayle Edwards, Managing Director of Professional Accounting Solutions (PAS) discusses the top three skills CFOs execute to transform their accounting departments from loss leaders to strategic advisors. These are the same skills that can't be run by pure software or artificial intelligence which has been written and talked about because of a recent MIT and Boston University study. This study concluded "1 Robot Eliminates 5.6 workers". Here are the three executive skills robots CAN'T Take AWAY!

Skill #1: Take the LONG VIEW


CFOs need to have a 360-degree focus. When implementing new technology and heading towards automating your accounting function, make sure you take the long view. The most successful CFOs include different stakeholders to be involved during the planning, selection and execution process. Allowing team members from different departments gives strategic CFOs a better understanding of what's meaningful to measure key outcomes. If you don’t get buy-in from everyone, you will certainly have some major bumps in the road.

Skill #2: Being aware of Roadblocks. Inevitably when implementing software there are unforeseen problems that get in the way. You may have an issue with an employee that is afraid of losing his job and is stalling to achieve the next project milestone. Perhaps you don't have full cooperation from IT. You might have other projects or software installations, that get in the way. Taking an inventory of what roadblocks have been presented and what's a priority is key to addressing these roadblocks in a timely fashion. The most strategic CFOs also budget the extra effort when they do face these road blocks such as the cost to hire a temp consultant. Once they budget the extra effort, they actually weigh the other option be, if they didn't go with their initial plan to face the road block. In short, what would happen if the road block isn't fixed? These CFOs not only know what Plan A is going to cost them, but they also know what's going to happen if Plan A isn't implemented to remove their road blocks. This gives them more information to present to the CEO and gain the respect from the team to remove these road blocks. ..

Calculating the Best Lending Fit for You


Financing in the U.S. is undergoing an evolution that you will want to be prepared for. Whether your organization is looking to finance or refinance, or if you’re a lender or compliance professional who wants to make a better impact when advising clients, there is always ways to improve. In this compelling Compliance Expert Radio Show, Sonia Luna interviews the President of QuickFee, Kyle Redding. Learn the most important tips on how to advise CEOs on the upcoming lending compliance changes and finding the best fit for you.

What we are Going to See in the Next 6-12 Months and Beyond

  • Massive shift in technology
  • Means easier loan origination, completely paperless
  • Shifting to the Cloud for real-time underwriting data
  • Fraud prevention and detection for lenders
  • International credit reporting creeping into the U.S.
  • Big difference for international companies in the U.S. and the commercial lending space
  • Easier, faster, and better for both borrower and banks
  • Breaking News: EquiFax just bought Australia’s largest credit reporting agency, Veda.

Advice for Compliance Professionals When Advising Clients on Financing Options

  • Most important: Asking the RIGHT question and UNDERSTANDING the needs, objectives, and plan of clients
  • Shopping for the lowest interest rate is NOT always the best
  • Look at opportunity costs overall
  • Ask: Do you have time to wait for cost capitals?
  • Finding the right lender is key, as some are more flexible than others
  • Do your research on what platforms can draw in the right financing
  • Kyle’s Insider Tip: Biz2credit – allows a broker/CPA firm to find the best deal by plugging in the key terms of what their client is looking for, and allows them to see 2,000 lenders around the country instead of just local ones

Considerations Organizations Should Evaluate When Choosing a Financing Options

This is the crux of putting the deal together, so make sure to consider the following:

  • Interest rate
  • Covenants
  • Pre-payment penalties
  • Personal guarantee – potentially dangerous
  • Understand the lender – type of business they usually do
  • Reputation of this lender – do you know what their specialization is? Do you know anyone who has used them?

Metrics Most Organizations MISS When Choosing a Financing Option

CORE: 3 C’s of credit

  1. Character – references, credit score
  2. Capital - collateral
  3. Capacity – to make the payments

In between those lines, these metrics could easily missed:

  • A call on outstanding balance including interest at any given time
  • What is the definition of default?
  • Release of any collateral you put up to get the loan
  • If you are a good borrower and you didn’t get the best deal – whether it’s refinancing or a new deal lenders will extend more deals to you in order to make money off the interest

Need help strategizing on Compliance, Automation, or Financial Transformation? We invite you to learn more by emailing us at info@avivaspectrum.com

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More about Kyle Redding

Listen to Entire Interview

Kyle is a CPA & President of QuickFee, Inc. He started his career with EY, working in both the US and Australia, and transitioned into the early stages of QuickFee Australia, where he grew the business from 50 to 700 firms, including 70% of the Top 100 Accounting firms in Australia and the Big 4. Kyle moved back home to California to establish QuickFee USA and quickly gained notoriety by being published in Accounting Today, Accounting Web & CPA Practice Advisors. QuickFee was recently recognized by Accounting Today as one of the “2017 Top New Products” for their unique payment portal that offers clients of professional firms a “fee financing option” directly alongside ACH payment & Credit Card payment.

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Which BlackLine Product to Buy First?

Once you have decided to invest in BlackLine, the next item to consider is what modules or product suites you’ll need to invest and implement first. Your decision to purchase which products is best when you engage key stakeholders on what they believe would yield the best benefits to the organization first.  ..

How Long is BlackLine Implementation?

Like any other system implementation, BlackLine requires a full cycle of system deployment activities. These include planning, implementation, testing, training and final close out procedures. Your decision on “when” you move forward on your implementation will be dependent on your budget, timing of other priorities, and your available resources. 
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