Mulcahy Consulting Group Pty Ltd

𝐏𝐨𝐬𝐭-𝐢𝐭 𝐍𝐨𝐭𝐞𝐬 was one of the biggest accidents! Yes, you read that right! Those little yellow squares that have saved countless meetings from descending into chaos? Well, did you know that a 3M scientist named 𝐒𝐩𝐞𝐧𝐜𝐞𝐫 𝐒𝐢𝐥𝐯𝐞𝐫 was actually trying to create a super-strong adhesive when he stumbled upon the perfect weak adhesive by accident? But that's just the tip of the iceberg! So, prepare yourselves to have your mind blown because I'm about to reveal the fascinating story behind a little-known program at 3M that has given birth to some of the most groundbreaking innovations of our time. It all started with a simple idea: “What if we gave our employees the freedom to explore their own ideas and passions?” This was the thinking behind 3M's "15% Culture," a program that allows employees to spend 15% of their work time pursuing their own projects. Crazy, right? But the results speak for themselves! Other than Post-it, do you remember those bulky, power-hungry CRT monitors? Well, thanks to 3M's 15% Culture, we now have Multilayer Optical Film, a technology that allows for thinner, lighter, and more energy-efficient displays. The Cubitron™ Abrasive Grains, which have revolutionized the world of sandpaper and grinding tools. These little wonders cut faster and last longer than traditional abrasives, all thanks to the innovative minds at 3M. And let’s not forget about the Emphaze™ AEX Hybrid Purifier, a game-changer in the world of biopharmaceuticals, and APC™ Flash-Free Adhesive, which makes it easier to apply adhesive-backed products, are also products of 3M's culture of innovation. So, what's the secret behind 3M's success? It all comes down to giving their employees the freedom to explore their passions and curiosities. By tapping into the creativity and ingenuity of their workforce, 3M has been able to bring some of the most innovative products to market. The moral of the story? When you give people the freedom to innovate, amazing things can happen. So, the next time you're stuck on a problem or feeling uninspired, remember the story of 3M and their 15% Culture because who knows, you might just be the next Spencer Silver, stumbling upon the next big thing! #InnovationCulture #EmployeeEmpowerment #WorkplaceInnovation #BusinessSuccess

Why are CFOs turning to outsourcing? . . Suppose, you're a finance leader, desperately searching for qualified accountants to join your team. You post job after job, only to be met with a sea of underwhelming candidates. Sound familiar? If so, then you're not alone. From stringent qualification requirements to poor work-life balance, the industry is grappling with a severe talent shortage. According to Personiv's 2024 CFO Pulse Survey, a staggering 90% of finance leaders are turning to outsourcing as a solution to this pressing issue. And guess what?  It's working! By outsourcing key functions like; 1.  𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐏𝐚𝐲𝐚𝐛𝐥𝐞 (65%),  2.  𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐑𝐞𝐜𝐞𝐢𝐯𝐚𝐛𝐥𝐞 (48%),  3.  𝐚𝐧𝐝 𝐂𝐚𝐬𝐡 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 (31%) These savvy leaders are finding qualified accountants more easily. Even those who aren't currently outsourcing are showing interest in exploring options for accounts payable, billing, and expense reporting. However, despite this outsourcing trend,  1. 67% of CFOs are still actively seeking to hire staff accountants.  2. And let's not forget about the other roles in high demand, such as senior accountants (43%)  3. and tax accountants (24%). But here's the kicker, the average time from job posting to hiring in the U.S. is a whopping 44 days. That's enough time for existing staff to develop a serious case of the "I-can't-even's" and for new hires to feel like they're on a roller coaster ride during onboarding. And let's not forget about the quality of candidates. Some CFOs are concerned that while these candidates may excel in interviews, they lack the practical accounting skills needed to hit the ground running. So, what's the solution to this problem? According to the survey, factors such as  1. 𝐩𝐨𝐬𝐢𝐭𝐢𝐯𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐜𝐮𝐥𝐭𝐮𝐫𝐞 (17%),  2. 𝐰𝐨𝐫𝐤-𝐥𝐢𝐟𝐞 𝐛𝐚𝐥𝐚𝐧𝐜𝐞 (16%),  3. 𝐚𝐧𝐝 𝐫𝐞𝐜𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧 (15%) These are more important to candidates than competitive salaries and benefits. 𝐌𝐚𝐭𝐭 𝐖𝐨𝐨𝐝, Personiv's 𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐞𝐚𝐝 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐚𝐧𝐝 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠, also emphasizes the need for finance leaders to balance prompt hiring with maintaining high talent quality. So what are your views on it? #outsourcing #talentacquisition #companyculture

Is your firm ready for the AI audit revolution? If not, then it’s about time we talk about it the world of auditing is evolving! The Public Company Accounting Oversight Board (PCAOB) recently released a report that dives into how public auditing firms are embracing generative AI. Yes, you heard that right—AI isn’t just for tech geeks anymore; it’s shaking things up in the audit world too! So, what are the key takeaways from this report? Well, here are five insights that every CFO should consider: 1. 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐀𝐈 𝐓𝐨𝐨𝐥𝐬: Auditors are not just dipping their toes as they are diving headfirst into generative AI tools. This is a significant investment that shows they are serious about leveraging technology to enhance their operations. 2. 𝐓𝐡𝐞 𝐎𝐯𝐞𝐫𝐬𝐢𝐠𝐡𝐭 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞: While the potential is huge, there are limitations and inconsistencies in how these AI tools are being used as this is where oversight becomes crucial. PCAOB chair Erica Williams reminds us that professional care and skepticism are essential to protect investors. After all, we wouldn’t want our financial statements to be written by a bot that thinks “2 + 2 = 5,” right? 3. 𝐇𝐮𝐦𝐚𝐧 𝐓𝐨𝐮𝐜𝐡 𝐑𝐞𝐦𝐚𝐢𝐧𝐬 𝐊𝐞𝐲: Despite the rise of AI, auditors believe that human involvement is irreplaceable. Generative AI is here to augment our capabilities, not take over our jobs. So, no need to panic—your job is safe, at least for now! 4. 𝐃𝐚𝐭𝐚 𝐏𝐫𝐢𝐯𝐚𝐜𝐲 𝐂𝐨𝐧𝐜𝐞𝐫𝐧𝐬: Data privacy and security are still the major concerns, and firms are stepping up with safeguards to prevent confidential data exposure. 5. 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬 𝐚𝐧𝐝 𝐏𝐨𝐥𝐢𝐜𝐢𝐞𝐬: Many firms are establishing strict guidelines for AI use among employees. This includes supervision and review of work done with generative AI tools. Now, here’s a key takeaway that didn’t make it into the report. The importance of continuous learning! As AI technology evolves, so must our skills and understanding because it’s not just about using the tools; it’s about staying ahead of the curve. CFOs should foster a culture of learning and adaptation within their teams, ensuring everyone is equipped to navigate this new landscape. In conclusion, the integration of generative AI in auditing is not just a trend; it’s a transformative journey. Let’s embrace the change, keep our eyes on the prize, and remember that technology is here to help us succeed, not replace us. What are your thoughts on the role of AI in auditing? #aiinAuditing #AuditTransformation #futureoffinance

It all began in the most unlikely of places: a cozy nook in my then-girlfriend, now wife’s family home. With a loyal dog as my only companion, a vision for a different kind of accounting firm took shape. A firm that would break the mold, offering flexibility, affordability, and exceptional service. What started as a small spark has ignited into a global flame. Today, Mulcahy Consulting Group Pty Ltd is a multinational powerhouse, operating across 6 countries. We saw a gap in the market and dared to fill it. Our team, a dynamic blend of talent and passion, has been the driving force behind our success. Together, we've created a culture of innovation and collaboration that sets us apart. Our clients are at the heart of everything we do. By trusting us with their financial well-being, they've empowered us to build a fortress of expertise. We've weathered financial storms together, achieving remarkable results. As we celebrate two incredible years, we're filled with gratitude. To our extraordinary team, and, to our valued clients, thank you for your trust. This is just the beginning.  The future is bright, and we can’t wait to see where this journey takes us next. #leadership #businessgrowth #clientsuccess

Have you cracked the formula of effective brand building? Are flashy logos, catchy slogans, brand messaging, etc. enough!? Well, it's beyond that. Building a strong brand is deeply intertwined with financial leadership, efficient systems, and optimized backend operations. Confused?  Let me explain. First off, financial leadership lays the groundwork for brand building. When financial leaders prioritize brand equity, they ensure that resources are allocated effectively to marketing and operational strategies. This means investing in what truly resonates with customers and drives loyalty. A brand that reflects strong financial stewardship can instill trust and confidence in its audience. Now, let’s talk about systems. Proper systems are the backbone of any successful brand. They streamline processes, ensuring that every aspect of the operation—from customer service to product delivery—runs smoothly. When systems are in place, brands can respond quickly to market changes and customer feedback, enhancing their reputation and reliability. Optimized backend operations are equally crucial. These operations often go unnoticed but are vital for maintaining brand integrity. Efficient backend processes ensure that promises made in marketing are delivered in reality. For instance, if a brand claims exceptional customer service, but the backend operations are sluggish, it undermines that promise. Moreover, the synergy between these elements creates a ripple effect. Strong financial leadership enables better systems, which in turn enhances backend operations. This interconnectedness not only strengthens the brand but also positions it for sustainable growth in a competitive landscape. In conclusion, the journey of brand building is a holistic endeavor and by aligning financial leadership, robust systems, and optimized backend operations, brands can create a powerful identity that resonates with customers and stands the test of time. What are your thoughts on the relationship between brand building and backend operations? P.S.: Want to build a brand with a strong foundation? Mulcahy Consulting Group Pty Ltd has got you covered. #BrandBuilding #FinancialLeadership #BusinessStrategy

The serene scene, best work sheen, remote working’s supreme! Spot the Mulcahy Consulting Group Pty Ltd magic in the most magical place on Earth! 🌟 Shoutout to our superstar Senior Accountant, Allen O.! 🌟 Allen O. fulfilled her dream of visiting 𝐃𝐢𝐬𝐧𝐞𝐲𝐥𝐚𝐧𝐝 𝐢𝐧 𝐇𝐨𝐧𝐠 𝐊𝐨𝐧𝐠, thanks to our annual travel bonus program. A huge thank you to Allen for all of her contributions to Mulcahy Consulting Group Pty Ltd and our clients. She has been with us since day one, and this is the least we could do to say thanks. While Allen might be camera-shy (we’re working on that), her smile says it all! At Mulcahy Consulting Group Pty Ltd, we believe in work-life balance. That’s why we offer flexible remote work options. This lets our talented accountants, like Allen, conquer their daily tasks and explore the world during their well-deserved breaks. So, Allen spends her days crunching numbers and delivering top-notch service to our clients, then enjoys unforgettable adventures like this Hong Kong trip! Who else thrives on a healthy mix of remote work and real-world exploration? Let’s discuss it in the comments! #remoteworklife #disneylandadventures #accountingmagic #flexiblework

No plan for when your CFO leaves? Here’s why that’s a huge mistake! Apparently, a shocking number of companies (25% of big North American ones, to be exact) are taking a big risk with their financial leadership. They have no plan in place for when their current CFO decides to leave. Think about it, the CFO role is more important than ever, but a quarter of these companies have NO plan for when their current CFO decides it's time to salsa elsewhere. Gosh!! Now, for those who do have a plan, it seems the CEO is usually in charge (29%). But hey, shouldn't finance experts, like your friendly neighborhood accounting consultant ( that's me!), be involved too? Well here's the kicker, the skills companies are looking for in future CFOs are changing. It's not just about spreadsheets anymore. Operational experience and tech-savviness are now top priorities. And let's not forget the overall sentiment among CFOs – less than half are optimistic about their company's finances! This could be a sign of rough waters ahead. Moral of the story? Don't be caught flat-footed! Having a solid CFO succession plan is key to business continuity. Remember Toys"R"Us who filed for bankruptcy in 2017? Their bankruptcy is a cautionary tale of what happens without a plan. To avoid financial troubles and optimize your finance operations, reach out to us today. Our accounting firm Mulcahy Consulting Group Pty Ltd specializes in discreetly creating robust CFO succession plans. We can also provide interim CFOs from our pool of fractional CFOs, ensuring a smooth transition when the time comes. #CFOsuccession #FinancialLeadership #toysrus

Have you ever found yourself in this situation? You hear the word '𝒑𝒂𝒚𝒓𝒐𝒍𝒍' and immediately start searching for the next software solution to streamline your processes. You see visions of automated tasks and saved hours, and it seems like a no-brainer. Well, it's a common path many take, but let's hold on a second. The software promises to handle everything these days – payroll, expenses, inventory, the list goes on. You crunch the numbers, and the time savings are certainly enticing. But have you considered the hidden costs and the bigger picture? Sure, the software might save you a few hours on payroll each week. But what about the potential impact on implementation? How much time and resources will you need to dedicate to getting the system up and running smoothly? Is the short-term gain worth the initial investment of time and effort? Now, let's take another example, automating expense processing might save you three hours a week. Great, right? But what about the potential for missed opportunities? Is someone actively using the software's reporting features to identify areas of unnecessary spending? The real value lies in leveraging these systems strategically. Imagine replacing multiple systems and freeing up an employee's time. Instead of simply eliminating a cost, could you redeploy that budget to a sales role, potentially leading to increased revenue and a much bigger payoff for the system change? That's where Mulcahy Consulting Group Pty Ltd comes in. We don't just focus on the immediate savings; we look at the long-term impact on your business. We help you see the bigger picture and make strategic decisions that will benefit you for years to come. Before you jump into the next software solution, ensure that you're making the best decision for your business, not just for today, but for the future too. Your business deserves more than just short-term fixes – it deserves strategic, long-term solutions. What do you think about it? Have you ever gone through this process of automating a system, only to realize there were bigger things to consider? #BusinessStrategy #DigitalTransformation #OperationalEfficiency #StrategicDecisionMaking #BusinessConsulting

What happens when your business grows faster than your systems can handle? Imagine starting with a single fitness studio and then, in a blink, you’re managing 40 across the U.S. Sounds challenging, right? That’s exactly what one of our clients faced. The rapid expansion demanded robust financial oversight. Their existing systems were struggling to keep up with the pace of growth. Bottlenecks were appearing everywhere due to the increased volume of transactions. That’s where Mulcahy Consulting Group Pty Ltd stepped in. We introduced a suite of financial solutions tailored for high-growth scenarios. This included integrated payroll systems, streamlined accounting functions, and enhanced financial planning and analysis. But, we didn’t stop there. We leveraged the expertise of CFOs and COOs to focus on long-term financial health and operational efficiency. We even brought in a specialist to enhance the interconnectivity of financial systems. And the result? A seamless transition from 1 to 40 locations. Our client saw significant cost efficiencies, saving hundreds of thousands per year in salary expenditures. And their operations team? They grew to 250 within 18 months, all while maintaining exceptional service and operational quality. This is what we do. We empower businesses to scale, grow, and succeed. Let’s connect and see how we can help your business thrive. Want to set up a robust system in your organization? #scaling #financialsolutions #growth

Remote yet rooted 😉 Shared values in a team are like the roots of a tree. They may be unseen, but they are the reason for the strong standing tree. These values are the foundation that keeps us grounded, yet allows us to grow and reach new heights. In today’s world, remote work is becoming the new norm. However, It’s reshaping the way we work and interact with our teams, but even in this virtual environment, our shared values remain the same. They are the roots that keep us connected, no matter how far apart we may be. Just as I am working remotely today, our shared values keep me and my team at Mulcahy Consulting Group Pty Ltd united. They guide our decisions, fuel our growth, and strengthen our resolve. So, even as we work apart, we continue to grow. Because together, we are stronger. What are some of the shared values that keep your team strong? #remoteworking #futureofwork