Creating visibility and control allows focus on the important things

CASE STUDY

Creating visibility and control allows focus on the important things

The Parry Group is a Central Queensland based client with a diverse portfolio including an industrial laundry, catering business, restaurants, accommodation, and until recently retail.

With such a disparate group of businesses and a lot of inter-entity activity, the Parry Group had always struggled with getting on the front foot around their financial management. Decisions were made on the fly, and visibility around the position of the group and the impact these decisions may have down the track was not available.

Driving this lack of visibility were concerns around the accuracy of financial information. Our client found that he and his team were spending hours every month trying to verify the accuracy of the data instead of using that data to make sound decisions about the future of the business.

Pitcher Partners undertook a number of steps that would lead to the Parry Group having far greater data visibility and decision-making capacity than ever before:

  1. Identifying the problems around bookkeeping, accounting and supporting process
  2. Educating the business around these issues, how it is a flow on effect and what it can look like in the future
  3. Identifying a suitable cloud accounting platform (in this case Xero) and migrating ledger data over
  4. Cleansing and reconciling the general ledger and reports
  5. Streamlining and standardising back office process across the businesses
  6. Working with internal staff in managing the change
  7. Development of an integrated and dynamic financial reporting pack
  8. Providing bookkeeping, and accounting services culminating in the production of reliable weekly reporting and reconciled financial reports every month

The outcomes of this were visibility and control, freeing our client of the burden brought on through inaccurate information. This allowed our client to cut down on time spent reviewing reports to at most 30 minutes a week and brought about a shift in dialogue. Our quarterly strategic catch-ups with the client were actually strategic, rather than focussed on determining if we had enough confidence in the numbers being put forward.

These strategic conversations have provided a new level of oversight allowing the Parry Group to undertake restructuring projects, business expansion, financing and succession planning.

“Getting meaningful Management reports has transformed my mindset in managing our Group of companies. I am able to react far quicker to potential issues than previously, meaningful data allows me to focus on what I need to work on. I have always found Pitcher Partners to be a provider that is easy to work with. I believe their greatest asset is that they genuinely care about the performance of my business.

“Very simply it’s like having an onsite accountant. I get responsive, timely accurate reporting of my financials. They are very connected even though they are based in a different location to our office.

With respect to the value proposition of their offering – I would need to spend a significant amount on an onsite accountant. I believe our current set up is cost neutral with the benefit of a greater depth of understanding of my business.”

Neale Parry, CEO of the Parry Group