Tapping external finance and accounting expertise to fulfil internal knowledge gaps

Following the loss of senior internal capability, Australia’s largest privately owned special steel stockist sought an outsourced accounting and finance solution to plug critical business knowledge gaps.

Who, what, where

Interlloy is Australia’s largest privately-owned supplier of special steels servicing the general and heavy engineering, resources, automotive, manufacturing and transport industries. Founded in Melbourne in 1987, it today has offices in four states and more than 130 employees.

Bentleys services: Accounting services and business advisory

The challenge

In 2013, one of Interlloy’s four business partners sadly passed away. Having been the company’s accountant and finance knowledge expert, his death also meant that all senior internal accounting capabilities were lost. The remaining partners recognised that they did not have the skills to take on this role and sought to increase the external support they were getting from Bentleys to ensure the business continued to operate smoothly from a finance perspective.

Bentleys support

Interlloy engaged Bentleys from 2007 to outsource critical accounting functions, including taxation management. From 2013, this support increased, with Bentleys also taking on Interlloy’s banking, finance and critical tax needs.
Bentleys also has an important business advisory role within the company through Board representation.

Outcomes:

  • Bentleys has enabled Interlloy to continue to focus on strategic business opportunities, with its finance needs being managed end-to-end by Bentleys experts
  •  Bentleys has successfully brokered competitive leasing agreements and deals with banks – ensuring Interlloy is well positioned from a financial standpoint
  • Business advisory through Board representation to assist Interlloy develop the business plan and strategy, set and monitor performance targets, mitigate risks and identify business opportunities
  • Interlloy has benefited from knowledge sharing opportunities provided through Bentleys’ network, including:
    • introductions to business leaders outside its industry who are facing shared business challenges, particularly relating to human resources challenges
    • attendance at business breakfasts held by Bentleys enabling a broader grasp on the Australian business landscape, for example, the Federal Budget.

“Our accounting and finance management capabilities ground to a halt following the passing of our business partner and accountant four years ago. Bentleys expertise has been invaluable before, during and especially since this time.”

Nik Sharplin, Director, Interlloy

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