Issue Number 32
December 2017

www.mcleandelmobentleys.com.au

Interlloy - Tapping external finance and accounting expertise to fulfil internal knowledge gaps

Background

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.   

About Interlloy

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.

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.

McLean Delmo Bentleys support

Interlloy engaged McLean Delmo Bentleys from 2007 to outsource critical accounting functions, including taxation management. From 2013, this support increased, with McLean Delmo Bentleys also taking on Interlloy’s banking, finance and critical tax needs.

We also have an important business advisory role within the company through Board representation.

 “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

Outcomes:

  • McLean Delmo Bentleys has enabled Interlloy to continue to focus on strategic business opportunities, with its finance needs managed end-to-end by McLean Delmo Bentleys experts
  • McLean Delmo Bentleys has successfully brokered competitive leasing agreements and deals on 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 the 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 McLean Delmo Bentleys enabling a broader grasp on the Australian business landscape, for example the Federal Budget.

Important: This is not advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly.

We therefore recommend that our formal advice be sought before acting in any of the areas. This document is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.

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