RSM Australia has an obvious passion for working with local manufacturers across Australia. Manufacturers’ Monthly speaks with the professional services firm about its focus on businesses and the communities they operate in to build capacity and thrive in a post-pandemic economy.
RSM has a rich history in Australia, starting as an unstaffed husband-wife partnership and growing into a fully integrated national accountancy firm with over 1400 staff today.
This year, the sixth largest audit, tax and advisory network in the world celebrates its 100th anniversary in Australia.
RSM Australia was founded on Edgar Robert Woolcott’s idea of bringing the accounting service to the client, rather than requiring them to travel around town. Meeting the families behind the place of business or farm helped Woolcott understand what was needed and the approach was largely responsible for the growth of the practice in the years to come.
RSM applies a similar mindset to Australia’s modern manufacturing ecosystem. Four years ago the company decided to focus on certain sectors, to act as trusted advisors to a range of manufacturers, small manufacturing companies looking to bring new products to market or expand into from new local and global markets, to established global companies. and listed manufacturing companies aiming to further improve and streamline their operations. The company’s manufacturing sector combines industry knowledge, in-depth resources and personalized service to help manufacturers take the next step in growth.
To exemplify this, RSM has a National Manufacturing Committee comprised of employees from all of its Australian offices, which meets monthly to share technical information and explore opportunities to produce thought leadership. Jessica Olivier, Partner and National Leader – Manufacturing Services, said RSM has chosen to differentiate its approach in how it provides services to its clients.
“Having a deep understanding of the specific industry and the nuances of the challenges that various industries face is very important,” she said.
“A cross-industry approach enables our people to spend their time truly immersing themselves not only in the financial aspect, but also in the overall business opportunities and challenges – so that we can better advise on what customers should TO DO. The genesis of the strategy was to improve and train ourselves to become a specialist in this field as well as accounting professionals. »
Like many professional service providers, RSM offers a full range of financial services, including tax, financial statement preparation, auditing and strategic outsourcing of accounting functions. However, the way the company is gaining ground in the manufacturing space is largely due to its network of offices in different locations across the country.
“We have 32 offices across the country,” she explained. “What’s important now is the ability to adapt and understand what the pinch points are and recognize that, for example, while a person may not be an ERP or cyber, we can always leverage these service lines from knowledgeable experts across all 32 offices to deliver a more bespoke solution for optimal client outcomes.
Combining traditional advisory relationships and accounting services with holistic advice in areas such as digital transformation, cyber, ERP and ESG is paying off for SME makers with turnover between 5 and 200 million dollars.
“Although we are in a professional services company, we have Cyber, Data Analytics and a team of ERP specialists. We also look at some digital applications that can help companies in this sector, for example. This personalized approach to service delivery has led us to become the middle market advisor of choice across Australia”
For the fourth consecutive year, RSM Australia has won the Client Choice Awards Best Accounting & Consulting Services Firm > $200M Revenue.
“I work with Australian start-ups, SMEs and family businesses to large multinational manufacturing companies. These clients come to us to use our cross-divisional services, so they have everything they need from one advisor, rather than isolated services.
A Summary of RSM’s Manufacturing Services
- Strong accounting systems, processes and records – Accurate accounting is essential for manufacturers. We have extensive manufacturing accounting experience and advise on system, process and software solutions for all your specific manufacturing accounting requirements.
- Transaction Advisory – Through M&A advisory, debt advisory, due diligence, and technical services such as valuations, tax advisory, and financial modeling, we help manufacturers from the early stages of growth and financing until the sale of the business.
- Data Analytics – to gain insights into your manufacturing chain in areas such as business process improvement, customer growth, data management, etc.
- Transfer Pricing – Assisting Manufacturers with International Sales and Supply Chains with Related Parties
- R&D and Government Incentives – Access potentially refundable tax compensation for customers using new technologies in their manufacturing processes or new or improved products, processes and equipment. R&D and government grants can be a critical source of funding for innovative manufacturers, especially those in the start-up and growth stages.
- Software – Advise on the right digital ecosystem for a manufacturer, including ERP and other digital solutions for manufacturers who need more sophisticated platforms for cost accounting, inventory and other accounting requirements Manufacturing. We support you on your digital journey.
- Management Reports – custom management reports and dashboards, designed to give manufacturing business owners and managers better monitoring and business insights
Senior Director Ross Dixon works extensively with manufacturing SMEs looking to turn their family office into a business, helping companies drive growth by bringing new products to market or expanding into new markets, both domestically and internationally. abroad.
“Because we have both the metropolitan and regional presence, we have the ability to provide the right solution at the right price along a person’s journey from individual entrepreneur to registration,” he said. -he explains. “Through our Australian and international network, we have been able to provide bespoke solutions that leverage the necessary technical specialists as required.
We’ve had huge traction with the mom and dad operator who have moved quickly and are ready to corporatize their family office and business structure – Jess Olivier leads one of the largest R&D tax services divisions in Australia. Helping manufacturers access programs like the R&D tax incentive for the first time has been huge because historically they either haven’t been encouraged to access the program or have been in the wrong structure to maximize the benefits.
While day-to-day compliance remains RSM’s bread and butter, expertise in areas such as digital transformation and R&D makes the difference. An extensive network of offices allows the company to work closely with regional manufacturers, of which it has had great success in North East Victoria and the Riverina. In the Eastern States outside the metropolitan areas, RSM has offices in Port Lincoln, Gosford, Toowomba, Wagga Wagga, Goulburn, Albury and Ballarat. RSM also has a strong presence throughout the Western Australia region.
“If a large manufacturer is looking to open a store and they want to expand into regional Australia, they have that point of contact in all the eastern states. We have had good traction in North East Victoria and the Riverina with over 150 staff in our offices in Ballarat, Albury and Wagga Wagga”
With the push for sovereign capability not losing momentum, working in the regions continues to be vital to Australia’s success as a manufacturing nation. One of RSM’s strategies to help outsource Australia is through education, bringing companies together with industry associations and universities.
“Traditionally people had to bundle up, go to the University of Wollongong or UNSW,” he noted. “We try to bring these institutions to us. We organized events and roadshows which they all attended. We don’t charge for the seminar structure, and we’ve found it to be a useful strategy for building that local capacity and creating a more cohesive local manufacturing ecosystem.
RSM’s national partners – like his colleague Jessica Olivier who travels the country to be part of a truly national network – have made a huge difference for the company, according to Dixon.
“It’s so cliché, but I really see us as one of those companies and our role at times is to be a concierge using our extensive network to provide the appropriate contact or technical specialist as and when we have need to leverage their expertise.”