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Non-traditional accountants in north sydney and crows nest
Bramelle Partners was founded in 2013 by Brad Seeto and opened their first office in Crows Nest. Having spent the majority of his career working for large public practice accounting firms, Brad came to understand the current value proposition for clients was extremely poor. The traditional accounting firm would typically charge clients based on time and not based on outcomes. This meant typical accountants were not incentivised to find innovative or efficient solutions as they were charging their time, usually in six minute increments, they were incentivised to spend as much time as possible on a job and doing a job efficiently was actually bad for business. Brad had an ethical dilemma with this approach, as accountants were often seen to be a trusted advisor, yet the same accountants were making more revenue from their clients by spending more time working on the clients jobs and not providing commercial outcomes in the most efficient time possible. Could you imagine if accountants were to advise their clients to pass on all the costs of their own inefficiencies to their own customers? I would think in most cases the clients would say our customers/clients wouldn’t tolerate that. At Bramelle Partners we are no different.
Frustrated with the lack of service and value most clients received from traditional accounting firms, Brad founded Bramelle Partners with the vision to provide better value and outcomes for clients whilst providing transparency with their fees. Bramelle Partners achieves this by providing their clients with annual fixed fees for agreed scope of works, as a result clients are charged based on an outcome, not how long it takes to deliver an outcome. The scope of works is agreed upfront by both parties and is tailored to meet the client’s needs and budget requirements. We provided unlimited support to our clients throughout the year which is included in our fees, we don’t charge our clients additional amounts for the privilege of informing us of any changes to their circumstances, in fact we encourage this. Having more information about our clients allows us to advise them better and ultimately provide them with a better solution. Once the scope and fees have been agreed, we invest in our team, processes and software to make everyone’s life better. Through making this investment, our proudest achievement to date, is being able to deliver more services, faster turnaround time and at the same fees which our clients originally agreed to. Yes we can confirm out clients have has a single increase in fees for the same scope of work since partnering with us and our clients are getting better service than ever.
Bramelle Partners name originates from taking the first two letters of the first name of each of the family members in Brad and Elaine’s family. Another reason why Brad founded Bramelle Partners was the Seeto family were expecting the birth of their second child at the time. With the support of his wife, Elaine (who now works in the business), Brad started his practice with a modest portfolio of clients who followed him from his previous firm. The initial clients were predominately from the tech and startup space, which at that time, the industry in Australian and NSW was still very much in its infancy and doesn’t share the same profile as it does today.Working closely with the startup clients, Brad has adopted a similar mindset to his accounting practice by making data driven decisions.
Whilst data itself, doesn’t tell you anything, the inferences you can make from the data can tell you everything. There are so many tools available today which produces reporting packs, graphs, ratios etc, but understanding how to interpret the data and questioning the data that Is being collected and its relevance Is crucial and the real key in making the correct decisions . This is where Bramelle Partners can add real value to a client’s business especially in the early days by setting the foundation for how the business should operate and understanding the key metrics to be measured to ensure the business will survive in the long term. We do all the traditional business and tax compliance as well and we do that really well too, but we see our clients getting really good value from our advisory services and introducing them to other businesses in our network to bounce ideas off and share their experiences really helps them to.
In 2015, Brad met up with his first boss, Ken Bromley from Bromley’s Chartered Accountants, who was looking to retire at that time. An agreement was struck and Ken’s clients transitioned across to Bramelle Partners. These clients along with all new clients have enjoyed the benefit of no fee increases since joining Bramelle Partners. We really invest in our clients and the investment pays off in the long run for both parties especially where we can provide additional services at no further costs because the clients are getting more value than they originally received from us and we can see we are making a positive change for our clients and giving more back to them which is our way of thanking them for their loyalty. Our extremely low client attrition rates proves our model is working for our clients.With the growing number of clients and a need to be more centrally located to the Sydney CBD, Bramelle Partners moved their head office to North Sydney in 2016. The company still maintains satellite offices in Crows Nest and Chatswood for added convenience to clients in these areas.
Our accountants North Sydney or accountants Crows Nest are also happy to travel to meet at any location.Another area of focus for Bramelle Partners is SMSF administration, compliance and advice. Having identified this as a target area earlier in his career, Brad completed his Masters in Applied Finance (majoring in Financial Planning) in 2010 even though never working a financial planner. This was done to bridge the knowledge gap between accountants and financial planners who often work in silos. By gaining a better understanding of the goals of clients from a financial planning perspective, better outcomes are achieved through working more closely with financial planners and speaking to them on their terms to come up a holistic approach by combining both financial planning and tax outcomes. The investment in technology and processes also extend to the SMSF division of the practice.
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Our SMSF accountants are able to provide our clients with access to their SMSF portfolio administration (via Class Super) and is updated daily for transactions and changes in asset prices, which allows our clients to make informed up to date decisions without having to wait for the annual accounts and tax returns to be completed, sometimes many months after year end. We have invested in Class Super to the benefit of our clients because we understand superannuation is likely to be the most valued asset most families have outside of the family home. To be able to have up to date information and clients being able to monitor their superannuation themselves is really important.
The software is really powerful and world class (no pun intended), however the licence fees are costly. When we transitioned to the new software, this was done even knowing the ongoing costs were significantly more than our prior software, we made a conscious decision we wanted to invest in this without passing any of these additional costs to our clients because it really is a great product which is what our clients deserve. Despite the additional software costs, all the recent changes in superannuation and additional requirements placed on trustees of SMSF’s Bramelle Partners clients fees for SMSF accounting are still the same amount when they first joined us.
Bramelle Partners main focus areas are the Tech and startup sector, small and medium business, family business and office services and SMSF accounting and taxation services.
In the tech and startup space Bramelle Partners have assisted business by developing strategies to ensure survival in the early days. Working together with the business owners to develop sustainable business model to achieve short term growth and attract future investment if required. Revenue growth is usually the most important factor when starting out because it validates your idea. If a business is able to demonstrate revenue growth the becomes more attractive from an investors point of view, should you require investment. If you don’t have any revenue than investment is extremely unlikely. All too often we see start ups with great ideas or wanting to create the perfect product without any consideration of how they are going to make their first sale. We encourage startups to launch as soon as possible and gather as much feedback from their early customers as the information they gather from the feedback will provide the basis of making the next decisions for future product development and iterations to their product, which should eventuate to additional revenue.A business has navigated through the most risky period through the startup phase. After this period, it is usually time to take stock of where the business is currently at and to develop new goals. In this phase restructuring the business is a likely option where business risks are separated from any high valued assets. In this phase Bramelle Partners can assist in de-risking the business operations succession planning, developing employee share schemes, growth strategies including international expansion.
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Bramelle Partners assists family groups and family office scenarios. The family involvement in business is a special dynamic which usually brings a higher level of emotion mixed in with the usual issues and stresses of running a business. Bramelle Partners is a family business in its own right which is run by the wife and husband team of Elaine and Brad. We understand the dynamic because we live and breath this every day of the week. Whilst being extremely challenging it can be very rewarding knowing your family affairs are looked after for future generations to come. We can assist in setting up family structures to help protect your investments, succession planning, and tax planning within the family group.
Superannuation can be one of the most tax effective strategies in the current environment, however it is also one of the most complex with ongoing regulatory changes. Identifying this as a specialist & growth area for Bramelle Partners was key when starting this firm. Brad has gained expertise by completing his Masters in Applied Finance (majoring in Financial Planning), becoming RG 146 compliant and is an authorised representative of Australian Unity Personal Financial Services Limited which allows Bramelle Partners to provide limited financial advice relating to superannuation and SMSF’s. Bramelle Partners uses Class Super for their SMSF administration which allows trustees to manage and administer their SMSF obligations with up to date information and reporting. Coupled with our advice in maximising superannuation in a tax effective manner we provide highly valued solutions for managing your superannuation and SMSF obligations.
Our outsourced CFO services allows businesses to outsource some or all of their businesses finance functions. This provides businesses with a cost effective solution where businesses do not have expertise to perform these functions in-house or are do not want the costs involved in employing someone to undertake these functions in house. By utilising our outsourced CFO services you get the experience of our whole team with a wide range of experience from multiple industries. Being advocates of software we are able to implement software solutions to help streamline your finance function. Should a business wish to bring someone in-house at a later stage, we are more than happy to step aside and assist in the transition, where we will provide training and operation manuals explaining the how the existing finance function operates to the incoming employee.We are also happy to assist with any interview requirements to ensure the person you are hiring is more than capable to step into the role. We are happy to have a small part of you finance function (eg. grant applications) or have the whole finance function outsourced to us which includes accounts receivable, accounts payable and treasury function. Typically our full outsourced solution will be a more cost effective solution than hiring an experienced qualified full time employee as our full outsourced solution will typically include looking after your annual business and tax compliance within the monthly fee.
We enjoy partnering with businesses and helping them grow, typically our staff are across all the clients within Bramelle Partners to ensure consistency and excellence in service whether it be the tax accountant North Sydney or the tax accountant Crows Nest we strive to provide you with the best experience possible.