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hello, i'm hilary combes......and in 2017, I made a life-changing decision.
After 20+ years as a qualified accountant*, and over 30 years of working for others, I decided it was time to start passing on the knowledge from my years of training and experience to help business owners get a better grip on their accounts and business financials. MathildaRock was born! |
WHY
Statistics relating to small business (SME) survival in New Zealand make sobering reading.
Management accounting can help all businesses understand more about what is really happening in their companies but specialist/qualified management accountants are in short supply, and few work in practice like financial accountants and tax agents do.
At MathildaRock we want to give SMEs the vital management accounting support that they are missing and our goal is to help improve business survival rates as a result.
Statistics relating to small business (SME) survival in New Zealand make sobering reading.
Management accounting can help all businesses understand more about what is really happening in their companies but specialist/qualified management accountants are in short supply, and few work in practice like financial accountants and tax agents do.
At MathildaRock we want to give SMEs the vital management accounting support that they are missing and our goal is to help improve business survival rates as a result.
EXPERIENCE
Over the years, I've worked in local government, TV broadcasting, IT, TV/film production, advertising and newspapers. Soon after moving to NZ, I was responsible for the financial reporting of Fairfax Media's NZ operation - including TradeMe at the time - to their ASX listed parent company.
Since 2009, I've worked in much smaller creative/media companies, getting to know the intricacies of running a business and the issues facing their owners.
See Wins and Successes below for more details.
Over the years, I've worked in local government, TV broadcasting, IT, TV/film production, advertising and newspapers. Soon after moving to NZ, I was responsible for the financial reporting of Fairfax Media's NZ operation - including TradeMe at the time - to their ASX listed parent company.
Since 2009, I've worked in much smaller creative/media companies, getting to know the intricacies of running a business and the issues facing their owners.
See Wins and Successes below for more details.
why mathildArock?
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The name Mathilda came from an amalgamation of my two grandmothers' names: Matilda and Hilda.
Also included is Hil for Hilary and Math representing the accounting aspect, although I maintain that accounting has far more to do with law**, rules and regulation, than it has to do with mathematics! |
Plus, if you have ever watched the BBC TV programme Robot Wars, you will know that Matilda is one of the house robots. Her persona is that of determination, setting out to do the job necessary and not messing about.
Quite a lot like me.
Quite a lot like me.
The word Rock comes from my alter-ego of a rock-chick.
* For over 20 years I was a Chartered Management Accountant (www.cimaglobal.com) and, for three of those, a Fellow of the Institute (FCMA).
From 2012, I was also a Chartered Global Management Accountant (www.cgma.org).
** I have an LLB (Hons) English Law degree too.
From 2012, I was also a Chartered Global Management Accountant (www.cgma.org).
** I have an LLB (Hons) English Law degree too.
wins and successes
business turnaround
Company A was existing day-to-day but had serious cashflow issues and was missing information to help them see where they needed to make changes and improvements.
After setting up reporting structures and doing substantial analysis using them, I was able to identify the issues, implement changes and train the team.
After setting up reporting structures and doing substantial analysis using them, I was able to identify the issues, implement changes and train the team.
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The company doubled its turnover within 12 months and built a healthy profit as a result.
The company was left with good processes, systems and financial knowledge. It was more stable, able to pay its bills and had a good future ahead.
"We really appreciate everything you've done and how much you have helped this company move into a new phase"
Company stakeholder NB, graph numbers on the right are indicative, but are representative of the change in just one financial year
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efficiency brings savings
Company B was using Xero for its bookkeeping but the users had no training or experience in bookkeeping.
Among other issues, I identified that their accountants were logging in regularly - without the company knowing - and were making dozens of corrections.
By replacing their untrained office staff with a bookkeeper, they were able to reduce mistakes, reduce their accountant's bill and have more accurate accounts. The office staff were also able to spend their time on chargeable work, creating more turnover.
Win-win.
Among other issues, I identified that their accountants were logging in regularly - without the company knowing - and were making dozens of corrections.
By replacing their untrained office staff with a bookkeeper, they were able to reduce mistakes, reduce their accountant's bill and have more accurate accounts. The office staff were also able to spend their time on chargeable work, creating more turnover.
Win-win.
fit for purpose - xero review
Organisation C had been using Xero for several years. It had been set up by a previous user.
I went to help upload their budget and undertook a review of their chart of accounts structure while I was there.
In less than a couple of hours, I discovered:
Their Xero system was now much better suited to their requirements.
I went to help upload their budget and undertook a review of their chart of accounts structure while I was there.
In less than a couple of hours, I discovered:
- account codes that weren't necessary and were clogging up bookkeeping and reporting
- miscoded and inconsistently coded transactions
- confusion of entertainment expenses, and over equipment purchases (expenses vs assets)
- new account codes were needed to meet their reporting requirements
- outstanding transactions coded to their suspense account
Their Xero system was now much better suited to their requirements.
media
Interviewed for the Independent Herald in April 2018
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My first speaking engagement for the ladies at Career Hub
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Ready to ROCK Your accounting?
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Mathilda Rock Ltd
C/- PO Box 24278 Manners Street Wellington 6141 m: +64 211 383 115 hilary@mathildarock.co.nz (C) Copyright Mathilda Rock Ltd 2018 - 2021
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