Chesterfield Australia is a family owned company that supplies and supports the rural industries of Queensland and New South Wales with quality machinery and equipment. It is the East Coast dealer for a number of different agricultural, lawn and turf care products, including John Deere.
Established in 1963 and operating under a dealership model, Chesterfield has been a compliance (audit and tax) client of BDO for the past two years and has an independent board and senior management team.
One of the key challenges faced by Chesterfield was the geographic spread of its 12 dealerships along the East Coast of Australia and establishing a level of consistency across each.
“Uniformity in Chesterfield’s accounting systems and controls across all branches is vital in producing accurate and timely financial information across the group,” Kalvin Booth, Chesterfield’s Chief Financial Officer said.
Chesterfield’s business is cyclical in nature, because it is reliant on the health of the agriculture industry and the communities in which the business operates.
“It is critical that companies who partner with us have a clear understanding of our cyclical business and the pressures that causes,” said Gary Bone, Chesterfield’s Chief Executive Officer.
Walking the talk when it comes to industry expertise
Engaged for our Automotive dealer services expertise, BDO very quickly implemented dealership specific programs and processes, allowing the compliance work to be completed efficiently, with little disruption to Chesterfield’s day-to-day business operations and with a high degree of relevancy.
“BDO has a long history in the Automotive industry – nearly 40 years. Our Partners and their teams individually also have a long history with dealerships across car, machinery, truck, farm equipment, marine and motor cycle,” BDO in Brisbane Automotive Partner Randall Bryson said.
We pride ourselves on being industry specialists, so we do not rely on our clients to educate our team on the nuances of their industry. Our experience and expertise gives us the ability to quickly identify the risks and opportunities, and provide a value added compliance service.
“BDO offers a seamless service delivery between audit and tax, unlike many accounting firms. This adds real value to our clients,” said Damian Wright, Lead Partner Audit, BDO in Brisbane.
Mastering the basics is sometimes the best thing you can do
While compliance work can sometimes be seen as ‘non-value add and necessary’, BDO and Chesterfield’s working relationship is a demonstration that even the simplest of changes, driven by industry knowledge and expertise, can make a significant impact.
“Engaging BDO allowed us to improve our accounting processes and put stronger internal controls in place,” said Kalvin Booth, Chesterfield’s CFO.
“The increase in control and security has given us added confidence in the performance of our business. It has been the application of BDO’s accounting and industry knowledge that has enabled this.
“Just their understanding of what is best practice and being able to tap into their knowledge allows us to make meaningful improvements to our business.
“With our BDO relationship, we look forward to guidance towards continued improvement in our systems in the years ahead. We see them as an integral part of our problem solving ability,” he said.