The Next Dimension team have been instrumental in helping business co-owner Glenn Coleman successfully operate the Coleman Group, a Sydney-based multi-million dollar company incorporating different entities. The team’s accounts expertise and breadth of experience add value to the growing Event and Exhibition Signage business.
Finding the right approach
Glenn has observed many different approaches to company accounting since he started off in the 1980s as a third-generation signwriter for the Coleman family business that was established in 1948. He found the best approach for his business by engaging Brendan Lucas and the team at Next Dimension Accounting (NDA).
When Glenn and co-owner Rod Peter purchased the most recent iteration of the Coleman business in January 2017, they brought in Brendan, an accountant they had worked with over the years, to crunch the numbers for their business buyback plans. “When we agreed to buy the business back Brendan was instrumental in helping us in terms of analysing the deal and putting it all together the right way,” says Glenn. “That was very valuable to us.”
The Coleman Group designs, prints and installs signage for events and exhibitions and also manufactures signage products for the retail sector. It is now the parent company of exhibition and printing brands such as FABframe, REXframe and Mammoth3D. The Coleman Group has a footprint in the USA and recently opened a new warehouse and logistics facility in Melbourne.
After Brendan started up Next Dimension Accounting Services in 2021, the Coleman Group signed up for outsourced CFO services and account support and access to Brendan’s team of accounting professionals.
Financial Management Collaboration
The structure that works for the Coleman group is to have their own in-house Finance Manager, who is supported by an outsourced team of accounts professionals at Next Dimension. As CEO and Director, Glenn also consults them directly on a regular basis regarding the financial strategy of the business group and whenever particular projects require high-level analysis.
Coleman’s Finance Manger deals with several different people from NDA, depending on what the matter relates to. “They are very good at sorting things out, very responsive, and our Finance Manger enjoys working with them,” says Glenn. “When I need to, I can also liaise with a professional at Next Dimension who knows about a specific issue, such as superannuation. They have a good team there.”
The Next Dimension team help to ensure that the regular accounts processes run smoothly and manages the monthly reporting. Glenn is a hands-on CEO working in the business every day, and the accounting software Next Dimension set up, including the customised dashboards they implemented, allows him to check in when he needs to. Glenn comments, “We have a Power BI dashboard that we look at daily for our sales and our margins. We focus very heavily on our sales figures but also on our gross margins. That is what helps drive the business and allows us to stay profitable.”
For Glenn, who commenced work in an era when accountants often just provided company owners with a financial overview once a year – sometimes months after the end of a financial year – these monthly accounts reports that Next Dimension provides are a real gamechanger. After receiving the reports, Glenn and the Finance Manager meet with Next Dimension at the end of each month to discuss results and the areas the business should focus on.
“We run about 6 or 7 entities in relation to the business and there is monthly reporting done for every single entity,” Glenn points out. “But with Next Dimension’s monthly reporting there are no surprises. When we get to the end of the year we know what we need to do, and where we need to do it.”
Running the numbers for strategic business expansion
Glenn has sought the input of his outsourced CFO Brendan on many occasions as the business expanded, because he values his business acumen, skill-set and experience. The Coleman owners are in a position to explore new acquisitions and territories. “We’ve looked at a few different business opportunities and engaged Brendan to help us review finances for our options. He then builds up spreadsheets for us.” Glenn adds, “The reporting and the analysis from Next Dimension is first class.”
Successfully Navigating Challenges During COVID-19
Glenn notes that the Coleman Group really benefited from the advice of their outsourced CFO during the pandemic years. The Group is focused on the exhibition and event industry so its revenue dropped drastically after Covid-19 led to the closure of the city’s International Convention and Exhibition Centre (ICC Sydney). Glenn, Rebecca and Managing Director Rod Peter met monthly with Brendan to help analyse and manage company finances and access relevant government support measures. Glenn recalls, “That period was just about survival because of the market and sector we operate in. It was crucial that we analysed our situation continually, so were very fortunate to have Brendan help us through it.”
Glenn is an advocate for having an outsourced team of expert accountants on hand. Having analysed the figures of other businesses, he witnessed firms that were top-heavy with pedestrian accounts staff and were struggling. Instead, he is happy to operate with a small team of quality in-house accounts staff, and to then outsource additional functions to the professionals at Next Dimension. “It is a much more efficient way of doing it,” Glenn observes.
He explains, “Although we have 55 staff members, operate in the USA as well as Australia and New Zealand and are looking to expand the business overseas, we can run our business efficiently in conjunction with the outsourced accounting service. The Next Dimension team’s ability to put it all together for us is really valuable. I wouldn’t run the business any other way.”
A strong endorsement
Glenn sums up, “I wouldn’t have any hesitation in recommending Brendan and the Next Dimension team. They are very good. The value they provide is fantastic.”
