Perth Business Development Case Study
With Anderson Chong, Founder & Managing Director – IQuest
Overview
IQuest Consulting is a Perth-based IT services provider that delivers full-service IT support focusing on internal help desk management and project work. As IQuest Consulting rapidly expanded across Australia and internationally, they faced significant financial challenges, prompting founder Anderson Chong to seek strategic guidance from Brentnalls WA. Anderson shares his experience working with Brentnalls and the impact Brentnalls’ advisory services have had on the business’s growth journey.
Overcoming Financial Hurdles During Expansion
Around 2015-2018, IQuest was experiencing the strains of rapid expansion. The company had opened new offices and formed an international partnership in Malaysia, but the timing coincided with a downturn in the mining sector, leading to financial challenges.
IQuest’s previous accountant provided only transactional services, offering minimal insight into the growing financial strain caused by expansion. The lack of strategic financial planning left the company struggling to manage cash flow and an over-leveraged balance sheet. Anderson recognised the need for deeper financial literacy and hands-on support to restructure the company’s financials.
Why Brentnalls WA?
The decision to engage Brentnalls was driven by an existing relationship with Tony Monisse at Brentnalls, and a need for a more proactive accountant to offer hands-on strategic advice. This relationship was built on trust, and Anderson believed that Brentnalls WA was well-positioned to help his business grow.
Brentnalls WA stood out for its proactive approach and commitment to working closely with clients to understand their business operations. Anderson says, “We chose Brentnalls because we wanted an accountant who could grow with us, someone who would help us learn and understand our financials while also helping us improve them.”
Strategic Financial Transformation with Brentnalls WA
Brentnalls WA started with a deep dive into IQuest’s financials. By identifying inefficiencies in the balance sheet and profit-and-loss statements, the team laid out actionable steps to resolve cash flow problems and strengthen financial stability.
- Balance Sheet Repair: The first task was to address the strained balance sheet. Brentnalls provided tailored financial advice to restructure the company’s finances and establish better cash flow management practices.
- Financial Literacy Training: Brentnalls worked with IQuest’s leadership team to improve their financial literacy, teaching them how to interpret key financial metrics and focus on the right KPIs. This empowered the business to better monitor their financial performance.
- Quarterly Business Review Meetings (QBRs): A structured, ongoing process was put in place to regularly review IQuest’s financial health and strategic direction. Brentnalls introduced quarterly business review meetings, which aligned with IQuest’s internal planning meetings, to set financial goals and review the business’s performance.
- Dedicated Team and Personal Service: Evan Barnett from Brentnalls WA has been the main point of contact for IQuest throughout their journey. Evan has been able to integrate deeply into the business, learning about its operations and becoming a key member of the company’s “inner circle” of advisors.
Working with Brentnalls WA
Brentnalls WA’s holistic approach transformed how IQuest viewed its financials. The structured QBR process enabled IQuest to assess its progress each quarter, setting clear targets and refining its strategy. The Brentnalls team provided a “fresh pair of eyes” on the business, helping the leadership team identify areas for improvement and create sustainable growth strategies.
IQuest also benefited from Brentnalls’ ability to offer insights into areas beyond accounting. By working closely with the management team, Evan helped train staff on financial best practices, enabling the founder to confidently step back from day-to-day financial management.
Anderson says, “Having Brentnalls as part of our inner circle has given us the confidence that we’re on the right track. They’ve been there to advise on the tough decisions and give us new perspectives that we wouldn’t have considered ourselves.”
Results
The impact of Brentnalls WA’s involvement has been transformative. With stronger cash flow management and a financially literate leadership team, the business is now equipped to grow sustainably. Over the past couple of years, IQuest has seen a 29% increase in EBITDA, even during challenging market conditions.
“Brentnalls has completely changed how we manage our business. My leadership team is now confident with financials, allowing me to step away, knowing everything’s in safe hands,” says Anderson.
Brentnalls’ expertise in helping IQuest understand key financial metrics has allowed the company to optimise its operations and plan for sustainable growth.
“Brentnalls has played a critical role in our success. Their team not only fixed our financial issues but also helped us learn how to manage our business more effectively. Thanks to their support, we’ve been able to focus on growth with confidence. I wouldn’t hesitate to recommend them to anyone looking for a proactive accounting partner.” ~Anderson Chong
