Community Financial Services Victoria Limited (CFSV) is a public company listed on the Bendigo Stock Exchange (BSX). CFSV operates 5 Community Bank branches under a franchise agreement with Bendigo Bank, with branches located at Lang Lang, Koo Wee Rup, Tooradin, Pearcedale and Narre Warren South.
In the 2008/09 financial year, CFSV generated revenue in excess of $2.5 million, reported a pre-tax profit of approximately $800k, and held net assets in excess of $1 million.
With a business of that scale, and as a publicly listed company subject to both half-year and annual audit reviews, CFSV need to ensure that their financial records are of the highest quality and accuracy, and that all financial obligations are met in a timely manner.
CFSV approached BCV several years ago. After operating for several years with an honorary Treasurer, and with the company experiencing unprecedented growth, the Company was at a point where they required professional accounting support to meet their numerous obligations.
For close to 5 years, BCV has worked closely with CFSV to streamline all accounting procedures, and now provides the following services to CFSV on an ongoing basis:
The services that BCV offer give CFSV the confidence that all of their financial and taxation obligations are being met in a timely manner, and that their Board has access to relevant, timely and accurate information.
Here’s what CFSV have to say about BCV:
“….high standard and accurate reporting of our financials enables us to make decisions based upon the most up to date information.”
“…attendance at Board meetings indicates your willingness to engage with us.”
“…genuine interest in our business and the success of our business is very pleasing and reassuring to us.”
“We are extremely pleased with the way in which you have established relationships with our (banking and auditing) partners.”
“…you consistently work with (us) and (auditors) to achieve timely and accurate audit results.”