After more than 25 years working in credit risk and reporting for major financial institutions like Halifax, Lloyds, and Westpac, Robert McKeown found himself at a crossroads. “I didn’t want to commute anymore,” he recalls.
“I was flying into Sydney once a month, and what was supposed to be six months turned into four years.”
By September 2020, Robert made the decision to leave banking behind and dive headfirst into a new venture—becoming a bookkeeping business owner under the First Class Accounts franchise in Langwarrin.
“When I actually finally left the bank, prior to that I was treading water,” Robert says. “I was doing 60-70 hour weeks—once that finished in September three years ago, I started looking for clients.”
Transitioning to a full-time business
Initially, bookkeeping started as a part-time pursuit for Robert. “In April this year, I hired an offshore assistant, and that’s when it clicked for me—this is no longer a hobby, this is a business.”
Robert has tapped into various networks for client acquisition. “Business Network International (BNI) was great for getting new clients, but that stream dried up for me recently,” he explains.
He now focuses on other channels, such as Facebook, where local groups have helped him reach diverse communities. “It’s a matter of who you’re targeting and what you’re trying to get. I also use LinkedIn and the Australian Bookkeepers Network to cover all bases.”
His background in finance and credit risk reporting provided him with a unique skill set, enabling him to offer comprehensive business advisory services along with bookkeeping.
“I like the diversity,” Robert says. “The continual learning is the good thing about First Class Accounts. Every client has a different need, and I’m always learning something new.”
As a First Class Accounts franchisee, Robert’s work extends beyond bookkeeping to helping clients restructure and future-proof their businesses.
Helping Clients Pivot During Tough Times
One of Robert’s standout clients is James, a farmer who specialises in succulents. During COVID, James’ business boomed through online sales. “He had a Shopify site, and business was unbelievable,” Robert recalls. However, after the lockdowns lifted, sales plummeted by a million dollars in just three months.
“It was clear the succulent market wasn’t sustainable anymore. James needed to pivot fast,” says Robert. With Robert’s guidance, the business transitioned to growing Vietnamese vegetables. “James’ wife, who is Vietnamese, saw a demand for these vegetables. Now, we’re entering the second season, and the numbers are looking really good.”
The farm is now producing 500 kilograms of vegetables a day for wholesalers, and the new venture is far more profitable. “It’s a lot more profitable and less manual than the succulents,” adds Robert.
Despite the challenges, Robert was instrumental in helping James manage cash flow during the transition. “We had to reduce staff and streamline operations, but we got through it,” Robert explains. “The heaviest thing I pick up is a pen,” he quips, emphasising his role in handling the financial side of the business.
More Than Just Bookkeeping
Robert’s role with James and other clients goes beyond balancing books. “It’s not just bookkeeping—it’s business consultancy,” he explains.
He manages tasks from creating budgets to handling more complex matters like the sale of an apartment in South Korea. “It’s certainly not bookkeeping, but it’s finance, and that’s what I enjoy—helping my clients with anything financial.”
His adaptability has allowed him to serve a wide range of clients, from electricians to builders. “You can’t just use one software. You’ve got to be across them all,” Robert says.
His diverse client base and the support provided by First Class Accounts have enabled him to grow his business effectively. “Whenever I have a question, I just ask, and there’s always help.”
Building Strong Client Relationships
The success of Robert’s business lies in the relationships he builds with his clients. “I try to meet every client at least once every three months,” he shares. These regular touchpoints allow Robert to provide tailored advice and ensure his clients stay on track with compliance.
For example, Robert recently saved a client from an unnecessary tax expense. “I checked an invoice, and it had GST on it, but the supplier wasn’t registered for GST. The client was really pleased because that’s something they wouldn’t have noticed on their own.”
As a BAS agent, Robert provides extra support to his clients. “We get an extra month to lodge BAS,” he explains. “Especially over the Christmas period, we get until February as our cutoff.”
Advice for New Bookkeepers
Reflecting on his experience, Robert has advice for both new business owners and aspiring bookkeepers. “Get yourself regulated and then don’t worry about it,” he advises, pointing out that many new business owners fall behind on their BAS lodgments.
“It’s amazing how many times you meet someone who’s been in business for six to nine months and has never done a BAS.”
For new bookkeepers, Robert’s advice is simple: “Don’t limit yourself to one software. Right now, everyone is using Xero, but in two years, it could be something else. Be flexible and go where your clients are.” He also stresses the importance of choosing clients carefully. “Don’t be afraid to say no to a client. If they aren’t doing things above board, it’s not worth the risk.”
Why Every Small Business Needs a Bookkeeper
Robert McKeown’s journey from a career in banking to becoming a successful bookkeeper with First Class Accounts is a testament to his adaptability and business acumen. His dedication to helping clients like James navigate challenges, pivot their businesses, and stay financially healthy showcases the value of having a bookkeeper who does more than just balance the books.
“At the end of the day,” Robert says to his new clients, “you do what you’re good at, and let me handle the rest.”
Are you inspired by Robert’s story?
Contact the First Class Accounts team on 1800 118 611 and learn more about owning a bookkeeping franchisee today.
