Obsidian Advisory is the new accountancy group designed to cater to the needs of fast-growing startups business.
Through the Chartered Accountants and Fishburners partnership, Moylan and Ninnes began mentoring Australian startups in 2019 and discovered that new tech-based businesses could benefit from dedicated, specialised services.
Moylan said, “Having a good handle on your finances is often the difference between a successful start up and a failed attempt. Finances can tell you if your ideas and decisions are working, or if you need to change what you are doing to make it work. Whether you are bootstrapping or have investors to answer to, you need to be accountable for what you are doing and spending. If you are bootstrapping you have limited capital to spend, so you need to understand what will get you the best return and allocate it accordingly.”
Choosing to work solely with startups, Obsidian Advisory believes that the post COVID-19 world looks positive for the innovative industries.
The partners have seen 2020 provide opportunities for people to enter the startup world, work for themselves and charge for outcomes rather than time.
Moylan said, “We are dedicated to startups because plain and simply because they are exciting. Things move so quickly with startups, every day you show up to work with a new problem to solve. We also love the sense of community. Chartered accountants put us at Fishburners to help people with their finances, but the longer we spent there, the more we learnt about our own business. When we sit down to help people with their accounts, they would look closely at aspects of our business and help us engage with our clients better. This is how the community works, you teach everyone what you can and those people pay it forward. It all comes around to help everyone become better.”