BMO Consulting is a service provider to the SME sector

BMO Consulting is an empowered service provider to the SME sector directed towards support relating to governance, statutory, accounting, reporting and funding of small businesses. Such services are rendered through a team of experienced and qualified individuals using modern day information technology to increase efficiency and reduce cost to the end user.

The BMO approach includes a strong emphasis on education and coaching of business owners on the importance of control and governance when it comes to the safeguarding of the assets of the business regardless their value. A culture of accountability and financial discipline is essential to continued funder’s support.

The ability of SME’s to attract and procure funding in order to set up or extend their activity is by default a key driver but the BMO philosophy is that the ability of a SME to service such debt, remains a function of sound governance, accounting administration and reporting.

Entrepreneurs are, and should be, focussed on the operational side of their businesses and should be supported by an administrative partner to actively participate with certain financial management related aspects. The BMO service bouquet is constructed around the concept of operational day to day accounting and compliance rather than the traditional Apple Box accounting principle, where the general ledger is maintained remotely to the business.

Sound governance require certain minimum cash and stock control related procedures to be managed and controlled by the business owner on the floor of the business hence the requirement for a measure of administrative coaching.

The low Public Interest Score of SME’s allows for a low standard of accounting and compliance with the objective to reduce accounting cost to the business but as a consequence increases the risk for any investor or funder. For this reason a huge number of these businesses remain non funded despite attractive potential to grow. BMO believes it can offer a solution to reduce risk through effective accounting administration without meaningful additional cost, especially in an environment where the solution can be applied to a group of businesses.

Funders requires assurance on a minimum level of governance, control and financial compliance conducive to accurate reporting.