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The Sydney-based firm plans to grow through buying niche e-commerce, medical and technology brands next.
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Air Accounting expands with specialist bookkeeping acquisition
04 August 2023
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Sydney-based start-up Air Accounting has bought fellow accountant Cafe Bookkeepers, tapping into the hospitality industry with its first acquisition and flagging more niche purchases to come.
Director Shaun Stubley, who founded Air Accounting alongside Cam Lee in 2015, made his ambitions clear by singling out e-commerce, medical, technology and construction as industries it would be looking at next to create a diversified Air Group brand.
“Whilst a lot of accounting firms may have one brand that is meant to speak to everyone, we're of the opinion that there should be separate brands that speak to separate industries and client groups so they can address the needs of that client group sufficiently,” he said.
Air Accounting’s acquisition of Cafe Bookkeepers involves more than 150 clients and eight Sydney-based staff members moving over, growing the firm’s team to 45.
Mr Stubley said the bookkeeper was a significant first addition to Air Accounting’s portfolio and hoped his firm’s resources would enable them to become the go-to brand for local food and beverage businesses.
“Cafe Bookkeepers is exactly the brand we were after with their team, customer service, networks and leadership all intentionally built to deliver value to the food and beverage industry,” he said.
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“It helps that Cafe Bookkeepers was a really good fit at the right stage of their business to make this move. The culture and the team are very much in the same way as ours, being similarly tech-driven and 100 per cent Xero-based businesses.”
Cafe Bookkeepers has over 10 years of experience in the hospitality scene. It has advised trending cafes and restaurants including Simon Says Juice, Reuben Hills, Brooklyn Boy Bagels, Slingshot Coffee and RaRa Ramen.
Founder Nick Hazel said hospitality was a “unique industry” for accountants due to its weekly business cycle, rather than the quarterly focus typical of most businesses.
“Instead of bringing a hospitality business into our workflow, we've looked at our clients’ needs instead, and we've changed our workflow in order to assist them better,” he said.
Mr Hazel said he decided to sell his business after being impressed by Air Accounting’s work.
“An important part of the journey is learning where your strengths are, along with what is better left to others,” he said.
“Likewise, I will be able to utilise my strengths in strategy and relationships to help facilitate the expansion of the group,” said Mr Hazel, who will join Air Accounting to advise on future acquisitions.
“The Air Group’s plan is to grow via acquisitions of niche businesses. So I was the first and then I've come on board to help with the next one and the one after that and hopefully there'll be many more,” he said.
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