Ritchie Marshall is an experienced management accountant who has worked for a wide range of businesses over the years, from sole traders to large multi-million dollar companies.
Over the years, Ritchie has worked for a wide range of businesses providing either general bookkeeping services or financial accounting analysis and advice. Industries in which Ritchie has provided a service to include food manufacturing, retail, cafes, real estate, allied health, property management, car repairs and various trades.
Ritchie believes that, from a financial reporting point of view, the priority is to first analyse the current Chart of Accounts being used by a business to check that it has been set up correctly. This involves ensuring that all income, expenses, assets and liabilities are accounted for correctly in accordance with the various accounting standards. To help support the analysis of your financial reports, both income and expenses need to be broken down into various categories. However, it is important not to create too many accounts as this may lead to confusion or ambiguity between them.
Once the accounts have been set up correctly, Ritchie can use ratio analysis techniques to highlight and give advice on areas of concern. These may involve over spending, inefficiencies or staff productivity issues. Another issue that Ritchie has discovered is that a lot of businesses do not properly understand what price to sell their product or service for. Using costing techniques to analyse all costs, and understanding what affects them, Ritchie can work out the true cost to your business of your product or service. From this base you can then set a realistic selling price that ensures that you recoup all your costs and make an appropriate profit.
Ritchie has a bachelor degree in accounting from Charles Darwin University. In addition, he is a registered BAS Agent with the Tax Practitioners Board and a member of the accounting professional body CPA Australia.