Case Study - Nicholson Construction

Nicholson Construction is an award-winning commercial construction company based in Ballarat.

Founded in 1889, the company’s stellar reputation has fuelled its consistent growth over four generations – particularly in the past decade where revenue has more than tripled. The company’s success stems from the values and vision of its leadership who prioritise quality outcomes, best practice operations, and strong relationships above all else. 

In delivering sizeable commercial projects across Victoria, including many civil works for the Victorian Government, the leadership team at Nicholson Construction know the importance of surrounding yourself with talented people.

Richard Nicholson, Director of Nicholson Construction, says “To enable our growth, we have developed partnerships with those who understand us; where we are now and where we want to go in the future. 

“The experience of the team at RSM Australia, and their knowledge within the construction and building industry, is a huge advantage because they understand our business. We have worked with John Findlay, Shelby Earl, and the team for over 13 years now and as partners with RSM for nine of those years.

“They offer us continuity, challenge us, provide support, and are always available to discuss our new ideas as we continue to fine tune our practices.” 

Striving for excellence in best practice

John Findlay, Partner in Audit and Assurance at RSM, says the relationship between Nicholson Construction and RSM has been a collaborative partnership from day one. 

“Nicholson Construction is the perfect example of a generational business done well. They initially engaged us to conduct annual financial audits, not because they had to at the time, but because they wanted another layer of oversight for the business.”

Since partnering together, Nicholson Construction has experienced impressive growth and RSM has been able to provide a range of additional services, such as:

• annual financial statement audits under the Corporations Act 2001
• assistance with preparing statutory financial statements
• compliance advice surrounding the application of Australian Accounting Standards
• reviews for compliance, processes and controls; and
• best practice recommendations. 

“Our team really enjoys working with Nicholson Construction. Their people genuinely want to learn from the engagements we conduct and the recommendations we make. It’s an attitude you don’t always come across, and it’s why they are so successful in their industry. For Nicholson Construction, it’s not just about striving for best practice in one area. They consistently pursue the best possible practice in all areas.”

Early adopters, growing together

In more recent years, Nicholson Construction and RSM have engaged in broader work beyond audit and assurance.

“RSM and Nicholson Construction have grown together over the past decade,” says John. “We’ve both been early adopters in the technology space, so while Nicholson Construction was seeking advice on their digital environment, we were able to introduce them to our Security and Privacy team who could provide that capability.”

Those specialist teams have gone on to assist Nicholson Construction with reviews of their software processes, cybersecurity systems, and overall general IT control environment. They have conducted penetration testing and cybersecurity training, which enabled changes to the company’s cyber security insurance policy and a reduction in their premium without compromising coverage. 

“We were also happy to have the ability to assist with data analytics, where our specialist analytics team stepped in to provide additional recommendations following a system audit. This fresh perspective allowed for the structuring of new datasets which ultimately continue to provide valuable business insights.

“RSM isn’t a one-stop-shop, but we do offer those key services and subject matter experts we know are vital to success. Where we don’t have the expertise, we have an extensive network of trusted providers to refer to. Wherever we can add value, we will.”

Of working with RSM, Richard Nicholson says, “We enjoy and value our relationship. It’s always a professional, reliable, and friendly service backed by a strong core understanding. Perhaps a testament to why both of our companies have over 100 years of tenure. Having the local expertise, backed by the depth of RSM’s other subject matter experts, has been invaluable in our journey. It’s partnerships like these that support our success.”

FOR MORE INFORMATION

If you would like to learn more about the topics discussed in this article, please contact your local RSM office.