Terrence Zimsen is a Public Accountant by profession, having a strong tax background with business and management advisory skills. He studied at S Thomas College Mount Lavinia and then completed his London based accounting qualifications while living in Sri Lanka. He migrated to Australia in 1987 where he continued his accounting studies. He has subsequently completed an MBA in Entrepreneurship and a Doctorate in Strategic Leadership.
In 2001 after working for many firms and being the partner of one of the larger CPA firms he decided to open his own practice and started Zimsen Partners. After many mergers and acquisitions Zimsen Partners has over 40 personnel today. Terrence operates within an environment of award-winning energetic professionals who each contribute with a wealth of capabilities and knowledge. This team comprises Chartered Accountants, CPA’s, SMSF Specialists, Chartered Tax Advisors and Chartered Governance Professionals.
All professional employees are hired as graduates and are trained and mentored internally. They do not recruit senior accountants from outside. This is mainly to ensure that the practice can instill and maintain the positive culture necessary to understand what is required of them both personally and as a team to provide maximum client satisfaction while still achieving personal growth.
Terrence is proud that his team speaks over 12 languages having come from 18 different backgrounds. The Melbourne team includes one director and two Accountants from Sri Lanka. The team understands that their knowledge and capability is relied on by the clients and that it is a responsibility they take on with pride. Zimsen Partners carry out all accounting, tax and business consulting functions necessary to assist a client achieve their objective.
Terrence ‘experience has enabled him to provide his clients with assistance in the areas of “Business Structuring”. This includes conducting due diligence for clients when businesses are purchased, and structuring business for maximum asset protection and taxation purposes. He is also able to use this knowledge to assist clients who have business difficulties and need to restructure.
Achevement / Milestone
The practice has mentored and apprenticed many graduates. Some who run their own practices today. Terence states that “taking a young mind and molding it and training it into a success story is the greatest fulfillment that could be had in working life.” Over its 22year history Zimsen partners has trained many young accountants.
Challenges for Business
Businesses face many difficulties today. The economic conditions, over-governance and red tape, reduced customer service, and the lack of credit are some of them. There is very little to assist the smaller businessman (“risk taker)
Advice to Young entrepreneurs just starting out
It is essential that any young entrepreneur
- Study’s the business they are interested in. Preferably working in the industry for a little while.
- Get knowledgeable capable professionals to assist them in setting up the structure to protect the property assets that they already have.
- Do business plans setting out all their expectations of this business. Prepare a forecast cash flow and Profit and loss and Balance sheet. Check the plan to ensure it is achievable.
- Revisit the plan to ensure that your objectives are met. Make changes to the plan if necessary.
- Have a good team of professionals around you, a good Accountant, lawyer, banker
The Community
Terrence Zimsen was one of the founders of the Auslanka Business Council and served as its inaugural secretary and subsequently as President. One of the objectives of the council was networking amongst Sri Lankans in Melbourne. This enabled Terrence to work alongside some of the business leaders in their fields and it created good business networks. Most of these friendships are continuing today and he greatly acknowledges the local Sri Lankan Business community for their support.
“While experience and expertise are essential, it is effort and enthusiasm that make the difference. Our clients benefit from both.” – Terry Zimsen
Keysborough Office
7 Keysborough Close, Keysborough, VIC 3173, Australia
Phone: (03) 7065 5555
Email: clientsupport@zimsenpartners.com.au
Website: www.zimsenpartners.com.au
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