A company is hoping to revolutionise the way people fill out financial documents.
Photo: Alex Ellinghausen “We are looking to create a new industry in Australia,” the company’s chief executive, Tony McManus, said in an interview.
“Filling machines are already very popular, but the way we do that is by hand.”
Mr McManuses company, BalmFillingMachine, has raised $20 million in funding and aims to begin selling its product in 2017.
The company, based in the US, has been trying to make its machine the go-to for financial documents for more than a decade.
It has sold millions of machines and now wants to expand into the healthcare sector.
Mr McShane said it was “the easiest, most effective and safest way to fill out a financial statement” for clients.
“The best financial advice is actually from your own bank,” he said.
“You need to be on your toes.”
The machine was invented in the late 1960s by a young accountant who wanted to save time and money, so he built it himself.
“He built it in a garage, bought a motor and drove it around to fill up the space.”
The machine has now become so ubiquitous that it has been sold on eBay.
The average cost of a BalmfillingMachine machine is about $20,000, and Mr McMasane said the average price for a Balmskills machine in Australia was $180,000.
The price of a typical BalmMachine in Australia is now about $200,000; for a comparable machine in the UK, it is around $300,000 (the cheapest Balmsmachine in Australia costs around $2,000 more).
“This is a huge business for Balm, and it’s going to take a lot of people to do this, so I think we are a pretty big player,” Mr McMatheson said.
He said Balm had had success in the healthcare space.
“We do some really good work in the medical sector,” he added.
“It’s really important for our company to be in healthcare, because that is where we are getting the most revenue.”
The company is currently in the process of making the first BalmsKills machine.
“If we can do this well in healthcare and get it into the hospitals, that will drive demand and we will have to work with suppliers to get that into the retail market,” Mr Mase said.