Meet Karen, the big-hearted powerhouse behind MoneyMasterminds, a pioneering finance administration service (think virtual CFO and bookkeeping), VCAT Financial Administration, and NDIS Plan Management provider in Frankston.

Karen and her dedicated team support two key client groups: small businesses with professional accounting and bookkeeping services: and NDIS participants and individuals with comprehensive financial support such as numeracy education and processes for managing invoices and payments.

MoneyMasterminds is committed to helping their clients make sense of their finances, empowering them to make informed decisions and achieve their goals.

“It’s all about understanding the numbers, they tell a story, and at MoneyMasterminds, we help decipher that story and what to do about it,” Karen explains. With a keen curiosity about the financial details, Karen and her team delve deep into their clients’ financial data to understand what’s happening and why. “We conduct deep dive investigations to get underneath the surface and see the truth – we don’t do superficial advice,” she adds. Karen’s passion is to empower clients with a better understanding of their finances, enhancing their confidence not just in business but in life.

For example, they assisted a client with intellectual disabilities in setting up their finances to move into an independent home. They also supported the client’s family emotionally as they navigated the significant transition of their child moving out and starting an independent adult life. Karen explains that when clients gain confidence in managing their finances and budgeting, they feel more empowered in their overall lives. 🫶

Karen’s journey to founding MoneyMasterminds is marked by resilience and an insatiable quest for knowledge. Karen describes herself as ‘super qualified,’ and explains her childhood was filled with business discussions thanks to her immigrant father, a businessman who built and leased factories, offices, shops and units. Initially set on studying law, Karen pivoted to earn a Bachelor of Commerce with a major in accounting. Her qualifications now include being a Fellow of CPA’s, a Graduate Certificate in Fraud Investigation, an MBA, a Graduate Diploma in Applied Corporate Governance,and a Public Practice Certificate.

With 30 years of experience, Karen’s career began back in May 1994, as a management accountant at a small computer company, undertaking the full finance and admin functions. She worked her way up through various corporate roles, including Company Secretary, CFO, and Board-level positions, in Australian and multinational companies throughout the Asia Pacific region, overseeing not only finance functions but also IT and logistics. Her last corporate role, before launching her own business, was as a CFO and Company Secretary for an engineering company’s Australian and Chinese operations.

Karen’s unique perspective and problem-solving skills have been shaped by her experiences. She shares, “I think differently to most people; I see things through a different lens. I am a problem solver and like to work things out and make things clear for our clients.” Recognising her ‘hyper-focus’ tendencies as a superpower, Karen has developed exceptional planning skills and the ability to scale and optimise processes through technology. Currently, she’s looking to develop a new mobile app to help NDIS clients with budgeting – watch this space.

On a personal level, Karen is a mother of two, with children 17 months apart. Her early parenting years were challenging, marked by an IVF journey, severe post-natal depression, and frequent relocations. After six years working as a ‘virtual CFO,’ she found herself supporting NDIS clients and small businesses with financial management. “When I started in this work, I wasn’t in a good place. My marriage had broken down, and I was left homeless with two kids, all while being treated for cancer. It was a tough time,” she recalls. Helping a friend with understanding the financial viability of a NDIS service sparked her interest, and when that friend suggested NDIS Plan Management as a service Karen could offer, she registered and built her business, finding a passion for assisting others. “I realised I enjoyed helping others that didn’t have the time and capacity to do it for themselves and I enjoyed helping them keep on track. It brought all my years of corporate and CFO experience into work that meant something to people personally.”

Karen’s journey to entrepreneurship was unexpected, but she embraces it with determination and a commitment to making a difference. And, like many small business owners, Karen is passionate about her service and how her business is helping people. She aims to grow her team and provide employment opportunities for those in need, such as single parents seeking part-time work, those with disabilities, and individuals that don’t quite ‘fit the mould’ for standard employment and need more flexible arrangements.

I’m impressed by Karen’s care, smarts, drive and dedication. Over the next 10 years, Karen envisions leading a thriving business that continues to help clients run financially sound and empowered lives. She is not stopping and wants to do more and help more.

MoneyMasterminds is a true asset, offering support, expertise, and a personal touch. If you are a small business, individual, or NDIS participant in need of financial administration support, I highly recommend Karen and her team at MoneyMasterminds. They go the extra mile to simplify financial complexities and provide the care and assistance you deserve.