Smart boards, smarter books: AI keeps this entrepreneur riding high

Perth journalist and renowned financial crime specialist Nathan Lynch has enjoyed a lifelong love affair with surfing. It’s seen him catch thousands of waves, shape his first surfboard at 14 years old, and collect oral histories from local pioneers of the sport for his honours thesis back in the 1990s.

In 2020, he spotted an opportunity to channel his passion for ocean sports into the commercial realm by becoming Western Australia’s first accredited reseller and service centre for the new Fliteboard electric foil range.

Setting up shop at the height of the COVID-19 crisis represented both a challenge and an opportunity. On the one hand, economic conditions were uncertain but on the other, there was unprecedented demand for locally based leisure outlets and activities.

“A huge domestic market opened up and we rode that wave,” Nathan says.

Fast forward five years and West Coast eFoil is flying high, winning the Flite Remarkable Growth Award for Asia-Pacific in 2024.

Managing rapid growth

Nathan’s business services a spectrum of customers, including special forces veterans living with post-traumatic stress disorder (PTSD) and octogenarians who are no longer able to take off on a conventional surfboard.

“Because you’re completely in the flow state when you’re foiling, I’ve found it to be an incredible healing tool,” Nathan explains. “I’ve got surfers who’ve come back from cancer and people who’ve had to give up surfing for health reasons and when I get them on these boards, they’re back out there like grommets.”

So are hardcore types like Nathan himself – converts to the e-foil concept who enjoy traversing the 17 kilometres of Indian Ocean between Perth and Rottnest Island. He predicts every surfer in Australia will own some form of ‘paddle assist’ technology within the decade.

Yet the success of his venture has had its challenges.

“It’s been a steep learning curve, working out a sustainable business model for something that, over time, is going to grow into such an enormous business opportunity,” Nathan says.

A solution that’s fit for purpose

The right tools, however, are making scaling up easier. Since 2024, West Coast eFoil has used NAB Bookkeeper, an AI-driven accounting and bookkeeping package that links directly with the NAB banking platform, to manage its day-to-day finances.

Available free for the first six months to NAB customers with a business transaction account, it takes care of invoicing, expenses, reconciliations, cash flow tracking and BAS reporting. In partnership with Thriday, the platform offers low-cost automated and assisted lodgement services.

It’s also easy for small business owners to use it to access insights that can help them make better commercial decisions. And because it’s cloud-based, backups are taken care of automatically and users have the flexibility to log in from anywhere.

“I looked into everything on the small business accounting software front and when I found NAB Bookkeeper I thought, ‘This is the best that’s out there’,” Nathan says.

“It meant we could go from running multiple banking and tech platforms to consolidating it all into a single solution. That was an absolute game changer.

“Meanwhile, on the banking front, we have huge peace of mind because we know NAB’s security infrastructure is helping us protect our business from scammers and fraud.”

Coping with compliance complexity

There’s an additional benefit to ensuring your business is well run from the get-go, Nathan points out – it reduces the likelihood that your expansion plans will be derailed by compliance issues down the track. Australia’s regulatory landscape is a complex one and even small businesses like West Coast eFoil can find themselves required to engage with multiple authorities and agencies.

“Along with the ever-present requirement to manage our accounting and tax affairs efficiently, we have to deal with a lot of government departments, from the Australian Maritime Safety Authority in Canberra, through to state-based licensing regulators and local governments to get access to beaches,” Nathan says.

“It’s part and parcel of doing business. But having strong tech partners that can help you take care of back-end operations makes a big difference.”

Spending where it matters most

Using NAB Bookkeeper has allowed West Coast eFoil to channel more of its precious capital into funding growth rather than covering overheads.

“Because so many processes have been streamlined and automated, you can get a small business up and running without having to set up an accounts department,” Nathan says.

“It’s low friction and easy to get going – anyone can pick it up and start using it – and it provides everything you need to scale. If you’re a small business owner with big ambitions, it positions you for that growth journey.”

A partner for the times

Putting user-friendly business software in the hands of small and medium-sized businesses is in keeping with NAB’s long-time ethos, Nathan adds.

“Investing in this AI technology shows their continuing support for small businesses,” he says.

“We need entrepreneurs and start-ups more than ever in Australia. For business banking, NAB is a stand-out, particularly when it comes to equipping entrepreneurs with the business financing and tools they need to succeed.”

This article was prepared in June 2025.