The following is a rule from Marnus Broodryk’s best selling book, 90 Rules for Entrepreneurs, and we couldn’t agree more: Finding an accountant is usually
the last thing on a new entrepreneur’s list. And rightly so; there’s a heck of a lot to do to create the numbers before you find someone to look after them. You need to start your business, get the paperwork done, find customers, prove your business model. But you’ll get to a point where you’re making enough money to be concerned about tax, Excel no longer works for invoicing, and the bank wants to see financials.
An accountant is needed.
Be very careful. Not all accountants are created equal. You may be expecting an individual (or company) who has the skills to justify their big (and often unexpected) bills and a partner who will help you grow your business. But most will just keep you compliant by swaddling you with red tape and delivering a reactive service, adding next to zero value. They force you to use old legacy systems and they make you stay with outdated processes. Their motivations are counter to your own.
The people you pay to help you grow can actually be the weeds that throttle you.
You need an accountant, but you need to find the right one.
You need an accountant who will help set up a great system for you and work with you on this system (in real time), an accountant who will help you, be your trusted adviser and professional friend.
Once this is achieved, the magic happens: all your red tape is automatically taken care of and you can use the technology to grow your business and create an amazing experience for your customers, as well as having a professional who can guide you with numbers, business plans and the best tax advice.
Accountants can be an entrepreneur’s best friend and trusted adviser but, more often than not they’re little more than a grudge purchase. Find someone who really helps you, don’t be shy about paying a slightly higher fee. Sit down for coffee or a beer before you draw up contracts.
Tell them about your business and see what excites them. If you get this right they might just end up being the flywheel that spins your company’s growth upwards.
The people you pay to help you grow can actually be the weeds that throttle you.