In the fast-paced world of entrepreneurship, who do you turn to for building your business?
It’s easy to fall into the trap of believing that your accountant can double as your business builder.
Accountants are invaluable
As a Chartered Accountant, I know first hand the contribution of accountants to a business.
Accountants play a critical role in the following
- Fulfil CIPC obligations
- Complete income tax and VAT returns
- Prepare management accountants
- Prepare budgets and forecasts
- Prepare annual financial statements
- Support during tax audits
Business builders
As a business builder, I make a holistic contribution to the business.
Business builders play a critical role in the following
- Together with the entrepreneur to develop the business
- Focus on the business strategy, and model
- Building the marketing, sales, operations & team capabilities
- Analysing the numbers before/after building the business
Key differences
Accountants perform an excellent job at recording organising, and reporting on financial transactions.
However this does not speak to the work of building a business – from getting entering a market to getting customers
Accountants generate financial reports, providing insight into performance and efficiency.
But achieving that performance and efficiency in the first place, comes through the efforts of the business builder with the entrepreneur
Accountants identify financial risks, relying on their understanding of the financial position, performance and cash flow
This is just one part of overall risk management. A business builder covers key strategic, business and operational risks.
Accountants ensure the business is on top of their compliance, to keep them in business.
However compliance is not enough to grow the business.
Business builders focus on experimentation, innovation and sustainable growth.
Relying solely on the accountant to build your business is like asking your excellent mechanic that repairs your vehicle, for support to navigate the rocky terrain of your business path.
In conclusion, your team requires both, an accountant and a business builder, each bringing a different perspective to the table.
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