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5 Reasons Accountants Make Successful Entrepreneurs

Posted on August 30, 2016 10:00 am;

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By Erika Murigi

 

Heard the term accountpreneur? Today, more and more accountants are becoming

entrepreneurs in their own right. Applying the skills and attributes developed in their

training and practice has seen many an accountant become successful business owners

and here’s why:

 

Accountants are trained to have the ideal skill set 

In today’s economic climate, becoming a successful business owner requires more than

a creative idea and go-getting spirit. Many of the practical skills required to be a

business owner today are already embedded in accountancy training and practice.

Communication skills, teamwork, time management and being able to work in a logical

manner are all examples of accountancy skills that transfer well to running a business.

Furthermore, accountancy training and professional development adapts to new and

emerging business trends such as risk and compliance management, new IT systems or

even technology and social media.

 

Every business needs an accountant 

As a non-accountant business owner it’s easy to get caught up in the idea of the

business, take uninformed financial risks and overlook the importance of tax regulations.

Accountancy skills and financial knowledge are incredibly valuable to an entrepreneur

because you have the expertise to grow a profitable, lawful enterprise. Furthermore, as

an accountant you understand the difference between profit and cash flow and even

those areas of accountancy that aren’t your specialism. The foundation provided by your

accountancy training will keep you in good stead as a business owner.

 

Accountants understand the mechanics of business

Because they are required to know the ins and outs of a business, accountants are in

the rare position of having comprehensive insight into how a company functions. From

this position they are able to help make business decisions. They know when to

encourage a calculated risk, maximise a business return or suggest taking a more

prudent approach in order to keep business stable. Possessing such expertise as an

entrepreneur can make all the difference in seeing a business soar to success or fail

miserably.

 

Accountants know how to maximise resources

Accountants are used to being told to find a way for the company to do more, with less.

Unless you’re starting out with a huge amount of capital, entrepreneurs often have to get

their enterprise off the ground with insufficient resources. Entrepreneurs with a

background in accountancy can balance budgets, assess risk and plan an accurate

financial strategy much better than someone lacking in such expertise. This means

much more freedom as a business owner as your innate financial knowledge means you

can spend more energy on other aspects of running a business.

 

Accountants are trusted 

Need investors? Tell any potential funder that you have a background in accountancy

and they’ll feel more comfortable knowing that you have the expertise in looking after

finances. They’ll have more confidence in your ability to maximise on their investment

and expect that any risks you take will be calculated and in the best interests of the

business.

 

Accountancy training offers many of the skills required to be a successful entrepreneur.

Furthermore, having an accountancy background means you will always have a

profession to fall back on to self-fund your enterprise or make additional income.

Learn more about the Certified Public Accountant (CPA) credential.

 

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