Newton & Co Blog through the eyes of John Robson CIMA Member in Practice
Felix Dennis is one of Britain’s wealthiest self-made entrepreneurs and in his book “How to make money” had this to say about Accountants.
Chapter 80 “On Qualified Accountants”
Hire the best qualified accountant or finance director you can afford, even before you can afford them.
Bean counters are one thing, qualified accountants and finance directors are another. Books and records need to be kept, but there will be no books and records to keep if you stint on full time expert financial advice.
Such people will fight tooth and nail to reduce costs. They will impress suppliers and banks and help extend your credit. They will constantly remind you of the perils of over expansion. They will become a burden and a pest to every working day. But they will also ensure that you survive, if that is at all possible.
You will not find yourself having to grovel to a bank to pay a tax bill you failed to prepare for. You will not discover a landlord’s bailiff at your door with a warrant to turf you into the street. Instead, you will free yourself to concentrate on growing your company while that blighter of a finance director constantly scolds you.
You will greet the arrival of your first finance director and chief operating officer with open arms. Then you will come to loathe them. Then respect will creep into the equation. Then you will hand them huge bonuses (and do so gladly) as the company turns the corner into blessed profitability.
And one day you will find yourself taking time off from counting ill- gotten gains to pontificate to some young entrepreneur who seeks your advice. “Hire the best qualified accountant or finance director you can afford, even before you can afford them!” you will drone sagely-just as I am doing now.
Oh yes you will.
Newton & Co are now introducing a brand new Service
Financial / Non-Exec Director Service
If you would like someone to help promote your business, improve systems, be a sounding board for ideas to grow your business, help to finance new projects, someone who has a lifetime’s business experience just call me to arrange a meeting to discuss the options.
Our guarantee is that if within 12 months we have not saved or benefitted your business by an amount greater than the fee you pay we will end the arrangement there and then.