After reading the heading, you are probably wondering why it’s even a topic since most accounting firm owners have completed their masters degree in accounting at some point in their career. As it happens, not all accountants who have their own firms are entrepreneurs because there are definite differences between the two, which we will discuss next.
Perhaps one of the biggest differences between the average accounts firm partner and the entrepreneurial accountant is the fact that the latter is willing to take calculated risks while the former isn’t. The job of the entrepreneur is to grow his/her business and growth cannot happen until and unless risks are being taken. The entrepreneur will try to be bold and go to places where most firms would not dare to, and that’s usually what separates successful entrepreneurs from the typical firm partner.
The Entrepreneur Takes Over
Although accounting entrepreneurs will still have to complete their masters of accounting degree and they will have to know each and everything that there is to know about the job, they will not delve into the actual details too much. Instead, they will let their inner businessman take charge over the accountant, which means most of their time will be dedicated towards introducing innovation, developing new or improved business models, and restructuring the manpower as is fit for achieving the next goal. In other words, the accountant will still be there to help when needed, but the entrepreneur must take a front seat since growing as a business is the target here.
Focusing on the Future
Not too long ago, people used to think that accountants were going to be replaced by technology and that has proven to be a fear without merit. Nevertheless, in order to stay relevant and remain profitable, the entrepreneurial accountant must focus on the future by incorporating technology and software as an integral part of the firm. There are resources out there that can be used to determine important factors such as future cash flow and events with accuracy and speed; both of which are hugely important in the accounting business. As an entrepreneur, it is your job to use the available technology to find better value for your clients, and in turn, for your own firm. Creation of new services which offer better value than the previous ones will set you apart from your competition and move you forward. Doing taxes and managing the payroll is not enough anymore because you need to find ways to help your client get more business or manage their present business in a more financially intelligent manner.
After reading this, if you can see yourself as a future entrepreneurial accountant, it might be a good idea to get an online masters degree in accounting from a reputed university because that will give you the flexibility required in pursuing a business degree on the side as well. You can complete both in due time of course, but you will be losing some priceless years if you do.
Whatever you choose, remember that the main idea is to think like an entrepreneur more than anything, but with the knowledge of modern accounting to rely on when you need to.