Estimated reading time: 2 minutes, 20 seconds

Patil HitendraWhat is the difference between the way traditional accountants and entrepreneurs think? Generally accountants utilize managerial thinking—they selected from means to reach a goal. Entrepreneurs are driven by effectual reasoning—they imagine new results based on many of those same ends.

Entrepreneurial thinking utilizes existing means such as software, mobile phones, roads, GPS systems and cars to achieve new ends—A new way to hire a cab. New transparency. New Convenience. Less cost. Uber! An Accountant uses familiar means—software, regulations, education, experience, market—to achieve traditional ends—Financial statements (past performance); tax returns (compliance).

An Accountaneur takes the same means to accomplish new ends: Financial statements insights (What went wrong? What was right? How to ensure best future use of resources?) Tax returns and tax planning (compliance and How to ensure best future use of resources?).

What Do Accountaneurs Do Differently?

Accountaneurs make immense efforts to first understand their clients’ passions and then, based on the accounting insights, keep clients on course to achieve their dreams. They constantlyprompt clients to dream again and dream more because if Accountaneurs can help clients grow, grow, grow, that’s what makes Accountaneurs truly valuable.

Entrepreneurs imagine new ends from given means. Accountaneurs help clients do so. Accountaneurs don’t just tell clients what they want—You need to reduce your overhead. They tell them the why—You are making no money because your overhead is high—so that clients take effective action.

Accountaneurs truly understand clients’ risks. Through accounting insights, Accountaneurs identify if risks are indeed taking shape in their accounts and then apprise clients of current risks. When the clients slumber, Accountaneurs wake them up. Entrepreneurs love upward rockets in their financial graphs. Accountaneurs make it a point to be alert when clients’ performance is a horizontal line on the chart in order to spur them on.

Accountaneurs paint the future for their clients, based on their current financials. And when that future picture is very different than what the client’s original dream was, it helps clients adjust their course.

Next Steps:

As an accountant, you want to crack the “entrepreneur code” to become an Accountaneur.  In this role, you have a distinct advantage. You understand accounting—which your  may not understand at all—and you truly understand clients’ businesses and industries. You leverage this distinct advantage to help clients become more successful.

As an Accountaneur, you have the abilities to help your clients better navigate their future financial lives. You commit yourself to leverage these abilities to positively impact the lives of your clients.


Hitendra R. Patil, the Author of  “Accountaneur: The Entrepreneurial Accountant”, and COO of Pransform, Inc., explores how insights from behavioral economics apply to the tax and accounting profession. His findings have enriched lives and businesses of many professionals.

 

Last modified on Wednesday, 14 September 2016
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