The NSBC approached some of their Premier Members to learn more about how they approached entrepreneurship and becoming a successful small business. Today we will feature The Cloud Accountants (Pty) Ltd.
The Cloud Accountants (Pty) Ltd was founded by three professionals with a wide variety of skills. One is a chartered accountant with extensive experience in multiple industries, the other is a finance and banking professional, and the third one has marketing and finance degrees with experience in the IT industry.
There appeared to be a requirement for SME’s financial reporting. We noted that due to either the delay in presenting financial information, or the poor accuracy of such information, or even the lack of it entirely was preventing businesses from raising capital and hindering their growth potential.
Our investigation into an accounting package for SMEs resulted in us choosing Xero as our platform. It is by far the fastest growing accounting software in the world and appeared to be the most efficient and user-friendly option available. Information is always up to date, accurate and can be viewed 24/7 from any device and location.
The Cloud Accountants (Pty) Ltd offers a variety of packages at different prices depending on our client’s needs. We offer bookkeeping and accounting services, tax administration and advice, data analytics and capital raising services.
Here is what they had to say about success and overcoming tough times in business.
When did you consider yourself a success?
Our success arrived at the equivalent time that the three founding partners immediately and enthusiastically embraced the same business strategy.
We knew there was merit in our idea as we received a substantial amount of interest from SMEs across a variety of industries, all of which had a common requirement – real-time access to their financial information without incurring exorbitant fees.
To what do you attribute your success?
Enthusiasm, professionalism, persistence and dedication to ourselves and our clients.
Central to our ethos is cutting-edge technology which enables us to offer our clients competitive services which are reliant, streamlined and tailored according to our client’s requirements.
It’s important to remain flexible, nimble and remember to have fun and embrace change.
What failure taught you the most about your business and what was the lesson?
We started cold. We had no clients and marketed ourselves incorrectly believing digital marketing alone would attract clients. We failed to understand that our biggest hurdle to attract clients would be the trust factor. We had to roll up our sleeves and become salesmen, going back to basics and ensuring that trust was earned over a period of time.
What was your best moment in business to date?
Successfully on-boarding our first client. We had heard countless “no’s” prior to receiving our first “yes”. It was an arduous journey, but persistence was key. We knew that if we were able to build trust with our first client, we would be able to replicate our success with additional clients whom required tech savvy accountants to enable their business to prosper and grow.
What drives you to keep going when it gets tough?
Bookkeeping and accounting has always been dull. With Xero, we avoid all the dull and tedious bits and can concentrate on advising our clients, and adding value to their business.
It is a great feeling when we notice the positive impact we’ve had on our clients by enabling them to prosper and grow.
Lastly, what are your success habits?
We have a written plan and review it regularly. We change tack quickly if things are not working. We have kept our costs in check and use dedicated personnel who have the same views as us.
As a bespoke firm we have the ability to adapt to changing environments, as well as the flexibility to offer a tailor-made solution according to our client’s requirements.