Sharada Bhansali
Focus. Intensity. These are two of the biggest qualities that people say stand out when the conversation centers on Sharada Bhansali, president of AccountantsWorld. They are why she continues to be one of the accounting professions most enduring thought leaders and inspirational entrepreneurs.
Part of her legacy is AccountantsWorld, the company she co-founded with Dr. Chandra Bhansali. Today, it is a leading provider of cloud-based solutions for accountants, offering a complete, integrated suite of innovative accounting, payroll and practice management.
For the past 20-plus years, Sharada has inspired the product development for AccountantsWorld and its predecessor, MicroVision Software.
Insightful Accountant caught up with her to get her thoughts on today's entrepreneurial environment and what advice she can offer accounting professionals.
Define the state of entrepreneurism today.
Entrepreneurism is on the rise – but not just in new companies. “Uberization” is certainly creating a large number of entrepreneurs, but true entrepreneurism is also rising in established companies. The primary reason for this rise in entrepreneurship is the unprecedented pace at which technology is advancing. For each new major technology, established and new companies rush to apply that technology in different fields.
In our current environment, IT and emerging technologies have become important drivers of business growth. Since technologies like the cloud, AI (Artificial Intelligence), and Big Data will have application in every field; therefore, wherever we work, we need to look at our organizations as engines of innovation.
What advice can you offer accounting professionals on being an entrepreneur?
As an entrepreneurial accountant, there’s an unprecedented opportunity to use technology to provide better services. The discovery of what’s important and the experimentation process leads to an increase in business value. This transformation is a process – it's not something that happens overnight or something you can copy. Each accounting firm is different in how it goes about implementing this process. Each needs to find the right balance of speed, safety and business value for itself.
Another challenge for most accounting firms today is staff retention. An entrepreneurial environment will help you attract and retain talent. Cloud technology enables accountants to work more efficiently remotely using a flexible schedule, rather than working in the office under a regimented schedule. You must create an environment that enables employees to keep the right work-life balance. That keeps team members excited and makes them more productive.
What is that "lesson learned" moment that really helped guide your success?
I did not have a “lesson learned” moment. I started our first business, a tax software company named Micro Vision Software, despite not having any background in accounting or tax preparation.
Then we created AccountantsWorld. We encountered our share of challenges along the way, but our commitment to product quality and our customers’ needs saw us through those challenges and helped us thrive. The most important lesson I’ve learned is about transforming challenges into opportunities. This has been a key contributor for our success.
What was the best piece of advice you ever received?
An organization is as good as the capacity of its employees to learn and apply.
Name a few of the biggest issues facing women in the workplace today?
Unfortunately, women still face the challenge of breaking the glass ceiling. Another issue is work-life balance. Managing multiple responsibilities can be a daunting task unless handled carefully.
What advice can you offer to women who want a career in your industry?
Accounting is certainly a rewarding profession, but evaluate your options very carefully. Decide whether you want to go toward public accounting or a corporate environment. Public accounting has demanding peak periods with long work hours. Getting recognition may be difficult in a corporate environment. Choose what meets your personal goals and lifestyle.
Either way, it's to find ways to use emerging technologies in your work. With evolving trends and new technologies, the accounting profession is going to transform. It’s an exciting time to make your mark in this industry.
How does your "to-do" list look for the rest of 2017?
The most important item on my list is to continue to apply new technologies to develop practical solutions that help both accountants and their clients.
What’s the next "best thing" for you?
My team and I are always focused on bringing new technologies to the accounting profession. It would be a very satisfying experience for me if our tools can make a difference in the professional lives of accountants.