Hitendra Patil
Accountants have traditionally done accounting for entrepreneurs, yet accountants predominantly run their own business more as a "practice," and less as entrepreneurial ventures.
This paradox has left many accountants struggling with the commoditization of their work that is subject to immense pressure, despite the fact that accountants' insights can make or break a business. It is this challenge that Hitendra Patil set out to conquer.
And that is why he inspires accountants to go from keyboards to key insights.
Born and brought up in the financial capital of India, Mumbai. Hitendra saw first-hand the importance of good accounting and the impact it can have on a small business.
“When I was in college, my dad started his business. It worked out well for a few years before it had to be closed. It caused challenging times for my family. A year down the line from the business closure, I met an accountant, who was the dad of one of my college friends. Somehow, the topic of my family challenges and the business came up and he asked for financial statements of the company.” He went on to say, “A few days later, I sat with him and he told me, to my astonishment, that the key reason for the problem was the inventory decision made at about 2 years from the start of the company.”
Hitendra said after this realization, his father and his business partners’ made some aggressive business decisions to invest in more inventory, hoping it would lead to higher sales in the future.
This situation allowed Hitendra to see the value accountants have in a company and the unique ability they have to change someone’s life. That’s where Hitendra saw a unique opening in the industry that he set out to change.
He went on to say, “Other than doctors, there is hardly any other profession that has so much impact potential. Irrespective of what we hear, accountants embrace technology, even if we feel they are traditionally reluctant to do so. It means, the profession will reach new frontiers of achievement as it will make new possibilities come true for people.”
Hitendra believes this embrace of new technology is a cornerstone in turning these accountants into what he calls an Accountaneur®. In his book, Accountaneur: The Entrepreneurial Accountant, Hitendra says, “You are an Accountaneur® if you chose not to take up a job, but chose instead to create a business.”
“Automation algorithms, artificial intelligence and blockchain are the key technologies that will, together, liberate accountants from the clutches of data and information gathering, organizing and reviewing.” Hitendra says. “Technology turned many accountants into data-processors for nearly three decades but now technology will make accountants great again - by multiplying their abilities to apply their wisdom and expertise to analyze specific business situations of their clients and positively impacting their future decision-making, rather than focusing on after-the-fact compliance work.”
This idea puts accountants into a true financial advisor position, rather than limited to a software or computer. Allowing accountants to build better relationships with their clients can make a difference in these business owners’ lives. The same way the accountant who helped Hitendra’s father’s business was able to change their lives forever.
Hitendra R. Patil is one of Accounting Today's 2017's Top 100 Most Influential People in Accounting and author of Accountaneur: The Entrepreneurial Accountant. He continues to enable accountants to achieve greater success, benefit from his comprehensive practice management and growth insights and achieve their goals.