When growth is on the line, any old number-cruncher just won’t do

All accounting firms can provide solid bookkeeping, payroll, and regulatory reporting. This doesn’t cut it for a growth company – instead, the financial management must actively support the company’s growth. This equals reliable profit and cash-flow forecasts, contiunous control, and comprehensive reporting. You won’t get competent support for these from a standard accounting firm.

As a growth entrepreneur, you should expect the following from your accounting firm:

1. They understand growth entrepreneurship

2. They supply you with expert support in VC and M&A projects

3. They consider you an important client
   

Your accounting firm should know your business like the back of its hands and understand what growth entrepreneurship includes and what it takes to succeed. Without this expertise, your accounting firm can’t help you build the processes for forecasts, controls, or reporting – and business development discussions won’t go far if they only talk P&L and balance sheet.

As a growth entrepreneur, you will likely face VC investment or an M&A transaction at some point. You make your life significantly easier, increase the chances of success, and save time and money if your accounting firm can competently provide the following M&A support services:

• A comprehensive and well-structured financial deck

• CFO support during negotiations

• Financial support during Due Diligence
  

Your accounting firm should also understand the typical data requirements involved in VC and M&A transactions and assist proactively in collecting the data.

In addition, your accounting firm should consider you an important client. Otherwise, the service likely won’t keep up with the changing needs of your company. If you’ve ever dealt with a telecom customer support or waited for a package from a shipping company that keeps getting returned day after day, you know what it’s like to be a not-so-important customer for a service provider. You definitely don’t want to experience the same with your accounting firm. In practice, this rules out most large accounting firms, for whom a small growth company simply isn’t an important enough client.

If your current accounting firm doesn’t meet these criteria, it’s best not to delay switching. If things aren’t smooth-sailing now, they likely won’t be in the future either. The ideal option for a growth company is a “boutique” accounting firm that specializes in the challenges of growth companies, has experience with growth entrepreneurship, VC and M&A, and truly values you as a client.