Meet the Expert:
Rob Koch, RWK Accountancy
This month, we meet Rob Koch, one of our Industry Experts, and discover the truth about accountants.
Thanks for being with us Rob. To begin, what drew you to accountancy?
I’ve always liked numbers, and I like working with people, and I like helping people. Accountancy is a natural fit for me because I’m
able to use my skill with numbers to help people improve their businesses by helping them to understand the numbers.
What clichés around accountancy would you like to see disappear?
That we’re boring! That we have no life, or no personality! Accountants are as guilty of that prejudice as anyone else—but they
generally believe themselves to be the exception. I believe that as a group, accountants are a diverse bunch of people who are out there
getting things done, making things work in all sorts of organisations that help make the world a better place. That’s not boring.
So you wouldn’t be fond of the term “bean counter” then?
It’s just not accurate. With the kinds of tools that are available to us now through the cloud, we can help businesses in the present
moment, using data as it emerges. The idea of a bean-counter in a back office poring over data that’s 18 months old is way out of date, and
it’s the kind of thinking that can really hold a growing business back. The numbers are a living part of the business, not some dragging
tail that needs to be kept just ahead of the ATO.
What do you say to business owners who love what they do but who find crunching numbers unappealing?
Do what you’re best at, what you can make the most money doing, and get help for the parts you’re not good at. For instance, say you’re
a motor mechanic and charge yourself out at $100 per hour, and you hire a book-keeper for $60 per hour, and that frees you up to charge out
your own time, rather than spending it wrestling the calculator. At that rate, even if the book-keeper is no faster at the job than you
are, you’re making money and saving yourself the headache. You need to get the best bang for your buck. Business owners often don’t value
their own time as they should.
What will savvy businesses be doing this financial year?
Smart operators know their numbers and know when they need to make a change. Then they make the change. That’s the key, being willing
to make the change. For instance, one of my clients has a great little business that was selling services on-demand but the demand was
client driven and they decided to move to a subscription model. By changing this we have a much more regular flow of income, we get some
savings by managing and streamlining our services better and we are able to deal with clients on a more proactive basis.
For more information on RWK, visit their website: https://www.rwkaccountancy.com.au/