Don’t be an ASS

So far I have interviewed a number of CFOs from a variety of businesses & market segments and have uncovered some interesting common threads.

One thread that has stuck in my mind over the last couple of months is the need for the accounting advisor before they do anything else to understand the business. Here is a quote from Ashley Selwood, CFO, Australian Rugby Union.

… I find at times that external accountants already have some preconceived ideas about what the solution is before they spend the time to actually get to know our business.  We’re a sport and nine out of ten people who walk in the door are either followers of Rugby or at the very least know a bit about Rugby.  When you’re dealing with sport there’s a lot more heart than head involved and sometimes people will walk in the door as a consultant or an accountant and the first thing they’ll do is spend an hour telling you what’s wrong with the Wallabies! Once you get through that, they always seem to have quite fixed ideas of what the solutions are without actually spending the time to get to know our business. In my view this is a fundamental mistake. It not only applies to accountants but all other external professional consultants irrespective of their discipline.

Ashley goes on further to cite some interesting examples of how  accountants have come into the business and not really taken the time and effort to invest in really understanding their business. Too often accountants assume too much without first asking their client questions. As my dad used to say to me when I was growing up (and still does) when you ASSUME you make an ASS of U and ME!

The morale of this post – don’t be an ASS!  (or a donkey for the non-Americans out there)

James E