A Nigerian business solutions firm offering accounting, strategy, financial solutions and human resources services to businesses, TheWhy Consulting has unveiled ‘Rent An Accountant’ service initiative in Lagos.
The initiative is a professional service designed to provide small and medium-sized enterprises (SMEs) and micro, small and medium enterprises (MSMEs) with flexible access to accounting, tax and financial advisory services.
The service was launched in Sabo-Yaba, Lagos, at an event themed “Beyond the Shoebox: From Chaos to Clarity,” which brought together entrepreneurs, business leaders and industry stakeholders to discuss the importance of proper financial record-keeping and accountability in business growth.
The initiative seeks to help businesses overcome challenges associated with disorganised financial records, including the use of notebooks, paper receipts and informal messaging platforms to track transactions, which can make it difficult for business owners to determine their actual financial position.
Speaking at the event, the Managing Consultant, TheWhy Consulting, Lagos, Mr. Adewale Adetunji Kehinde, said the idea was inspired by his experience as a supervisor of bank tellers, where he observed business owners making regular cash deposits but later complaining about poor growth and low profitability.
According to Mr Adewale Kehinde, the experience reinforced his belief that businesses need proper accounting systems to understand their financial performance and make informed decisions.
Adewale Kehinde also expressed concern over business owners’ experiences with individuals who presented themselves as accounting professionals but offered little beyond basic bookkeeping and record-keeping.
“TheWhy is a business solutions firm that helps businesses grow. We don’t just work for you; we work with you,” he said.
He explained that Rent An Accountant evolved from an earlier concept known as “ghost accountant” and was designed to provide businesses with professional accounting support regardless of whether they already had in-house accountants.
He added that the service gives clients access to a broader pool of accounting professionals, while businesses without accounting software could also receive the necessary tools to manage their finances. Its cloud-based operations enable business owners to access their financial records from anywhere.
“One of the advantages of renting an accountant is that you will always be investor-ready,” Kehinde said.
“The service covers bookkeeping, bank reconciliations, accounts payable and receivable, management accounts, financial statements, tax planning and filing, value-added tax compliance, payroll support, cash-flow forecasting, budgeting and cost management.
The Managing Consultant said the initiative goes beyond conventional bookkeeping by providing businesses with outsourced finance support to improve financial visibility, strengthen accountability and support strategic decision-making.
In his remarks, the chief launcher, Emeka Obiagwu, a former Executive Director of Wema Bank and Managing Partner of Obioha Obiagwu and Co., said many entrepreneurs unknowingly depleted their business capital because they failed to distinguish between revenue, profit and money available for personal spending.
He noted that professional accounting services could help business owners identify their income, expenses, profits and losses, thereby giving them a clearer understanding of their financial position.
Obiagwu also urged entrepreneurs to fulfil their tax obligations, file appropriate returns and exercise caution when borrowing, noting that debt could either support business expansion or create financial difficulties, depending on how it was managed.
A panel discussion featuring Ejiroghene Udu, Founder and Chief Executive Officer of EU Premium Power Solutions; Otobong Udo, President, Sales, BLoOCLOUD Tek; and Enoch Ukpe, Area Business Executive of Union Bank, who represented Gloria Omereonye, Head of SME Business at the bank, highlighted the importance of financial discipline in sustaining businesses.
The panellists stressed that high sales do not necessarily translate into profitability, adding that proper financial records could improve businesses’ chances of accessing credit.
They observed that bank statements alone might not provide lenders with sufficient information to assess a business’s financial health, urging entrepreneurs to maintain proper invoices, separate personal and business finances, comply with tax regulations and adopt accounting software and artificial intelligence tools.
A client of the service, Mrs Ayodeji Megbope, recounted how professional support helped her transform her business, which began with selling moi-moi as a hawker.
Megbope said that as the business expanded, she began receiving visits from local government and tax officials, prompting her to seek professional assistance on the recommendation of a friend.
She explained that the support helped her organise her operations, address regulatory concerns and transition from operating at home to running her own business premises. She added that the assistance also extended to employee relations and legal compliance.
As part of efforts to deepen financial accountability among small business owners, Kehinde announced plans to organise post-launch boot camps focused on business management and financial responsibility.
Kehinde thanked participants and stakeholders for supporting the initiative, particularly Megbope, whom he acknowledged for believing in the firm’s vision since its establishment eight years ago.
