#064: From Accountant to Entrepreneur and Shared Ecosystems

with Rishabh Sawansukha

Our Guest Mentor:

Rishabh Sawansukha started his finance and accounting career as a chartered accountant over 20 years ago gaining experience in Taxation, Technology , Change Management & ERP with companies like Schlumberger , Coca Cola , Oracle & IOCL. Rishabh is also founder and chairman of BizStreet.biz  which leverages a shared ecosystem to of their 400+ strong partner network to facilitate Clients in Business , Tax, Technology , Hiring , Debt Management and Transformation services.

Rishabh is currently based out of Gurgaon, Haryana in India and is a Chartered Accountant (CA) & holds a Masters in Business Finance (MBF).

Key Quotes From the Episode:

“[On questioning why accountants perceive we need to stay late and burn the midnight oil] We are not office keepers.” [03:59]

 “[On his entrepreneurial aha! moment] Accounting is not the capturing of the data, accounting is much more beyond, it’s about making sense of the data.” [06:49]

“[On why accounting textbooks are failing] Whatever accounting text books have been written have now become redundant because they have never imagined from a real commercial position that the journey to balance sheet will be seamless. So we have to come out of this siloed thinking and create the processes where the future accountant will go to a smart tool, he will plug and play and capture the data and do the decision making based on the data and not based on the assurance.” [12:12]

“[On assurance audits] Assurance based audits will be a thing of the past.” [12:44]

“[On what owners & CXOs care about] The business owner or the CEO or CFO they are not interested in how we are capturing the data and how we have connected it, they are interested in what’s inside the data and where you’ve identified goals and problems [and threats] they were not aware of.” [14:31]

“[On making sense of the data step 2] You can outsource the process but you can’t outsource the controls. Controls should always remain with you because it’s your business” [17:23]

“[On advice from a Big 4 Partner] Promise what you deliver and deliver what you promise” [22:17]

(Other resources and how to connect with Rishabh below).

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Key Points From the Episode:

  • The discovery Rishabh attributes to turning him from an accountant into an entrepreneur.
  • Why technology is really helping us do what we should be doing in the first place and why this create loads of opportunities for accountants.
  • Breaking down making sense of the data into 3 simple steps.
  • Rishabh’s shared ecosystem concept.

Time Stamped Show Notes:

[02:00] – Rishabh shares his journey and why he was ‘kind of a rebel’ choosing finance & accounting

[06:20] – The discovery Rishabh attributes to turning him into an entrepreneur.

[08:24] – Shares of story where he questioned why accountants always burned the midnight oil and what he did about it even though he had no budget.

[11:30] – What’s exciting Rishabh about his work and accounting & finance at the moment.

[13:10] – Why technology is really helping us do what we should be doing in the first place and why this create loads of opportunities for accountants.

[15:41] – Breaking down making sense of the data into 3 simple steps.

[20:05] – Rishabh describes how shared ecosystems and economies work in practice (and why they’ve been around for centuries).

[24:17] – The best bit of advice Rishabh ever received.

[25:44] – Rishabh recommends two books we should check out.

[27:31] – How best to connect with Rishabh.

Resources Mentioned:

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