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Accountants HATE ME for sharing this SECRET

James Sinclair

99,893 views

This might sound harsh, but hear me out when I say that most Accountants are not super successful, certainly not as successful as business owners can be.

With that being said, here's a list of things I that many Accountants would disagree with me doing. All in hopes of helping you grow your business, let's get into it.

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Who am I?
My name is James Sinclair and I'm the founder and CEO of The Partyman Group of Companies. I started building my business when I was just 16 as a family entertainer after that I built up an entertainment agency, then moved into building a leisure and day nursery businesses. Today we operate a £30 million business which includes leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing as well as one of the UK’s oldest Ice cream companies; The Rossi Ice Cream Company.

20 Comments

@N2026-x1i 2 years ago

As an accountant I love all of this.

- Don't come to us for entrepreneurial advice. We dont even advertise that.
- Do hire a second opinion (more work for us to win)
- Definitely do your own bookkeeping, we don't want to do it for you
- Great to employ your own chartered accountant full time if you can find one. Less work when we come to audit...but we don't charge any less.

@kristrinity9429 2 years ago

I dont think any of the viewers here realise how dope it is to have someone like James creating videos like this. This is incredible information.

@SoOverIT26 2 years ago

As an Accountant (in US) - one of the main issues with people is that they don't know that there are different types of Accountants. They assume every accountant is a TAX ACCOUNTANT and then they are disappointed when they do not get the correct advise or get frustrated when told "that's not my specialty." Is important for entrepreneurs and everyone in general to know the difference between different types of Accountants and also bookkeeping. This way they can find the most qualified professional for their needs.

Last company I worked for was divided financial Accountants, tax Accountants, treasury, etc where every one of those groups had a specialty and we were not allowed to help customers with stuff outside of our area. I was financial and focused on overheads and payroll funding (not payroll clerk), I would transfer anyone with tax questions to the Tax Accountants in the tax department.

@gedb6099 2 years ago

My last accountant got my vat return wrong 3 times, 4k more than I owed! On the 4th attempt he said ‘oh sorry I didn’t realise you used a business credit card to purchase stock’. He had only been doing my returns for 2 years at this point 🤣 … you’re just a number to a a firm and very few actually want do help you

@ciaraandtheworld 1 year ago

I am an “in house” accountant. I feel gassed right now!! Thanks for seeing our value

@333nickmcd 2 years ago

When I first started businesses I assumed that all accountants would just be great professionals but my lord I was wrong!
Accountant 1 - did everything on time but very old school, paper based and miserable
2. Filed the first two VAT returns late.
3. Love them as they communicate, help and are friendly. Now questioning if they’re right though as they don’t seem to be growth focused and I’m not sure if we’ve got too big for them?

@petegrylls 2 years ago

I learned this the hard way. After some years in business I realised you need to do the research and tell your accountant.

@Sean-vh8pm 2 years ago

Subscribed! Found your channel by accident, but YT must have known I was needing this great advice. I’ve been in business a long time and this taught me a lot. I’ll be watching more.

@R8FCO 2 years ago

Not all accountants are qualified, some join a Mickey Mouse club, my new accountant that charges me £300.00 ph plus vat, and will not give me any real advice, like James said do your own research, the accountant said too me ‘ you are doing better then me’ looking down his nose thinking how can this fella from a council house in Sunderland be richer then me, I am changing my accountant soon.

@eddymens1873 2 years ago

Youtube needs to add a multi-like button

@donnawilliams7865 11 months ago

Love this! Bookkeepers are gold for a growing a business. Bookkeepers are sometimes looked at just administrative work but provide so much more value. I have a small Bookkeeping practice and we get into the weeds of the business at a very reasonable cost!

@RoaldvdM 1 year ago

I own an expat accounting company in Prague since 2006, with a focus on self-employed entrepreneurs (IT, consultancy). By now I have done 1000s of consultations about tax / social / health, VAT, do's and don'ts as (starting) entrepreneur. Real-life help, not just filing taxes for customers. That's what people need. But yet, many seem to think that with googling for answers and using a cheap online filing tool they do not need an accountant. In the last years I have seen a big increase in fixing (tax) problems that customers caused by themselves. Filing corrections is never cheaper than filing correctly by an accountant in the first place.

@gaugeonesteam 1 year ago

I used to do "incomplete records" work for a chartered accountant. This is when the business gives their accountant their books but as the name suggests the record keeping is "incomplete". We had loads of this work and all the clients probably had no idea what their financial position was. The client would give us piles of invoices, bank statements, cheque stubs and cash books that hadn't been written up properly. many years later I had my own furniture retail business and I used to do mini accounts every week so I knew exactly where I was.

@easyspeak101 2 years ago

Nice presentation. Thx. A lot of these videos from channels are peppered sprinkle of ideas.. but it takes a lot of wrestling with both finances and metrics with different agents to even know if one is enlightened or fooled..

@wanderingaengus-n8w 2 years ago

It is easy to assume that solicitors and accountants should be highly knowledgeable about business generally. But they usually can't see the picture beyond their own narrow trade. Most solicitors really struggle with deadlines and business objectives rather than their preferred tasks of nitpicking small, irrelevant details.

@worldwideachievers1234 2 years ago (edited)

James is absolutely right about doing your own research on taxation and investment strategies. Your CPA will prepare your tax returns and sometimes might offer a little advice. But the onus is on you to research tax strategies and loopholes. I read books on taxation and investment by tax attorneys. Great insights on strategizing your business intenties and how to structure LLCs and Corps.

I just started employing my CPA (not cheap-depends on monthly revenue) which also has book-keeping.