Business leaders, entrepreneurs and industry stakeholders gathered in Lagos as TheWhy Consulting introduced a flexible alternative to traditional accounting support for SMEs and MSMEs and financial advisory support whenever they need it.

The service was unveiled at an event with the theme: “Beyond the Shoebox: From Chaos to Clarity”. It brought together the stakeholders to discuss why many businesses still kept financial records in notebooks, paper receipts, drawers and WhatsApp conversations, and why that made it hard for owners to know their real financial position.

Managing Consultant of TheWhy Consulting, Adewale Adetunji Kehinde, said the idea came from his first role as a supervisor of bank tellers.

He saw business owners make regular cash deposits, then return months later complaining of poor growth and low profitability.

The experience convinced him that businesses needed proper accounting to understand where they stand.

Kehinde said he also received calls from business owners about accountants who presented themselves as professionals but could not go beyond record-keeping and bookkeeping, with WhatsApp messages as their main way of working.

This, he said, showed the need for accounting support that goes further than keeping records.

“TheWhy is a business solutions firm that helps businesses grow. We don’t just work for you; we work with you,” Kehinde said.

Rent An Accountant evolved from an earlier concept known as “ghost accountant ”. Businesses can use it whether or not they already have an in-house accountant. Accountants on the service can draw on a wider pool of professionals for added expertise.

Clients without accounting software can be provided with it, and operations are cloud-based, so owners can view their 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, VAT and compliance, payroll support, cash-flow forecasting, budgeting and cost management.

TheWhy Consulting presented it as more than a bookkeeping solution: an outsourced Finance Partner that helps businesses gain greater visibility into their finances and use that information to make better decisions.

Emeka Obiagwu, former Executive Director of Wema Bank and Managing Partner of Obioha Obiagwu and Co., who was chief launcher, said many entrepreneurs unknowingly deplete their capital because they do not distinguish between revenue, profit and money available for spending. He said professional accountants help owners understand their true position by identifying income, expenses, profits and losses. He also urged owners to meet their tax obligations and file returns, and to manage borrowing carefully, since debt can either support growth or create difficulty.

A panel at the event featured Ejiroghene Udu, Founder and Chief Executive Officer (CEO) of EU Premium Power Solutions; Otobong Udo, President Sales, BLoOCLOUD Tek, and Enoch Ukpe, Area Bussiness Executive, Union Bank who represented Gloria Omereonye, Head of SME Business at Union Bank. Panelists said making sales does not necessarily mean making profit, and that access to credit depends partly on the quality of a business’s records, since bank statements alone may not give lenders enough information to judge financial health.

They advised owners to separate personal and business finances, keep proper invoices, comply with tax rules, and adopt accounting software and artificial intelligence tools to stay competitive.

“TheWhy Consulting will hold boot camps for SME owners after the launch, focused on business management and financial accountability, and Graduate Accountants to prepare them for the future of Accounting businesses.” Kehinde Said.