(Editor’s Note – Mathew Lee has been a Stittsville resident for eight years and wanted to support the outstanding local businesses and organizations we have in town. Writing has long been his passion – he also enjoys interviewing, so these articles felt like a natural extension of those interests. We are pleased to share Mathew’s articles on Stittsville Central – we think you will enjoy them as much as we do. With income tax time on our doorstep, this week Mathew has shared accountant Sadiq Alwani’s story.)
“There’s a misconception about accountants.” Sadiq smiles, then explains, “Most people think we just handle taxes – we do way more than taxes.”
Since he began in 2018, Sadiq Alwani has expanded beyond bookkeeping and tax services; he offers consulting services to help businesses expand their operations and make sound financial decisions.
“I offer virtual CFO services on a fractional basis. If that’s what your business needs, I have the background from years of being a CFO.”
As an accounting firm that’s entrepreneurial, one of his greatest challenges is keeping his business at a reasonable size. “Bigger firms of course will assign you a manager; I intentionally decided that I don’t want to expand so far that I lose touch with my clients. I want to be accessible so I can give them the best possible experience.”
He laughs, “Unless I can find another me, it’ll stay this way for the time being.”
I ask him about the challenges he’s faced as a business owner in this field.
“There’s still a taboo about mental health. I hear hundreds of stories from my clients and some of them are really tough. And I carry that burden in this industry because in the middle of such conflict, I’m trying to offer solutions.”
“I remember a client who was a mother of two children who’d recently started a salon. She was committed to the lease, then two months into operating her business, COVID struck.” “I mean, she couldn’t qualify for subsidies because her business was new. She sat in front of me and cried. Finances are stressful; juggling costs and making sound financial choices in the middle of that is stressful.”
“Ultimately, she had to give up the business and file for bankruptcy. I supported her the best I could through those difficulties.”
I ask Sadiq what advice he has for business owners.
“The advice depends on where you are in the maturity of your business. Profitability is not the only factor – people sometimes forget about cash-flow – especially if you’re bootstrapping.”
“If you’re short on cash, you can’t make the next commitment. Cash gets tied up and then, for example, you can’t take care of the payroll.”
What surprises business owners when they first start out?
“People don’t realize there can be a fatigue that sets in with the number of financial decisions they need to make. The burden builds, then they ignore what needs to happen.”
“I’ve had business owners who registered their business two years ago, but they hadn’t made any filings. There were bad financial decisions made along the way because they didn’t have a roadmap on how to proceed. We’ll sort that out the best we can, but it’s far from ideal.”
“It’s important not to ignore the burden of proper financial administration.”
I ask Sadiq if he has any closing thoughts. “Finance isn’t just about numbers, it’s about trust. We’re honored to manage your finances.”
A family-owned, full service accounting and tax business operating in Ottawa, Ontario since 2017, HomeTown Accounting and Tax handles accounting, taxes, bookkeeping, payroll, and various other consulting needs for small- and medium-sized businesses. Connect with Sadiq and his team for expert accounting, tax, and advisory services built on trust and integrity by email at: info@hatinc.ca; telephone 613-736-6630. To find out more visit the HomeTown website at: hatinc.ca.