Accounting for your Financial Success with Nqobizitha Nkomo

Nqobizitha Melusi Nkomo: Accounting for the financial success of entrepreneurs in South Africa

Having smashed his SAICA articles back in 2013, Melusi Nkomo is a master when it comes to the numbers. His experience spans from working in one of the Big 4 accounting firms, Ernst & Young, in Zimbabwe all the way to working with multiple high net worth private clients and companies in South Africa.

Throw accounting package terms like SAP, Sage, Evolution or Caseware and he will slay them all.

In this interview Melusi Nkomo shares a snippet of his journey having worked in the corporate world to beginning his own entrepreneurial path whilst helping others along the way.

What does your business do? NM Financials (Pty) Ltd provides financial solutions to startup and established businesses by assisting them with monthly bookkeeping services, preparing their financial statements, submitting tax returns and resolution of SARS queries amongst other things. Our services are tailored to cater for all companies, and we offer personalised, confidential business advice and always go the extra mile.

What inspired you to start your company?

There was an opportunity within the market for accounting solutions for SMME companies and I was able to tailor packages that met the entrepreneurs needs.

I decided to team up with my senior partner John Brockbank CA (SA) and take advantage of this opportunity to serve the market. Going forward, as the business grows we aim to expand the team as well.

What are your biggest achievements and what do you enjoy the most about what you do ?

Starting up the business and being able to secure clients has definitely been the biggest achievement! Its a loaded market out there and to be able to get clients on my first try was a big bonus. I love accounting and solving problems, its an even bigger joy when you send the final product to the client and there is a huge relief from the client. That feeling is irreplaceable!

What’s the one thing that you know now, that if you had the chance to go back and do it again, you would do differently?

Getting my business plan right the first time. Starting this business was impulsive, so I had a lot of admin to do after the business had started. So looking back at it now, I would have spent a bit more time doing the admin side of business upfront, to save myself a lot of time and hassle later.

What has been your biggest challenge and how did you overcome it?

The biggest challenge thus far is managing cash-flow, sometimes clients will not pay you on time but you as a business owner must have a plan B. Always think ahead and make contingency plans.

What's the biggest piece of advice you can give to other entrepreneurs looking to start a business?

Determination yields success. Always pursue your dream and be ready to sacrifice at the beginning. It will be painful but the long-term rewards are worth it. I also want to encourage young entrepreneurs to take a leap of faith and pursue their dreams.

Finally I think something else that's important is, do your research, know your market and build relationships based on trust and service delivery.