…As beneficiary recounts business transformation
By Bose Adelaja & Adetomiwa Adewoyin
CITIZENS COMPASS— TheWhy Consulting, a business solutions firm, on Thursday, unveiled its Rent-An-Accountant service, designed to help small and medium-sized enterprises (SMEs) improve financial record-keeping, ensure regulatory compliance and achieve sustainable business growth.
The event was held in the Sabo-Yaba area of Lagos State.
The service, launched under the theme “Beyond the Shoebox: From Chaos to Clarity,” seeks to address the challenges of poor bookkeeping, inadequate financial management and the lack of access to professional accounting services among Nigerian business owners.
Speaking at the launch, the Managing Consultant and Chief Executive Officer of TheWhy Consulting, Adewale Adetunji Kehinde, said the initiative would enable businesses to access professional accounting services without the financial burden of employing a full-time accountant.
Kehinde, a chartered accountant and Managing Consultant of Wale Kehinde and Co., said the idea was inspired by his experience as aSupervisor for bank teller agents at the bank, where he observed business owners making regular cash deposits but struggling to achieve growth despite their seemingly active businesses.
According to him, while many business owners had enough cash to meet their immediate needs, they often returned months later complaining of poor growth and low profitability.
He explained that the experience reinforced the need for proper accounting and financial management to help businesses understand their actual financial positions.
“TheWhy is a business solutions firm that helps businesses grow. We don’t just work for you; we work with you,” he said.
Kehinde explained that the firm’s services span four key areas: accounting, strategy, financial solutions and human resources, the latter being its newest addition.
He said the Rent-An-Accountant initiative evolved from an earlier concept known as “ghost accounting” after consultations with his team.
According to him, the service is designed to provide businesses with accounting support when needed, eliminating the necessity of maintaining a full-time accountant.
“It’s economical, there is no resignation, and it is very reliable,” he said, adding that the firm’s accountants have access to a pool of professionals who provide additional support and expertise.
He noted that businesses could also engage the service when they have an in-house accountant already or don’t have at all.
Addressing the challenge of poor record-keeping among SMEs, Kehinde said many business owners still relied on notebooks, paper receipts, drawers and WhatsApp conversations to store financial information rather than adopting digital solutions.
He explained that where a business lacked accounting software, TheWhy Consulting could provide one, ensuring that financial records were properly organised, prepared and made accessible to business owners.
He added that the firm’s operations are cloud-based, allowing clients to access their financial information from anywhere in the world.
“One of the advantages of renting an accountant is that you will always be investor-ready,” he said.
Kehinde also disclosed that the firm would organise boot camps for SME owners following the launch to improve their understanding of business management and financial accountability.
He urged business owners to move beyond informal record-keeping and embrace structured accounting practices that would enable them to understand their businesses better and position them for growth.
Panelists highlight financial discipline, technology
At a panel session held as part of the event, business leaders and financial experts advised entrepreneurs to separate their personal finances from their business accounts, maintain proper invoices and ensure compliance with applicable tax regulations.
The panel featured Ejiroghene Udu, Chief Executive Officer of EU Premium Power Solution, and Gloria Omereonye, Head of SME Business at Union Bank, who was represented by Enoch Ukpe, among other participants.
The panelists stressed that generating sales did not necessarily translate into making profits, noting that businesses needed accurate financial records to determine their actual earnings and expenses.
They also highlighted the importance of integrating business operations with accounting software and adopting artificial intelligence (AI) tools to improve productivity, refine business ideas and remain competitive.
The experts further noted that access to credit depended partly on the quality of a business’s financial records, explaining that bank statements alone might not provide lenders with sufficient information to assess a business’s financial health.
They advised entrepreneurs to maintain proper books of accounts to strengthen their chances of securing loans and attracting investment.
Beneficiary recounts business transformation
A beneficiary of the Rent-An-Accountant service, Mrs Ayodeji Megbope, recounted how professional accounting support helped transform her business from a small-scale operation into an established enterprise.
Megbope, who disclosed that she was once a moi-moi hawker, said the service contributed to her business’s growth, enabling her to move from operating out of her home to establishing a business premises.
She explained that as the business expanded, she began receiving visits from local government officials and tax authorities, prompting her to seek professional assistance.
According to her, a friend recommended Kehinde, whose support helped her organise her business operations and address regulatory concerns.
Megbope said TheWhy Consulting provided tailored services that extended beyond bookkeeping, maintaining relationships with her employees and helping ensure that the business complied with relevant legal and regulatory requirements.
Her account highlighted the importance of professional financial management in helping small businesses navigate growth, improve accountability and meet their statutory obligations.
The chief launcher, Emeka Obiagwu, a former Executive Director of Wema Bank, also emphasised the importance of proper accounting and tax compliance in building sustainable businesses.
Obiagwu said many entrepreneurs unknowingly depleted their business capital because they failed to distinguish between revenue, profit and money available for spending.
He explained that professional accountants help business owners understand the true financial position of their enterprises by identifying income, expenses, profits and losses.
According to him, the Rent-An-Accountant service could help address the financial management challenges responsible for stagnation in many businesses.
He also stressed the importance of meeting tax obligations and filing the required returns, while encouraging entrepreneurs to manage borrowing carefully.
Obiagwu noted that debt could either support business growth or create financial difficulties, depending on how effectively it was managed.
He described TheWhy Consulting as a supportive and reliable business partner, commending the firm for helping clients maintain updated accounts, file returns and follow up on compliance requirements to ensure that necessary obligations were fulfilled.
The event opened with a prayer by Pastor David Tope Ajigbewu of the Redeemed Christian Church of God, Chief Shepherds Court.
Kehinde also expressed appreciation to guests and participants for attending the launch, particularly acknowledging Mrs Ayodeji Megbope for believing in the vision of TheWhy Consulting since its establishment eight years ago.
The launch underscored the need for Nigerian SMEs to embrace professional accounting, digital record-keeping and sound financial management as essential tools for business sustainability, investment readiness and long-term growth.
Obiagwu is Managing Partner, Obioha Obiagwu and Co.
Other dignitaries at the event were; Ejiroghene Udu, Founder and CEO, EUPremium Power Solutions, Eno Ukpe, Area Business Executive, Union Bank, Aderonke Chukwudeme, Head Alphaher Women Community, Union Bank, and Aderonke Chukwudeme, Head Alphaher Women Community, Union Bank among others.
