Tim Hughes

Drive your results by measuring what you want to produce.

 

Founder and CEO of AccountingX Tim Hughes is recognized as a leader within the accounting and financial service industry. His financial expertise and 25 years of successful business experience continue to be a valuable asset to small and medium-sized businesses.

Where did the idea for AccountingX come from?

While in a masters program, I asked a friend if he knew of a way to make some extra money on the side. He said he knew of a company looking for a bookkeeper. I took it on and found out I loved it. I have a passion for entrepreneurship and making a difference. So, I started looking for more clients. All of the sudden I found I was getting more and more clients, so I opened up a business in 2006. We have gone through different name and service models and are called AccountingX today. Since integrity is important to us, clients trust us. We have grown to a team of 8, and raised the numbers of services we offer small to medium sized businesses.

What does your typical day look like and how do you make it productive?

I schedule meetings to cause the results I want for clients and Ax.. I look at what results we are trying to produce and schedule actions that cause them.

How do you bring ideas to life?

I look for what’s missing in the environments I am passionate about.

What’s one trend that excites you?

That more automation is freeing up organizations to focus on the big picture. For instance, many accounting apps that are now available allow us to service our clients with more value added services.

What is one habit of yours that makes you more productive as an entrepreneur?

Determination and drive to win and be the best.

What advice would you give your younger self?

You are whole, complete and perfect now.

Tell us something that’s true that almost nobody agrees with you on?

I look to see what team member is missing from our company that would drive us to service the clients even more.

As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?

Drive your results by measuring what you want to produce. Also, change the language of the word “failure” to breakdown. By calling something a breakdown, you can then see what is missing to make it effective.

What is one strategy that has helped you grow your business?

Coaching CEO’s from the beginning. They need a partner to help them cause their results and just offering accounting may not be enough.

What is one failure you had as an entrepreneur, and how did you overcome it?

Trying to do too much myself before bringing on team members.

What is one business idea that you’re willing to give away to our readers?

Creating a virtual office staff with virtual department heads so that it’s a turnkey solution for small business owners that want to grow without the overhead of brick and mortar buildings and staff.

What is the best $100 you recently spent? What and why?

Playing tennis with a friend to learn that his firm has tons of referrals for what we do for biz.

What is one piece of software or a web service that helps you be productive? How do you use it?

Bill.com. It allows us to automate the payables and receivables for our clients.

What is the one book that you recommend our community should read and why?

E-myth Worldwide. It teaches you the many roles successful companies have to cover.

What is your favorite quote?

You can have any result you want, as long as you declare it.

Key learnings:

• Be Proactive in all you do.
• Never take on too much learn to delegate.
• Always partner with someone outside your organization. Having an unbiased partner helps give you a complete view of changes you may not be able to see yourself that should be made.

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