Juraj Krnavec is an accounting expert with many years of experience in financial management, digitalization, and automation of accounting processes. In 2012, he founded the company SPEEDIER (the original name of the company, which later became RE-FORM OFFICE), which today is among the progressive accounting firms in Slovakia. His view of accounting is refreshing – he doesn’t see it as a necessary evil, but as a tool for business development. And that’s exactly what our interview was about.
An accountant won’t solve it for you. And they shouldn’t.
“By hiring an accountant or an accounting firm, it’s only the beginning for the business owner,” says Juraj. Accounting is not a service where you hand over papers and it’s done. It’s a partnership.
The quality of the inputs a company provides will directly determine the quality of the outputs it can expect. An entrepreneur should understand the basic principles, stay informed, and be able to monitor the collaboration, ask questions, and encourage it to grow the company.
“Passivity is the most common mistake. And often the most expensive,“ says Juraj.
What three things in finance should you monitor to keep your business under control? Juraj is clear on this:
Spend positive energy on creation: Focus on revenue accounts – 601, 602, and 604. Simply put… add a zero. Focus less on small savings, more on growth.
Put on your company’s “smartwatch”: Have an overview. Reports, numbers, cash flow. Not once a year, but continuously.
Cash is king: Positive cash flow is crucial. A company might show profit on paper, but if it doesn’t have money in the bank, that’s a problem.
The most common mistake? Passivity and a false sense of security
Many companies think that by signing a contract with an accounting firm, they have “solved” everything. They haven’t.
This step merely opens up opportunities – for savings, better decision-making, and growth. If they don’t seize it, they lose money. Sometimes silently, gradually, without even noticing. And other times in the form of penalties or unnecessary errors.
Digitalization sounds appealing, but many entrepreneurs are afraid of it. Why? Comfort zone. “Fear holds us back. And we don’t realize that standing still can mean decline,” says Juraj.
“Today, technology can save time, energy, and nerves. The problem isn’t the tools, but the willingness to adopt them,” says Juraj.
Less nitpicking about costs, more value creation
One of the biggest mental traps for small and medium-sized businesses? Constantly scrutinizing cost accounts.
“Everyone focuses on the 500-series accounts, but few look at the 600-series – that is, revenues,” explains Juraj. Let’s not look for a 50% saving in costs. Let’s try to find 5, 10, or 20% growth in revenues.
Let’s shift energy from cutting back to creating. Towards better service, higher added value, more customers. It will help the company. And it will help mentally too.
Survival is not always about surviving
We all feel economic pressure. Companies, freelancers, people. According to Juraj, the most practical scenario is simple, but not easy:
- focus on your surroundings and clients
- honestly ask yourself if what you’re doing is still what people need
- and if not, have the courage to move on
Even the demise of a company is part of natural evolution. Many successful companies have changed their product, service, or entire focus. Just look at the rankings of the largest companies – they look different every decade. Perhaps it’s time to let go of the idea that we’ll be doing the same thing for 20 years.
Change is faster, and when we embrace it, it will be easier to work with. Yes, we tend to fear change, but at the same time, we’ve seen that people can adapt quickly – finding new solutions, services, and paths.
“Focusing on your clients, being open to change, and seeking new opportunities is key for a company to survive and grow,” Juraj Krnavec concludes. If you want to learn more and find out how to truly control your finances, sign up for the webinar “An Accountant Is Not Your Airbag, or How to Control Your Finances.”
TEXT: Natália Stašíková
PHOTO: INOVATO/Marek Eštočin
