While most teenagers spend their free time holed up in their bedrooms fending off zombie hordes in the online game Fortnite, Ranveer Singh Sandhu goes to his room to ply his wares as the UK’s youngest accountant.
With ambitions of becoming a millionaire by the time he's 25, the 15-year-old accountant has set up an office in his parent’s home and developed his own bookkeeping tool.
While many youngsters harbour dreams of Premiership football fame or as a YouTube influencer, Ranveer decided there was money to be made in the numbers game and set up his firm Digital Accounts aged 12.
“I’ve always enjoyed maths, so I decided to set up a business with the plan of making money from something I feel strongly about," he told the Croyden Advertiser.
The year 10 youngster would surely have no trouble answering the regular Practice Talk question: do you remember your first calculator? But while the rest of accountancy is grappling with the always-on culture, Ranveer isn’t fazed by juggling his school and business work. “I haven’t had that much stress,” he said.
But the Croydon-based GCSE student has a lot of fee income to generate if he’s going to achieve his ambition to “accomplish everything by the age of 25”. So rather than settling for a paper round, Ranveer spent six months working towards an online accountancy course. Now armed with a Level 3 CPD Basic Accounting certificate, Ranveer has already picked up 10 clients.
Please meet our founder Ranveer Sandhu (14 years old). He launched the business two years ago and has since gone from strength to strength! If you're a young entrepreneur like Ranveer then please get in touch, we can help with your business book keeping and accounts. ....... #Accounting #Accountant #Work #Money #Dollars #Pound #Euro #Bills #Fun #Happy #entrepreneur #Friends #Business #Job #Love #Insta #Photo
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Accounting Excellence trendsetter already!
Despite his young age, Ranveer has cottoned on to one of the dominant Accounting Excellence trends: targeting a niche. Ranveer is focusing on young entrepreneurs aged from 7 to 18 years of age: a growing market, going by a recent Any Answers concerning the £100,000 income of a 16-year-old YouTuber.
Accountants mopping their brow at the thought of this young whippersnapper disrupting the market should sit down when they hear that Ranveer is charging £12 - £15 for an hour-long one-to-one financial advice consultation.
It’s not just Ranveer’s ability to spot a gap in the market that shows his entrepreneurial chops. A quick perusal of his firm’s website reveals that he’s offering another key Accounting Excellence trend – client training.
Ranveer runs free workshops to help budding business owners start up their firms. The ‘seven steps to start up a business’ interactive workshops teaches young entrepreneurs the importance of bookkeeping and how to make their businesses “unique and niche”.
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A software pioneer too
And the fresh-faced accountant has already ditched the spreadsheet he used to set up his business to develop his own bookkeeping software, Cinchbooks.
Ranveer sees Cinchbooks standing up against the accounting software giants because unlike its competitors it doesn’t ask about payroll and tax.
At £2.99 a month, Cinchbooks instead allows users to enter their income and expenditure for each month and will then automatically calculate the user’s profit/loss.
Having first struck the idea of becoming an accountant after reading financial literacy aged nine, the Benjamin Button of accounting is already a seasoned number cruncher. So it’s little wonder then that he’s planning his exit strategy. Once he makes his millions, Ranveer expects to follow in his estate agent mum’s footsteps.
In an interview with the Mirror, he said: “I plan to spend my money on investing in properties, building an empire of properties and when I pass my driving test, buy myself a car.”
About Richard Hattersley
Richard is AccountingWEB's Practice Editor. If you have any comments or suggestions for us get in touch.