Why I Started Tact
Launching a technology accounting firm in the Caribbean in early 2019, one year before the Covid19 pandemic can be considered either luck, divine inspiration or a really bad idea! As a person of faith, I choose to believe in the second option. Recently in June 2024, I completed a Msc Data Science degree with a specialisation in finance. Considering this and the fact that I’ve spent a majority of my life living on Caribbean islands and European countries; starting a firm like Tact seems like it was “inevitable” all along.
Between a Rock and a Cold Place
Originally, I was born on the island of St. Eustatius, which historically was called the “the Golden Rock”. However I have lived and worked on other islands (i.e. rocks) such as St. Lucia and St. Maarten. As is the case for many island born individuals, going abroad to pursue higher education and work opportunities was what brought my family and I to the UK in 1999 (i.e. a cold place!). Growing up in the UK broadened my interests in the areas of finance, technology and politics. I enjoyed the educational opportunities available, the ability to meet persons from diverse backgrounds and the takeaway food wasn’t too bad either!
However as a “son of the soil”, I missed the family ties, cultural norms and sense of belonging from being home; even to this day! Not to mention the sun, sea and authentic Caribbean food! In my young naive mind, my world would be perfect if the two regions could be combined. This would be better than feeling like having to choose between “a rock and a cold place!” Eventually, I would learn to appreciate each island and country for its authentic self while understanding the importance of learning from one another. One of the opportunities I saw was for businesses and entrepreneurs in the Caribbean to leverage modern technologies and practices to improve their financial performance and socio-economic impact.
Untapped Financial Potential
The date “10th October 2010” holds a lot of significance and meaning to persons from the Dutch Caribbean. This was the date that the islands of Bonaire, St. Eustatius, Saba, St. Maarten and Curacao would no longer collectively form the country of the Netherlands Antilles. The islands of St. Maarten and Curacao would become individual countries within the Dutch Kingdom; while Bonaire, St. Eustatius and Saba (I.e. the BES Islands) would become “special municipalities” of the Netherlands.
Was my childhood dream of a Caribbean island and European country merging into one becoming a reality? There certainly was a high expectation from citizens of the BES Islands that becoming part of the Netherlands would deliver much needed improvements in healthcare, education, infrastructure, the economy and other key areas. The reality is that the results of “the merger” have been mixed at best. There have been improvements in areas like education and childcare, a simplified tax regime and financial support especially after natural disasters or pandemics. However poverty is increasing, individuals and businesses are facing higher prices and economic development is lagging behind. For many individuals and entrepreneurs these conditions makes paying taxes very burdensome. There remains a lot of work to be done!
The government definitely has an important role to play in bringing about needed improvements. However one of my core beliefs in starting Tact is that island businesses and entrepreneurs (including non-profits and social entrepreneurs) have untapped potential to improve, generate value and contribute to the development of the communities they serve. In-order to achieve this, businesses and non-profits must properly account for their finances and seek to improve their performance. They must also be able to obtain financing needed to invest in growth. This growth can be accomplished by selling goods and services regionally, but also by tapping into the wider global economy.
Everything Has Gone Digital
Above is a photo of my old home office in Utrecht, Netherlands. This is where I first developed the initial idea for Tact in early 2018. A key decision I made in starting Tact was for the firm to operate remotely and make use of web based applications and tools. This decision meant that the Covid19 pandemic did not greatly disrupt the accounting and advisory services we delivered to our clients. Even before the pandemic, I had observed how we were all working, playing and even connecting more online. We file our taxes online, make payments from our smartphones and consume news via social media.
Even the way businesses and entrepreneurs communicate with their accountants has gone digital. At Tact we currently serve clients in the BES Islands, Barbados and the Netherlands. We communicate digitally with our clients and each other as colleagues to share information, ideas and expertise. Our team consists of professionals who are from or have affiliation with the islands and countries where our clients are based. For Tact this means that we can employ individuals from a global pool of talent with expertise in areas like accounting, software engineering and data science.
Going digital also means that Tact can partner with firms in one region (e.g. Netherlands) to deliver digital solutions to our clients in another (e.g. BES Islands). For example we partner with two web development firms in the Netherlands (BraxWeb and LBTS) to help our clients in the BES Islands that need websites and other marketing solutions. And why shouldn’t it go the other way also? I believe that entrepreneurs and businesses in the Caribbean should also be able to offer services and goods to other islands and countries as well. Our goal is for Tact to help businesses in the Caribbean and diaspora reduce their administrative burden and unlock their financial potential through the use of modern technology.
