Accounting is important for the operations of Black owned businesses, but with a lack of Black accountants, who can they depend on?
In the early 20th century, the lack of Black accountants, specifically CPAs, made it hard for Black businesses to get the proper accounting they needed. So J.W. Cromwell had a solution.
An alumnus of both Howard University and Dartmouth College, John W. Cromwell held degrees and awards in mathematics and taught himself accounting. But after graduating college in 1906, no accounting firms hired Cromwell. After 15 years, he eventually found a loophole in becoming a CPA.
Before and after he earned the certification, he helped Black businesses with accounting and became an accounting teacher. Today, only about two percent of current CPA professionals are Black. There has to be a change.
Cromwell is a prime example of why Black CPAs are important to Black wealth. We need more Black CPAs because they can help Black businesses manage their financial affairs and make informed decisions about our money.