My blog

Tag: accountancy

  • Grace Hardy on accountancy careers: “Be yourself”

    Considering an accountancy career? Successful accountant Grace Hardy gives her advice

     

    Growing up with dyslexia wasn’t easy. School was often a frustrating experience for me. I struggled with reading, writing and spelling, which made traditional learning environments incredibly challenging. I often felt like I couldn’t keep up with my peers, and my confidence took a hit.

    The thought of spending another three or four years in a similar environment at university filled me with dread. I couldn’t afford to go to university without getting a job on the side and I was worried that doing a degree wouldn’t set me apart from others when I’d eventually have to find a graduate scheme after.

    During this time of uncertainty, my mum introduced me to the world of apprenticeships. I’ll be forever grateful for her suggestion because it opened up a whole new realm of possibilities for me.

    The apprenticeship route appealed to me because it offered a different way of learning – one that suited my needs better. It promised hands-on experience, practical skills, and the opportunity of earning money while learning. Plus, the prospect of no student debt was certainly attractive!

    I secured an apprenticeship with a Top 10 Accountancy Firm, and it was a game-changer for me. At 18-years-old I was on a £20,000 salary; I was over the moon. This gave me the financial stability I had been craving. From the very first week, I was working on real client projects and given responsibilities that expanded my portfolio and experience. Despite having no prior accounting knowledge, the firm provided comprehensive training and created a nurturing environment for me to learn and grow.

    As I progressed through my apprenticeship, I began to see the inner workings of different businesses. This exposure was invaluable and sparked my entrepreneurial spirit. I realised the skills and the knowledge I was gaining could potentially be used to start my own accounting practice one day.

    After completing my apprenticeship and gaining my AAT qualification, I decided to take the plunge and start my own firm, Hardy Accounting, at the age of 21. It was a scary but exciting move!

    The transition from employee to business owner came with its own set of challenges. Suddenly, I was responsible for everything – from finding clients to managing finances, and from marketing to delivering services. But the foundation I had built during my apprenticeship proved invaluable.

    One of the most liberating aspects of starting my own business was the ability to work in a way that suited my neurodiversity. I could structure my work environment and processes in a way that played to my strengths and mitigated the challenges posed by my dyslexia.

    For instance, I leveraged technology heavily, using speech-to-text software, dyslexia-friendly fonts, and other tools to help me work more efficiently. I also found that my dyslexia gave me a unique perspective on problem-solving, which often proved beneficial in finding innovative solutions for my clients.

    Whilst growing my business I quickly became aware of the fact that a very small number of my clients had any understanding of financial literacy – a key element of running a successful business. This was the seed that later blossomed into a full passion for the topic of financial education.

    After looking into how financial education is integrated into the UK curriculum (or how it really isn’t) I quickly realised that the situation was much worse than I originally thought. An inquiry by the All-Party Parliamentary Group on Financial Education for Young People found that over two-fifths of secondary school teachers surveyed did not know that financial education was a curriculum requirement.

    In addition to this, only two-in-five (41%) young adult respondents were considered financially literate, showing the impact that a lack of childhood education has down the line. Almost two-thirds (61%) of young adult respondents confirmed they did not recall receiving financial education at school – that math adds up pretty clearly.

    Those who were receiving financial education lessons in the UK were taught for an estimated 48 minutes per month on average instead of the recommended 30 hours. These findings made it clear that something needed to happen. In response, I started to lobby the Government for legislative change on financial education. This initiative became a crucial part of my journey, combining my accounting expertise with a mission to improve financial literacy across the board for the better of our communities, economies and people’s every day lives.

    In my business my goal was simple: to provide personalised, tech-savvy accounting services to small businesses and startups, helping them navigate their financial journeys with confidence. I wanted to create a firm that wasn’t just about numbers, but about building relationships and helping to educate business owners about finance so they could understand the ins-and-outs of their businesses.

    The accounting industry is on the cusp of a major transformation. As we move forward, I see a future where accounting is more than just bookkeeping and tax preparation. It’s about being a strategic partner to businesses and providing insights that drive growth and success. The future accountant will need to be part financial expert, part technology guru, and part business strategist.

    Artificial Intelligence is also revolutionising the accounting industry. From automating routine tasks, to providing predictive analytics. In my firm, we’ve embraced AI tools to enhance our efficiency and accuracy. This allows us to focus more on providing valuable insights and strategic advice to our clients.

    However, it’s important to note that AI isn’t replacing accountants; it’s augmenting our capabilities. The human touch – our ability to interpret data, understand context, and provide tailored advice – remains crucial. The successful accountants of the future will be those who can effectively leverage AI while maintaining personal connections with clients – allowing it to maximise our talents rather than replace them.

    For young people looking to follow a similar path in accounting, there are several key pieces of advice I’d offer. Being yourself is the best thing you can do. There are many business owners and everyone has their own approach, therefore it’s key to find something that makes you unique. What is your unique selling point (USP)? Developing soft skills such as communication, problem-solving, and leadership is equally important as technical accounting knowledge.

    Seeking mentorship from experienced professionals can provide valuable insights and guidance in this respect. Being adaptable is vital in the constantly evolving accounting field, ready to learn and adapt to new methodologies and regulations. Lastly, knowing that failure is not something negative is vital. In the entrepreneurial journey, setbacks are not just inevitable; they’re invaluable. Every failure is a stepping stone to success, offering crucial lessons that shape your path forward.

    These experiences, though challenging, provide unique insights and foster resilience – essential qualities for any entrepreneur. Embracing failures as opportunities for growth and learning is what often sets successful business leaders apart from the rest.

    Being self-employed has opened a realm of possibilities for me. I have since started the Unconventional Podcast and have launched the Unconventional Academy to help other young people start businesses and learn about financial education. In addition to this I am in the midst of my campaign to get legislation passed through Parliament to improve financial education throughout our school system – building for a better future, now.

    The road might not always be easy, but with determination, the right support, and a willingness to learn and adapt, you can achieve great things. Your journey is just beginning, and I can’t wait to see where it takes you!

  • The Great Gig Economy: Is Freelancing the Future of Work?

    Stuart Thomson looks at the growing trend of the gig economy

     

    There can often be an emphasis, especially at the start of a career, on getting a job. That role is seen as a foundation stone for building networks and experience. But is that right for everyone? Is there an alternative? Is a more flexible, freelance approach something to think about?

     

    My own experience is of having worked for large legal and PR consultancies for my entire career until a few years back when I was made redundant. I am not the first and certainly not the last to find the whole experience shocking and, at times, distressing. It does lead to a period of reflection.

     

    The obvious choice would be to simply look for a new role but there are alternatives. I chose to consider those in more detail. Choices about potential next steps do not exist in a vacuum. There are always financial requirements to consider potentially alongside caring responsibilities and other commitments. Those could be to spend time traveling or exercising, issues much more focused on personal needs. There are no right or wrong approaches. It is all down to the individual, but it is always considering what your priorities are.

     

    I already had a company set-up for the communications training I deliver so I chose to go down a freelance and consultancy route. The aim is not to build a business and employ people but instead to engage in challenging projects and work with people I like. That means my ‘gig’ approach is a mix of short-term projects, longer-term consultancy, and membership of an in-house team. Alongside this I also hold voluntary positions for a Board and delivering mentoring which is very important to me.

     

    This could be considered a ‘portfolio’ approach with a range of different projects on the go. That is not without its complications. Balancing the needs of clients and projects means that there is no typical working day and there are no fixed hours.

     

    If you are considering making a similar career move, based on my two years as a freelancer, I would suggest the following:

    1)    Talk to others who have already made the move to freelancing and chat to them about their experiences. Otherwise, it will always seem like a hugely daunting prospect. People are always willing to chat because they remember what it was like for them.

    2)    Get some professional advice – for me that was getting an accountant who could help me get the fundamentals of my business right.

    3)    Spend time getting your ‘credentials’ in place – it might be easy to try and crack on with reaching out to connections for work, but do you know what you are really saying to them? What is it that makes you different from others?

    4)    Materials – another important foundation would be to get a website up and running and for it to feature those clear ‘credentials’. Employers, customers etc need to see that you are serious.

    5)    Join networks – there are professional and work-related networks to join across sectors, nationally and internationally. Being a freelancer isn’t just about generating your own work, it can also mean working in partnership with others to deliver for a client or project. Those opportunities often come through networks.

     

    The danger with being a freelancer is that you can sometimes feel quite isolated. When you engage with your network do not think of it as solely being about trying to generate new work, but also as time chat and not think about work. That is valuable time.

     

    Being part of the great gig economy is not a panacea and it is not for everyone, but it is an option and maybe provides the flexibility that many are looking for. Think about the option.

     

    See other articles by Stuart Thomson here:

    Stuart Thomson on the importance of personalising your job role

     

    Company Spokesperson, “Your key role at work?

     

  • 2022 Highlights: Where do Big Four employees attend university?

    Patrick Crowder

     

    The Big Four accounting firms are the largest networks providing professional services worldwide. Ernst & Young (EY), Klynveld Peat Marwick Goerdeler (KPMG), PricewaterhouseCoopers (PwC), and Deloitte have dominated the market since the fall of Arthur Andersen due to the Enron scandal, so it’s no wonder that many dream of working for one of these powerhouse firms.

    The online trading and brokerage platform CMC Markets has analysed LinkedIn data to see where employees of the top firms attended university. Naturally, larger universities would have an advantage if number of current employed alumni was the only factor, so CMC Markets has instead based the rankings on the percentage of a university’s total population employed by the Big Four.

    The London School of Economics (LSE) is at the top of the list. Each of the four firms employs more LSE alumni than those from other universities, despite only having 13,455 students. 5,776 LSE alumni are currently employed by the Big Four, which is 43% of their total enrolment size.

    Since 1895, LSE has been a prestigious institution attended by some of the biggest names in business, art, and politics including David Rockefeller, Lord Attlee, Maureen Colquhoun, and George Bernard Shaw. LSE’s worldwide renown and high standard of education makes it a natural choice for those looking to enter the world of top-level accountancy.

    It will come as no surprise that many Cambridge graduates have gone on to secure top roles at the Big Four. Ranking second on the list, 2,401 Cambridge alumni are currently employed by one of the top firms, and it is the second most popular university for employees of Deloitte and EY.

    The University of Cambridge has provided top-level education for 813 years, making it the third-oldest surviving university in the world. Offering postgraduate programmes in both accounting and finance, Cambridge is ideal for those who wish to enter the highest levels of business through a traditional scholarly path. With an enrolment size of 22,155 students, 15% are currently employed by one of the top firms.

    Oxford Brookes University is a respected modern university which took its present form in 1992. Currently, 2,355 Oxford Brookes alumni are employed by the big four, which is impressive considering their population of 17,795 students. As a comparative newcomer, Oxford Brookes has become a popular institution for the Big Four rather quickly, with each firm employing between 400 and 800 alumni.

    Durham University places fourth, with 2,702 alumni at one of the Big Four. Despite having more alumni in Big Four roles than Oxford Brookes, Durham’s higher population of 20,645 students means that the ratio of students to Big Four-employed graduates is lower. However, the numbers are comparable – 13.1% of Durham’s population have found roles at the top firms, compared to Oxford Brookes’ 13.2%. A decision between these two fine institutions will come down to personal preference and the specific courses offered.

    The four top firms employ 9.9% of the University of Lancaster’s total population of 17,470. EY is the most likely firm to employ a University of Lancaster graduate, and there are 497 alumni currently working for the company. In total, 1,732 alumni are employed by the Big Four.

    In terms of sheer numbers, LSE is still the winner by far with 5,776 graduates working at the Big Four, but after that, things change. The University of Manchester’s 3,487 Big Four alumni makes the institution second on the list, and Cambridge’s 3,401 Big Four alumni win them the number three spot.

    Interestingly, none of the CEOs from Deloitte, EY, PwC, or KMPG attended universities which score highly on either list. Bill Thomas of KMPG International attended the University of British Columbia to earn a BSc. in Chemistry. EY’s Carmine di Sibio attended Colgate University, New York University, and the NYU Stern School of Business. PwC’s Robert E Moritz holds a bachelor’s degree from New York State University, and Punit Renjen of Deloitte attended Willamette University in Salem Oregon.

     

    Check out Finito World’s ranking of University careers services here