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Accountancy profession still responding to needs of women and millennials June 5, 2017
Accountancy profession still responding to needs of women and millennials

Article by Litsa Christodulou, partner, HLB Mann Judd Perth.

There has been a great deal of attention paid lately to issues such as gender discrimination in the workforce and the pay gap between men and women performing the same work.

Clearly these are serious issues that need to be addressed, but it is an area that, in my view, the accountancy industry has performed well.

I joined the industry in the late 1980s. In my three and half decades as an accountant, I can safely say that I have never felt discriminated against or held back in any way because I am a woman.

Indeed I believe that accountancy is an excellent career choice for young women and we are seeing some outstanding people – both male and female – choose to become accountants.

Studies suggest that more women are currently graduating from tertiary education than men – a recent OECD report found that 56 percent of Australian women completed a degree, compared to 41 percent of Australian men, and accountancy graduates would certainly be representative of this.  At HLB Mann Judd Perth, we have noticed a trend in recent years of more female graduates than male graduates applying for roles in the firm.

Nonetheless, there are two big challenges still facing the industry that could help it better recruit and retain the ‘cream of the crop’ graduates

Flexible work place

One of the key issues facing the profession is how to find a way to achieve and encourage a more flexible workplace. 

While this is often seen as a gender issue – that is, how to help women who have children get back on their career path – this shouldn’t be the case. Indeed, I believe the key to ensuring mothers can get back in the workforce is to offer a flexible workplace. However this should be the case for both men and women. This accommodates the need to balance family and personal demands with work requirements to be shared more evenly. The nature of working in our industry in 2017 is that technology supports more flexible arrangements and working outside standard professional hours.

This can be as simple as ensuring the systems are in place to allow people to access files and systems remotely, while working from home. It can also be more high-level in its approach that requires a change in culture, giving ‘permission’ for people to not be at their desks or available on their phone outside of normal working hours.

Millennials

Another major issue for the industry is how to manage the difference in style and approach of young people joining the profession – popularly known as ‘millennials’. 

In some ways, this follows on from the above point – millennials are more likely to expect a flexible work place and less willing to abide by what they see as ‘old-fashioned’ rules.

One of the other challenges I have witnessed is with the younger generation’s approach to building relationships with clients.  

A big part of my job is the personal relationship; indeed I often feel like a friend to some clients rather than a business adviser!  This level of personal contact has stood me in good stead in my career, and I believe it is a big part of why I have been able to achieve professional success.  After all, it’s important to show that you understand each client’s needs in order to help them grow and manage their business.

However I have found that many younger people struggle to form this personal relationship because they rely too heavily on technology such as email or text, in order to communicate with clients.  In my view, nothing beats picking up the phone to talk to clients – unless it is a face-to-face meeting.  An email simply doesn’t allow the connection and collaboration that is such an integral part of the job.

Those who are mentoring or managing millennials must find ways to encourage them to look beyond the ease and convenience of email communication when dealing with clients, especially older clients for whom email is not the natural means of communication.

When talking to those who are just starting out in their career, there are a few basic tips I give them:

* Have a passion for what you do. If you don’t, you’re in the wrong job
* Pick up the phone, don’t just rely on email
* Talk straight – tell clients what they need to know not what they want to hear. This is where having a good personal relationship is invaluable
* If you make a mistake, take the time to understand – this is the best way to learn.

 Article by Litsa Christodulou, partner, HLB Mann Judd Perth

 

 

 

 

 

 

Should your firm be in the cloud? May 31, 2017
Should your firm be in the cloud?

Article by Jim Bourke, Director of Firm Technology at Withum

By now, regardless if you are practicing as an accountant in public, private, education, government, etc…. you have undoubtedly been hit from all sides regarding the benefits and advantages of cloud computing. Have you ever questioned that platform? Have you ever asked yourself: Should I really be on the cloud?

Think back, it was not that long ago that the personal computer was first introduced into the profession. In my own firm, I witnessed how the information technology explosion of the 80's changed my firm and our profession forever.

When first introduced, the personal computer revolutionized the way that we processed work throughout our profession. The days of seven and fourteen column pads were slowly disappearing as we used early spreadsheet applications to work up trial balances, financial statements and cash flows projections. Early word processing applications allowed us to quickly and easily prepare, update and revise financial statements and other reports.

The introduction of the PC also allowed us to become extremely productive and significantly cut down on the amount of time spent on engagements by allowing us to pro-forma spreadsheets and reports from those previously prepared. 

As vendors that serviced our space began to deploy PC-based applications to meet our demands, we started to witness the migration of work from off-site datacenters to within the walls of the CPA firm. No one area was more impacted than tax preparation. The days of an accounting firm filling in grid sheets and waiting hours or even days to receive the completed return back from the service provider, were over.

Soon after PCs began to proliferate throughout our profession, the internet went through a similar growth period. Early versions of web browsers allowed accountant to access and research information and made us more productive.

With the explosion and growth of the internet, vendors began to realize that its infrastructure allowed for greater flexibility in application delivery. 

However, although the internet did indeed provide 24/7 access to a significant amount of information, many in our profession were concerned about the security surrounding private and confidential client information. Primarily, most were concerned about the unknown, the unknown being where that data was stored and what controls were in place to insure that data could not be compromised. 

As time passed, financial institutions, on-line retailers, credit card companies and others began to use the internet as their primary channel to reach consumers and store their confidential and private information. With this came rules and regulations by nearly every country regarding the protection of consumer private and confidential data. 

It was not long, before our profession also began to embrace the internet as a place to access information and store data. The "cloud computing" has arrived and is here to stay!

So, should you be in the Cloud? 

“Yes…”

“No, let me rephrase that… Absolutely Yes.”

Just as our profession embraced the PC as a necessary business tool, the cloud is no different. The explosion of the reach and power of the internet is undeniable. Tapping into the enormous network in the cloud allows sole practitioners to utilize the same platforms and applications as the largest firms in the world. The days of having a competitive technological advantage due to size, are over!

Is the cloud a more “cost effective” way of doing business?

I would argue no!

The cloud model, if done right, simply allocates those technology spending dollars differently. Instead of investing in an infrastructure with a life of 3-5 years, before it needs to be done all over again, the cloud model takes those dollars and spreads them fairly equally over your contract life with the cloud provider.

When we speak about cloud computing it helps to understand it in terms of what it means today. Today, cloud computing can be generally broken down as:

* Software as a Service (SaaS)
* Platform as a Service (PaaS)
* Infrastructure as a Service (IaaS)

Meaning of Cloud Computing Today

Software as a Service
Description = To utlize the service provider's applications running on a cloud infrastructure
Example today = Accounting/ERP - intacct

Platform as a Service
Description = To deploy onto the cloud infrastructure consumer-created or acquired applications created using programming languages and tools supported by the service provider
Example today = Multi-use platform w/integrated development environment - Netsuite

Infrastructure as a Service
Description = To provision processing, storage, networks, and other fundamental computing resources where the consumer is able to deploy and run arbitrary software
Example today = Hosting & backup - Amazon web services

In addition, as the cloud model matures and as there is a heightened awareness surrounding high profile security breaches and compromises of personal and confidential information, there is a growing interest in the “private cloud” model as a viable alternative.

The private cloud model, simply put, places the power of the cloud under the control of the firm. In a standard private cloud model, the firm dictates where the application and data are stored. Under this model, the application and data are generally stored in a datacenter under the direct control or supervision of the firm. 

We have made tremendous progress in our profession thanks to the internet and cloud computing. Putting the benefits of social networking aside, most firms today utilize this model for tax preparation, engagement management, practice management, research, client collaboration and data management, including storage of data and delivery and receipt of data from clients and other third parties.

The opportunities that cloud computing will continue to create are endless. There is no better time than now to get up to speed and take advantage of the benefits of cloud computing within your own practice and leverage that model to more cost effectively operate and grow your practice.