As part of International Accounting Day 2021, Alexander Budd, Manager of Assurance and Advisory at Baker Tilly Channel Islands, shares his thoughts on the global accounting outlook.
What advice would you give to someone starting their career in accounting?
Listen: The biggest asset when starting an accounting career is your ability to listen. Whether you start your career in practice or industry your ability to listen to you peers, colleagues and clients who have diversified cultures and experiences is essential in your learning and development from a junior accountant up to Partner or CEO.
Learn: You examinations and studying is a critical first step in your learning to being an accountant which will continue right up to retirement. Post qualification your learning should not stop, though this may be more specific in certain areas of the qualification, industries or compliance which is at the forefront of essential skills.
Develop: Ensure you give yourself the best set up to be able to develop. Always make use of new opportunities and never be afraid to move outside of your comfort zone as this will ensure you develop your confidence but also lead down paths which may be the best thing you have ever done.
Specialise: This can be quite a daunting prospect when you start you career but do ensure throughout the first few years of becoming qualified take everything in and consider whether this is an area you would like to be in or specialise. With the industry changing and with new technological advancements being a specialist in tax, valuations, project management, crypto-currency, ITGC’s, compliance and so-on is your USP.
What made you begin your career in accounting?
My ambition since I was a child has always been to be a business owner. I have always looked at innovating existing products or creating new exciting ideas / products. I was aware through my A level business and economics classes that a general understanding of how to raise capital and finance would be essential to start achieving my goals. It was from there that I felt an accountancy qualification would best suffice my capital and financing needs if wanting to raise venture capital, bank loans and any form of grant or third party finance. Discussions with my parents made me understand that success was built on trust within your networks and that a career in accounting would best allow me to develop trust and networks. Since then I have never looked back and continue to grow my career as a qualified ACA accountant.
How do you see the future of the accounting industry changing?
Automation: With technological advancements it will soon become less about bookkeeping, posting journals; ticking and bashing invoices but more about adding value to our clients and customers. Value through tax considerations, improved controls processes, key estimates and technical considerations are some of the things that we as accountants will be moving toward while automated systems and software’s will perform simple accounts preparation, journal entries and simple tying in to supporting documentation.
Specialists: I think that rather than being a ACA accountant I see that more is going to be required and expected from us as trusted professionals. I have seen in the coming years more of a demand from clients for specific offerings and products from valuations, tax implications and crypto-currency from us as accountants.
