Breaking the mould – accountants as a force for good

When it became clear that the worst days of the pandemic were behind us, there followed a quite natural and widely shared desire for everything to return to ‘normal’. We all wanted things to go back to the way they were, in the times when nobody had heard of COVID-19 and lockdowns were an abstract concept that existed only in dark works of fiction or for those suffering under totalitarian regimes.

As (at least in the wealthy west) the crucial vaccines had their effect, and those socially isolating interventions were lessened, we quite literally opened our arms to many of the precious aspects of life we had hitherto taken for granted; hugging family and friends, being part of an audience at a sporting event, and being able to travel outside our local area, all suddenly seemed heaven-sent.

Much of the old normal was there waiting for us to pick up where we left off, but it became abundantly clear that we were now living, and working, in an entirely different world. It soon also became clear that whilst one set of challenges had been overcome, others were waiting in the wings to catch us out.

In such a globally interconnected world, no one is immune to these challenges and, as with COVID, one can exacerbate or precipitate the next. As the pandemic receded into the rear-view mirror, the war in Ukraine erupted, bringing an economic toll along with its awful human consequences. Inflation is now globally high, and the cost of living has become a crisis of its own.

On top of it all, and most importantly of all, there’s the climate crisis. It was there before the pandemic and is still here, more urgently than ever, and won’t be solved by any relatively simple intervention such as a vaccine. Climate change imperils everyone and is already affecting people on a daily basis, including from the effects of extreme weather events ranging from drought to floods.

Our opportunity to break the mould

Whilst this article is beginning to sound like a litany of doom, there is an important and hopeful message to come. In reality, there has never been, and never will be, a world without challenges. There have always been challenges, some small and local, and others, like the pandemic, bigger and global.

And whilst there have always been challenges, there have always been the people with the skills and ambition to accept and overcome them.

Included in those skilled and ambitious people are, of course, accountants. Accountants are at the heart of the governments, organisations, companies and corporations tasked with accepting the challenges humanity faces, with developing solutions, driving change and leading the way to a new and improved normal. The problem-solving spirit and entrepreneurial ethos that runs through our profession puts us in a perfect place to help everyone overcome. It also creates our own opportunity: this is our chance to lead from the front and for accountants to act as positive change-makers in all aspects of society.

The problem-solving spirit and entrepreneurial ethos that runs through our profession puts us in a perfect place to help everyone overcome. It also creates our own opportunity: this is our chance to lead from the front and for accountants to act as positive change-makers in all aspects of society.

As a collective profession, and as individual accountants, we must act upon the lessons we’ve learned throughout the past few years and help to create organisations, and a world at large, even stronger, more successful and ultimately sustainable.

Everything starts with ESG

In this new world, where we have all had the opportunity to consider what’s important, employees, customers and consumers want to interact with the businesses which share their values and play a positive role in society.

This means that for consumers choosing where to spend their hard-earned money, a business’s accountability to the communities it serves, to its employees and the environment is in the spotlight more than ever.

Environmental, social and governance (ESG) issues must therefore be a fundamental component of any business operation, and no longer viewed as something that’s just ‘nice to have’ – and accountants will be key to this process.

It’s up to us to advance beyond the technical skills which provide the transparent and trusted financial reporting for which we are renowned. It’s up to us to strive to become the ESG leaders and innovators of sustainable business.

A digitally enabled profession

Underpinning the mould-breaking opportunity which lies within the grasp of every accountant is another powerful and influential force – the unabated advance of technology.

Consider the COVID experience. Initially, for many organisations, technology was only called upon as a last resort. Work was forced to shift from the ‘real’ world to the online world. Offices were abandoned as people retreated to their homes, domestic broadband was pushed to, and sometimes beyond, its limits as the tasks, meetings and daily activities were transferred to the digital space.

For a while, some of this felt like a hindrance, we were unable to enjoy the personal interactions that were natural to us and which allowed everything from client meetings to job interviews to flow more easily. Life began to feel like it was one long Zoom call and “you’re on mute!” became the most commonly used and least-liked phrase in the online office.

However, as we quickly adjusted to the new tools of our trade, we also realised there were many distinct benefits to these novel ways of working.

The time we’d once spent commuting to and from the office could be used more productively, to catch up with assignments or to catch up with family. Meetings with multiple colleagues could be held at short notice and without the need for diaries to be cleared so everyone could assemble in the same physical space. The talent pools available to organisations widened internationally and accountants seeking new opportunities were no longer limited to their local horizons.

It's with those experiences in mind that we must ensure to shift our perception of technology. Rather than viewing it with worry, we must realise that our profession has an opportunity to embrace the change, steering it as a force for good and unlocking the potential provided by being digitally enabled.

No longer the profession threatened by technology, accountants must build upon recent advances and become the profession that wholeheartedly embraces, utilises and drives the technological change.

It's with those experiences in mind that we must ensure to shift our perception of technology. Rather than viewing it with worry, we must realise that our profession has an opportunity to embrace the change, steering it as a force for good and unlocking the potential provided by being digitally enabled.

A more equal and more sustainable profession

As mould breakers we must stand together as the champions of equality, diversity and inclusion (EDI), and not only within our organisations but out ‘there’ in the wider world. By increasing the accessibility and diversity of the profession, and upholding the values of inclusive leadership, we will reap benefits in the here and now.

It’s not just the right thing to do morally, it’s good for the bottom line. Organisations that are more equal, that allow their employees to bring their whole selves to work, are more productive, have stronger teams and can tap in to all the wonderful aspects of the full talent pool.

And speaking of talent, the importance of EDI is raised even further when considering the future of our profession. It’s only through being more equal, diverse and inclusive can we hope to sustain the pipeline of great people that flows into our ranks. Only by championing the values of EDI can we hope to foster greater innovation and growth, to nurture the ethical business guardians of tomorrow.

Protecting the people behind the numbers

As we make this important push forward from the pandemic experience, one of the lasting effects may be the impact on our wellbeing.

Pre-pandemic, organisations that were up-front and open about discussing the mental fitness of their employees were in the minority. Today it feels as if the tables have turned, and whilst not every organisation is doing all it can and getting everything right, most have at least begun to have the kind of difficult conversations that would previously have gone unspoken.

That’s hugely important, for whilst the worst effects of the pandemic, which precipitated our healthy conversations, have mainly receded, the pressures of the workplace remain.

If our mould-breaking new normal is to be healthier, happier and more successful, accountancy must maintain its newfound focus on wellbeing. People are the machinery of the profession, and like any machinery it must be well looked after if it’s to work to the best of its abilities and stand the test of time.

Change in this regard must be real, permanent and come from the top down. That means the responsibility lies upon those of us who are leaders in our organisations to support individuals to thrive in work environments that place equal value on the health of people as they do on profit (and recognise the synergy between the two).

And as with the need to focus on EDI, when considering workplace wellbeing, we must be cognizant of creating cultures that will not only sustain the current members of the profession but also offer a work-life balance suitable to attract future generations and keep that talent pipeline open.

The power of accountancy as a force for good

Finally, considering the future for the profession would be pointless without focusing attention on the trainee accountants of today, and upon the young people still in school and university who might seek to join us.

The trainees currently working and studying within our firms are more than junior colleagues aspiring to achieve the qualification. With our support and through their effort and determination they will become the business leaders, innovators, entrepreneurs and philanthropists of tomorrow.

It’s vital that we nurture their talents, provide mentoring, be their champions and welcome them into our global network.

For when far-off future challenges arise, they will be among the skilled and ambitious people who step up, grasp the opportunities and the harness the power of accountancy as a force for good.