ASK THE EXPERT – NATIONAL PAYROLL WEEK

Celebrating International Day of Accounting with David Cameron, Vice President of the LCASS

International Day of Accounting is an annual celebration to commemorate the publication of Luca Pacioli's book on double-entry bookkeeping in 1494 which is the bedrock of modern day accounting. In the modern day, International Day of Accounting is about the appreciation of the crucial work Accountants do and the recognition of their importance for business longevity and success. This year, we caught up with David Cameron of EY's Restructuring Team and Vice Presidentof the Leeds Chartered Accountants Student Society (LCASS) to gather his advice for those in the early days of their accounting career and insights about all things ACA.Starting a Career in Accounting 1.What advice would you give to someone just starting their career in accounting?I would say the sooner you realise that all of the exams require a fair amount of work and can’t be blagged (no matter how easy you found A-levels or university), the better. ACA is tough but I think it is certainly passable for most people, as long as you put the work in. The next big piece of advice I would give is if you go into the initial mundane tasks, when you first start, with a positive can-do attitude, it goes such a long way. The people who go into tasks with that outlook often find they move onto much more interesting tasks, quickly. Finally, the last tip I’d give to anyone starting out in accountancy is start building your network straight away, not only will it benefit your career in the end when everyone climbs the ranks together, it is even more beneficial from a social point of view at the junior levels. People you meet at networking events will become your friends and just enhance your overall experience when you are starting out. 2.How can recent graduates make themselves stand out to potential employers?It sounds cliché but I think showing your personality in an interview and just being yourself is something people feel as though they shouldn’t do. I really believe that that’s by far the easiest way to stand out. The majority of applicants will also have a great CV, the way you will stand out is by the employer thinking that they will enjoy working with you every day. Picking an ACA Specialism 3.Can you share some insights on the different specialisms available whilst studying ACA?Audit and Assurance:Examining financial statements and processes to verify accuracy and provide confidence to stakeholders through regulatory compliance. Tax:Advice on tax planning, compliance or strategy, dependent on what department of tax you’re in. Transactions:This could be a role in Mergers & Acquisitions/Corporate Finance, Transaction Due Diligence or Restructuring. 4.How did you decide on your own specialism, and what influenced your choice?I work within the Restructuring service line and absolutely love it. I’d always had a big interest in how businesses work operationally, and Restructuring allows me to assist businesses through times of distress with the hope that we can help to provide a solution to save/improve the business. Being in the service line I am in, it has allowed me to think outside the box and use problem solving at work as there is never the same solution for each business in a time of crisis, with solutions ranging from running an accelerated sale process of the business to possibly refinancing its existing debt. What the ACA Has to Offer5.What are the key benefits of pursuing the ACA qualification?First and foremost, the comprehensive skillset you acquire through completion of the ACA qualification shouldn’t be overlooked as it allows you to apply knowledge you have learnt from topics/exams usually unrelated to your usual job role to situations where it is required or even personal situations. I believe that the practical work experience you gain (at least 450 days of practical work experience) whilst completing your ACA enables you to improve your technical skills at a far quicker rate as you are utilising knowledge you have learnt at work on a daily basis, to better your understanding of the technical aspects, something which you don’t get to do at university or school. I would say the largest benefit is realistically the career flexibility and opportunities it allows you to have access to. As mentioned above, there are so many different avenues that you can go down through having an ACA qualification. If you don’t like one role, you can quite easily try something different. 6.How does the ACA prepare accountants for the challenges both inside and outside of the profession?As touched on above, the comprehensive knowledge gained from an ACA qualification is fantastic and can be applied to so many different scenarios outside of an accountancy role, such as personal tax planning or even the strong financial acumen gained to assist with running your own business. ACA also of course reiterates the importance of ethical behaviour and integrity throughout your studying period which helps instil such traits into students. Learnings from this will help students make correct decisions at work or even in their own personal life when faced with difficult choices. Personal Journey into Accountancy 7.Can you tell us about your journey into accountancy and what inspired you to choose this career?I joined the EY Leeds Restructuring team back in 2020 via the school leaver programme. I probably got unlucky with the year I joined given we were in the midst of the pandemic, however, what I was certain of even back then was no matter what, I still just wanted to get into work rather than continue full time education. I was keen on the potential qualifications I would come out of university with; however, I knew that I had always much preferred working throughout school than the education side of things. I was drawn to the Restructuring apprenticeship due to the element of problem solving involved and the opportunity to leverage commercial skills. Admittedly, I wasn’t overjoyed about the prospect of 15 ACA exams, however, I knew the end goal was worth it and provided some incentive. Four years later and I have completed my ACA and my apprenticeship. I’d recommend this path to many, for the experience and level of qualification I’ve been able to obtain by such a young age, coupled with the opportunity to meet so many people that will be mates for life. 8.Looking back, is there anything you would have done differently in your career path?Nothing I would change that’s in my control. It would’ve been ideal to have joined at a time outside of the pandemic as it did effect the social side of things for the first year or so. To find out more about the ACA click here.Looking for your next career move in finance or accountancy? At Sharp Consultancy, our expertise lies in matching your potential with the perfect temporary, interim, or permanent position. With a well-established presence in Leeds and Sheffield, our seasoned team of consultants extends their services across Yorkshire and beyond. Don't wait for opportunity to knock, reach out to us TODAYand let's chart your career path together.

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What are payroll professionals looking for from employers when considering their next move?

Sharp Consultancy offers candidates and clients a team of highly experienced specialist consultants who are immersed in the region’s transactional finance market and can offer expert knowledge and unrivalled understanding of the marketplace.

All this week, we have been highlighting some of the key trends and issues affecting the market which has seen our team of specialist consultants share their in-depth knowledge and expertise to offer the best possible recruitment advice to employers and candidates working in the sector.

To round off National Payroll Week (Mon 6 – Fri 10 Sep), Liam Connolly, Consultant offers advice to those considering their next career move.

Payroll professionals have very successfully adapted to remote working over the last 18 months. Most candidates are now looking to continue in this vein and in many cases are seeking out a hybrid of remote working and office based working practices which allow for greater flexibility whilst retaining regular in-person contact with their colleagues. Additionally, as the CIPP has become more recognised candidates are much more forthcoming about requesting study support to pursue further qualifications, and in line with this, opportunities for progression are also of high importance to candidates.

Currently, the market is very candidate light; for many, the motivation that they had to move say, 18 months ago, simply isn’t there. With many businesses overhauling their approach to flexible and home working due to the pandemic, a vast number of ‘reasons to move’ have somewhat vanished almost overnight. The removal of lengthy commutes, achieving a better work life balance, reducing face-to-face contact with difficult team members, have all contributed significantly to a higher reluctance to look for new roles. And as a more ‘balanced’ approach to office and home-based work becomes more of the norm, businesses will need to work much harder to develop and promote their own individual USPs around culture, progression opportunities, training pathways and increasing responsibilities to attract top talent to their organisation. Candidates must be savvy when it comes to weighing up these nuances and not be swayed simply by the promise of a higher salary or better benefits.

In the first instance, candidates should have a clear reason for wanting to make a move from their current role, whether this is to achieve a better salary, gain a higher level of responsibility or desire to explore similar roles within a different industry sector. It is vital that candidates can align what their potential new employer is looking for with specifics about their current role and are able to speak in detail about key aspects of their skills and experience such as volume of payroll, weekly or monthly frequency, timesheet staff etc; they also must look at each company’s own objectives and understand how they will be able to help them achieve their career ambitions.

Those candidates who can offer knowledge and experience that may be valuable to a new employer - for example awareness of international payroll, understanding of pension deductions and furlough scheme contributions - will find that they are able to stand out from the crowd and secure the pick of available opportunities. And as the requirements of payroll professionals evolve and the role is viewed less as an administrative position and with more emphasis upon value-added management information, it is vital to ensure the right personality and culture fit along with a skill set fit that is right for both parties.

Integrating new employees has been a challenge for many businesses in recent times; ensuring that new employees receive the right amount of attention, training and integration from the outset whilst working remotely has presented opportunities to explore new methods for team meetings, developing strong support networks and utilising one-to-one training via virtual platforms. Candidates are keener than ever to understand the onboarding process and employers that blend flexible working patterns, attractive training and progression opportunities and a positive work environment will find themselves in the strongest position to secure the best talent.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent transactional finance professionals across the full spectrum of roles including accounts payable, credit control, payroll and purchase ledgers. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to find out more.