NATIONAL PAYROLL WEEK - Andrew Walker

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.

Read article

To mark National Payroll Week, we asked our Commercial Director Andrew Walker, who has more than 20 year’s recruitment experience and focuses on the placement of transactional finance and payroll specialists in South Yorkshire for insight into the current market.

How is the current marketplace and what are your expectations for how the next 6-12 months will look?

Payroll has been particularly in demand over the last 12-24 months and the employment market is still extremely buoyant, with demand outweighing supply.

The next 6-12 months may depend upon any changes in the economy; as it stands there is no sign of the employment market slowing down, however that may change if we enter a recession and belts tighten.

What are the main recruitment challenges being faced?

There’s high demand from employers for quality, experienced specialists however a short supply of suitable candidates, compounded by a historical lack of investment in training new payroll staff means that the balance is unlikely to be restored in the short to medium term.

What should employers be doing to overcome these challenges?

Employers need to be looking at one of two approaches. Firstly, raising salaries both in terms of retaining their own talent and also to attract the limited number of candidates looking for a new role. Payroll salaries have risen considerably in the last 24 months and, whilst demand outweighs supply, will continue to rise. Effectively, companies will find that they are paying a premium to secure the personnel they need and be the employer of choice.

Secondly, there needs to be a return to recruiting and investing “rookies” in order to grow their own talent through training and development. Many clients are recruiting graduates, AAT studiers, or administrators and training them in payroll and providing support for relevant qualifications such as the CIPP (Chartered Institute of Payroll Professionals).

What should candidates be doing to take advantage of this opportunity?

Experienced payroll specialists with the right skills will find that there’s a wealth of opportunities currently available to them. Those in the early stages of their finance career should give serious consideration to payroll as it offers an opportunity to use numerical and IT skills in a people-orientated role.

Payroll can often be an area of Accounting and Finance that is overlooked, despite it offering just as many opportunities for post graduate qualification, for promotion and for high earning potential as other areas. It offers a viable route for longer term development with the provision of full training and further funded qualifications potentially available.

What should candidates be looking for when considering a new role opportunity?

Consider your fit with the company culture. Yes there are currently genuine opportunities to improve your salary at the moment, but any move should be because it will be the ‘right’ place for you to work and offer you the progression that you are looking for… Don’t just follow the money.

How can employers put themselves in the best possible position to secure the top talent?

Sell yourself as an organisation and what you can offer somebody with ambition seeking strong career development opportunities. Be prepared to move (very) quickly and be decisive; candidates have so many choices and so many options on the table, that a poor process or a slow process means most of the time you will miss out.

Additionally, be open minded to recruiting inexperienced candidates and invest in training and qualifications. The fight for talent is intense for experienced candidates, with prices rising quickly. Investing in new entrants to the market can be a rewarding and cost-effective alternative.

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.