Leaders Insight - with Lucy Bolton, CFO at Camira

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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The second instalment of the “Leaders Insight” series comes from the CFO at Camira Fabrics and recent winner of the ‘2023 Northern Finance Director Awards’ in the leadership category, Lucy Bolton.

Lucy qualified as a chartered accountant at Leeds based firm Sagars in 2007 moving onto Communisis Plc in 2010 where she worked her way to becoming Divisional Finance Director up until 2018 when she moved to Camira Fabrics to help them with their ambitious growth plan. Camira Fabrics design and manufacture textiles for every space and sector - from commercial and residential to public transport, including bus, coach, and rail.

1.Which of your earlier roles played the biggest part in your career development to becoming a CFO?

Without doubt my role as Group FC at Communisis plc was the most formative role of my career to date. A tough role that required me to have a high technical understanding of the numbers, whilst also being able to tell the story confidently to investors and analysts was an invaluable experience.

2.What is the one thing you know now that you wish you knew as a newly qualified Accountant?

A real appreciation that cash flow is just as (if not more) important than profit! Being able to read and understand the cash flow and working capital cycle of a business will give insight into so much more than the numbers. It will give you the clues as to how sales, commercial arrangements, operations, product and debt arrangements to name just a few, are working for (or against) the business.

3.How important to you was a mentor / mentorship in your career progression?

I think having supportive leaders around you day to day is more important than a mentor as such. A mentor you may only see occasionally but having regular access to knowledgeable people on a daily basis as you go through your career is important. Leaders who care about your development and allow you to ask any question…no question is a stupid question!

4.The role of a CFO has changed over the last decade. What further evolution do you see in the role of the CFO over the next 5 to 10 years?

The obvious answer to this would be that the CFO of the future will need to be well versed and agile with regards to digital solutions. Ensuring that management decisions are back by or driven by rich and relevant data is key to staying ahead of competition. However, I do think that CFOs are now required to think more strategically than perhaps a few years ago and should be expected to personally contribute to the top line growth of the company. A mindset of “how can we best invest to grow?” rather than “where can we save cost?” is a must.

5.Having become a CFO what do you “think of the view from the top” and how does it compare to what you thought it would be like?

I feel really privileged to be in this position and to be able to make decisions that shape the future of my company. I enjoy it! To be honest, the view is exactly as I thought it would be and is what I was striving for on my way to CFO. I think people who naturally think ‘bigger picture’ will always rise to these positions with the right amount of hard work!

6.What technologies will reshape the role of the CFO over the next few years?

I think that the key here is to understand that we wont yet know what these technologies will look like. Change in this area has been exponential and this trend will almost certainly continue. The real advantage will therefore lie with those CFOs who are agile and consistently embrace change. There needs to be a real desire to stay ahead of the game to succeed.

7.What is the one single best piece of advice you would give to an aspiring future finance leader?

Always back yourself and don’t be afraid to step out of your comfort zone to grasp an opportunity. Every role I have ever taken to date has been slightly out of reach on paper, and yet has shaped me into the CFO I wanted to become.

Thank you for reading the second installment of ‘Leaders Insight’, don’t forget to follow us on Linked Inso you don’t miss the next one.

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