Senior Interim Finance Specialists – a Market

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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Sharp Consultancy is Yorkshire’s largest, most experienced and best-connected independent company committed exclusively to financial recruitment.

Our division of dedicated Interim Specialists focus exclusively on Senior Finance. We asked one of the key members of that division, Stuart Douglass, Business Manager to share his valued opinions and observations on the current market.

Stuart is a senior interim specialist who joined Sharp Consultancy in 2016 and has over 20 years of experience in financial recruitment. He has provided case studies to highlight the major benefits of utilising an interim finance specialist and explores the ever-changing dynamics of the candidate market.

Although dynamism, agility and expertise have always been essential in the world of business for growth and success. Interestingly, over the past 12 months we have seen these elements have been even more crucial to businesses throughout the region. There has been a distinct and obvious increase in the demand for and supply of Senior Interim Finance Specialists.

Two of the top motivations in hiring a Senior Finance Interim during the last 12 months have been:

Navigating Organisational Change

Changes in personnel or ownership can be turbulent times for any business of any size or structure. Finance Interim Specialists serve as steady navigators, guiding companies through these changes with their strategic foresight and experience to ensure the impact remains positive. Case Study 1 provides an example of just that.

Case study 1 - Navigating Organisational Change:

MD - "Our £40m t/o business was due to be acquired by a private equity business and I was worried that our current FD just didn’t have the experience to take the organisation through this type of change. Sharp Consultancy was recommended to me by our bank and following a briefing meeting they quickly identified and submitted three candidates who all had the change management experience in a PE setting that was needed. Interviews were arranged and one of the candidates was a perfect fit (a local chartered accountant with a big 4 background who also had the interpersonal skills to engage with all the relevant stakeholders). When the candidate started and got up to speed quickly, we liked them so much we offered them a permanent role which gave us fantastic stability going through the deal. They helped us recruit new people into the team and set us on a great path. I believe the main benefits of hiring a contractor like this were being able to bring someone on board quickly that had the exact experience to manage us through the significant change process. The hidden bonus was the interim also brought his own network of advisors which was also extremely useful. I wouldn’t hesitate in recommending Sharp Consultancy if you are about to embark on a similar journey."

Project Management

Sometimes, even the strongest teams may find project management difficult and that can lead to distressed teams and may create unnecessary risk. This is where a Finance Interim Specialist and their fresh perspective and focused guidance can support a finance function, steering it towards efficiency and success using years of seasoned experience whilst owning such a specific project.

Case Study 2 - Project Management:

Operations Director – "When our business gained private equity backing, our acquisition pipeline literally exploded….at our peak we were acquiring 5-6 new businesses each month! Our finance team of 8 people needed to grow quickly, and our systems were just not equipped to cope with the new demand. This all happened within a few months, so we engaged with Sharp Consultancy as we needed accountants quickly. At that point, we had identified a more appropriate ERP system but knew it would take a couple of years to transition to the new set up. Over the next five years, Sharp Consultancy provided us with over 25 Accountants at various stages in the process. Some supported simple accounts preparation, some were change agents, some supported finance systems developments and others helped with important integration work. Without the support from Sharp, the speed of response, the deep understanding of the type of candidate character and attitude we liked, I don’t think we could have achieved anywhere near what we did. Some of those contractors have stayed with us long term, such was the accuracy of the initial introduction. "

In addition to the above, we have seen changes in the candidate market. A new wave of Finance Interim Specialists with excellent experience and knowledge are embracing interim assignments. In part this has been caused by redundancies. However, the main factors for the increase in candidates is twofold; firstly, more and more candidates are making a conscious career move to become an Interim Specialist and secondly there has been a growing market across candidates who are based further afield with the option of hybrid/flexible working now more common the candidate pool has become a national one. The increased demand we have experienced across Yorkshire has certainly created plenty of attention for the region.

Although the hybrid model is as popular as ever throughout the interim market, it has been obvious that fully remote opportunities have reduced significantly, with most clients requiring some presence within the business.

In turn, with more candidates in the market increasing our clients’ options, it has been a fine balance between utilising modern candidate attraction methods without any risk of sacrifice to quality. As with all candidates, regardless of location, quality control is paramount and all our candidates continue to be met, screened, and referenced vigorously.

Conclusion

The decision to hire a Senior Interim Finance is more than a stop-gap solution; it’s a strategic move towards a proactive solution.

The availability and diversity of expertise from Finance Interim Specialists is increasing, fuelled by flexible working opportunities.

Sharp Consultancy’s dedicated Senior Interim Finance division is the longest standing in Yorkshire and the most experienced, focused, and knowledgeable in the region.

For more information about hiring one of your own Interim Specialists or finding that perfect interim finance role please call 0113 236 6300 and ask for Stuart Douglass.