CPAs shaping the future
Every single day, Alberta CPAs contribute to companies that develop groundbreaking processes and products that change the way things are done in industries all over the world
1950s-era science fiction imagined the 21st century with flying cars, faster-than-light space travel, robots, and other similar innovative technology. While the actual 21st century hasn’t resulted in colonies in space or commuting to work via vehicles in the air, innovators have nevertheless developed amazing technology that has changed the way we live. This includes sustainable energy development, innovative ways of driving corporate social responsibility, beneficial technology that has revolutionized the aerospace industry, and so much more than the science fiction writers of the 1950s could have ever imagined.
And the common thread that runs through all these technologies and companies? CPAs.
In Alberta, CPAs play a key role in companies that change the future by making industries more efficient, sustainable, and safer in our province, country, and around the world. For FLYHT Aerospace Solutions Ltd. (FLYHT), that means making things safer for passengers as they literally go around the world.
“The aerospace industry is using black box technology that was designed in the 1960s,” explains Nola Heale CPA, CA, VP Finance and Chief Financial Officer at FLYHT. The “black box” is a data recorder that keeps track of information during a flight, and in tragic circumstances such as plane crashes, finding the black box may be the only way to identify what went wrong.
However, the outdated technology means most of the data can only be collected after the flight, and when planes fly over the ocean or into Arctic regions (where there are no land-based transmission towers installed), there is no way for aircraft to communicate information to the ground. In a world that is dominated by the transmission of real-time information 24/7, it seems counterintuitive that airplanes wouldn’t possess the same technology.
Until now, that is. For the first time in history, FLYHT’s revolutionary Automated Flight Information Reporting System (AFIRS) acts as a “virtual black box” that enables flight data to be streamed from an aircraft in real time. During regular operations, the data is used to alert maintenance and operations of any issues, and pilots can speak to the airline operations team by telephone and text message. In the event of an emergency situation, information such as a plane’s location, altitude, airspeed, and pitch are transmitted to the ground within 15 seconds of the event.
“FLYHT’s technology makes the industry a lot safer because you’re keeping the aircraft in communication with the operations team, the ground, or emergency services at all times,” says Nola, who oversees full financial oversight for FLYHT, including treasury and reporting. “Even though the airline industry is one of the safest industries in the world, it’s still unacceptable that we ever lose an aircraft and the people onboard.
“FLYHT is unquestionably changing the aerospace industry,” she adds.
Nola admits that while the aerospace industry is challenging, it is ideal for professional accountants like her who want to get “outside the numbers”: “The depth of the CPA training gives accountants the ability to put diligence into their work—pull information together efficiently and accurately, but at the same time, to question those numbers at all times. The training of accountants is sufficiently broad to be able to assist in a variety of areas in the business.”
Nola also has a designation from her native country of South Africa. She doesn’t downplay the impact her professional accounting designations have had on her career and in developing her skills. “By gathering training in the realm of business, I could make a contribution to the efficiency and growth of a company. I basically wanted to be the best I could be, in the contribution I could make, to whomever I assisted in my career,” she notes.
Sheri Wise CPA, CMA agrees that the rewards of a CPA designation last a lifetime: “It gives you the flexibility to work in any industry. It really means you can follow your interests and find meaningful work anywhere.”
In Sheri’s case, following her interests brought her to BluEarth Renewables, an independent power producer that develops and operates wind, hydroelectric, and solar power projects—often working closely or in full partnership with Indigenous groups—in areas all over Canada and in parts of the United States. Sheri has been with BluEarth since it started in 2010, and is now VP, Controller. As part of the executive leadership team, Sheri manages the corporate services departments, including accounting, insurance, and payroll.
“Electricity markets are really evolving,” explains Sheri. “The Alberta market has certainly presented more challenges in building renewable energy projects in recent years, while some other markets have really encouraged renewables.
“BluEarth has proven that renewables can be cost competitive with conventional technologies, regardless of market structures,” she adds.
With 28 projects in operation or in various stages of development, BluEarth has established itself as a leader in renewable power with a long-term vision: “We build each one of our projects to generate cash flows for 20 years or more,” says Sheri.
In addition, BluEarth prides itself on ensuring that each project is as mutually beneficial
as possible for everyone involved. “We operate all of our facilities with our own people. That’s not typical,” says Sheri. “It’s something we’re really proud of. Once a facility is operational, it’s our team on site; our team living in and being active members of those communities.”
In less than six years, BluEarth has grown to become a billion dollar company. Sheri admits that the fast growth of the company can be a challenge, but it’s one that her education and training have enabled her to meet head-on. “Our business does not always follow a cookie-cutter approach,” says Sheri. “I’m always drawing on my experience and skills to figure out new accounting treatments and process improvements. It’s important to be creative in finding solutions.
“CPAs are really leaders in the business world. They hold up high standards for business practice and ethics, and that is key for any company to succeed,” she adds.
Sheri, a regular bike commuter, says that one of the most meaningful experiences of her career is being part of an organization that makes a tangible difference to the planet and whose values align with her own. “It’s been such an honour to be part of this team, and to help this organization succeed,” she says.
Equally important to technology in its capacity for shaping our future is the impact of giving back and making a difference in the community. Thanks to the work of Melanie Laidlaw CPA, CGA and Calgary-based Benevity, more than two million people working in companies around the world are able to contribute to more than 100,000 global charities annually—and those numbers grow each year.
Founded in 2007, Benevity has grown to become a global leader in workplace giving, volunteering, and grants management, and counts big corporate names like Nike and Google among its client base. Clients use Benevity’s technology to power their goodness programs, which can include volunteering, matching employees’ individual charitable contributions, or developing corporate grants. The company’s Spark technology operates in 15 different languages and enables users to donate in almost any currency.
Melanie is a Product Manager with Benevity, and she is responsible for leading the creation of an automation strategy for the company’s back office processes. “We’re leveraging technology to make all of our financial processes more efficient. The finance group was doing a lot of things manually, and it was time to bring technology into it,” says Melanie, who acts as a liaison between the finance and software development teams.
The advantage of Benevity—for both its clients and the charities it works with—is the large number of donations that are processed through the software. “We basically aggregate donations from two million users around the world, 75% of which are disbursed electronically,” explains Melanie. Rather than process hundreds of individual donations, charities receive one lump-sum payment from Benevity each month. This frees charities from high administrative costs and the need for direct marketing for donations, which allows them to focus on their social missions. At the same time, companies are able to engage their employees around causes that matter to them, and make an impact both socially and in business.
“Companies have access to financial and human resources, and our tool really helps them get those resources to the places that matter,” adds Melanie.
A recently launched project from Benevity is Benevity Labs, the company’s social incubator initiative. In partnership with other agencies, Benevity is looking at factors that influence social behavior. The aim is to test strategies to see if people can be convinced to give more, give in certain ways, and give on a reoccurring basis. The information would be provided to change leaders around the world to benefit the goodness sector.
“Companies have a responsibility to give back,” suggests Melanie. “The value of that can’t be understated. And no matter where a student ends up in their career, it should always be something they have in their mind: ‘While I’m doing good for my company, how can I be doing good for the rest of the world as well?’”
Melanie credits her designation for enabling her to fulfill her passion for “doing good in the world”: “The profession itself is always evolving, always in demand. Having a designation and the skills that come with it are only going to help people as they go through their career. It opens so many doors,” says Melanie.
If the career paths of Nola, Sheri, and Melanie are any indication, a CPA designation can allow you to shape not just your own future, but the future of communities and people around the world. The breadth and depth of a career in accounting provides opportunities at the forefront of emerging technologies, and, perhaps, to groundbreaking solutions that even the most imaginative science fiction writer has yet to dream up.
A look back in the archives! This article originally appeared in the Fall 2016 print issue of Capitalize.