The big ideas of CPAs
Three CPAs discuss how the profession is moving the needle in innovation and technology
In 1494, Luca Pacioli described the system of double-entry bookkeeping and became known as “the father of accounting.” Since then, the accounting profession has evolved through the ages to become a driving force in multitudes of industries, leading them forward in a rapidly developing business environment.
The World Economic Forum describes this current period and pace of super-speed business development as the fourth industrial revolution. According to the forum, this revolution represents a “fundamental change in the way we live, work, and relate to one another” and is enabled by extraordinary advancements driven by technology and people-power unlike we’ve ever seen.
The CPA profession is well-equipped to thrive in the revolution because CPAs are at the helm, driving innovation and technology in Alberta and elsewhere. From firms to industry, CPAs are leading the way and helping businesses use new technologies, process and visualize data, and stay competitive as business environments change.
A self-described “technology accountant,” Twyla Verhelst CPA, CGA knows firsthand what possibilities are out there when technology and accounting are combined. “I’m a CPA that loves the collision of technology and accounting and what that means and does for industries,” she says. “I’m an accounting industry expert inside of a global tech company; who would have thought 20 years ago that’s where you could have a career as an accountant?”
Twyla’s role as the Head of Accountant Channel at FreshBooks means she spends half her time asking the big questions. “I’m looking at where we are, where technology is heading, what’s next on the horizon—that’s the technology crystal ball we’re all trying to look into. I’m comfortable spending my time looking at that,” she says.
The other half of her time is spent mentoring, coaching, and collaborating with accounting professionals, who “might not be as comfortable with this [technology] evolution and not sure how to best use tech,” says Twyla.
Twyla sees how many accounting professionals want to evolve and adapt but sometimes feel stuck.
Ayo Olarinde CPA is all too familiar with the feeling of being stuck. He learned the importance of being an adaptable CPA, willing to evolve with the changing times, as a new immigrant to Canada two years ago.
When Ayo arrived, he had a difficult time finding a job as an internationally trained professional. Everything changed when one candid interviewer told him the truth: his experience as an accountant was exceptional, but he was missing data analysis experience. Ayo decided to pursue a post-graduate certificate in Business Intelligence: Data Analysis and Reporting at SAIT. Now, with his combined experience as a CPA and business analyst, he “occupies a unique space in the business world,” he says.
Recently, in his role as a Business Intelligence and Analytics Consultant at BDO, he built a dashboard to help a client manage their financial reports. His business intelligence skills equipped him to build the dashboard, and as a CPA, he had no problems understanding the financial aspects of the project. “I built a dynamic dashboard that allows [the client] to view up-to-date financial information about each and every one of their clients,” says Ayo. “I came on that project as somebody with a unique, blended skill set, and I was able to deliver that project in full to the delight of my employer and clients.”
The accounting profession is the perfect complement for anyone attracted to a career in innovation and technology, which might be a surprise given that the profession is hundreds of years old. “If you have an interest in entrepreneurship, business, finances, accounting, numbers, data, or technology, then the accounting profession is a good choice,” says Twyla.
Logan Speer CPA, Manager of Capital Markets Accounting Advisory Services at PwC, agrees. He believes there is a great appetite for innovation and change across the CPA profession.
A recent career highlight for him was the opportunity to be part of PwC Canada’s inaugural digital accelerator program. The immersive training program taught him skills in a number of technologies, automations, design thinking, and more. “I will now be able to aid in leading innovations within our profession through connecting with a global network of Digital Accelerators and utilize the skills I have been given the chance to develop to digitally enable the firm and our clients,” he says.
“The unspoken slogan in the IT world is ‘every day a better way,’ so whatever we did yesterday, you’re looking for a better way today,” says Ayo. The same can be said about accounting.
In a fast-paced technology-driven environment, it’s easy to get whiplash from the sheer amount of adaptations and innovations, and Logan cautions that it’s easy to get overwhelmed. “You’re not going to be able to become an expert on every piece of technology out there,” he says. He recommends picking a technology and focusing on it while maintaining a learning mindset about other emerging technologies.
No matter the tech, Logan thinks being a CPA gives him a leg up. “Our whole careers [as CPAs] have been training us to develop the ability to understand, learn, and adapt to rapid changes quickly,” he says. “Technology is not always going to be the same, but the underlying techniques, theories, and processes we use to understand them will remain consistent.”
The possibility of what CPAs can achieve in the current industrial revolution—and industrial revolutions to come—is what excites Twyla the most. “I think that CPAs will be able to be more creative than they ever have been in my 20 years in accounting,” she says. “I love that because it’s not always a part of our brain or skill set that we’ve gotten to tap into.”
She thinks the biggest beneficiaries to the untapped creative potential of CPAs will be the clients they serve, who will receive unique service offerings and advice. She believes CPAs and future CPAs will benefit too. “I’m excited that CPAs get to really carve out a career for themselves that’s more unique than ever before,” she says.