FEATURE | Accountancy
accountancy profession T
As he takes over the helm at accountancy and business advisory firm BDO,
new managing partner Paul Eagland reflects on the future of the accountancy profession and how it needs to adapt to stay relevant in the 21st century
he old adage that ‘nothing is permanent except change’ has never felt more apt than today. Look at the world around you and think
back five years. The pace of change is simply incredible. Rapid developments in technology and regulation, the growth of populist politics and an uncertain relationship with the EU means that many of the boundaries that once governed the way organisations do business are changing or disappearing altogether. At the same time public trust in business is low. Global high-profile scandals have leſt many people feeling alienated from – and frustrated with - business and other institutions. Globalisation has seen many winners but many losers too. If, as some have said, the vote for Brexit was the first rebellion of a developed country against globalisation then I doubt it will be the last. Since taking over as BDO’s Managing
Partner, I’ve been thinking about what these changes mean for me, our people
Four areas where accounts must seize the day ❶ We must fully embrace a digital mind-set
❷ We must offer solutions and advice not products
➌ We must engage with the multi-generational environment
➍ We must be fully realised business advisers
and our clients’ businesses. My conclusion is simple; if ever there was a time for a complete drains-up review on how business reacts to relentless change, it must surely be now. Furthermore, the accountancy profession – as one of the foundation stones of a market economy – should take a lead and adapt accordingly. When I think about adaptability, I think
about the words of Charles Darwin. He understood that it’s not the strongest or most intelligent that survives; it’s the most adaptable who will win in the end. It’s time for a Darwinian look at the
accountancy profession and I see four overlapping areas where we must positively respond to change and seize our opportunities. Firstly, the profession must fully
embrace a digital mindset. Traditionally I would have said that IQ and EQ were vital to a successful career in accountancy.R
Darwinian look at the
Why it’s time for a
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DIRECTOR OF FINANCE
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