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Contact Mai Luu: https://www.linkedin.com/in/mai-luu-693596168/

"Small Business Planning During COVID-19": https://www.imanet.org/insights-and-trends/risk-management/small-business-planning-during-covid19

FULL EPISODE TRANSCRIPT
Mitch: (00:05)
 Thanks for coming back for another episode of Count Me In this is your host Mitch Roshong, and I'm here to bring you episode 89 of our series. We all know small to medium sized enterprises are a huge part of our management accounting profession, and COVID-19 has greatly affected the way these businesses are run along with the economy as a whole. In this episode, my cohost Adam talks with Mai Luu. Chief Operating Officer at Commonwealth Capital, LLC. She has also funded businesses and is very familiar with the small to medium sized business landscape. While talking with Adam, Mai discusses  various cashflow activities, venture capital funding, and other ways these businesses can obtain funding to renew themselves while still staying true to their original business purpose. Keep listening as we head over to their conversation now.

Adam: (00:58)
Small- medium sized enterprises have been affected greatly by COVID-19. How can businesses find a way to renew themselves and become new all over again?

Mai: (01:09)
COVID-19 has a far reaching economic impact in so many areas. Most every industry in every state has experienced the impact of COVID-19.  Second quarter GDP job, 9.5%. To put it in perspective, since record keeping began in 1947, quarterly job has never been more than 3%. With so much spending, making up two thirds of the US economy declines 12% percent between April and June, 2020. National debt and monetary policy for coronavirus stimulus packages are added to the national debt. With the Fed loaning money and buying financial assets,  1.41 million daily, the money supply, and two has recent sharply despite the injection of money into the system. Inflation stays close to zero, which could be a signal of a looming deflation in a near future. Disrupted supply chains and shortage of products, especially PPE products. Employment has been heavily affected. Job losses were worse than in the Great d\Depression, 50 million people out of a job. As many businesses closed, permanently and restrictions continue in several parts of the country. How business reinvent themselves in the wake of COVID-19 requires serious reevaluation of their business models, product and service offerings and financing methods to adapt and thrive in the new normal. Some of the old way of doing business are no longer effective and some products and services are no longer relevant. So understanding the renewed needs for both customers and service providers should play the central role in researching for the new business models, strategies, and product and services. While the pandemic reveals business weaknesses, it also presents opportunities for resetting strategy and business residents. With working from home businesses, adapt and embrace flexibility. So work life balance becomes work life integration, automation, core self-service portals, virtual help desk, and the use of productivity tools increase efficiency and adaptation. So this set of changes in our lifestyle transform how we consume products and services and how business operates. One thing that I can think of is cashflow and liquidity. This is one of the most important areas of business continuity. I can think of a few basic principles in managing cash that include one, reduce cost as much as possible and seek alternative financing, including the use of government support policies and working with landlord vendors and suppliers for favorable payment terms. Two, focus on generating cash, also turning a profit. Three, be transparent and fair to employees and share resources in case you end up having to cut staff.

Adam: (04:48)
I think you gave some great advice as people are looking to start new, and one thing I didn't hear you mentioned was something like venture capital. what are some of the considerations that SMEs should look at when seeking venture capital funding if they are trying to use that as starting new

Mai: (05:05)
A traditional venture capital VC business model is built based on hitting a few home runs to make up for many losing backs. Due to the high-risk nature of startup and early stage companies, VCs are extremely selective, only 0.1% of new ventures receive venture capital in any stage that leaps 99 point 99% of startups not receiving VC funding.  Ofthose that seek VC funding only 1.5% receives it. Even at this level of selectiveness, the majority of VC investments have  attractive returns. VCs prefer to fund high potential disruptive ventures in emerging industries that can offer high returns in a short period of with attractive exit options, acquisition or IPO. So those firms are known as unicorns. Businesses that can benefit from venture capital are disrupted capital intensive high growth ventures in emerging industries, host competitors are also getting venture capital funding. So when you're working with VCs, you need research to find the right VC fund. Some VC funds have restrictions that affect the investment choices. Some VC funds are geographical based or industry based or impact investing, etcetera. With that in mind when seeking venture capital you should first five venture capital funds that invest in companies like yours. Two,ensure that the VC firms invest in the stage of funding, that you are seeking. TThree, check out the VC firms past deals, and four consider location of the VC firm. I can think of as a few other considerations when seeking venture capital. One VC may seek control at the startup by taking a large portion of the equity, selling out common equity in the early stages of the company's existence, generally result in selling out the company's most precious element, which is the common equity ownership. This is a critical mistake made by a lot of entrepreneurs. Two VCs. also set the tone of the deal to make sure that they get multiples of the investment before anyone else, so entrepreneurs usually come last.. Thirdly, VC might replace startup to-dos with higher manager that could lead to the loss of the entrepreneurs, original vision and passion. Lastly, with your VC investors, sitting on the board and closely overseeing the company strategy and operations, your dream might become another job.

Adam: (08:10)
So in a lot of ways, venture capital is a really good investment, and if you're that unicorn that gets that, that gets that funding, it can be really important for you, but then these considerations that you just mentioned, it may not be, it may not always be the best option. Are there any alternatives?

Mai: (08:26)
Correct. Yes. Fortunately entrepreneurs can seek capital for their startup and early stage company without relying solely on the mercy of institutional money. So for the, for the entrepreneurs who understand the private capital markets, they can raise a substantial, substantial amount of capital through something called exempt securities offering without having to give up too much of their equity at the early stage for too little money. Keeping the vast majority of equity ownership and voting control that an entrepreneur can stay the course of their original vision and passion. The JOBS Act of 2012, brought the single most significant change to the securities law since 1933. The JOBS act lowers the barriers in the several area of the securities law permitting smart business to raise capital directly from the general public. So basically they are legally b...

Contact Karin Baggstrom: https://www.linkedin.com/in/karin-baggstr%C3%B6m-9233a72/

STARZPLAY: https://arabia.starzplay.com/

FULL EPISODE TRANSCRIPT
Adam: (00:05)
 Hey everyone. Welcome back to Count Me In, I'm your host, Adam Larson, and I'm excited to bring you episode 88 of our series. Our expert guest for today's conversation is Karen Baggstrom. Karen is a Founder and CFO of Starz Play, the leading subscription video on demand service that streams to over 20 countries across Asia, middle East and North Africa. In this episode, my cohost Rouba talks with Karen about how the COVID-19 pandemic has actually accelerated her business. During their conversation. Karen uncovers, how stars play as harnessing the power of technology to optimize the finance function and leveraging data analytics to enhance future growth. Even despite the current challenges. Keep listening, how amid digital disruption, recessions, and pandemics finance and accounting professionals remain ahead of the curve. 
 
 Rouba: (00:58)
 So good morning, Karen, and thank you so much for joining us today. 
 
 Karen: (01:03)
 Good morning, Rouba. Thank you for having me.
 
 Rouba: (01:05)
 I'm actually looking forward to hearing from you as Starz Play has been a really beautiful example of organic growth out of the middle East region. So kudos to you guys. 
 
 Karen: (01:15)
 Thank you. Thank you. Yeah, we're excited as well, even though the whole of COVID  epidemic is of course, nothing that we would like to have, or see of course. 
 
 Rouba: (01:28)
 So I want to dive right into it. has, I mean, as somebody who works in finance and accounting and you're the CFO of Starz Play, has the digital transformation of finance impacted the roles and responsibilities of today's CFO and what are the skills needed to maneuver during such trialing time, like you just mentioned now, in your opinion. 
 
 Karen: (01:51)
 Sure. I mean, I think in general, moving to digital environment has changed and impacted many roles in, in businesses around the world, not just finance also, of course, however, I do think that in finance, the CFO and the finance department has a little bit stepped out of just being the accounting and reporting team from, you know, looking at the actuals, just comparing things to budget. Moving into this digital environment has allowed this team to become more part of the business integral part of the business, I would say, because back in the old days, the finance department was only always the one that was just looking at, you know, this is what happened, we'll book it in the balance sheet and the P/L, and then we compare it to the budget and then you send off a report. But now I think there's so much more involvement between the finance team and all the other teams and going digital of course, is a big part of this, because when you move into the digital world, you all of a sudden needs two different systems. And I also think that the finance team has become more analytical in their way that they work. They, you need to be able to analyze what comes in and not just take, you know, the cost as they are, and just look at them and say, okay, that's it that you're challenging the rest of the business, that your, you know, questioning the other departments in the business and saying, yeah, but is that really so, or can we change anything or why is that so? So I think that the finance team has become much more analytical in the way that we work and going digital is a big part of that. I was gonna say, I mean, for us, at Starz Play, we are a hundred percent digital. I mean, we work in the digital space. Our product is in the digital space. Everything is digital. So for us, it's natural and we have a lot of data around us all the time, you know, all this subscriber data or anything that touches our service, we have data on it. So, you know, I think from our point of view, we haven't gone digital as such. We are always work that's in our DNA. It's how we started this business. But no, I for sure, I see that my team, if I compare, you know, when I started in, in finance way, way, way back when now it's way more analytic, and the finance team is challenging the rest of the business much more, and that is a big difference. 
 
 Rouba: (04:47)
 And you mentioned the breaking down of silos and the interconnectedness of it all with finance teams becoming more involved in other departments, and I'm sure that includes the likes of marketing and product development, what have you, and do you find that the lines between CFO and CIO for example, are also blurred and then what role does digital transformation play at Starz Play? I mean, it'd be curious to know how that's working since you mentioned it's a digital product by default and in your current business model, especially, you know, within the finance team spectrum. 
 
 Karen: (05:19)
 Yeah. I mean, for a lot of companies, I do think that you will see a blurred line between the CFO and the CIO, especially in companies where you cannot afford to have a big C-suite where it does not make sense. You might have a CEO and a CFO and that's it. So you cannot have, you know, add on more C level people. So I definitely think that, and it makes sense from a certain perspective to do that. For us at Starz Play, we haven't really that structure because we're such an, you know, digitalized company. We have, we have the CFO and the finance team and we manage everything that has to do with finance and analytics and so on, and then we have a very big tech team and development team. And under that tech and development team, we have, data analysts. We have a big data analyst team, that is also working on, AI. So that kind of sits for us in our company. It sits under the tech team, but I'm definitely sure that in other companies, the blending of the CFO and the CIO does make sense for sure. And then your second question on how, you know, the digital transformation, what, how has this impacted us at Starz Play and add the business model that we have? as I said earlier on we, because we're a company within the digital space, we haven't really transformed as such, you know, from something being brick and mortar to transform, but what is happening is that we are evolving all the time. So we are, you know, we, we see that we need new tools to analyze certain type of data. We see that we want to go more granular into things, into information that we have, be it, you know, just simple, we get a supplier invoice and we want to be able to challenge what is that, you know, that data that is on that invoice and we can go more and more granular. So I think we didn't go from brick and mortar to become digitalized, but we are digitalized, but we're becoming more and more sophisticated.
 
 Rouba: (07:41)
 But I think it's such a model is yours was actually born as a result of the digital, disruption. You're a disruptor! So successful leaders around the world, pride themselves on being lifetime learners and the, and they say that this is the secret for ongoing success, you know, especially in this era where there's new ways of doing things every day, what is your view on the need for continuous upskilling and reskilling, and obviously wellbeing a lifetime learner, you know, and not just for you for also your team and how do you apply that as well? 
 
 Karen: (08:24)
 I mean, I can only agree with that statement that, you know, you need to continue to learn as long as you live. You can't just say one day, ...

Contact Jason Pierce: https://www.linkedin.com/in/jasonrpierce/
About Jason Pierce: https://edelsteincpa.com/our-team/jason-r-pierce/
Forensic Accounting Video, "Does my balance sheet balance?": https://edelsteincpa.com/does-my-balance-sheet-balance/

FULL EPISODE TRANSCRIPT
Adam: (00:00)
 Welcome back to episode 87 of Count Me In, IMA's podcast about all things affecting the accounting and finance world. This is your host Adam Larson, and I'm excited to introduce you to our featured guest, Jason Pierce. Jason is a partner with the firm Edelstein and Company in Boston, Massachusetts, where he specializes in financial forensics and business valuations. In this episode, he talks with my co-host Mitch, about how a background in audit lends itself nicely to forensic accounting and business valuations. He also explains how the emergence of data and data analytics has played a major role in his job today. To hear more about fraud forensics and financial valuations, keep listening for upcoming conversation.

Mitch: (00:45)
So, Jason, I know you have a very interesting background and I'd like to start this conversation with you just kind of explaining how you started off in your accounting career.

Jason: (01:01)
Yeah, thanks Mitchell. So I'm a military brat, which means we bounced around the country, from place to place, which I also think kind of helps with fill in with this, forensic accounting stuff which we'll talk about in a little bit just from looking at things as an outsider, but where we landed when I graduated from high school and college was an in Tennessee. And so after I graduated, I was looking at, at the time, going through another year of school due to the 150 hours necessary to get my CPA. But meanwhile, my dad had shipped off to Alaska and I would go visit in the summers and see how awesome the summers were up there. And it just kind of drew me up to that place. Those of you who have been there, know exactly what I'm talking about. So after, after graduation, then I moved up to Alaska, started working at a small CPA firm up there, and I did specialize in auditing for about 10 years before I jumped into this forensic accounting and business valuation area.

Mitch: (02:10)
So how exactly does auditing turn into forensic accounting and your business valuation?

Jason: (02:16)
Yeah, for me, it was, it was overtime, you know, so if somebody would have asked me in college, like what would I be doing today? You know, forensic, accounting side of things. I wouldn't even have known what that was. So, so just for the listeners, let's defined forensic accounting. The easy definition of that is really the art and science of investigating people and money. Or I think a lot of the misconception is, is just kind of chasing the money. But once you figure out the people's side, then the money side becomes easier to figure out. So there is a relationship between the two. But so how it happened for me was, as I said, being a staff auditor in Alaska meant a lot of trips out to the rural communities, which we call the Bush, right, where there's no road system and, but I'd be out there and every now and then there would be a situation where the records are gone, the former managers are gone or that the city administrator, what have you and so those audit then turned into a forensic investigation. And, sometimes that meant just kind of figuring out what the heck happened. And it also, sometimes it meant like people made off with some money. And so we had to just kind of figure out, what we call like pick and shovel sort of methodology is understanding what happened and when, and how that translates to the financial statements at the end of the day.

Mitch: (03:48)
So, with that in mind, you know, can you kind of tell us what it means to have a forensic mindset and how you were able to kind of apply some of, you know, your auditing and accounting background into what you were doing with forensics?

Jason: (04:00)
Yeah. You know, it's interesting with the, with the forensic mindset compared to what one would traditionally think of as an auditor, that in an audit you're looking for matching. So like uniformity, consistency, you know, does, does the check or purchase order or invoice agree from the date, the payee or the vendor, the amount and the expense or whatever account code do all those match with what's going through the general ledger. And so on the surface, you have this forensic or the audit mindset where you're digging through the general ledger, making sure that the financial statements agree in all material respects and all that good stuff, but what the difference is from a forensic side of things is you're looking for differences. In other words, whereas on one hand, we're looking for that uniformity where on a forensic side, we're looking for, let's say there's a $2,000 dual signing  check limit where in other words, if there's two check issued for more than say $2,000, it requires dual check signers, but lo and behold, there's a lot of checks for $1900. In other words, if we're looking at things where we have the ability to look to see if is there round numbers, is there what we call like, there's a technique called Benford's law, where you could look to see from the placement of the digits in whatever sort of metric you're looking at, there should be some uniformity to it. And without getting into that there's ways where you can test from a risk based approach to identify like the nice round numbers, or there's a lot of checks that start with say threes and that's disproportionate to what would be expected. So there's ways to look things from a forensic perspective, that are different from say a traditional audit mindset where you're just grabbing 40 to 60 cash disbursements and kind of checking those against the general ledger.

Mitch: (06:16)
So now you have these two different mindsets and you've got experience with both, but today I know you do a lot of work on business valuation. So how do auditing and forensic accounting mesh and ultimately allow you to come up with these business valuations.

Jason: (06:34)
Yea well, surprisingly or not surprisingly, there's a lot of accountants that are in this field. And I think primarily is because we know how things flow through the general ledger. We're also detail oriented folks, and I think that...

Contact Mitchell Powell: https://www.linkedin.com/in/mitchpowell2/

FULL EPISODE TRANSCRIPT
Mitch: (00:05)
Hello and welcome back for episode 86 of Count Me In on your host Mitch Roshong and I'm happy to bring you another engaging conversation on this accounting and finance podcast. Today's guest, Mitchell Powell, joins my cohost Adam to talk about financial performance management. Mitchell is the CFO at HJ Russell company, construction services, business, specializing in construction program management and property management. In this conversation, he introduces the concepts and uses for financial performance management software, and he also offers insight into how it can benefit your operations. So to learn and hear more, let's go over to the full episode now. 
 
Adam: (00:51)
So can you give us an overview of what financial performance management software is and how it is beneficial? 
 
Mitchell: (01:03)
Absolutely. So, I could talk all day about this stuff, generally, you know, in tech, finance generally and financial performance management particular, because, let's see, I probably started using this about 15 years ago and it has continued to evolve in terms of the sophistication and capabilities as well as pricing. So, you know, these products are now available to, you know, wider variety of companies that used to could afford them if you will. But for me, it's, you know, it's kind of financial performance management is just, you know, kind of one tool in the toolbox. If you think about all the tech involved in the finance operations, obviously the ERP systems to Excel, you know, whatever, this is just another one of those tools, but it's, it's kind of a critical one because it's kind of the glue that pulls everything together. And I guess as we talk about it, I'll illustrate with some examples, but it's funny, I actually came up with an analogy just before this call, and it's kinda like a carpenter, right? So all carpenters have their tools and there's some basics, right? So there's some fancy gizmos, not all of them need, but you know, you've got to have a hammer and you’ve got to have a saw. And so to me, it's like, if you see a carpenter with a handsaw spending all day, you know, kind of sawing wood and I show up and say, well, why don't you get an electric buzzsaw circular saw and you can do in 10 minutes, what you did, what's taking you all day. So it's really applying the right tech to what is a pretty complex operation, ultimately trying to pull together a lot of information in one place. You know, as I look back over the three years, I've been with my current employer and, you know, close to 10 at the previous, butwe do and I have to credit financial performance management applications with this, probably twice as much work if you will, in terms of, reporting and information provided, but we do it with less people. And so in the transformation that can be enabled through the appropriate application of technology in general, and in the case of this conversation for financial performance management properly implemented, it's a tool that really pulls together, all of your information in a single database. And so maybe what I should do is just give you just a broad overview of kind of what performance management software is and how it works. So, you know, many of your listeners have probably either had some exposure or have heard of some of the brands out there. There is Anaplan, Oracle, Hyperion, Adaptive planning. We use IBM Planning Analytics, which used to be called TM1 And it's subsequently been rebranded as IBM Planning Analytics through our acquisition, but that's the class of software that this is, and, you know, properly implemented, it pulls together in one place, all of our actuals from our GL and pulls together or budgets. And so you have a one place, the ability to kind of drill in and report with an agility and flexibility that you just couldn't, if you either had your data sets and different disparate places like budgets and Excel and all your actuals in your ERP. So this enables that kind of flexibility. So that in a nutshell is what financial performance management software is. Maybe what I should do is let me give you a kind of an example. It is, financial performance management software is a multidimensional database. So you, when you, when your data comes in, it's categorized, according to the typical ways you typically think about it in your business. And I'd say probably the five usual suspects, are of course the entity or company, the accounts, the period versions, whether that's a budget or a current forecast or actuals or whatever, more on that later, because that's a very powerful capability. And then lastly, the measure, he's talking about balances, activity so forth and so on. And so when data comes in, either through your budgeting process or your ERP, it's already, pre-calculated internally, according to the hierarchies you set up in those various dimensions. So obviously we have hierarchy set up for periods often for the companies and consolidations, obviously there's an account tree. And so to put all that in one place and then kind of categorized in those ways enables quite a bit of flexibility. So that, that's one of the two components generally in terms of how these various packages work. Is it's based on dimensions. and it's a typically called a multidimensional structure. The second is it's kind of like a blank slate.. So there are various BI packages that you can often buy. Some are associated with the various ERP systems. Some are offered by third party vendors, and often they are directed at a particular industry vertical or a particular solution. The class of products I'm referring to on the Anaplan, the IBM Planning Analytics, Adaptive planning, those are really more of a blank slates. So if you think about opening up an Excel spreadsheet, you have a blank slate. You can do anything you want to with it, and so these are products that you can, the sky is kind of the limit in terms of the kinds of things you can do with it in the same way as you think about an Excel spreadsheet. So it's extremely flexible to set up however you want to meet the needs of your particular business. So in terms of, you know, typical uses for these, I'd say there's probably two main things that they're often used for, reporting is a big one. I mean, it's a great reporting package. People struggle with reporting the export data to Excel and manipulate it, and so, you know, once your data is in this system and categorized correctly, and especially if you have, if whatever product you end up with operates through Excel as a reporting interface, which I think most of them do, certainly the one we use.Then you have a very flexible reporting interface, a very agile, and you can do some great ad hoc reporting. So reporting is number one, and then budgeting and planning, forecasting is the second kind of major category that people use these products for. And so I could talk all day about, you know, kind of the things that it will help you do to streamline your budgeting process, but maybe we'll talk about that a little later and then some other benefits besides those two main buckets, we have found that to be a tremendous benefit in streamlining our monthly close. We have found it to be a benefit in, various, consolidation exercises, ad hoc query and drill downs, great for that. And it's lastly a great, great control mechanism, both in the monthly close, as well as I could go through a whole list of stuff I probably will later. And it's also a great control mechanism. So in a nutshell, it's the place that everything comes together. It's kind of the glue that pulls your disparate data sources together and gives you a great deal of flexibility and agility on your reporting
&nbs...

Contact Sangeeta Sumesh: https://www.linkedin.com/in/sangeetasumesh/
Sangeeta's Website: http://sss.coach/
"What the Finance" Book: https://www.amazon.in/What-Finance-Easy-learn-entrepreneurs/dp/1645467961

FULL EPISODE TRANSCRIPT
Adam: (00:00)
Welcome back to Count Me In. IMA's podcast about all things affecting the accounting and finance world. This is Adam Larson, and I'm your host who will be introducing you to our bonus episode's guest speaker, Sangeeta Shankaran Sumesh. Sangeeta is a chartered accountant and management accountant with over two decades of experience, including leadership positions with multinationals across geographies, and most recently serving as executive director and CFO of Dun & Bradstreet Technologies. In this conversation by cohost Rouba Zeidan talks with Sangeeta about various aspects of being an influential woman in finance, including gender equality, rising up the corporate ladder and the importance of leadership and career optimization amid COVID-19. So to hear more, let's head over to their conversation now.

Rouba: (00:59)
So good morning Sangeeta, and thank you so much for joining us on Count Me In’s podcast this morning.

Sangeeta: (01:07)
Very good morning Rouba. It is great to connect with you, and pleasure being on your show.

Rouba: (01:13)
So I have so many questions for you because India is one of our biggest regions for IMA globally, and we're very keen to learn more about your experience as a seasoned finance professional and a woman. So women in finance in India represent a mere 11% compared to 16% globally. I personally find these figures a little shocking and an indication that much work, I mean, even on the global stage, don't get me wrong and that much work still needs to be done to establish gender equality within the finance sector. But what comes to mind when I mentioned this to you? I mean, what is your takeout from this.

Sangeeta: (01:50)
To be honest I find it ironical and surprising as well because you're right to say that the percentage is pretty less, but you know, if you look at women, I think woman are actually so good with money management. It is woman who are actually running them,  how big or small the budget, maybe, you know, they like to fit everything in within that, and it's so beautiful and they're so efficient and they don't even need assistance there. To come to think, logically speaking, there must be a lot more women in finance, which I find it surprising that it's not the case. But having said that I think  there are a lot more of the women who are a lot younger who want to get into finance, and I think there are  already quite a few of them in the finance domain compared to lets say a you know few decades ago. So in that way, it's kind of promising, and I think it all it needs is I think most women have to overcome this mental resistance. I think some of them tend to get bogged down because if you look at the CFO's nominee, you know the number two position, you know right hand of the CEO and stuff like that, so woman need to come out of this mental resistance and at the same time, I think they need a lot more motivation and they need to be encouraged by the seniors, the male colleagues, and definitely their family as well.

Rouba: (03:08)
From your personal experience. Have there been any particular challenges that you faced when it came to promotions and climbing up the corporate ladder? I mean, as you mentioned, it's important to have a support system at home, as well as within the companies that you work in, but for you personally, how has it been? Has there been a limitation and you know, the, the facilitation of you're climbing up that ladder, professionally?

Sangeeta: (03:31)
I think I have been really blessed, you know, because the kind of mindset my parents in calculating within me when I was younger was that gender has never been an issue. So it's either that you are capable of achieving what you want to achieve or not. So it was like, you know, coming down to my individual cells and I think ignorance is bliss because, you know, during my growing up years in, especially in my career, it was not this so much stops on this gender equality and all that. So, and coming from this background and the mindset, so it was more like, you know, am I capable of achieving this? Can I do this? Can I grow? Can I balance my family and my career? It was always those types of thoughts. So I strongly believe that, you know, a person, I mean, male or female, whoever is able to add value. I think, you know, all the promotions and everything else becomes secondary. So firstly, you must have the confidence in you. You know, I always say, when you want to start off your career, you should just take a pause and ask yourself, why do you want the career for yourself? What is it? Yes, yes. So you need to first be aware and clear of why you want to get up. And of course, if not, you can always explore other options, like, you know, work from home or entrepreneurship or anything like that. So I think this gender thing, you know, I think a person must remove doubt and, you know, focus on adding value. And what is it, how are you contributing to the organization. Then I think your growth becomes quite automatic. In my instance, I think I was really, really blessed. When my son was born, I was promoted as assistant manager, my daughter was born, I was promoted as a manager. You know, everything happened at the same time and yes, I must admit, yeah, it was actually overwhelming because I was a new mom and the new responsibilities at work, and you already facing the postpartum blues as well. So it was a bit of a challenge that way. But I think, you know, once you're able to tide over that and you know, you have your set career goals, your own self. And go by that, I think that's a lot better.

Rouba: (05:42)
Brilliant and very empowering advice, by the way, in the Arab world, we have a saying that every child comes with his own fortune. So I guess that manifested in the promotions that you are in

Sangeeta: (05:53)
Yeah.

Rouba: (05:53)
So you've done really well in your career and as a leader in your industry and amidst such a turning point in history, not just on the Indian economies platform, but also globally. So what kind of leadership transformation are you looking to implement or at least propose and suggest and facilitate within your organization? And is that something that you're working on currently in your capacity?

Sangeeta: (06:19)
Right, before we even dive into this.. You know, I want to talk about this wonderful experience that I had. So I'm also a high performance business coach. So I think about a year ago, I conducted a leadership workshop for some of the CXOs. You know, we have a CXO club here and I did like a workshop on leadership. So it was all very senior leaders from different industries were present. And what emerged the end of the workshop was something so beautiful.  They came of with five very important aspects for any leader. This will get more out of self realization and everything, and the reason I want to share this here is I think, you know, in respect to the current crisis,  or anything you know as a leader, I think these are very valuable things. So the first thing that they said was, you know, the listening skills. Many times leaders, you know, we're so caught up in our own things that, you know, we don't even listen to what the team members feeling, what are they viewpoints? Yeah, so that becomes very important. So it was surprisin...

Contact Russell Porter: https://www.linkedin.com/in/russporter42/

FULL EPISODE TRANSCRIPT
Adam: (00:05)
Welcome back for episode 85 of Count Me In I'm your host, Adam Larson and today's conversation features IBM's Vice President of Finance and Global Business Services, Russell Porter. Russell has been with IBM for over 20 years, serving in roles spanning most financial disciplines in business units. He is a strong leader with a high aptitude for merging strategy and operations. In this episode, he really focuses his insights on how to lead and manage remote teams during these ongoing times of uncertainty. Russell explains IBM's current status and upcoming plans, as well as what he has done along the way to keep his team motivated and achieving. Keep listening, as we head over to this very timely and valuable conversation.

Mitch: (00:55)
Many leaders were faced with a task of quickly adapting their management strategies to remote work following the coronavirus pandemic. What were some of the strategies that you implemented in the beginning of this for the whole work from home environment, and how did you go about keeping your team together?

Russell: (01:13)
Mitch, in any situation, you know, one of the best things we can do is provide some clarity for our people. Discussing what we expect to happen, what we know, what we don't know and, and how we're going to make decisions as we all work through the issues that face us. In addition, one of the things we did was reinforced clarity around our organization's mission, and tried to make sure that each person continually understood their role in that overall mission. That helps people to stay connected and engaged, as we went through, you know, the, the vast uncertainty of those early days of the pandemic. We also noted that we needed a greater focus on empathy. You know, our team members all face different situations from those who are suddenly homeschooling their children to others who are concerned about aging parents and some who were cut off from the bulk of the social engagement that they had by not being able to go to work. You know, there's a saying that everyone's fighting a battle that we know nothing about, and we need to keep that in mind as leaders when we're working with our people, especially when we can't be physically with them, as much as we're used to.  That led us to realize we also had to be more flexible. You know, the work getting done is more important than exactly how it gets done. So at IBM we've got existing flex time programs that we just leveraged across the board. You know it allows people to attend to their daily needs while getting work done at what some would consider off shift hours. Now, not everything can happen that way, but to a great extent, our teams could modify their workdays to be early in the morning, late at night, or even split into pieces based upon all the other priorities they had to address. That took some creativity at times, and we had to change some structures like the workday times or some job design. And it was a great time actually to tap into our team's creativity, because they helped us develop some of those solutions to address the individual’s responsibilities and the individual's requirements and the job environment. The biggest thing we did though was communication, communication, communication. We were fortunate in IBM, we we've implemented agile methodologies in a lot of our work within finance and operations. So one of those, one of those methods is a daily standup meeting, and that really provided us a great check-in opportunity for our leaders and our teams to share those experiences and their concerns, and to make sure that our teams remained engaged in the work, but also that we could talk to them about what was going on outside of the work environment. That regular communication has really helped us to communicate both vertically and laterally across the organization. So a regular checkpoint with the team is key. But also as, as I've seen lots of people talking about the one thing that's missing in this virtual environment is the impromptu run into the hallways connection. That time when you're just walking down the hall and you see somebody and you think, oh, I meant to talk to them about an idea. So reaching out and keeping up networking and your contacts within your organization and outside, and being able to communicate across the small teams that we work in, that was also a big thing. And that was enabled by the technology and tools that we had adopted already. We were already doing video conferencing with WebEx and instant messaging, which we adopted with Slack earlier this year. Cloud based file repositories. All of these went from being ancillary to becoming like the primary mode of communication around the, around the organization, and I think the fact that we are already progressed with those tools, or at least had started with them, helped us adopt and adapt very, very quickly to what became a full time virtual environment.

Mitch: (05:14)
That's great that you had so much prepared and were able to implement so quickly, you know, I'm sure during this rapid change, and it was certainly a lot of uncertainty for everybody, even with plans in place like this, there must've still been a lot of questions from the team members, right? So what were some of the main concerns that you were hearing from your team while all this was going on, and how did you as a leader, go about addressing them?

Russell: (05:40)
So I'll tell you the number one question I kept getting was when are we going back to back to the office? And here again, knowing individual circumstances, I've got extroverts and introverts on my team, and the extroverts, you know, when they heard that we are going to be working virtually for a while., they wanted to get back to the office as quickly as possible. And, and working from home, working from bedrooms or living rooms on their own was really driving them a little nuts. So a lot of people thought it was going to be a one or two week closure of the offices to get past a peak period. But as the days turned into weeks, that question of when are we going back to the office became more and more insistent. You know, again, the best we could do was provide the clarity that we didn't know. And, and I'm in the Northeast. So, you know, in the Connecticut, New York area, and we had to tell our people, we didn't know. It was dependent first firstly, upon state regulations, but then also upon, the company's way that they wanted to approach coming back to the office, given that we've never had a time when the virus wasn't somewhere in the IBM office offices, or in the environments, I should say the States where, IBM operates. So, number one question was when are we gonna get back to the office? And we gave as much clarity as we could. Number two, job was, well, how are we going to get our jobs done the way we're used to doing them? And the answer was, we're not. We’re simply we needed to adapt to this new virtual environment there, wasn't going to be, you know, printing of documents, and, and there wasn't going to be the huddling in a physical conference room to go over charts, to go over analysis, to, to present ideas. Suddenly we all had to go virtual and that required a little bit of change, and the way we did things and the way we shared. It wasn't marking up and standing in front of a screen. It was, you know, trying to point at something with your, with your mouse and a little arrow on WebEx. but here again, it was adoption of the technology that helped us adapt and, and continue to be productive as a finance and operations organization. And what we actually found was within FNO, we really didn't skip a beat. We were able to modify the way we did th...

Contact Jason Krantz: https://www.linkedin.com/in/jasonkrantz/

Strategy Titan:

• www.strategytitan.com
• https://www.linkedin.com/company/strategytitan/about/
• "Data & Analytics in the Boardroom: Raising Your Digital Quotient" Video Series: https://www.strategytitan.com/blog/data-analytics-in-the-boardroom-raising-your-digital-quotient-video-series
• Build out your “business and finance” centric data and analytical skills with our practice dataset. Perfect for accounting and finance pros looking to develop their data skills: https://www.strategytitan.com/blog/titanized-real-world-dataset-to-develop-your-analytics-muscle

Podcast: https://anchor.fm/transformationnation

Additional Work: Using data and analytics to make business decisions with confidence during times of uncertainty: https://www.forbes.com/sites/brentdykes/2020/04/29/why-your-business-must-double-down-on-data/#6e180f597a68

FULL EPISODE TRANSCRIPT
Adam: (00:05)
 Welcome back to Count Me In, IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson. I'm here to bring you episode 84 of our series. Today's feature presenter is Founder and CEO of Strategy Titan, Jason Krantz. Strategy Titan is a strategic management data and analytics advisory firm, and Jason is a business professional with over 10 years of business analytics, data science, and strategic leadership experience. In this episode, he shares his perspective on data, analytics and strategy and explains how these functions of the organization need to ultimately drive your overall business strategy. Jason talks about the products that have great opportunity to increase your firm's revenue by connecting these strategies, and how aligning your businesses strategies helps mitigate risk. Keep listening and will now head over to a very insightful and analytical conversation.
 
 Mitch: (01:05)
 Alright, so Jason we just were having a brief conversation before we started here and, you know, we were talking a lot about the importance and the value of this conversation. So to start us off, why is a data and analytics strategy so important for innovation today?
 
 Jason: (01:21)
 Yeah, in my mind, really what it does is it gets down to identifying opportunities. They're going to move the needle strategically and financially ever. All of us have financial goals, revenue, goals, growth goals, whatever it may be. I'll just give a real example. I like to use examples to illustrate these concepts, to move them from fuzzy to concrete. I used to work for a company $2 billion company. We are an industry consolidators. We acquired numerous companies. We had everybody on different ERP platforms, something I'm sure a lot of people can relate to. Each company really had a different behavior profile on the way that they did things. So, me being in analytics for practicing this company, one of my first jobs was to consolidate all this information and start looking at it, look for opportunities. Now we had pretty big, EBITDA growth goals. We were tightly focused on EBITDA growth as, our strategic objectives. And so as we're looking through this, we find out that we have well over $10 million in uncollected freight. Now this was freight that we're owed. You know, we just had not gone out and collected it. And as we looked at it, started asking questions saying, Hey, why is it that we do this? Like, Oh, well, you know, it's in our contract that we can do this, but we typically let it go. Or, you know, it's just, we we've done it this way for so long. So every company was doing it a different way, but the common theme was this freight recovery. So as we looked at it, we're like, you know, we can actually make about $14 million if we just collect the freight that we're owed. Not only, let's not even account for freight increases for gas, whatever it may be surcharges. And as we brought to some management team, they're like, how could this be? And this is, we got everybody aligned behind it, they said, this was a serious opportunity. This is a process improvement opportunity. This is real money that will impact the bottom line and help us meet our objectives. Now, the reason I share that story is analytics by itself didn't do anything. We didn't actually collect that money or drive that force forward. But what it did is it served as a tool to identify the opportunity that if we never went, I would have gone through that process. We never would have identified that opportunity. We would not have socialized it and gotten everybody to see, wow, this is something...

Contact Sandhya Sriram: https://www.linkedin.com/in/sandhyasriram2005/

FULL EPISODE TRANSCRIPT:
Mitch: (00:05)
Welcome back to Count Me In,  IMA's podcast about all things affecting the accounting and finance world. I'm your host Mitch Roshong and I'm here to bring you episode 83 of our series. With most finance professionals looking to make sense of the current economic climate, my cohost Rouba Zeidan speaks with Sandhya Sriram to find out more about where certain priorities lie in business. In this episode, Sandhya shares her expertise on strategic planning during a pandemic and how professionals can best balance organizational priorities while managing their teams, particularly remotely. With so much changing in business on a regular basis, it's important to strategize, prioritize, and stay motivated. So now, let's keep listening for some practical insights on how to do just that.

Rouba: (00:57)
So let, let's get right into it with, with all companies around the world, migrating to remote work, more specifically work from home, major compromises that have to be made that's ensure that business continuity is done under extremely limited data security circumstances. So that being the case of staff connecting from home, what are some of the best practices you have identified within your practice to protect company data?

Sandhya : (01:26)
So, I think there are different aspects of remote working. One is how do you secure access to your network when people are connecting remotely? How do you secure access? Now, both of them is not a COVID thing, it was existing pre-COVID as well. But what has really changed is the scale. . Now I am for a minute, not talking about knowledge workers who work with sensitive data, so where they have to be, have to have restricted physical access, you know. Some of these KPOs where people can't take their mobile cant take pictures because they deal with  really sensitive stuff. Now I'm not talking about that, I'm talking about operations in general. I think the new aspect of remote working, which was also there before, but has significantly amplified, is who else can potentially access your data. So everyone is working from everywhere. So your employee could be in a PG. The person in the adjacent room or the adjacent bed, as she or he can afford may have access to the phone calls that your employee makes. Maybe they have access to the data that he or she is viewing, and therefore the level of what can be compromised is what is maybe worrying companies or what they're faced with. Now under normal circumstances, physical security used to give that extra layer of comforting. Yes, it's all within my office. But now what most companies are doing is that they've heightened the security checks, they perform. A lot of companies are doing self testing, vulnerability testing, where they are creating like a Trojan. They are creating circumstances of compromise and they're trying to affect their systems themselves to see where the system can be compromised. They're also heightening the, governance or the control that they have on the data leakage tools that they have deployed. So like you are aware most devices, most laptops, desktops have data leakage tools, depending on the nature or the sensitivity of the work that you do. For example, some companies do not allow say pen drive or any drive to be attached to the laptop. Some companies do not allow, from your phone to be able to, share data into a WhatsApp or your Gmail. Some companies do not allow upload into public server. So they're are a lot of data leakage techniques that exist, and what companies have started doing is to start monitoring the noise that comes out of this, these data leakage tools, because these are continuously looking at data, that's passing through the network and are continuously flagging alerts, saying these are the type of activities that are happening with the data. So they have strengthened the monitoring of these alerts that go. But this is a evolution. You know, there are a lot of tools that are there, deployment and enhancement will be to what people specifically need, but they have to build more tools as well. So for example, what prevents me working from home, taking a picture, no matter what security you put on my laptop, I can still take a picture from my mobile ofmy laptop screen. And I can still, you know, compromise a particular data element. And therefore then companies are looking at how do I look what activities happening on the camera. Now, when companies start looking at your camera, then are they breaching your privacy? Then that becomes the next question. So there is a evolution also that is happening in this space on where companies will draw a line, and that line  will be dependent on what level of security they need from their operations. But if you ask me personally, it is a problem that will solve. It's not an answer. It's not, for example, if you ask me today saying when will economies recover? You know, I don't think that is an answer to that problem yet today, but this is a problem that will solve. People are solving it as we speak. They will enhance and upgrade their solutions to what their needs are, and they will figure answers. Now, some answers may come at a price like compromise of personal, of privacy or, you know, enhanced monitoring. Some answers may come simply with y like more costs, you know, utilization of better tools, and therefore there may be a cost impact of that, but answers will  come

Rouba: (06:30)
It's ongoing. As you said, that's, by the minute, there are ongoing developments that are unfolding, changes in decision making amid this pandemic. What are some of the top priorities that organizations need to consider in your view and what are some of the measures that they can take to manage them?

Sandhya : (06:50)
So, first really, first priority of organizations is to ensure safety of the people. Now, I'm not saying that, you know, everyone should continue to work from home, because in some cases  for certain business outcomes, certain people have to come out of their homes, but we need to find that balance. And more importantly, organizations need to make the whatever will be the working environment for the employee, whether it is in home or outside their homes, safe so that they can perform their roles in an effective way. That's the first priority for any organization, and especially in countries like India, where, the number of cases have significantly increased. It's extremely important for companies to ensure safety of their employees. The second priority, according to me is to have an Eagle eye on cash. Now this is the time where revenue profits, all the 20,000 different dashboards that people make are subservient to the cash that the company has in its bank account. If the company is not going to be able to pay its bills in the next quarter, then it's going to be very difficult for companies to find way forward on the business. So immediate action is how do they conserve cash? How do they create adequate measures to keep bringing cash into their bank account? And that means they have to continuously assess how they can build resilience and sustenance in the way they work. The third one for me is adaptability. You know, there are many, many that are seeing significant downturn, but there are pockets that are opening up. We saw Lam making face masks, you know.  There is a saying that says that only the grass that can bend with the wind can sustain the force of the wind. You know, so there is a burning need today for companies than ever before to be adaptable to what is relevant in today’s climate. andHow they can make them sense have a piece of the small pie that is available. The last for me, there ...

Contact Ben Jackson: https://www.linkedin.com/in/bmgjmba/

FULL EPISODE TRANSCRIPT
Mitch: (00:00)
 Welcome back for episode 82 of Count Me In. I'm your host, Mitch Roshong, and I'm here to bring you another conversation about all things affecting the accounting and finance world. Today's guest is Ben Jackson. Ben is a Certified Coach, Speaker, teacher, and trainer, and he's also the managing partner of Ben Stu LLC, a business and leadership consulting company. Ben joined Adam to talk about the importance of internal controls, and having the proper policies in place to manage the emergence of AI and RPA in the accounting world. He addresses some of the risks presented, particularly with the recent remote work environment and how to overcome additional challenges when looking to lead the finance and accounting function. Let's go ahead and listen to their conversation now.

Adam: (00:58)
So with the advancements of technology, such as AI and RPA across the accounting space, can you discuss your thoughts on internal controls and the new policies and procedures that should be implemented because of these new technologies?

Ben: (01:13)
Well, you know, with the new technology that's going on, I don't really think that the internal controls really need to change. What I think they need is they need to be updated. See one of the things that we talk about with internal controls is who's responsible. When you have AI and you have, you know, the automatic accounting processes that are working, you need to establish who is that responsible person to make sure that they're working in the best way. So once you establish that responsibility, then you have to go back to where the next step is segregation of duties. Somebody is responsible to make sure that it's working the way it's supposed to work, as in the program. So whoever's that programmer needs to validate it. That the program is executing as expected, and then you need to add in the controller or the accountant who needs to come in and make sure that before you post an action, an action that it's reviewed. So you're really adding a couple extra steps to ensure, but you changed what goes on. So I think that you need to add some testing procedures to make sure that'd be for execution that it's there, and then also as you let these things automatically run, you need to have some spot checks and audits internally that bring forth those changes and then you'll know whether or not something is wrong.

Adam: (02:51)
So that makes sense. So you're saying that you don't need to change anything. It just needs to be maybe brought into the new age of what's happening around us. Cause internal controls aren't going to change, but we need to make sure that people, the right people are in place to make sure that the they're responsible for doing their duties in essence

Ben: (03:10)
Correct. You know, one of the things that happens is, you know, when you think about the top six things that happen with internal controls, you know, the first two are really talking about establishing the responsibility, and then segregation of duties. The next thing becomes documenting the procedure. That is a very important thing with internal controls is having a documented procedures. When you have those procedures documented, it makes it easy for somebody to take on a role. For example, if you have change in, people. People changes always make things difficult. Well, if I have AI and you know, automatic processing running, then I need to give the new person who goes and sits in those seats, what really happens and what they need to check for. So if I don't give them what the documented process is, then they're sort of stuck and they don't know that something's automated running in the background, and then they don't know how to fix it, how to look at it, if there's a problem, and who do they go and talk to. So that becomes very important, you know,  in the next step. So, you know, when you talk about AI and you talk about automated processing and letting things just run, you know, we've already established who was responsible, between a tech person and an accountant, to make sure that those two roles are responsible. We've segregated who's really responsible for whatever, and then we have that next thing, which is a documented procedures. One of the things that I like to do when I look at internal controls is to create a RACI. Who's responsible, who's accountable, who's consulted and who's informed. So that actually helps with internal controls because then you know exactly who you need to go to if something is wrong or when you noticed, things during an audit, you can go, okay, you should know who, who entered the, program for the automatic entries. Now, the problem with AI is AI is always thinking, and because it's always thinking you sort of control the parameters, that it looks at, and that control will always be a consistent review. And again, it doesn't change the fact that the internal control is there. It changes what the internal control should be.

Adam: (06:12)
Definitely. So do you have some examples maybe you can give of, maybe updating internal controls, or some of the things you've been talking about, some specific examples that you could share?

Ben: (06:24)
For updating internal controls, I recently consulted with an organization who didn't have a lot of internal controls. And, during the process, I noticed that there were open system users that had the ability to do some things that they shouldn't be doing. So we put in plan in a place where we actually created a table for what the internal control could be or should be based on their current platform. So in doing so, what you do is you sorta look at their current processes and then you assign someone in the finance group to monitor what's really going on. Because the system, the company is a small company. So a lot of people wear many hats. So locking down the system is not a great idea. The better idea is saying, okay, I know what my parameters are. How do I validate that everybody is doing things correctly? So when you do notice an error, we you bring it up to the CFO and the management team and make some decisions on what do we need to change in a process and how do we correct some things so that consistency is improved. One of the things that you do with these controls as you're growing your company, you want to make sure that they're in place so that everybody knows the rules and that it's not risked, there's no risk to the company. So in implementing this, we also identify what the potential risk is. If somebody doesn't catch it, and that becomes important for the stockholders, and when I say stockholders or the stakeholders, it's who we have to report to, because it could be on any scale of company, who you're giving these reports to. They have to know that they could be confident in the data, and that accounting is really looking at what's transactionally happening, whether through systemic processes or manual processes.

Adam: (09:05)
You mentioned that there are always risks involved with any internal control, knowing that the main risk is what if the internal control fails? Are there some pitfalls that people can look out for as they're looking to maybe update their internal controls or looking to make them more holistic?

Ben: (09:23)
Are there things that people can do to mitigate risk? Of course. One of the things that I suggest is having a quarterly review, and sort of keeping the scorecard from the review to see how many errors were caught, what were the risks? So it's like doing a risk assessment, and in doing the risk assessment and you sit there and you say, okay, did this control work? You know, how many, how many purchase o...

Contact Andrew Royer:

• Facebook: https://www.facebook.com/royeraccounting/
• LinkedIn: https://www.linkedin.com/company/royer-accounting/

Royer Accounting: https://www.royeraccounting.ca/

Andrew's Recommended Readings:

1. Tim Ferris, 4-Hour Work Week: https://fourhourworkweek.com/
2. Mike Michalowicz, Profit First: https://profitfirstbook.com/
3. Dave Chilton, The Wealthy Barber: http://www.wealthybarber.com/

FULL EPISODE TRANSCRIPT
Adam: (00:00)
 Welcome back for episode 81 of Count Me In. I'm your host, Adam Larson, and I'm happy to share another conversation with you about various things affecting the accounting and finance world. Today's conversation features Andrew Royer, Founder and CEO of Royer Accounting in British Columbia, Canada. Andrew is an entrepreneur who uses the tagline, “Transform Your Business from a Cash Eating Monster to a Moneymaking Machine.” He loves working with other entrepreneurs to help them see cashflow issues and showing them how growth and profit go hand in hand. In this episode, Andrew shares a perspective on various accounting software options, and how it can enhance work productivity to ultimately lead to a more profitable business. For a further explanation on what it means to be efficient and effective in business, keep listening as we head over to the conversation now. 
 
 Mitch: (01:01)
 So from your experience working with accountants and clients, what are some of the advantages to utilizing a desktop accounting software? 
 
 Andrew: (01:09)
 Okay, well in some cases you don't really have a choice. If you're in an area that's got a slow or unstable internet connection, you're not going to be able to use an online application. Another benefit is that the, the applications, the desktop versions that are installed on your computer tend to be a lot more robust and have more features available to them. And a couple other, you just, you'll, there's a onetime cost option, which you don't get online generally, and, you have more control over the upgrades. You can decide, you know, when you're going to install it, you don't have to worry about them installing it when you're, you know, you're busy with something. 
 
 Mitch: (01:52)
 That makes sense. And then I guess the opposite here, the online accounting software, what are some advantages to utilizing some of that? 
 
 Andrew: (01:59)
 Yeah, I mean, the, the biggest advantage is that you're not tied to your computer. So a lot of the software, you can access it on your phone. Take your laptop, you sit on the beach, not that you want to be working on the beach, but, it's better than working in an office. But yeah, I mean if you get a call at home, you're able to look information up thats, and enter information when you need to. You don't have to worry about like, so the benefit of the desktop is that you, you get control over the installations, the downside, or the benefit of the online,you don't, have to worry about the installation. Somebody is doing the installations, they're backing up the software, they're installing the updates for you. It's also easy to give access to your staff. You give access to, accountants and bookkeepers, whereas on a desktop version, unless you're getting into a really expensive enterprise kind of options, it's hard to get multiple people involved. And the online makes that, you know, the interconnectedness  is very powerful. You can also make up, so the shortfall of the online, which I had mentioned before was that you have less power than the desktop, but, with the online, you can actually integrate with thousands of apps that will increase the power of the online. So there's a lot of benefits you're not closed and tied to what the desktop gives you. You can add whatever features you want. 
 
 Mitch: (03:21)
 So I guess a lot of it sounds like, you know, there are pros and cons to both of these, for those who are interested in, you know, looking at different software options, whether it's desktop or online, we'll start with desktop to stay consistent here. How do you go about determining which desktop software is right for you? 
 
 Andrew: (03:40)
 In my opinion, it's, it's largely preference. I've used.,I've used most of the different options out there, the big names anyway. So, the primary options are QuickBooks Desktop, and then the Simply Accounting or the Sage version. So those are, those are the two main competitors. There may be some advantages to one or the other based on the size of the company or the particular industry that you're in. But otherwise I find that it's mostly preference. I find more technically minded tend to prefer the Simply Accounting and, the QuickBooks, if you're just getting started, QuickBooks tends to be simpler, easier to use. So a lot of people start with that. 
 
 Mitch: (04:21)
 Then what are some of your options on the flip side? Like I said, what are some of the ways that you can choose the right online accounting software and what are some of those examples? 
 
 Andrew: (04:31)
 Yeah, I think so picking the right online software is probably a little tougher. For our firm, what we've done is we've gone just to be consistent. We've gone with QuickBooks online, just across the board for everybody. This is QuickBooks has been in the market the longest and online,aAnd so they have the most integrations with other software out there. They're, it's easier to find people that are more familiar with it and able, so it's easier to find people in, to work with it and so there's less training involved with that. And, I mean, it's not, it's not perfect. I'd like there's issues with it that drive me nuts, but it's kind of, I can say it's the worst system until you consider the alternatives. So then we look at, like Sage has started the game a little bit later. I think they were digging their claws into the desktop version and really just didn't want to let it go. And so they joined the game a little bit later and, they have a lot less integrations thanthan QuickBooks and otherwise I think between the two, it's more of a, just a preference thing. And then the last one, the one that I've been keeping my eye on a lot is XERO. So they never had a desktop version. So both QuickBooks and Sage, they were basically competing with themselves, trying to create some of the same features that they had in the desktop version. XERO didn't have that liability. So they were able to just create something from scratch, make it the way that they wanted to, with an online interface. Some of the issues that they ended up getting into with that is that, people are used to doing things a certain way with all other accounting software and they've kind of done just something completely different. The biggest benefit with XERO isit works great with the foreign exchange transactions, which can be tougher in both, you know, QuickBooks online and Sage. And really, the only reason that we haven't moved everybody over to it is it's really lacking in the Canadian sales side. So the sales tax handling, they're working on it, but, until that's done, I can't even, consider it, but we're definitely keeping our eye on that one is potentially a future leader in this industry.
 
 Mitch: (06:50)
 So you've said it a few times where it really come...

Contact Michael High:

linkedin.com/in/michaelhigh

Michael High in the Media:

https://www.afponline.org/ideas-inspiration/topics/articles/Details/bridging-the-gap-between-it-and-finance/

https://www.afponline.org/ideas-inspiration/topics/articles/Details/the-power-of-diversity-in-finance/?utm_source=linkedin&utm_medium=social_media&utm_campaign=May20_week2

Michael High Articles:

https://www.afponline.org/ideas-inspiration/discussions/afp-conversations-podcast/Details/shell-oil's-michael-high-on-the-challenge-of-bringing-fp-a-to-deepwater-drilling

https://www.linkedin.com/pulse/dont-vacuum-cleaner-youll-replaced-one-michael-high%2F/

https://www.linkedin.com/pulse/senior-management-do-your-best-leaders-have-ax-grind-michael-l-high/

FULL EPISODE TRANSCRIPT
Adam: (00:05)
Welcome back for episode 80 of Count Me In I'm your host, Adam Larson, and this is IMA's podcast about all things affecting the accounting and finance world. Today's episode features Shell's, Deep Water Gulf of Mexico Business Unit CFO, Michael High. Mike is passionate about thought and people leadership, diversity and inclusiveness, digital transformation and personal development. In his upcoming conversation you have with my cohost Mitch, Mike highlights the different states of going digital, finance's role in business transformation, and what it takes to effectively lead a business transformation. Thanks for joining us, and we hope you enjoy the episode. 
 
Mitch: (00:49)
For a little background and context and this conversation, can you please tell us what finance digitalization is? 
 
Michael: (00:57)
Thanks for the question. So in terms of what the finance digitalization is to me, I like to start a bit with a kind of vocabulary for me, at least a lesson that I learned on this journey, and there are three terms that seem to get thrown out together at the same time, and sometimes try to mean the same thing, but I think they have a bit distinct meaning. So the first one for me is just this idea of digitization, which I think is something we've experienced mostly through our lifetime. This is that switch from analog to digital, where we went from filling out paper forms to doing so electronically. And so for some people, when they hear digitalization or even finance digitization, they're, they're thinking about that element of it. And for me, that's at a minimum step one, and then most places were far beyond it, but there are still pockets where actually this is an important part of digital transformation. The second one is digitalization, which for me is kind of a second phase to that. And this is where we're for me thinking about the current ways that we do work and how can we make those current ways and this current business models more productive or perhaps simpler, or make it a little bit easier to collaborate, but it's, by and large within the paradigm of the existing way that work is done. And the third phase for me is this concept of digital transformation, which is actually where you're opening up entirely new ways of doing business, perhaps even new business models, new ways to even approach the market and fundamentally different ways of working. And so, for me, that's where the most value ultimately lies is in that, and I think it's also where you get beyond things like just looking at the IT cost or even the IT side of the equation to actually looking more fundamentally at a minimum data, but also process and also business models. 
 
Mitch: (02:39)
So with all those considerations, what is the role of finance in the bigger business transformation for an organization?
 
Michael: (02:48)
I think are some of our foundational skills, even around understanding value management, understanding cost management, these, these core skills actually come to the forefront. And it's really important that we help our business colleagues let's say frame the decision appropriately and evaluate it  appropriately. I think it's kind of easy, especially if you're thinking about digital transformation, just simply from that digitization or even digitalization perspective, the kind of first and second steps that are referred to that, you only think about the first order cost effects of this. And I often have found myself in conversations where it's challenged by, well, Excel is free, so why would I possibly spend more money to do something? And of course, when it's framed that way, it is hard to actually talk your way out of that argument. But when you actually step back and say, actually what we're after here is a fundamentally different way of doing business. You start to realize that the cost side of the equation is actually only a ver...

Contact Rob Mars: https://www.linkedin.com/in/rob-mars-3738402/

CMA Certification Overview: https://www.imanet.org/cma-certification
IMA's Website: https://www.imanet.org/

FULL EPISODE TRANSCRIPT
Adam: (00:00)
Welcome back to Count Me In. IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson, and today I'm sharing with you another bonus episode in our series. As hopefully you've recently heard on our podcast IMA's Senior Vice President of Certifications and Exams and Content Integration, Dennis Whitney, joined us again to talk about how IMA responded to the challenging times, brought by COVID-19 and share some updates on sitting for the CMA exam. In that conversation, he also mentioned how CMA's have been able to help their organizations, weather the storm across the globe, which is a perfect segue for today's episode, where we will hear from Rob Mars and experienced financial executive and proponent of IMA CMA certification. Rob talks about the value of having a CMA and validates many of the points made by Dennis in our previous episode. Rob referred to the CMA as your global passport. So keep listening to hear what that means and other insights from this experienced management accountant.

Mitch: (01:09)
When we first spoke, we Identified the CMA as really being this global credential. So in your opinion, how has the CMA really helped you from the start of your career to where you are now?

Rob: (01:23)
Long time ago in the eighties, I started my finance career with Borg Warner. I joined this American multinational as a financial analysist in the European head office in Amsterdam. It was a great organization to work for. Plenty of room for development, with young people, senior jobs, and a strong emphasis on financial reporting, performance analysis and forecasting. I do still recall we put lots of hours into variance analysis and filling up the ROI chart. One of the seniors in the finance division in the US was the key promoter of the CMA, and Borg Warner was also a corporate supporter of IMA. I decided to go for the CMA. At the time, it was still a five-part exam. I had to travel to the US. I remember driving with our Finance Director to Columbus, Ohio, to attend the exam together, and it went well, and onthea way back, you know, I was tasting my first root beer. That was a different taste. I was keen to study for further develop, but a full postgraduate study, found to have it. So CMA was a good choice for me. It gave me a good overview of relevant topics. It gave me training and practical tools for my work, and it gave me more understanding of the US context. In our company we had many CMAs, and the fact that we had gone through the same training also helped us to work across borders and communicate. We had a common language and understood each other better when we discussed things like breakeven, contribution margin, variable costing, absorption costing, financial analysis, etcetera. And if we got in doubt, we could either refer to the same textbooks. So it was a good way to, to work across the borders.

Mitch: (03:21)
So that leads us very nicely into the next question here. You know, you referred to the CMA as a passport. So what do you really mean by that and how is this really, an international credential?

Rob: (03:37)
Yeah. What, I worked for seven years with Borg Warner after I joined Nedloyd, an international shipping company. And after two years in the Netherlands, I moved to Tokyo with my family. Later, we moved on to Hong Kong, London in Singapore and South Korea as well. So we enjoyed working and living in Asia and Europe and meeting new people and learning from different cultures. But when it comes to CMA at the time, it was all very different in my home country. When I did my CMA exam, there was no Netherlands chapter, no CMA exam site at all. I got my CMA in 88. To get a university, free university in Amsterdam, we managed to start an exam site first as a trial, and then they started a CMA review course. It's great to see it for more than 25 years, they have run it successfully. And now over two separate CMA training courses, one in Dutch and one in English. Amsterdam is the largest chapter in Europe. Right now, you can find chapters in many more countries. It's a good way to meet like minded finance professionals and network and learn from their experiences. All those countries didn't have them when I lived there. Now more than half of IMA membership is outside of the US. They are fairly active region offices, Amsterdam, Dubai, Singapore, China is truly global now. This is an incredible achievement, and I'm glad to be part of this.

Mitch: (05:11)
What exactly do all of these chapters have in common when it comes to management accounting, and what are these professionals have to offer with their CMA that really add value to their businesses?

Rob: (05:25)
What I find with the CMA, it's a part I like, you know, I always love to work on management accounting sideof finance. I have a great respect for all those who are experts in statutory and financial accounting, but I enjoyed the business part role more. I find it important to have people in the team who are experts in both fields. I saw that we could add value to the business with things like decision support and quotation tools, financial analysis, customer product profitability, performance measurement, etcetera. With this we could help steer the business and create more value added. At the time in my team, many people were trained in CPA, local CPA, mostly. And the benefits of those is that you learn the statutory texts and, financial reporting, focused on your own country. The difference with the CMA, you know, business and management, accounting, financial analysis is very of global. It's very international.

Mitch: (06:39)
So what additionally, working with IMA and the different chapters that holding the CMA, you know, volunteering all the work that you do. Now you're a global board member. What personally do you want to share as far as your perspective on IMA and everything that it's done for you and your career?

Rob: (07:03)
Good point. So another aspect I enjoyed very much being part of this IMA family. As I mentioned before, IMA  was in my early days, pretty much US focused and centered. Now with a substantial presence in the regions and more than half of our members live outside the US and IMA Board we also have now a more diverse and international members. To meet up with chapter leaders, and members from countries all over the world during conferences is great and I find very valuable. Apart from such networking, I also believe that as an IMA volunteer, gives you an opportunity to train and practice leadership skills, it is an intangible benefits, and truly rewarding. You can start in a local chapter or getting involved into regional or global board or a technical committee. There's a lot to choose from if you want to put yourself into a volunteering role . I  really get delighted to hear from young people, students, young professionals, how CMA is helping them in a career developmet. It's very encouraging. They could improve their harness skills by being part of his IMA community and connect with like minded people from the world. It's great to see this happening.

Closing: (08:17)
This has been Count Me In IMA's podcast, providing you with the latest perspectives of thought leaders from the accounting and finance profession. If you like, what you heard, and you'd like to be counted in for more relevant accounting and financ...

IMA: https://www.imanet.org/
CMA: https://www.imanet.org/cma-certification
Exam Changes: https://www.imanet.org/cma-certification/getting-started/cma-2020-exam-changes
Update for CMA Candidates: https://www.imanet.org/cma-certification/getting-started/cma-notice
Coronavirus Update from IMA: https://www.imanet.org/about-ima/jeff-thomson-on-the-coronavirus

FULL EPISODE TRANSCRIPT
Adam: (00:00)
 Welcome back to Count Me In. IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson, and I'm happy to bring you another bonus episode with, IMA's Senior Vice President of Certifications Exam and Constant Integration, Dennis Whitney. Last December, I had the chance to sit down with Dennis and he talked about the changes to the CMA exam. This time around Dennis spoke with Mitch and they discussed how IMA and CMAs can make a difference through this time of need. Dennis also shared updates on CMA testing centers, exam windows  and pass rates. Keep listening to hear what IMA has been doing to support its candidates and the value CMAs have had for their organizations. 
 
 Mitch: (00:52)
 So thank you for joining us again, Dennis. I know last we spoke, you spoke with Adam and gave us a nice overview of the CMA exam, the certification, some of the changes that were coming up in January earlier this year. But obviously there were quite a few challenges and some changes to what's going on with the CMA. So if you wouldn't mind just starting off kind of sharing some of those challenges and obstacles that we went through earlier this year. 
 
 Dennis: (01:20)
 Yeah. Hi, Mitch. It's good to be with the, the program again. I appreciate you having me on. So yes, it's been a very difficult year of, in many respects in January, we introduced the new CMA content specification outline, and that went well in January and February, but then we were, toward the end of February, beginning of March, as everyone knows, we were hit with this terrible pandemic. At first it looked like it was only going to be something that was a major problem in China, and we were focused on making arrangements to change our Chinese language exam date, but then of course it spread to become a worldwide pandemic. The first impact we had was for our CSCA exam, which is the strategy certification for CMAs, and we give that exam, two windows, March and September. Unfortunately the March window, I think maybe for less than one week, some candidates were able to take the exam and then Prometric had to close all their testing centers. So that was a disappointment for us, and of course for the CSCA candidates. For the CMA exam, our testing windows don't start, you know, there's January, February, then there's May and June, and then there's September, October. So it didn't impact us or the candidates until May. Fortunately, Prometric started opening their testing sites in may, in the beginning of May, but not throughout the world. And we've seen, you know, as of now, actually all just about all testing sites, not all, but just about all Prometric testing sites are up and running and candidates are able to talk, take the exam. And, we could talk a little more about that later if you'd like, how under what conditions candidates are taking the exam, but so far, candidates are able to continue their pursuit of the certification, unfortunately, during a very difficult time. 
 
 Mitch: (03:41)
 So as you mentioned, this really kind of hit globally, after a couple of months, and even though the testing windows weren't effected, obviously many businesses were. So from your perspective, why have CMAs remained so essential to their workforce and why have they been able to assist their companies so much through this ongoing global pandemic? 
 
 Dennis: (04:02)
 Yeah, that's a great question, Mitch, and of course there, there are different categories of essential workers, including of course our frontline medical workers who have been true heroes during this pandemic. CMAs are also essential. They're essential in an economic sense. And in fact, accountants in general are critically important for the smooth functioning of businesses. They ensure that there's enough cash on hand to pay bills, to make payroll, to also ensure that processing of financial transactions are done and that managers have the results that they need to manage the business. Now, CMAs in particular, they can help companies not only survive, but they also help companies rebuild and grow. So that of course helps our economies, which are hurting during this, pandemic induced recession. And, our economies need to go rebuild and our companies need to rebuild. So this in turn, when CMAs help companies in this way, this protects jobs and it also adds jobs. So, so that workers could provide for their families. First of all, you know, from the survival perspective during the pandemic, companies need to be able to do the best to survive, to keep as many jobs as they can to meet customer demand and keep their companies in business. So that's where the risk management, cost management, and cash forecasting skills come into play. But CMAs can also use their value creation skills to help the companies not only survive, but also prosper. CMAs you know, the exam is really focused. It's a strong focused on planning analysis and decision support, and they can use these skills to help senior decision makers identify growth opportunities, which will help companies prosper, not only now, but well into the future because when the pandemic ends, and you probably reading about this, now in the business press, many companies are going to realize that they need to innovate their business models and revise their long term business strategy. So CMAs can be the trusted business advisors that they need to help guide the way in doing that. 
 
 Mitch: (06:47)
 I think there's a pretty good connection also to, you know, the last time you did an episode with us, you discussed the updated learning outcome statements and the different changes that went into the CMA exam, you know, incorporating a lot of the technology & analytics. So how have some of those, you know, refined skills and the different things that you're now assessing really equipped CMAs as well, and what does that look like as far as moving forward to changing these business models like you just mentioned. 
 
 Dennis: (07:20)
 Well, CMAs, even before this new content specification outline, CMAs, in my opinion, are well equipped to support organizations during this difficult time. But of course the profession does change as it evolves and becomes more sophisticated, more advanced, and that's reflected in the new content specification outline with a stronger emphasis on technology and analytics and decision making. And, you know, so skills like AI, RPA, data analytics, those are tools that can help CMAs provide a faster and more accurate forecast for example. Mining data, performing advanced, predictive, prescriptive analytics. These are new topics on the CMA exam, and adding these topics to actually it's part one of the content specification outline that helps the CMAs, that helps their companies, whether this pandemic. And also, it will help companies prosper while into the future because they have now the skills to better...

Contact Chris Wymbs: https://www.linkedin.com/in/chris-wymbs-b4b4b789/

FULL EPISODE TRANSCRIPT
Mitch: (00:05)
Welcome back for episode 79 of Count Me In IMA's podcast about all things affecting the accounting and finance world. I'm your host, Mitch Roshong and today we will be hearing from Chris Wymbs, the Executive Vice President of Finance and Chief Accounting Officer for AMC networks. Chris has significant leadership experience at a Fortune 50 company and as a finance executive with a proven record of success and extensive background in all aspects of finance. In this episode, he speaks with my cohost Adam about the leadership qualities needed to succeed in your career and how one can effectively lead change and innovation in their organization. Keep listening to hear an insightful episode about leadership, innovation and business transformation. 
 
Adam: (00:54)
So, Chris, can you tell us a little bit about your career journey and how you got where you are? 
 
Chris: (01:02)
Yeah, sure Adam, be happy to. So, it has definitely been a journey it's a good way to depict it. So if I think of the start foundationally, it was early days at Ernst and Young progressing up through the ranks there. Was in the audit realm as well as a support in the advisory services side, worked in a lot of different industries, and I deem that to be foundational to my, as I mentioned to my career progression. From there, I moved on to a little company known as GE at the time, and to an internal audit role, in their corporate audit group, which was exciting and fun and leverage the skills I had from my audit baseline, if you will, or foundation. And then moved into a, at the time a controller role, a global controller role of one of their, financial services businesses, GE Consumer Finance. And there, I really kind of cut my teeth if you will in the operational expertise realm. We were very inquisitive. We had a lot of deals internationally and I got to travel quite a bit, see different cultures, even though I was based domestically and really built out, I'd say kind of the foundation of my leadership skills and more of the executive level, as well as just some financial skills that I really hadn't gotten involved in in my days at Ernst and Young and really owning aspects of the finance organization and building out a team which was exciting and fun. And from there, I progressed into a company, American Express, and took a controller role there. And soon thereafter, less than a year, I moved into more of an operational role. So I was in the FP&A role for a few years. I was in various segment CFO roles over the years, three or four of them. And as I progressed in those roles, it gave me an opportunity to, to steepen and the realms of operational finance, not only from a controllership perspective, but from an FP&A perspective, a corporate finance perspective, and really just continue to build out my financial tool set. And then that brings me to the current role as  I'm EVP of finance and chief accounting officer at AMC networks. And I operate in both the controllership realm as well as the operational finance realm and have a myriad of responsibilities. And as I think of the journey I've gone through, it really has set me up to, to excel in the role I'm in today. And it's, it's comprehensive and it's wide ranging across the finance spectrum. And, and I lead a reasonably sized team and I enjoy that and I am an extrovert by nature. So, being in the leadership role is exciting and fun to me, and it does get me out of bed in the morning, although these days getting out of the bed means just walking downstairs and not getting on a train. So that's kind of in a nutshell, hopefully that covers the question. 
 
Adam: (03:52)
So thinking about that journey, could you describe what leadership characteristics have enabled you to get where you are today? 
 
Chris: (04:03)
Yeah, another  great question. So leadership, it could mean different things to different people and means different things in different cultures and different companies. And as I mentioned, I've worked in a few different companies, but to me, leadership, there's just some foundational things that are absolutely, you know, core given definitions of what leadership is. And for me, it starts with kind of consistent values, and some of those, if I were to just dispel some of those fundamental values, first and foremost, it's integrity. And, everything I do and everything in the bedrock of my leadership is integrity. So my actions will match the words I speak. I, you know, I will always take the higher road whether, you know, whatever issues it might create. And, you know, if you don't have your integrity, then it's really questionable as to what leader you are. And I don't think you can have the right fabrics of a leader without the key bedrock of integrity. And then from there, it kind of builds out and you can kind of go different ways. And for me, if I were to think about the feedback I've gotten over the years from people who've worked for me, they talk about me being an empowering leader. So giving them the ability to go out and do things on their own without my direct oversight, but still providing them enough oversight and guidance to help them succeed. So that's hard as a leader to balance empowering people, but at the same time supporting people. And I think that's foundational to my leadership approach. And then around that, it's how do you develop people? And that's giving people an empowerment, but also how do you continue to develop them and build their skillset and give them confidence and create a safety net around them at some level, although you do need to let people fail at times, and that's how we often learn the best, but, you know, just giving them an ability to continue to develop and supporting them in that development, whether it be getting additional training, having conversations with them in tough areas, and as they develop and progress and become leaders of people, that's a whole different dynamic there's leadership in the entity, as far as driving things forward, but then there's leadership of your team and those mean different things and helping people develop skill sets and both project and people leadership, you know, it takes some effort and some support to do. 
 
Adam: (06:30)
So what counts as innovation in your organization? How would you define it, and what does innovation mean to your employees? 
 
Chris: (06:39)
Yeah, innovation, a tough question. Not unlike leadership. How do you define it? It's defined quite different people define it different ways. The way I think about innovation is kind of through a three-pronged definition, if you will, firstly, there's technological innovation, that's we all know what that is, right? It's the next generation of the, whether it be the app or, you know, the platform where using the next generation of, you know, Oracle so on, so forth or SAP for that matter. There's also process innovations. So that to me could be evolving and driving more efficiency and effectiveness in a process, technology unchanged. And then thirdly there's, and this is where I think most people define innovation. It's the new thing. It's the new app that didn't exist before. It's the, you know, it's the Uber, it's the, you know, however you want to define it as the Priceline if you go way back that just didn't exist previously in the travel realm. It's the ideation of something that didn't exist and that at its core is kind of foundationally innovation, but for finance organizations, it's kind of hard to focus and operate in the ideation realm of innovation. So where I tend to hone my team and more is how do we ...

Contact Heather Bain: https://www.linkedin.com/in/heather-bain-31223320/

Small Business Planning During COVID-19: https://www.imanet.org/insights-and-trends/risk--management/small-business-planning-during-covid19

FULL EPISODE TRANSCRIPT:
Adam: (00:05)
Welcome back for episode 78 of Count Me In IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson, and today you will hear my cohost Rouba talk with Heather Bain, owner of Bain CPA Business strategies, and IMA a Small Business Committee Chair. Heather has experience in numerous industries, including oil and gas, real estate and computer technologies among others. In this episode, she discusses a white paper she authored with IMA Small Business Committee on small business planning during COVID-19 the report provides insights to help small, to medium sized businesses, weather the storm, and develop strategies for survival. For another timely episode relating to today's business environment, keep listening and hear from Heather Bain now.

Rouba: (00:54)
I've been reading, you know, the paper that you published and that you were the lead author on, which was Small Business Planning During COVID-19. This was a white paper that was authored by IMA's small business committee, which you chair, and it was published by IMA. So it's been a really interesting subject to read up on. This paper outlines the key steps that small businesses should undertake in order to minimize the impact of the coronavirus on business operations. When publicizing this report, you noted that SMEs are very vulnerable and in dire need of support with emergency response and recovery plans. Why is that? Is there, is there a need for more resilient financial capabilities within the SME segment? Does this actually point out that these may not be at the level that they should be at present? 
 
Heather: (01:46)
Yes, that is always a concern. because small businesses don't have the same resources that large companies have. Larger organizations have many departments and they also have greater financial resources to be able to respond to the lagging in the financial markets and those sort of things. They can allocate more personnel toward different projects that might help them. For instance, you're probably familiar that data mining is very popular and it helps larger companies identify their core competencies and the needs of their  customer base, and smaller companies don't necessarily have that sort of access to know what the broader market is to be able to shift over and offer services on a broader level. They also don't have the same resources to create the technology, but the smaller businesses have the advantage of being a little bit more nimble in the market and able to respond faster because they don't have to shift a large organization. So there are pros and cons, but the smaller businesses are more vulnerable, because many times the owners of the business are dependent on that, the income directly, and they don't have the same financial resources. 
 
Rouba: (03:32)
The question was also to look at, for example, the actual skill level of financial capabilities, like not every single one of them has the opportunity to hire a CFO. 
 
Heather: (03:42)
That, that's absolutely true. They often are. They're wearing all the hats at the officer level, or they have one or two key people that they're relying on. And frankly, many of them don't have any plan in place in the event that one of the key persons is taken out by a COVID virus or is unavailable because of the restrictions in quarantine and that sort of thing. If they're taking care of a loved one during this crisis, and they're not available as much as they were before many small businesses don't have the resources to respond. 
 
Rouba: (04:27)
Would you  in such an instance, is it maybe a potentially as a kind of support that they could outsource at a time like this, where they desperately needed it in order for their business to be, to survive. Would they need this kind of input from third parties potentially? 
 
Heather: (04:46)
Yes. They definitely need to hire a team of experts as much as possible. They need to consult, experienced accountants, attorneys, anyone that that would know how to put a plan in place and then help them have accountability for implementing that plan. 
 
Rouba: (05:09)
The report also provides some major insights on you know, to help SMEs weather the storm and the hope of a quicker recovery post COVID-19. And it's structured around three key steps. Can you, can you tell us a little bit about these steps? 
 
Heather: (05:24)
Yes. Well, the first step is, A: assess the situation.  Taking a completely comprehensive overview of the scenario that each individual business  organization is facing is crucial. So many businesses overlook certain details as they're just in a reactive mode. So there's a financial crunch. Cashflow doesn't look good, so they just react. They start cutting employees, but then that may have unintended consequences for being able to service the customer or they, the small business owner may, may not even be aware that that their rent is not going to be forgiven or there won't be an exception for certain customer contracts. So they need to look at all of the components of their business in order to see what areas they may have weakness so that they can identify potential problems and be proactive rather than reactive in the market. So we advise that cashflow is the most important thing to focus on in the assessment, but also looking at your human capital and looking at the relationships with customers and vendors because supply chain issues have certainly been a major concern. So we say, look at your  legal issues, your financial issues, your human resources issues. I'm looking at the whole picture, your communication and technology piece with your operations and pulling an entire plan together, which is what step two is all about building the plan and you'll need the expertise of people outside of your business. Most likely if you're a small business, since most likely you don't have those resources within your organization. Having a finance expert, having an accountant, an attorney, human resource advice. Sometimes, if you work with government grants, you'll need someone who specializes in government grant contracts. Those sorts of experts can help you pull a plan together so that you, as the person business owner or leader, are able to move forward confident that you're, even though your plan will change, and it is dynamic, you'll still have a total proactive plan in place rather than just responding on the fly as we say. So the third, is the third step is to communicate clearly and calmly. And that is another area that small businesses can be a bit weak in it because the leader and leaders tend to keep many  of these plans and they're in their own heads, rather than communicating effectively to their entire team. There can be a lot of miscommunication and people acting on their own instincts or their own judgment rather than sticking to the plan. And also in this time of crisis, a lot of employees are panicked and there's a lot of fear. And so keeping calm, clear communication, making sure that everyone understands what they need to do and what the end goal is will help to hold the organization together and to still present a cohesive brand to the customer and to clearly identify any issues that might be coming up. For instance, if ...

Contact Ron Guymon: https://www.linkedin.com/in/ronald-guymon-369b1710/
Ron Guymon at U of Illinois: https://giesbusiness.illinois.edu/profile/ronald-guymon

IMA Data Analytics & Visualization Fundamentals Certificate®: https://bit.ly/38Iy90l

U of Illinois and IMA - Beyond the Basics: Data Analytics and Visualization for Accounting Professionals: https://giesbusiness-ima.thinkific.com/courses/btb-davap

Ron's Articles Published:

• The Effect of Task Interdependence and Type of Incentive Contract on Group Performance: https://meridian.allenpress.com/jmar/issue/20/s1
• Controls and the Asymmetric Stickiness of Norms: https://meridian.allenpress.com/accounting-horizons/article-abstract/33/4/119/427557/Controls-and-the-Asymmetric-Stickiness-of-Norms

FULL EPISODE TRANSCRIPT:
Adam: (00:00)
Welcome back for episode 77 of Count Me In. IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson and today's conversation revolves around the future of accounting education. For this episode, Mitch sat with Ron Guymon, Senior Lecturer at University of Illinois. There, he teaches data analytics to online master of accountancy students. Ron also has experience helping small to midsize companies assemble, analyze, and visualize data to find actionable insights. In his conversation with Mitch, Ron discusses, what he has already seen in accounting education as universities seek to prepare the future of our profession and share what he believes to be the most valuable skills for students going forward. So without further ado, let's get over to their conversation now.

Mitch: (00:58)
What has your role been in accounting education and how have you seen the curriculum or the required components change along your journey? 

Ron: (01:07)
  I had been in academics for a while and there had been a growing awareness in  academics, at least since about 2010 of the need to teach students more data analytics skills. Most of it was in Excel at the time. Because my academic background, I had some data analytics skills with SAS that I learned for academic research purposes, but those skills and some relationships led to an opportunity for me to leave academics and join a small, but growing business intelligence company called New Metric. And it was a risky decision at the time, but I knew the analytics were important. And I thought that if anything, this would give me some good experience that I could eventually use in class. I was also motivated by some family reasons. So, anyway, there was that side of things, but it turned out to be a great learning experience. And, you know, some things I learned have benefited me in the classroom as I had hoped, I guess. I learned how to use some proprietary data visualization software, and I also learned how to use R. So I had used SAS a lot for academics, but I learned about some other  skill or, analysis technique. And when I looked at, when I researched about it, I found a lot of references to R and so, that's what got me into R. So my academic training was really helpful and it gave me a leg up on the statistical concepts, however, I think I can relate to many business professionals who have primarily relied on Excel and they're worried about the learning curve associated with learning a data analytic language. So, anyway, so I've come back into academics with, some experience using data analytics software that has been very helpful. 

Mitch: (03:03)
So you touched on it just now and you said, it may be difficult for some business professionals to run either, maybe want to pursue learning this new language as you put it, or the fear of being able to. So what is your perspective or what have you seen as far as particularly accounting and finance professionals really interested in this sophisticated data analytic competencies and, you know, even going back to students. Are they aware of this growing need and the fact that it will benefit them in the future? 

Ron: (03:40)
I think the professionals are aware of it, and I think that's because data is seeping into every part of an organization. And so I think they're becoming aware of it, or at least the need to be able to process more data and a desire to do that. They may not know that a data analytic language is, a tremendous way to help process more data. I know there are other tools available like Tableau for visualizing data, and some other tools for automating processes. But, I've definitely seen a need for, pretty much everyone in an organization, at least in my opinion, could benefit from learning a data analytic language. Cause you can just automate things. Students, I think are less aware of that at least undergraduate studentsk and, and so it's a little bit harder for them, but MBA students and masters students, I think they're, they're more aware of it cause they're a lot of them are working professionals as well, and so they've realized the limitations that come with point and click software, the benefits as well as the limitations, and so I think they're aware of the need to learn about it. But, yeah, the way, you know, it's kinda tough to transition from Excel or a Google sheets to a data analytical language. So that's the part that I think a lot of people are trying to navigate right now and it's not easy cause it takes time and people are working, they have families, and, and how do you learn something that's a pretty dense topic and, it takes a while to really be proficient at, but, anyway, so I think, I hope that's what I'm helping people do now as a professor at the University of Illinois, so anyway. 

Mitch: (05:33)
No, that's great, and you know, I'm sure you have your own preferences, but for our listeners here, if you could just offer up some kind of recommendation for those who are interested in pursuing more of this deep dive education, whether they are in the classroom, looking for some outside resources, professionals looking for some continuing education, where do you start and how do you really get feet into learning this new language? 

Ron: (06:00)
Yeah, that's a great question. There are so many resources out there. You could probably find a bunch on Yo...

Colorado State University - Global: https://csuglobal.edu/
CSU - Global's Online Master's Degree in Professional Accounting: https://youtu.be/mLg6UTW0axo

Contact Nicole Hulet: https://www.linkedin.com/in/nicolekhulet/

FULL EPISODE TRANSCRIPT:
Adam: (00:00)
Welcome back to Count Me In IMA's podcast about all things affecting the accounting and finance world. I am your host, Adam Larson, and I'm happy to bring you another bonus episode of our series. As we focus on IMA's theme of accounting education here in the month of August, Mitch sat down with Nicole Hulet, a graduate student at Colorado State University Global in the professional accounting program. In the conversation Nicole discusses, how she has gone about balancing her graduate coursework, full time accounting work and studying for professional certification. Accounting studies have changed as new skills are needed and finance and accounting professionals are serving in new roles. This episode highlights what students need to do to succeed and differentiate themselves as they enter today's accounting environment. Keep listening as we head over to this impressive conversation. 

Mitch: (01:02)
As an accounting student, what has been the most challenging part of your studies? 

Nicole: (01:07)
I would say the large amount of information I'm trying to learn in a pretty short amount of time. So the structure of my classes right now are eight week semesters basically, and in that we cover one class. And so it's very condensed. It's nice that it's just the one class, but we are having to learn a lot of info really quickly, and then to change topics really quickly as well. And I I'm an international accounting class right now, and I have never done any international accounting or any foreign exchange, you know, currency, and I never worked with any of that. So it's all very new information, but it's so relevant that that's been a challenging, but also really exciting for me as an accounting student. 

Mitch: (02:00)
Now, while you're taking these classes, you know, I know you're obviously doing a number of other things outside of the classroom. So, whether it's something related to school or outside of school, how have you gone about differentiating yourself or, you know, really separating yourself so that you can exceed as an accounting professional in the next stage? 

Nicole: (02:20)
I'd say that partially I work full time. I'm a student full time. I'm just a human being as well. So I do other things in my free time, but I'd say that I try to do, you know, extra. So I'm on the Board of Bovernors for the Colorado uUniversity System. And it's really neat being an accounting student and being on the board of governors, because I think that part partially like that position kind of sets me aside because I think often there's that like stereotype of accountants and accounting students. And so, to, to be in a cool leadership role and people to be able to talk to me about accounting and they always say, I never liked accounting when I was an undergrad or when I was in my business program, I didn't really like accounting. Like how can you do it? And I liked that I'm able to make it enjoyable and also help people understand like why I enjoy it and why I'm doing what I do. And it kind of changes some people's minds on like accounting and how they wish they would have taken it more seriously, but you know, I really pride myself in working on being a professional. I think I'm getting there. I like to consider myself a professional, but being  still in classes I'm, you know, looking forward to having completed my degree. 

Mitch: (03:49)
So you said you're working full time. You're a full time student. You're serving on the, on the board of governors here and now I understand you're also studying for an accounting certification. So with all of this on your plate, you mentioned free time, I suppose, that was in quotes previously. So how do you balance all of that exactly. 

Nicole: (04:10)
I whine. No, I'm just kidding. I have several planners that I of course use, and I have to do a online calendar and then I of course have like a physical calendar and a lot of it is just, you know, time management and allocating, I mean, hour by hour throughout the day, allocating time for me, you know, waking up at a reasonable time, going to bed at a reasonable time. I have to be really focused on, I'd say even each half an hour during the day. So I usually work from 8:00 AM until 5:00 PM. And I take between a 30 minute and an hour long lunch. During my lunch, I'm usually I'm either reading my textbook for my class or working on my homework for that week. I'm, you know, utilizing those times, and it's been a one thing that I've really had to learn is how to switch hats very quickly so that I'm able to be efficient. So I do my homework during lunch and then on my drive home, I have about a 30 minute commute. I take that time to listen to my podcasts or catch up on current events  in the car. And then in the evening I come home and allocate time to eat dinner and make dinner, or we, you know, have something premade and then I'll usually try to train for triathlons also. So I try to do some training usually before dinner. And then after dinner, I go back to homework and certification studying, and I'd say my Sundays are full of certification studying and homework. Then Saturdays, I try to really allocate to, you know, enjoying my one weekend day, and try not to do anything work-wise or a school or certification studying wise. So it's just really being intentional with my entire day, every day of the week, and then planning ahead as well and one of my biggest things to is just upfront being communicative, with my boss and letting him know like how my week's looking when I have board meetings and what it will mean if I have a board meeting that I'll need to work from home, you know, for  that Friday afternoon, just really planning things out and having a little bit of, I'd say some patience with myself too. And, you know, if I'm running late for something, just letting people know and  working things out, but for the most part I've had pretty nailed down to a science and just making sure that I'm making time for the stuff that's important to m,. and also realizing that this is, you know, it's going to be a few years, but it's not forever. So I think just pushing through right now with school, with working and my cert, which all kind of go hand in hand too, you know, realizing this isn't forever and that there is an end date and that I'll be getting my certificate and I'll have my  master's degree and I'll continue working so.

Mitch: (07:32)
Well, that's really impressive and, you know, I think you emphasized a few different times, the importance of communication. I think that cannot be understated when you're juggling so many different things, working with so many different people, you know, you mentioned wearing a whole bunch of different hats. You certainly have a lot on your plate, but you know, there is an end, right. And you just said it. So what is that end? What's your goal? Where do you hope to be professionally, once all of this is done?

Nicole: (08:00)
Well, my current role on my business card says I'm an accounting professional. So I, my boss is actually my father. So I work in our family business. We're very small, there's only five of us. We have another, accountant and then my dad, we've got, you know, our front desk gal. Well, and then, my mom is the office manager and then myself. So I'd say that's another role that I kind of have to handle kind of diff...

Contact Shaila Bettadapur: https://www.linkedin.com/in/bettadapur/

FULL EPISODE TRANSCRIPT
Adam: (00:05)
Welcome back for episode 76 of Count Me In, IMA's podcast about all things affecting the accounting and finance world. Technology had previously changed many roles and forced management accountants to upskill and grow at a rapid rate. Then recent events have caused the accounting and finance profession to evolve even faster than ever, but that only leads us to believe that the future of work will look even more different. In this episode, Mitch talks to Shaila Bettadapur, Corporate Treasurer and VP of Investor Relations at Mohawk Industries. Shaila is a global executive with deep knowledge across multiple disciplines, industries and geographies leading to an informed perspective on what the future of work will look like and what finance leaders need to do in order to best prepare their organizations. So let's head over to the conversation and hear what he has to say now. 

Mitch: (01:01)
So we're at an interesting time now where the future of work really came at us pretty quickly, but I'm just curious if you have any perspective on what the future of work may still evolve into and, you know, what does that really look like in your eyes for the accounting and finance professionals? 

Shaila: (01:19)
I think, even, you know, pre COVID, you were starting to see, changes in the workplace overall. Just as, you know, telecommunications gets better, AI gets better, and so on. And of course yesterday you saw a news article where Facebook and others were talking about certain people working from home or working remotely kind of forever. Right. You know, we'll see if that actually happens. But I think, you know, so even pre COVID, you know, let's dial back the clock a little bit. If you went back, let's say  30 years or even 20 years for that matter, what an accountant might do or what a treasury person might do, is materially different than what they do today. A lot of what people did in those days, which was really, you know, getting the data, you know, recording the data and so on, which is what a lot of data entry , you know, kind of basic stuff is all automated. So for example, as the treasurer I had, we installed a treasury workstation close to eight years ago now, which automated a bunch of these things, and allowed, my people, which, you know, have it fairly lean staff, allow my people to, do higher level analysis and actually stuff that matters, as opposed to just data manipulation and so forth. I think that's true on the accounting side. I think that's true on the legal side, you've been reading a lot of stuff about how, you know, people coming out of law school or having a little bit more trouble finding work, because you know, a lot of stuff is being done by paralegals. A lot of stuff is being done, through AI simulation, right? My computer's right. You don't need to go to a lawyer to do your estate planning anymore and so on and so forth. So I think to a large extent, the middle starts to go away. That led to what I call the middle, being the, you know, where you're not really adding value, but you are, basically doing something that a machine or a computer program can do as software, it gets better as artificial intelligence gets better. That's going to happen more and more. 

Mitch: (04:11)
So that's really interesting perspective because, you know, it leads us nicely into what exactly have you noticed as a finance leader, as far as changes to your, whether it's day to day responsibilities or overall responsibilities because of AI and everything that has changed in the work environment, you know, how have you realized some of these changes before they actually become wholesale changes like you just referenced? 

Shaila: (04:40)
I think, the mistake that people make, is thinking about finance as a numbers oriented exercise. It is true that you need to understand the numbers. That's true. But again, if you dial back the clock, you know, 30 years let's say, a chief financial officer, and by extension everybody who works with the chief financial officer, just focused on the numbers, right? Not so basically, okay, the numbers are this and this X and Y, but less about why those numbers look that way, and what does that mean for the future? Because at the end of the day, the past is only as good as, you know, I mean, it's great for a topic of conversation, but it's only good if it informed you of what will happen in the future and therefore, what kinds of decisions you have to make, going forward. And that I think is the biggest difference. So if you look at the role of a CFO today, it is, it is more around strategy and the decision making process. Yes, you have to obviously, do the, do the accounting work. You have to obviously do the reporting that you have public filings, you have all of these things. These are all necessary things that you have to do, but they are not sufficient, to be a good CFO or a good treasurer or a good controller. It's really about what should I do next? How should I behave next? And that's really the key. And so the extent to which, you know, you are focused on just pulling numbers and putting numbers down on a page, but not being able to translate those numbers to a broader audience, that is a flaw and that will get exposed rather quickly. 

Mitch: (06:55)
I like how you just mentioned, you know, what should I do next? How should I behave? Because from our perspective, you know, the foundation of the management accounting profession is really rooted in ethics. And when you have a number of decisions to be made as a finance leader, and there is so much data at your fingertips and there's AI to be aware of. Ethics becomes a very strong part of your job, I would assume on a day to day basis, especially longterm planning. So, you know, as far as the future of work, your role, what role does ethics play in the behavior of you and your organization? 

Shaila: (07:33)
Well, and so I don't think that this has ever changed why ethics is huge. And I would go so far as to argue that, the rise of the whole Western world, is, is built on, you know, fundamentally on ethics, because in the end, contracts can only protect you to an extent. In the end when you do business with someone, or when you enter into any sort of agreement with someone you are, and you're doing so based on trust, based on your counterpart acting in good faith, and conversely your counterpart is doing that, assuming that you're acting in good faith, at the end of the day, if you don't have that, then it's very difficult to do business. And so, I would argue that ethics, if you want to call that ethics, but being open and transparent and ethical as you put it, is the foundation of doing business well and doing it properly, without which nothing actually works. So from an accounting , you know, you know, treasury and what we report to the banks, what we report, you know, to, you know, the, when we go raise money in the in the bond market, you know, all of those need to be honest, they can't be that you are not going to be, you are not going to do well if you are deceptive, particularly deliberately deceptive, because, because frankly, people aren't going to trust you and people are not going to lend you money. And if they do, they're going to charge you a premium, and so all it does was raised the cost of everything and that in the end, doesn't help you. 

Mitch: (09:38)
So with everything we've talked about so far, I'd like to kind of wrap things up by offering some kind of advice, or, you know, your perspective on this, going into the future of work, the changing role of finance and finance leaders, and again, rooted in ethics. How do you go about prepar...

Contact Linda Devonish-Mills: https://www.linkedin.com/in/linda-devonish-mills-cma-cpa-cae-mba-88534610/
Contact Derek Fuzzell: https://www.linkedin.com/in/derek-a-fuzzell-cpa-cma/

IMA's D&I Toolkit: https://www.imanet.org/about-ima/diversity-and-inclusion

FULL EPISODE TRANSCRIPT
Mitch: (00:04)
Welcome back to Count Me In IMA's podcast about all things affecting the accounting and finance world. I'm your host, Mitch Roshong, and today we have another special bonus episode relating to diversity and inclusion in the workplace during these challenging times. My cohost Adam spoke with IMA's Director of Diversity and Inclusion, Linda Devonish-Mills, and Derek Fuzzell CFO at a Federal Credit Union and Chair of IMA's Diversity and Inclusion Committee, Linda and Derek share their perspectives on recent tragedies. What that means to organizational leaders and its employees, and what IMA is doing to support these initiatives. For genuine and informative dialogue keep listening as we head over to the group's conversation now.

Adam: (00:52)
The killing of George Floyd has shaken the US and many communities around the world. We are sickened by this tragedy and many peaceful process, as well as riots have happened as a result. Can you share a little of your feelings and how this has affected you? 

Linda: (01:12)
Sure. It's affected me, in so many ways where I shared some thoughts a couple of weeks ago with my, teammate and, you know, I was surprised in terms of how my emotions got the best of me. So, as to say time heals all wounds, so at least I can talk about it now without a whole lot of emotion, but what really upsets me about it is that, you know, when I think about it bad enough that, my parents, as I was growing up would talk to me about their struggles, their personal struggles with racial injustice. And it was like if it was a preparation for what they thought I would go through, and then unfortunately I have my own theories, experiences and yet, no, I think the saving grace for whatever it's worth that, you know, as I've gotten older, you know, to a certain degree, with certain things still, you know, coming into play with personal interactions, I may have with people I have gotten unfortunately accustomed to certain interactions that I've had with people I've gotten, you know, to the point where I've gotten numb over it, where it just doesn't affect me anymore. And just to position that as long as it's just affected me and not my daughters and their generation in  general, I'm good. Whereas when my daughters were growing up, they could not understand since they grew up in a diverse population, in the town of Teaneck, New Jersey and went to schools that have diverse student populations, they could not understand why I seem to be so racially conscious. You know, I was always talking about, racial issueswith them and they just could not understand that. So now what really hurts me is that they're grown young, successful women I may add, and it seems like it's like they're playing catch up now in terms of how it's affecting them. And with my oldest daughter now being the mother of my grandson for her to say to me one time that she is frightened to raise an African American boy in this world. So it just provokes, you know, anger side of me that now is affecting my family and, you know, us to have conversations that we shouldn't even feel the need to have conversations about. So, you know, so that is where it really comes to the core of hurt for me for anger, but again, you know, time does heal all wounds and, you know, the way I'm trying to look at these thing now is what can I do personally to contribute, towards part of a solution and just have the mindset every single day, more so than ever of being hopeful, instead of relying on hopelessness. 

Derek: (04:45)
You know, I would just say my perspective on this, on this question is a bit different. You know, I'm approaching this as a Caucasian male, you know, living in the United States. I understand from experiences of my friends and even some experiences where I've been in situations where I've seen quite frankly, police treat people who are Black or Latino or other race, other ethnicity very differently than they've treated me in that same situation. You know, I'll say it really, it really upset me. I thought we had come a lot further as a country. I had hoped, you know, this reminds me of a lot of the Rodney King issue in the early nineties in LA. And one would hope that we had progressed a little bit from the nineties, and I'll be honest, this and several of the other incidents that have led up to this over the last decade have really told me, no, we haven't progressed as far as I would hope. You know, I think that what I can see and where I do have hope in this situation is that people's response is very different than the Rodney King situation. Rodney King seemed to be very isolated to the Los Angeles area that people seem to pick up the banner and while news coverage picked up what was going on in LA. It wasn't the mass protest that you've seen throughout the United States and elsewhere for that matter. You know, what, what gives me hope in this situation is that there seems to be a shift in mindset of people, both Bllack and White and Latino and Asian who are willing to step in and finally stand up for creating a system of equity within our, in our criminal justice system, which wasn't there before. In the nineties, you didn't see that even six years ago, you didn't see that as events, you know, foiled, out in Ferguson, Missouri, you just didn't see that same kind of response, and so I think I am happy to see that people are taking this a lot  more seriously, but it does disappoint me that we are still having this conversation about police brutality, especially with the African American community in the United States here 30 years later. 

Adam: (07:04)
Thank you both for being open and honest with us, and I'm sure that many people listening to this conversation have very similar feelings and many of them may be even leaders. And if you look at an organization, what can leaders of organizations do at this time to support their workforce and be mindful that people are going through the same, having the same feelings that you guys are feeling even themselves are going through those feelings, what can they do to support their workforce during this time? 

Derek: (07:34)
I think it's important as, as we consider our workforce, you know, not every organization is going to be as racially diverse as others. I happen to work for a very racially diverse organization that has a huge tie to the Hispanic  community, but even within the Hispanic community, you, you do have a Black, Hispanic community and that White Hispanic community. And we have made it a point within our organization to reach out and listen to every single employee. Give them the opportunity to speak to us, to come to us, to talk with us about their frustrations, to understand what may be impacting them. I'll say one point of personal reflection on this was as DC started to impose curfews, and some of the curfews happened pretty early in the evening, and they lasted until pretty late in the morning, comparatively, I was often concerned about, can I get my employees out of the office and back home in time to avoid curfew, to avoid interaction with the police to be, to be blunt. One of my employees is a gentleman from the Dominican Republic who is Black, and my concern really was what will the police interaction be if he's caught out befo...

Contact Shifra: https://www.linkedin.com/in/shifrakolsky/

FULL EPISODE TRANSCRIPT
Adam: (00:05)
Hi, everyone. Welcome back for episode 75 of Count Me In, IMA's podcast about all things affecting the accounting and finance world. I'm your host, Adam Larson, and I'm pleased to introduce you to our featured expert speaker, Shifra Kolsky. Shifra is the Vice President and Assistant Controller and Finance at Discover she is responsible for external reporting, the SOX compliance program, accounting policy, corporate accounting and financial systems. In this episode, Shifra talks about the value of an effective rollout and what all aspects of an RPA implementation look like. Shifra  launched the finance RPA team in 2018. The first RPA team at discover. So to hear firsthand experiences and actual applications, keep listening as we head over to the conversation now. 

Mitch: (00:56)
So Shifra, you know, we've had a lot of episodes here talking about artificial intelligence, RPA, and from your experience and you just, how you answer questions regarding these topics. Can you first start off with telling us how is RPA different from AI? 

Shifra: (01:13)
So RPA is robotic process automation, AI artificial intelligence, and the main difference is that the way I think about it as the bots are a little bit stupid. So AI tools can and learn from, the different data that they're exposed to and they can develop more sophisticated responses over time. Bots can strictly do whatever it is you tell them to do so they just follow instructions, nothing more. 

Mitch: (01:45)
So as far as following instructions, you know, I know you are in finance and accounting, right? VVce President Assistant Controller here at Discover,  and again, your perspective, what are the best type of tasks for these bots to perform? 

Shifra: (02:00)
Bots are great at doing simple, repetitive tasks where you can give exact step by step instructions. Some of the examples in controllership might include things like pulling reports or setting up journal entries based on specific data fields in that report, preparing reconciliations where the bot would  compare data from one source to another source and create a list of exceptions. So again, all simple, basic repetitive tasks, but we have a lot of those in finance and accounting, and so they're very helpful to us. 

Mitch: (02:38)
And being in finance and accounting, you know, a lot of people probably outside the function would look at this as maybe a cost cutting measure, right? It's, it's a way to kind of eliminate some of the human tasks that are out there, but from within the function and the organization as a whole, really, how do you get in to get people to understand the benefits of these bots and RPA? 

Shifra: (03:04)
Yeah. So when we first launched our RPA program, we were not looking at cost cutting, and we were looking at, ways to become more efficient and free up people's time to be able to do more high value work, to kind of critical thinking things that you need a human to do and so when we took on this program, we started by, we asked people to tell us about the things they hated doing, the things that they found, kind of mind numbingly boring. And thought let's take that list and see if we can get a bot to do those things instead. We also made it very clear to people that it was about shifting people to doing the higher value work, the critical thinking, the analytics, so that people weren't focused on the, Oh my goodness, the bot is  going to take my job. Building a foundation of trust that it really was centered around helping people, was really important to get buy in and to get people engaged. We also enlisted one specific team at the start, to be guinea pigs for everyone. So they test it out. They were the first ones to have a process automated, and they were specifically selected because they had two clear qualifications. One, they had a whole bunch of tasks that were repetitive and easy for us to automate the box. But the other thing they had was a sort of general sense of excitement about the program and the possibilities, and so they were able to really carry the message and they were able to help the bot developers understand things quickly. And then they were also able to convey their enthusiasm to other people as they started seeing the results. And so having those natural cheerleaders or business champions was a really effective way for us to build some momentum around the program. 

Shifra: (05:11)
And what were some of the recognizable benefits of implementing this program? How did it ultimately impact your team? 

Shifra: (05:18)
So there are a number of different ways that this has helped our team. You know, on the simplest level, it changed the energy. I mean, it got people excited and really thinking in different ways. Our team has long been focused on continuous improvement, but this is really taking things to a different level and helped folks think more creatively about the things that we can do instead of feeling hampered by the things that we can't do. You know, so that's one element of it on the people's side, but frankly, it's also allowed us over the course of the last two years to redeploy about 10% of our headcount in the controllership team to take on new opportunities within the group. So this furious focus on automation has really enabled us to keep up with the growing needs, that are coming at us from all of our business partners and, and keep up with those demands without increasing head count. 

Mitch: (06:25)
One question that I hear a lot when we start talking about RPA is the length of time it takes actually to implement the program. So are you able to share how long this whole process took from the analysis through identifying what people hate until you were able to recognize the benefits and get these cheerleaders for the program? 

Shifra: (06:45)
Sure. I would say for us, the research we did before we jumped into it probably took longer than getting it moving once we started. So we spent a good couple months really talking to a lot of other companies and understanding, you know, some of the things that worked for them, some of the things they wish they'd done differently. We spent a chunk of time looking at the different tools that were available and deciding what the best tool was for us. And then we invested in, recruiting and training some folks, and we did all internal recruiting. We thought that it was smarter to take people who understood the business and understood the business processes, and teach them how to use the tool rather than taking somebody who knew how to use the tool and try to teach them the business. So we spent a couple of months with all of that kind of upfront research and, and training. And once we got into the training it was fairly quick. So depending on the nature of the process that you're trying to automate, things, can we fairly quick, if you know how to use the software and you understand how some of the different connections work, okay. You can get something going in as little as a week when you're first starting out. You're more likely looking at things taking between eight and 12 weeks for a process. And again, probably depending on the complexity and the number of different, systems the process might touch. But we had our first process in place within about 10 weeks  and built on things from there. And one of the things that we...