Recover Refocus Rebuild Q&A
SUMMARY KEYWORDS
finance, people, organisation, question, learning, accountant, accounting, ambitious, skills, future, network, professional, add, professions, achieve, starting, difference maker, community, role, overly
00:01
Hello, and welcome to the fin biz 2030 building resilience podcast series. This podcast features highlights from the recover, refocus rebuild webinar, hosted by Buckeye, Yuda. In this episode, but I leads a roundtable discussion with BMO mutiara.
00:22
Now it's time to get into the panel discussions, we have some questions from our wonderful audiences that are ready to be discussed with our amazing speakers today. And to start us off, the question will be, what are your views about the impact of COVID? On the finance functions in the private, public and NGO organisations? Do you expect demand for finance professional to increase or stated or stay the same? Or maybe decrease? And how do you see the future scope of the of the role of finance and accounting professionals to change beyond the traditional areas? I think I would like to go with Tiara to answer because I understand that you love working with numbers. So yeah.
01:13
All right. All right. What is what, what I can tell about being traditional few of accountant is I used to learn trial balance when I was in university. But at the moment, I didn't do that at all. So I believe the future of finance is also integrated with technology. And maybe most of our works will be automated by that time. So really, indeed, how do we want it to bring value is to add insight to that number to give the interpretation about the numbers. So I believe that the role of finance will not like disappear in the future. But it has to be transformed. So it's not doing the accounting treatment, or the paperwork and pencil, but it has to be alongside with the technology, machine learning, data analytics, that's where our friend will be in the future, or maybe starting from now. That's my view.
02:07
I say so the integration with the technology is indeed needed to improve the role of finance and business professionals. So who wants to add next? Can we go with the more? It can go?
02:23
Yeah, so I think in carbon epics, especially in the middle of pandemic COVID-19, we definitely expand in terms of finance person, so there's only one accountant for the organisations. And now we have having supply chain operations finance team and commercial finance team. So I think it's growing. So and in the context of, of this, for sure, if we want to scale up even more, we need also finance person to exercise about the business model, financial forecasts, valuation and or acuity, etc. So I think in terms of carbon ethics voice, yes, we do expand. So if there is a not for profit movement as well, that you can see, there is a demand unit as well, I'm sure. But when we talking about the future scope of accounting person, it can be even unit also to enrich yourself in terms of the carbon footprint. Because, you know, I give an example in Indonesia, when the carbon tax policies, you know, announced by the government, and there's a lot of companies that actually reached out to us and saying that, hey, we wants to have a GHG accounting, you know, embedded in, in our corporate. So I think this is something the place or the area that you also can enrich, you know, beyond your conventional accounting role. Thank you.
03:48
Yes, absolutely agree. So it adds up to optimism in our professions, that we are not only doing the commercial stuff, in fact, if we would like to extend this profession into a nonprofit organisation, our works are so impactful as well. For us, I would like to give it to you.
04:11
I see as a financial adviser is a very important role in our daily life. So I think like financial advisor, the people who give the life to the people to the organisations to institutions. So I don't so is a, my previous panellists already mentioned that so I don't think there is there gonna be a scar city, there are going to be problems on that. But I would say more opportunity on that second, but only thing is you need to have the guts to say the right word. You need to have that Gods to, to be very true to yourself, right? Because we are the people who are always try to be accountable and transparent. And this matters a lot in terms of building a community. So I think there's more opportunity in the future. So I don't think we need to worry about that. Okay,
05:01
thank you now talking about the future demand of accountants and finance and business professionals. So we are actually right now in the era of four industrial revolutions where a lot of things have been automated. So yeah, I think no longer putting the journal ledger trial at trial balance, it can be worked by the machine. The interesting question will be what skills do finance and accounting students and professionals need in the midst of technological development and machine automation so as not to be left behind? Okay, who would like to address this query? First? BMO?
05:45
Yes. Okay, thanks. Bye. I think I recently heavily with mutiara as well. I think, as an accountant and finance person, you need to familiarise yourself with no code platform, such as maybe air tables, like Google's studio table, and also finance plan payment platform, you know, such as you know, we know big flip in Indonesia, for example. Why? Because I think more and more people are working remotely. And we use digital ecosystem, basically. So for basic finance, procedures, transactions. So with no manual work, so it's integrated into digital system. So you need to familiarise yourself with that. So that's my, my one or two cents. Thank you.
06:33
Okay. Prakash, you would like to add anything?
06:37
Yes, I would say be. So don't be overly ambitious, because I can I can tell you one of the stories that I have seen in my life. So there are a couple of friends of mine who were very ambitious, when they were chartered accountant for the first time, and now they're fighting with the legal issues in their court, right? So because they are so too much over ambitious. So I would say if you're in into this professions, be you be transparent, be honest. And don't be over MSCs in your starting, like courier, say like I would say two years or five years down the line. So after that you can plan your career. But starting in your starting period, I would say don't be overly ambitious, be true. And try to make connections and try to make a network and that will help you to achieve your one potentials. Okay,
07:30
that makes a good point for cost that it is not only about our skill as an accountant, but it is also the name of the network that matters. So improve. Yeah, to improve our opportunity. Kira.
07:47
Okay, sure. I guess, if we're talking about digital data, information analytics, the I wanted to take a timetable. So in the past, we are being challenged by a limited amount of information, so less data. But now and in the future. Our challenge is because we have too many information and too many data. So I think the skills that requires to students professional is about how to build a structured thinking. So you're not getting trapped into too much information. But really to get what out of that information that can be useful and applicable to your organisation, be it in a private, or public or nonprofit organisation. So that's my takeaway to everyone. Thank you.
08:37
Also, yeah, so if I can wrap up, what do we need to have, in this era of automation is not only our expertise, but it is it is also the network, the way our, our taught work with the structure thinking and yeah, those are good points to note down by our audience. Now, the third questions, how do we equip ourselves mentally, emotionally, technically, professionally, as individual in order to help recover, refocus and rebuild businesses and communities under the new normal conditions after this dynamic? raucous? Would you mind starting to address this?
09:26
100% So I so I'm a kind of spiritual person. So that's the reason I wanted to tell, like start doing some yoga and some meditations that will help you to go deep inside yourself, and then that will help you to speak true. So I will say do yoga, do some meditations and go to the nature work. And so I have seen a couple of my friends as well. And while working in that period, I have seen a couple of people's were struggling to get some really good advice from the people. So I think you need to To make some really good people, let's say five people, at least see if you have 1000s people in your circle, make a five people as your as a good friend, because it is said that the average quality of five people gonna be yours, right. So if you really wanted to be a good human being, I would suggest you everybody to choose at least five good people from your circle and make a relationship with them, and then be used with them. And then that way you can build a really good habit, right. And another thing is, so everybody wants one wanted to be in a very famous I've made, everybody wanted to get lots of money in a short time suck period of time. But I would say don't think about that. Just focus on your work. So so everybody knows, like, if we truly if we have three intentions, even nature support us, right? So just habitually intentions and focus on skills rather than career. As I said, again, as I said before, so focus on your skills, do some yoga and meditation and make a really good connection, at least five people out of like 1000s, or 100, or whatever you have, because that five people's average quality is going to be yours. Right? So please stick on that. Okay,
11:14
so just be relaxed, and not to be overly ambitious. But what important is to build network? Yeah, in your formulation is the network of five people. And no worry, you will get there. That's a good key and formulation. Thank you so much for that.
11:34
Tiara. Yeah, things today, I think I would agree with a podcast about the network. So two tips from my side. The first one is having self awareness. And I think practice goes with yoga. And I have a different type a different type of how I want to cope with my situation. So I rather choose exercise, while climbing, to set myself in a tone and get myself energised again. So I think having the self awareness about what works for you, what doesn't work, things that trigger yourself and things that can excite you will help you better equip yourself in different challenging situations. The second part is having a support system. I think this is what I say, what I see similar to practice, that you you don't have to have, like 1000 people, but as long as you keep your circle close, and support this to you, I think that will be one of the best support that can have you go far from your journey. So this is my my advice is do it twice. Yeah.
12:46
Okay, thank you, dear, I agree that we need to have a good support system. Yeah, because it will definitely help us to achieve in any courses we would like because we are not going to work everything alone. So we need other people's have to achieve that can't be more, you know, do you have anything to add?
13:06
Yes, obviously, but self awareness, I think my additions will be respect ourself. So we need to know our strengths and weaknesses so that we know when to push and when to push back ourselves and to other people. So energy management is very important. In one day, you need to be disciplined, when to eat, when to work and when to rest. And when you working. You need to split your time between thinking, strategizing, advising, or doing or meeting. Most of the time people are drown with so many meetings and being busy and not productive, sacrificing our mental health. So at the end of the day, you also don't forget to know what activity that you can make you reach us every day, 30 minutes, one hour, you need to spend time to that as well. So if there is a wall climbing and this is a yoga so for me, it's singing Thank you back to you, buddy.
14:03
Yes, definitely. If we would like to achieve something, I think it also comes down to having a good self awareness and manage your time and have a good mental health and do not be too overly ambitious. So everything is linked together here. So I learned a lot from you guys from Prakash just relax, have a good network. And then from Tiara you need to have a good support system. And also from can't be more set we need to manage our time and have a good self awareness so that everything can be balanced and we can go there on the right directions to achieve our classes and our our purpose. Now. The last questions we have today is that what skills are needed to build resilience to be a difference maker in the in this pandemic era? I would like to start.
15:04
Okay, carry on, perhaps Yeah. So guys, I'm a financial literacy guys. So I already encourage everybody to start saving some, whatever the money you were making. Or if you are earning any money, start controlling your bad spending habits first number one. And number two, I will encourage you to go for one day silence at least, and use your phone, don't use your social media and try to roam your community and try to find out what is their problem there. Try to see if that is your problem. How are you going to address that? If you really wanted to make a change in your community, try to see that is your opportunity there and try to see how we can make a solid sense for that. Right? That's what I wanted to tell you, everybody.
16:06
Yeah, do you have anything to add?
16:08
Okay, skills. This is interesting, because I think the diff, if we want it to be a difference maker, the question to ourselves is, how long that we want it to go. Because we have to be, we have to set a different tone from the crop. Or we have to do more beyond on the average. So maybe that was also leads to overwork long hours and giving our time more to the society or the greater good that we are trying to do. But really the question is, you have to know, I have to know what the purpose is that I'm making a difference on. And that's why I think regardless of the long walk, the long work hours that you're going to face, you have the belief that it's going to make impact not only for yourself and to the other one. The second point that I want. So I want to make a statement of is to take a pulse. Maybe this is for me, this is for everyone in this situation as well. Pick a path for yourself and really to reflect back and assess how far you have come through all the challenging situation. And how far that will you go in 2023. So that's really the question you need to answer yourself. And it's a different failure. It's different milestone to everyone. We cannot push everyone to have a same milestone, obviously. But really to understand where are you at the moment? And where will you see yourself in the future. So that's how you wanted to make a difference. If you want to start small start small start within your community because we we hope we all have different roles. I have a role as a finance professional, also a female in community, also a daughter or a sister, a family of friends. So make an impact and make a difference towards your surroundings. So that's my advice and share of thoughts. Thank you.
18:18
Fantastic, Kiara. So I will be happy to invite Kadima to conclude this questions.
18:24
Yeah, I do have additional points. So skills needed to build resilience to be difference. difference maker, the inquisitiveness. So first of learning new things, because this is the motivation this is your fuel to try multiple opportunities. And when you fail, you don't see it as failure but you see it as learning and you will be easy to bounce back. And the second one is that learn how to learn. Everybody for sure have different styles of learning. And you cannot generalise what might good for me might not good for you. So when you know your learning style, this is makes you more effective to bounce back and be resilience. Thank you.
19:08
Wow, we have lots of lesson learned here quote after cause to be noted down by our audience. So guys, I think that's the end of the panel discussion. I wish we could have more time during these panels, especially with this amazing group. And thank you for your brilliant and resource pool insight. I know I have gotten I haven't seen a huge deal from our short time together guys.