BDO Flashcards
(9 cards)
Why BDO?
Why BDO?
It goes without saying that BDO is a hugely successful firm with an impressive reputation and incredible training opportunities. However, the thing that really drew me into a career with BDO is their commitment to helping businesses succeed by providing an inclusive and sustainable service that has their clients and people at its heart. As a woman, it is really important to me to have strong and successful women to look up to at work and to encourage my own growth within BDO so I was excited to learn about your commitment to increasing female partners to 20% this year as well as your involvement with the Women in Finance charter because this, along with their race action plan, just gave me real confidence in a long term career with BDO that would support my growth and that there would be a range of diverse voices in leadership positions. Alongside this, I am really passionate about creating a sustainable future and so I really wanted to work for a firm that took this seriously and BDO certainly does that, with all of their offices being carbon neutral and fantastic goals to continue reducing their emissions in line with the Paris agreement. I think this is so important as lots of organisations are talking about change but BDO is actually achieving these goals and constantly setting more. This really gives me confidence in having a long term career with BDO as they are future focused and working to create a better world.
Additional points:
Response to change i.e. agile working following Covid 19
All staff at BDO are encouraged to be active members of their communities. Each employee can take up to 10 working days to volunteer with charities and good causes. BDO also matches hi the first £500 of employee fundraising efforts.
Race Action Plan
In Autumn 2020, BDO published its Race Action Plan. This detailed how we can increase BAME representation, and particularly senior representation, and drive sustainable, long-term change. Our Race Action Plan uses the Business in the Community’s Race at Work Charter as its framework.
Women in Finance Charter
The Women in Finance Charter is a commitment by HM Treasury and signatory firms to work together to build a more balanced and fair financial services industry.
Why not big 4?
Similarly to the Big Four, working at BDO provides the opportunity of working with a breadth of industry leading clients, extremely experienced and talented people and has a huge network of growth opportunities. However, alongside this what BDO brings to the table over the big 4 is that level of community and support and the encouragement of an individual voice and opinion. And of course, a healthy work/life balance which I actually think is really important to boost productivity and I know there is a big focus on at BDO.
BDO’s Rethinking the Economy Survey
BDO’s Rethinking the economy survey
Our Rethinking the Regions hub aims to give you an insight into your local economy and how it is performing compared with the rest of the UK as you navigate the ongoing impact of COVID-19 and the complex economic landscape it has created. Our bi-monthly Rethinking the Economy survey assesses the confidence of 500 mid-market business leaders from across the UK as well as getting their views on current issues.
Regions in the south face Staff shortages as a result of brexit and covid 19 - struggling to recruit and maintain talent
BDO’s latest Rethinking the Economy survey of 500 mid-sized firms in the central south found they said the lack of workers from overseas was a big issue affecting their businesses.
The lack of available talent and skills in the region is a real cause for concern and businesses are having to think creatively in order to circumnavigate this growing issue – whether that’s through enhanced incentives, offering permanent remote or hybrid working, or introducing new recruitment strategies.”
Despite these problems, the survey found companies were optimistic about the rate of recovery, with 40 per cent saying it would take less than 12 months for the business to return to pre-pandemic revenues.
“Their confident and forward-looking approach makes them more open to growth,
“As we head into a difficult winter period, that desire and ambition should hold businesses in good stead to tackle the challenges in front of them.”
Looking towards the current trends in disruption to supply chain and staff shortages, South West businesses are facing unpredictable demand (40%) and are reducing product line/services to manage this (86%). To address this businesses are trying a number of tactics to address the skills gap, for example, changing the way they work to make them more attractive (33%) hiring more apprentices (30%) and retraining existing staff for those new roles (33%).
Really important for the businesses involved to offer enhanced incentives or new recruitment strategies to drive talent.
For BDO it is also important to be aware of these issues which they already are (being one of the first firms to offer a full hybrid working approach) but more important than ever to have strong advisory services to help businesses navigate through this uncertain time and keep them focused on the future and growth, as well as continuing to offer valuable insights such as this one.
As businesses are generally predicting they will be fully recovered within 12 months its important to focus on the short term solutions. This could be offering greater incentives i.e. agile working, perks and benefits
Also upskilling current employees to fill those roles and to minimise the skills gap
Can already see the trend it decreasing from the previous months surveys
Audit reform
Positive step - ARGA and new reporting obligations make for better quality audits
Possible cons - higher level of scrutiny, prepare to take on new clients and prepare for new guidelines.
This may mean for BDO that they will need to prepare to take on more clients and follow the new guidelines. They may also face more intense scrutiny in audit so it is more important than ever to ensure high quality and transparency in the audits completed.
Upskilling in the face of technological development
Playing an essential role when it comes to tax, accountants ensure businesses meet regulations and laws, an indispensable factor that machines will find hard to replicate. So, it is safe to say that the role of the accountant isn’t dying nor obsolete in the era of digital transformation, it is merely shifting.
To keep ahead of the game, those in the accounting industry must be aware of the changes that are coming their way. In fact, we are already seeing the impact of the transformation this sector has gone through the past few years.
The death of lower-level jobs
Some roles in the accountancy profession, such as those involving data entry, have been lost to technology.
With companies requiring tight control over their finances in the current economic climate, we have seen huge demand for several roles, including accounts receivable, credit control, accounts payable and credit analysis positions. As the economic downturn continues, organisations will persist in prioritising work around costs, analysis and forecasting – creating a need for both cost accountants, as well as those specialising in financial planning and analysis.
The accounting industry is continuing to find ways to streamline systems and processes. From an efficiency perspective, many businesses are looking to adopt shared service centres for their accounts functions.
While accounting firms may, in the future, be trimmed down, there will be plenty of opportunity for those whose jobs may be at risk. Employers can upskill their existing workforce to help futureproof the organisation focusing on the likes of process improvement, cost control, and capital optimisation.
Accountancy professionals shouldn’t see tech developments as a threat to their jobs but should approach them as a new opportunity to upskill.
The skills gap MTD is driving
When it comes to the role Making Tax Digital (MTD) will play in the accountancy industry, it’s clear tax software is unable to give tailored advice and, therefore, accountants are still needed to assist when complex tax affairs are at hand.
Finance professionals do more complicated tasks that tech will struggle with, such as understanding multiple tax laws in a variety of jurisdictions. Consultants also do more complicated qualitative work, such as advising on tax planning, discussing operations, reviewing client goals and more.
Therefore, the human element will always be necessary in finance, even in the face of advanced tech like artificial intelligence (AI). It takes computers a long time to learn and understand patterns from the large volumes of data they process. Systems today still aren’t very flexible and require a lot of data before they can work effectively.
This means the skills which are needed in the industry will have a focus around the irreplaceable ‘human’ element. Accountants will need to begin to develop more soft skills on top of those that are traditionally prized within accounting, including getting to grips with tax software.
Such soft skills will include communication, cognitive or emotional empathy, time management, teamwork and leadership traits. More specifically, for accountants, this will also include strong analytical skills, as the importance of being able to analyse a big set of data is growing.
Further, according to the World Economic Forum’s Jobs of the Future 2020 report, the top skills and skill groups that employers see as rising in prominence in the lead up to 2025 include things like critical thinking and analysis, as well as problem-solving and skills in self-management such as active learning, resilience, stress tolerance and flexibility.
There is also growing demand for data analysts, data scientists, big data specialists, digital transformation specialists, and information technology services – roles which accountants have transferable skills to move into if they wanted to upskill to another industry.
If firms want to survive, embracing MTD and accounting technology will be to their benefit, so long as they ensure employees have the relevant skills that tech cannot fill.
General commercial knowledge
Pro
Furlough scheme - managed to keep the economy going and proved that rather than crashing they were essentially put on pause so that recovery is quick, gdp has remained relatively stable
Con
reacting slower which put a strain on the NHS
Con
By panicking, bringing interest rates to the lowest they have ever been the bank of england lowered them in order to combat deflation (when prices go down due to low demand) but as we are seeing the monetary expansion (how much money there is in the economy) has begun to cause inflation
What could you change about the UK tax system to eradicate poverty
National insurance
Raising national insurance really effects young people particularly students and when they enter the work force this will cause a massive tax strain on them which will not help to alleviate poverty.
Pensions are not being adjusted for inflation so every generation is receiving less and less which does not help poverty at the other end of the spectrum.
Brexit
London is the financial centre of Europe so with increased policy sovereignty we could have specialised in that area with our laws however due to the fair competition clause
Tell me what you know about BDO
They are the 5th biggest accounting firm in the UK and are part of the BDO global network which with a revenue of 10.3 billion USD which makes up the 5th biggest in the world
Keith Farlinger
Paul Eagland
Service lines:
tax, audit and assurance, advisory and business outsourcing services
BDO LLP is a key member of the BDO global network of public accounting, tax and advisory firms. The BDO global network provides business advisory services in 167 countries, with 91,000 people working out of 1,658 offices worldwide. It has revenues of $10.3bn.
BDO UK:
We operate from 18 locations
We employ 6,000 people
What do our company values mean to you?
BEING RESPONSIBLE AND ACTING WITH INTEGRITY
Starts with a recognition that we have a choice in how we act, respond to and influence the world around us, conscious of our impact on others, our firm, our clients and the environment. It is about taking responsibility for our actions and learning from our mistakes. It extends to our commitment to acting ethically with integrity, professional competence and scepticism, objectivity, due care, confidentiality and, when appropriate, with independence. Always delivering high quality work with the public interest in mind.
BEING GENUINE
Means we’re true to who we are. We’re honest about what we think, believe and feel – as well as our own vulnerabilities. We embrace individuality and difference, which means we don’t judge the beliefs and opinions of others, but listen and, where appropriate, learn from them. Being true to ourselves means we speak up when we don’t agree with something, but also acknowledge when we’re unsure or have something wrong. Trust has to be earned and we nurture it by being authentic, generous and respectful of others.
BEING COLLABORATIVE
Means that we recognise the power of supporting and working with each other, our firm and our clients. It is a way of working where everyone has an important role to play, and we believe in empowering and helping one another. To enable this, we build meaningful relationships based on trust, understanding and respect for the unique perspectives, skills and qualities that we each bring. Above all, we are committed to supporting each other and sharing our knowledge, experience and expertise to help other to succeed.
BEING BOLD
Means we are ambitious, innovative and passionate about the things we do. We’re curious, initiate ideas and make change happen – even if it sometimes feels uncomfortable. We are willing to try something new and prepared to take appropriate risks but never to the detriment of quality or our code of conduct. Today’s fast changing world demands us to be forward thinking, pragmatic and willing to positively challenge the way things have always been done – to come up with new and innovative ways to help us succeed.
What specialist areas/clients are you interested in working in/with?
Not for profit
- fulfilling
- giving back to the community
- contributing to the success of worthy causes
- particularly within charitys and education
Technology and media
- exciting with all the changes going on
Exciting client SAP
