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In the hot seat - insights in to working as a Finance Lead

Please start by giving us a short summary of your career to date and what role you are currently working in. I’m currently the Finance Lead at Flux - a tech startup aiming to eliminate the paper receipt. We think it’s crazy that paper receipts still exist, so our aim is to eliminate them by sending an itemised receipt straight into your mobile banking app. My role at Flux means I get to be involved in a wide range of finance related matters, from funding and cash flow to pricing and strategy. If it’s finance related, the chances are it’ll come across my desk (or, more likely, inbox!) Prior to Flux, I was head of the tech and high growth sector at a top 20 accountancy firm. That prepared me well for jumping the fence from practice into industry - a move I am yet to regret! How did you work your way to becoming a “Finance Lead”? I started my accountancy journey back in 2012 when I joined UHY Hacker Young as a school leaver. I worked in both the accounts and audit departments whilst studying for my AAT and ACA qualifications. In my final year of qualification, I was pondering what to do next - do I stay in audit or do I move into a different team? The idea of staying in audit wasn’t particularly appealing and the idea of being a general portfolio holder (where you look after a range of different clients) didn’t excite me that much either. Whilst exploring the many options that an ACA qualification gives you, I suddenly had a thought: why don’t I try and combine my passion for tech startups with my career choice of accountancy? That’s exactly what I did, and after qualifying I set out to build a tech startup sector specialism at UHY. After lots of networking, meeting clients and getting things going, I started to move up the ranks and ended up as head of the sector. I originally came across Flux on twitter and instantly loved the idea. It was such a simple idea which had the power to make a permanent difference in the way we do things. Towards the end of 2019, they started their search for their first finance hire. That seemed like the perfect time for me to finally scratch that itch and move into industry. What is your typical day to day routine working as a “Finance Lead”? I’m still fairly new to Flux so don’t quite have a day to day routine yet, but when people say that working for a startup is a rollercoaster ride, I would fully agree! The days are usually vastly different, but there are some common themes. The first thing to worry about is putting out the fires. These are things that pop up unexpectedly but are really important, like dealing with important outside stakeholders or setting up the commercials for deals which might get signed earlier than expected. Once they’re taken care of, you can move into things that help the company achieve its long term vision - such as when will we next raise investment and what do we need to achieve to get there. It’s about thinking what the big picture looks like, then working out the steps required from a finance point of view. To give a balanced view, there are absolutely still some things to be done which aren’t the most glamorous - dealing with invoice disputes or reconciling an account on the TB which has gone astray, for example. Whilst they aren’t what I moved into industry for, I must admit that sometimes it’s quite nice to deal with something that doesn’t need a lot of brain power! Do you have any advice to fellow ICAEW members looking to work as a “Finance Lead”? My experience so far might still be clouded by the ‘new starter’ feeling, but I can tell that working in a startup is tough, especially if you’re the only accountant in the company! You’ve got to be prepared to step out of your comfort zone when necessary. There’s no time to worry about your limitations - you just have to give it a go and roll with it. You can always fix it later if it needs fixing. You’re not expected to know everything off the top of your head, but you certainly need to know (or learn) where to find answers. Being able to make quick decisions on limited information is also a great skill to have. If you wait until you have all the information, it’s probably too late to make the decision. It’s a tough gig, but the rewards are worth it. You are part of something that is building the future. Something that has previously only ever been imagined. Something that people have said is impossible. But you have small wins and you have big wins and it’s those wins that make everything worthwhile. What is your favourite thing about working as a “Finance Lead”? When you’re in practice, you’re generally working with other accountants or finance related people, and that’s great because you gain a solid understanding of all things finance. However, when you move into a startup things change. You now need to communicate with different internal teams, such as product and sales, and also external stakeholders, such as investors and advisors. The startup ecosystem generally attracts very smart people, so one of my favourite things about working in Flux is getting to see how those people think - what matters to them and what motivates them, etc. Developing those personal skills that help you understand people quickly is what I find exciting. That, and the fact that we’re building something which has the potential to be huge, of course! What do you find most interesting about your role as a “Finance Lead”? When you’re in practice, it’s similar to digging a shallow ditch spread across a wide area. What I mean by that is you’re often advising many different clients, but only at a relatively high level. For example, you might have a reasonable understanding of how to raise an investment round and be able to talk about the subject, but you probably wouldn’t feel comfortable actually doing it (unless you’ve done it before). In industry, you’re digging a deep but narrow hole. You’re getting into the depths that you’d simply never experience in practice which means you’re learning about things you’ve not come across before. Continuing with the investment raise example, in industry you actually get to work on a raise and you learn everything that happens or needs to happen for it to be a success. It gives you a different type of experience. That’s not to say one is better than the other - both have their own pros and cons! What challenges do you come across working as a “Finance Lead”? From a personal point of view, the transition from practice to industry is tough. You arrive with expectations of yourself which you’ll try to live up to, but then you get knocked sideways when something happens which you weren’t expecting. Another challenge is trying to manage workload, particularly in a startup. You might have a huge list of things that need to be done, all with their own deadlines, but you only have time to do a few of them. In practice you’re surrounded by accountants so if you need a hand, there is always someone there. In industry you don’t have that, particularly when you’re the only finance person, so you may find yourself working a little longer to get things done or delegating to someone who doesn’t have a finance background. What are your career aspirations, and where do you see your current role evolving to? The exciting part of being with a startup is that you grow with the company. If you join at a relatively early stage, you get involved in building systems and processes and setting things up. You help set pricing and structure the business model, for example. As the company grows, you start to iterate on those processes through feedback you’ve collected or things you’ve learnt. Each stage will bring their own challenges, such as M&A, exit events or fundraising strategy. That’s where I see things going with Flux. As the company grows, I hope to be able to play a key part in developing and adapting the business model so it continues to grow at a fast pace. I’ll be ensuring the finance function meets the needs of the company at each stage of growth. What challenges do you envisage in the Accounting and Finance world? Accountancy is going through a very interesting time. I would compare it to trying to move a 100 year old statue - it’s got to be moved, but things will inevitably break in the process. To put some context around that, there is a lot of tech coming not just into the accountancy sector, but into businesses in general. So much tech that the industry is starting to move fast. But when it moves fast, things break. In our case, those breakages are coming through in the audit sector. Companies are growing too complex for audit to be able to keep up. There are some tools out there, but the innovation in that particular area doesn’t seem to be keeping pace. High profile audit failures in turn put a dent in the reputation of the accountancy sector, so it’s key that the sector looks forward into adopting a new way of auditing companies that really works. Blockchain is often touted as the answer, but I’m yet to see anyone doing meaningful work in this area to bring us closer to a solution. Any other comments? Moving from practice to industry was a huge decision for me. It took me a long time to make the decision and many, many thoughts crossed my mind. I’d love to share some of the things that helped me make that final decision: The world is a big place and there are so many options out there. How can you be sure that practice is the best option if you’ve never stepped outside? When you’re near the start of your career, making a move is fairly low risk - time is on your side and you probably don’t have as many commitments as someone twice your age. If things go wrong, you’ll probably land on your feet. You might be out of a job for a little bit of time, but the experience you’ll get from that will be worth so much more than staying where you are. Plus, you have the ACA qualification which adds a lot of weight to your CV. Accountants are always in demand. Think about the big picture. People often tell you to think about your career in a 5 year window - where do you want to be in 5 years? It’s great to aim for a certain point, but what happens next? Make sure you’re not locking yourself into something which will make it harder to get out of. Thank you to our author Robert Collings on taking part in this blog series to enlighten fellow members on the job possibilities out there.

Job hunting in a time of corona: 9 ways to get into a positive mindset before your remote job interview

“I’ve never had a phone or video interview before, what if it goes wrong?” “I feel worried about the impact of the virus, what if that negatively impacts my performance?” 80% of all the thoughts we have are negative. Yes, you read that right, 80% of the 12,000-16,000 thoughts we have every day are negative. And, of course, I don’t need to tell you that this percentage has most likely risen since COVID-19 pandemic began. So, what can you do to get in the right frame of mind? Why is it SO vital to have a positive mindset before and interview? If you have a job interview coming up – which, in itself can be a stressful situation – you may be feeling more unsettled than normal, with self-limiting narratives playing in loops in your head. Plus, as the majority of us are now on ongoing lockdown, it’s almost certain that the interview will be taking place remotely, either via phone or video. Perhaps you’re worried you will have issues with the technology, further confounding the negative thoughts or concerns that are already playing on your mind. Whilst the current situation is difficult, and, of course, all of us are experiencing our own unique challenges, if you have a job interview coming up, it’s important that you try to stay focused on the job at hand. You must do everything you can to approach your interview, whether it’s a telephone or video call, with a positive and constructive mindset. Adopting a positive frame of mind will enable you to perform at your very best during the interview, in the knowledge that you’re as prepared as possible. It will also help you feel more confident, helping you to really sell yourself and your skills in an authentic way to the interviewer, even if you are doing so remotely. Simple steps to get into the right frame of mind before your job interview There are a number of steps you can take to stay optimistic and confident throughout your remote interview process: 1. Try to reframe your thought processes around remote interviews If you have a tendency to drown yourself in self-limiting thoughts, such as by telling yourself that another candidate will be better suited to the job, or that you won’t come across as well on the phone/on a video call, the chances are that your brain will start to believe this. In fact, you might not even consciously realise that you carry these self-limiting beliefs, until you check your language for phrases like “that’s impossible” or “I can’t”. Instead, reframe the way you think and try to appreciate how all of your achievements to date, taking confidence and reassurance from these. Rather than telling yourself that you won’t come across well via video, for example, think about this as being just the same as having a conversation with someone in person – the means by which you’re having that conversation are just slightly different. Remember, no one else in the interview process will have the option to meet the hiring manager in person either, so there’s no need to let the fact you’re not as experienced in telephone or video interviews put you in a negative headspace. 2. Don’t allow imposter syndrome to take hold Instead of thinking “everyone will be better than me”, remind yourself of your uniqueness and of your worth – and take that self-belief into your job interview. Many people suffer from something called imposter syndrome, an internal experience of believing that you are not as competent as others perceive you to be. Essentially, this is the feeling that you have somewhat fooled others into thinking you’re better at something, or more capable, than you really are. Or, that you don’t deserve the success you’ve experienced so far. It’s quite likely that imposter syndrome is what’s making you feel like you’re perhaps not good enough for this interview, or that your success so far has just been a fluke. In fact, due to the current climate, lots of people may well be suffering from self-doubt. This might be making it more difficult to remember all the things you’ve achieved so far. But it’s so important you turn this limiting mindset on its head by telling yourself that your success is ultimately down to your own competence and effort, not luck. And even if your current responsibilities look a little different right now, all those skills and experiences you’ve built up still exist and are still part of your capabilities. In the words of Elizabeth Cox, for TED-Ed: “There’s no easy way to dismiss feelings that we’re less capable than the people around us. Intense feelings of ‘imposterism’ can prevent people from sharing their great ideas, or applying for jobs or programs where they’d excel… once you’re aware of the phenomenon, you can combat your own imposter syndrome by collecting and revisiting positive feedback.” 3. Remember to keep perspective A job interview is, of course, a very important moment in your life. It could open countless doors for you, should you be offered the job. Perhaps you’d be working for a company you absolutely love? Or it might mean you’d be moving into an industry that you’re deeply passionate about? Or, perhaps, it’d give you the opportunity to find more purpose and meaning in your work? But thinking too much about the significance of the interview itself could result in putting an unnecessary amount of pressure on yourself, therefore negatively impacting your frame of mind during your preparation – especially during this difficult time, when you’re likely to already be feeling more unsettled that usual. This, in turn, could lead to unhelpful thoughts that might affect your self-esteem and confidence. So, take a step back and think about this for what it truly is: a conversation with someone about a job you’re interested in, to get a chance for you both to get to know each other. That’s really the basics of it, so try not to get ahead of yourself and overthink its significance – just keep things in perspective. 4. Prepare, prepare and prepare again You know that old saying, “if you fail to prepare, prepare to fail”? It has more than a semblance of truth to it. But thorough preparation isn’t only good for improving your chances of landing the job in the first place; it’s also great for your mindset, helping you to relax in the knowledge that you have done all you can and whatever happens next is inevitable. If you feel prepared, you feel confident, and your frame of mind is therefore more likely to be positive, than negative. We have a range of material that will help with your preparation for a telephone or video interview, including: 14 ways to ensure your Skype interview is a success – outlining the key things you need to prepare for before your interview, from running test calls, to being mindful of your body language Top tips for the perfect telephone interview – your complete guide to impressing in your phone interview. This blog covers what to do before, during and after the call to help you secure the job Lights, camera, action: How to impress in your video interview – explaining how you can cater your interview style to ensure you shine just as bright over video as you do in person 5. Get psyched up Do you have a morning mantra that you tell yourself? Is there one particular song that makes you feel happy? If so, now’s the time to turn up the volume and really listen to it. You could also remind yourself of all of the amazing feats you’ve achieved in your career, or ask a friend to give you a last-minute ‘pep talk’, telling you that you have all of the qualifications and experience needed to pass this interview with flying colours. Use optimistic language towards yourself, too, such as “I’m looking forward to the interview” or “I’m sure it will go well”, asserting that this could be the opportunity of a lifetime – but that even if you don’t get the job this time, that simply means something even better is going to come along. In addition, positive self-affirmations – such as “I’m proud of myself for getting this far” or “this interview will be a wonderful opportunity for me to learn and grow” – don’t just make you feel good; according to a review of research literature by David Tod of Liverpool John Moore University, James Hardy of Bangor University and Emily J Oliver of Durham University, there is evidence that motivational self-talk helps to improve performance. 6. This interview, and any interview, will be an opportunity to grow Your mindset ahead of, and during your interview will be much more positive if you don’t just see it in black and white – either getting the job or not, with nothing more to be gained from the situation. After all, whether the interview goes the way you want or not, you are sure to learn something from it. If you’re living through a difficult period at the minute due to the current circumstances, I know it may seem tough to adopt this mindset. But try your best to use this interview as a learning opportunity. For example, you might even emerge from the interview with a clearer sense of what you want and don’t want from your career, and where your present strengths and weaknesses lie – and therefore, what you need to focus on next to get ahead in your career. And those are great outcomes in themselves, aren’t they? You could even view this as a chance to learn how to use unfamiliar technology, or have a professional meeting remotely – perhaps things you’ve never had to do before. All of these experiences will only help you to become a more well-rounded professional. So, even if you don’t get the job, you will still gain knowledge and more experience, which is certainly not a bad thing. Nothing’s truly a setback as long as you’ve learned something, and acknowledging this is key to developing a growth mindset. 7. Always keep communicating to your recruiter Regular and honest communication with your recruiter is very important, especially given that they are the experts in this field, and will have an existing relationship with the interviewer. Try to organise a video call with them, as this will be a good chance to test out your technology. Also, if you have any lingering doubts or uncertainties in your head about the role or interview process, a friendly conversation with your recruiter can help to dispel them, thereby improving your state of mind ahead of the big day. You might ask your recruiter questions like: “Is this a newly created position?”, “What will the structure of the interview be?” and “Do you have any tips for a telephone/video interview?” This will help you to feel as prepared and informed as possible, so that you can enter the interview with positivity, confidence and poise, able to eloquently answer whatever questions the interviewer might throw at you. Remember to speak to them after your interview too, and give them your feedback. 8. Don’t become too absorbed. Yes, it’s important to prepare well for any job interview, but even when an interview is looming, you should still have plenty to enjoy away from the world of work. So, don’t hesitate to continue with any hobbies and interests that will help you to keep perspective and blow off some steam. In fact, Nir Eyal, writing for Psychology Today, has highlighted the many positive benefits that such distractions can have on our lives. For instance, something as simple as a puzzle or video game can be great for boosting both our self-efficacy and confidence in overcoming problems. Other distractions can also strengthen our ability to tackle new challenges, an upcoming job interview potentially being just one. Research has found that even simply spending time walking outside, for example, can reduce stress and improve cognitive function. If your current government restrictions mean that you cannot go for a walk outside, an activity like yoga or meditation will help you to achieve the same reduce in stress, and ensure you stay present in the moment, rather than overthinking and worrying about the bigger picture. 9. Finally, remember to be a bit excited! At the end of the day, a job interview is a great opportunity to be introduced to new people and could open the door to taking the next exciting step in your career. Now is the time, too, to think about all of the things that attracted you to this role, including what it would be like to do the job itself, and the opportunities it could open up for you. Allowing yourself to feel excited, and visualising what it will feel like to work in this new role, will help you to feel more confident and maintain a positive mindset throughout your preparation. The power of a positive mindset in a job interview All of the tools and advice above will help have you have your interview with a positive and constructive mindset. Although we’re living through testing times, there is reason to be positive – after all, you’re most likely reading this article because you have an interview lined up. So well done! It’s now up to you to decide which approach is going to have the best consequences for you. Will you prepare for the interview thinking: “I’m so nervous”, “I hope they like me”, or “What if they ask impossible questions?” Or will you instead affirm to yourself that you are capable and prepared for success? The power of a positive mindset really could make all the difference during this interview. You’ll feel confidence in the fact that you deserve to be there, with the knowledge that you stand just as much chance as anyone else of being offered the job. With this positive mindset in place, you will also be able to enjoy your interview more and portray your authentic self from start to finish – a person who is confident, articulate and fully deserving of this wonderful opportunity. Ultimately, that’s who you are, so don’t doubt for a moment that you are anything else.

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