#088: The transformative power of finance & accounting with Dr Noel Tagoe (Part 2)

with Dr Noel Tagoe

Our Guest Mentor:

Dr Noel Tagoe is the Executive Vice President, Academics at AICPA where he oversees the formulation and implementation of AICPA-CIMA’s research strategy, the development of qualifications and related assessment. Noel was previously Executive Director at CIMA Education.

Prior to joining CIMA, Noel taught at University College Dublin (UCD) in Ireland and the universities of Manchester, Reading and Oxford in England. Between academic appointments Noel held senior accounting and strategy positions with BP and Elf Aquitaine (now part of Total Oil) in Africa. In addition Noel established and led KPMG’s financial advisory consulting practice in West Africa for 3 years.

Noel is a chartered accountant from Ghana. He holds an undergraduate degree from the University of Ghana and postgraduate degrees from the universities of Dundee and Oxford.

Key Quotes From the Episode:

“[On why connectivity is key] Now  more than ever before organisations and individuals need to connect together … and the need for that is simple, things are changing too fast for just one person or just one organisation to keep up with it so you need to have interactive partnerships, so different people do different things and that’s how you can carefully select your ecosystem or network that you have to help you navigate through these things, and the membership, the rules need to be dynamic in order to help you navigate.” [03:06]

“[On freedom versus constraint] if you take a car the accelerator is freedom, the brake is constraint, …, which car would you drive fast, a car without a brake or a car with a brake? … the purpose of a brake in a car is liberation to be able to drive as fast as you want because you know if you need a brake it is there.” [08:04]

“[On the purpose of control systems] … is to unleash innovation in you, because without controls your innovations will end up nowhere and in every and any direction, it has to be channelled.“ [08:47]

“[On the benefits of connecting with others] Once you connect with people you are connecting to their stories, you’re connecting to their lives, you’re connecting to their language their kind of logic that they use, you’re connecting to their experiences, … and then you almost become like them you have multiple identities you can call upon at different points in time and life becomes a variety of things and you’ll never be bored..“ [09:39]

“[On giving to get and the rule of Accounting] The rule of accounting is balance, is proportionality, people study NPV and leave it, it is not within their lives, think about the whole notion of what we do, we say to organisations, you invest something upfront and then you reap from it over a period of time, and if you’ve invested wisely you reap more than you’ve invested and therefore you get a net present value out of that, and why can’t we apply that to our lives? It’s the same thing, I want to receive some resources, so I invest some resources upfront, how much I’ll get is uncertain, that’s okay, we deal with uncertainty all the time .“ [15:01]

(Other resources and how to connect with Noel below).

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Key Points From the Episode:

  • Why connectivity is key, why we need to connect more and the importance of dynamic ecosystems in doing so
  • Advice on the 6 As of success for accountants and finance professionals
  • On giving to get and the fundamental rule of NPV and accounting
  • The surprising resources and way to get the right resources Noel recommends our listeners check out

Time Stamped Show Notes

[03:05] – Noel explains why connectivity is key, why we need to connect more and the importance of dynamic ecosystems in doing so.

[04:05] – We discuss the other side of this, disengagement, why it exists (fear of other or unknown) as a risk avoidance tool, it’s purpose and why being inactive for a while is not necessarily a bad thing.

[06:15] – The best bit of advice Noel has received around heritage and legacy as well as accelerating and braking.

[09:39] – The benefits of connecting with people.

[10:17] – The surprising resources and way to get the right resources Noel recommends our listeners check out.

[15:02] – On giving to get and the fundamental rule of NPV and accounting.

[16:35] – How best to connect with Noel.

[16:55] – Noel’s parting advice on the 6 As of success for accountants and finance professionals.

  • [17:05] – Anchor
  • [17:45] – Ambition
  • [18:25] – Ability
  • [19:10] – Awareness
  • [19:50] – Attitude (Honesty; Hard work; Heart)
  • [20:35] – Action

[22:05] – The meaning behind the man in the arena speech by Theodore Roosevelt

Resources Mentioned:

Connect with today’s guest:

 

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Credit: Edited by Andrew Codd



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