#280: Changes That Are Democratizing the Accounting and Finance Profession

with David Axson

Our Guest Mentor:

David Axson has more than 35 years of experience working with CFOs and their teams in more than 40 countries. He is a consultant, author, speaker and an acknowledged thought leader on strategy, finance & technology. David is a former Partner at Accenture, co-founder of The Hackett Group and Head of Corporate Planning at Bank of America.

Past clients include American Express, AT&T, Bank of America, Capital Group, Diageo, Essity, GSK, IBM, Imperial Brands, Mars Inc., McDonalds, Morgan Stanley, PepsiCo, Procter & Gamble, Stanley Black & Decker, TSB, United Technologies.

Key Quotes From the Episode: 

“The conversation among finance and accounting professionals is almost the same from the different parts of the world.”[06:36]

“One of my missions in life is to liberate finance and accounting profession from the tyranny of spreadsheets.”[09:43]

“Most people think accounting and finance job is boring, but I think it’s one of the most interesting jobs in the world.”[11:10]

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Key Points From the Episode:

– The 3Ts that are democratizing the accounting and finance profession

– The Impacts of COVID19 on many businesses

– Liberating the accountant from the tyranny of the spreadsheet

– 3Ds that are liberating the finance and accounting profession

Time Stamped Show Notes

[03:44] – David shares his career journey as he grew-up in UK, got the degree of computer science at the University of Leeds. He worked with banking, consulting and accounting in London for 8 years. Moved to US in 1991 and founded the Hackett Group. Did corporate planning for Bank of America then went self-employed and write books. Lead the global finance, thought strategy and leadership at Accenture then retired after 10 years.

[04:57] – Memorable experience on David’s long and diverse career as he worked with many companies around the globe.

[07:37] – The 3Ts that are democratizing the accounting and finance profession;

1. Travel

2. Trade

3. Technology

[09:19] – Exciting things happening in David’s current work on the hype around technology nearly 40 years ago is still happening now.

[12:15] – The past is not a good predictor of the future as COVID 19 will be another transformation just like we previously had.

[15:13] – Impacts of COVID19 on real estate, transportation, online services, shopping and the work from home arrangement will manifest significantly.

[17:46] – Steps to make to move forward I this pandemic;

o Drop the traditional budget process

o Discuss the “what ifs”

o Be flexible in your budget allocation

[19:01] – Liberating the finance and accounting profession;

o Debate

o Discovery

o Dialogue

[20:58] – According to research people are willing to adopt new tools and technology that make their lives easier regardless they age 16 or 60.

[21:58] – David’s best advice ever received of the value of a good leader

[26:05] – Don’t hide your mistakes and don’t do it all by yourself.

[26:29] – Enjoy the dialogue with former co-workers

[27:16] – Great resources for the audience to access as suggested by David.

[31:19] – Best way to connect with David.

[31:29] – David’s parting thoughts on giving value on your reports.

Resources Mentioned:

Books:

The Columnist- The Wall Street Journal

https://www.wsj.com/articles/the-columnists-1423854613

Connect with today’s guest:

LinkedIn : linkedin.com/in/davidaxson

Website : davidaxson.com

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