Evolution of Accounting: From Nokia Phones to Outsourcing Expertise.
When I commenced my career as an accountant, the landscape was markedly different. Tiger Woods had made history by becoming the youngest player to secure a Grand Slam victory in Golf. Donald Trump made his inaugural bid for the presidency. Platforms like Napster revolutionized music-sharing and emerged as prime destinations for music enthusiasts, while the Nokia 3310 reigned as the top-selling mobile phone. Many may recall that iconic phone and its one cutting-edge feature: the ability to play Snake.
Sporting one of those Nokia devices in my badly fitting suit, I embarked on my journey at Moore Stephens as a tax accountant with a penchant for numbers before eventually evolving into their SMSF outsourcing specialist.
This was a time before every subpar entity proclaimed themselves as experts in this domain. Subsequently, I transitioned to Deloitte and effectively expanded their outsourcing unit from a 15 employees to a formidable team of 100.
However, this trajectory posed a quandary. Despite its outward allure to certain individuals, my father worked as a carpenter, and my mother, well, she's a mother. My aspirations in accountancy didn't involve managing divisions of people; rather, my goal was to assist individuals like them. So, I took the bold step of leaving Deloitte and co-founded Accountancy Online from the ground up with a few colleagues in 2013.
The announcement left my mother utterly flabbergasted. I can still remember the exact spot where I told her my decision, and the expression that crossed her face as she absorbed the news.
The truth is, we all possess distinct priorities in life. Some aspire to reside in opulent homes, while others yearn for speed behind the wheel of a sports car. Some revel in late-night revelry, and there are those, even among the partners at major accountancy firms, content with clocking in at the same office, performing identical tasks throughout their careers. Meanwhile, some merely seek the freedom to slip out for a swim during lunch.
Our priorities are not set in stone; they evolve with time. During my youth, I harbored dreams of becoming a marine biologist or a chiropractor. Although I excelled in mathematics, accountancy never figured into my aspirations. Upon completing high school, I missed entering chiropractic studies by a mere half a VCE point. Subsequently, while nearing the conclusion of my accountancy degree at university, I came within a half mark of being admitted to a Dip Ed program, which would have led to a career as a primary school teacher.
A fraction of a mark in either direction, and my life could have taken an entirely different trajectory. Would it have been better? Who can say? But it unquestionably would have been different.
Your priorities are likely distinct from mine, but whether establishing a firm or ascending to a partnership within one, you should retain the capacity to shape your career to align with your life, regardless of how your priorities shift over time.
Otherwise, it might be worthwhile to consider returning to the realm of employment.
The sole aspect of my career I've had complete control over was my choice to launch my own accountancy firm—a venture I embarked upon without a single client. But that's a tale for another occasion.
I'm Kane Munro, and if you have any further inquiries about my experiences in accountancy, our outsourcing don't hesitate to reach out via DM, email (accessible through www.activeoutsourcing.com.au), or by leaving a comment wherever you encounter this content. I'm eager to engage with you.