Dear Accountant: Stories, Advice, and Explorations

Stories, Advice, and Explorations

Cecilia Leung, CPA

copyright © 2021 cecilia leung

All rights reserved.

dear accountant

Stories, Advice, and Explorations

isbn

978-1-5445-2114-5 Hardcover

isbn

978-1-5445-2113-8 Paperback

isbn

978-1-5445-2112-1 Ebook

Dedicated to all the accountants in the world. 

The world is so big and full of infinite possibilities. 

Explore it and have fun!

Remember: the work that we do matters. You matter!

Contents

Foreword

Preface

Introduction

My Career Journey

Beyond the Numbers: Defy the Stereotypes and Create My Own Myth

cecilia leung

Founder of The Entrepreneur CFO, Author, and Podcast Host

Forensic Accounting and Investigations

Cigarette Salesman Turned Big 4 Forensic Accounting Partner, and Fiction Author

tom golden

Retired Partner at PricewaterhouseCoopers, Author, and Speaker

The People’s Investigator: Solving Cases Like Nancy Drew

isabel mercedes cumming

Attorney, Inspector General of Baltimore City

The Whistleblower’s Tale: Managerial Courage of the Smokey Bear

tony menendez

Accounting Professor, Whistleblower at Halliburton, and Former Executive at General Motors and Ernst & Young

Audits, Compliance, and Risk Management

Connect and Celebrate the Global, Brilliant Minds

tomoko nagashima

Audit Partner at PricewaterhouseCoopers

Build a Blissful Work Around the Life You Want

marko glisic

Audit Partner at GreenGrowth CPAs

The Yellow Brick Road of an Ever-Changing Audit Career

bob hirth

Senior Managing Director at Protiviti, Co-Vice Chair at Sustainability Accounting Standards Board (SASB), Chairman Emeritus at COSO, and Former Partner at Arthur Andersen & Co.

Around the World in 3 Decades

andrew raftis

Chief Risk Officer at UniSuper, Former Chief Auditor at AXA Equitable, and Former Chief Compliance Officer at AIG Asia Pacific

The World of CFO Office and Financial Control

Risk, Resilience, and Determination to Hit the Open Road

evelyn foo

Managing Consultant, Former President, Chief Financial Officer, and Chief Operating Officer at Galileo

Overcoming the Underdog Mentality

shad bien

Strategic Finance at UiPath, Former Global Controller at Andela, and US Army Veteran

The World of Taxation

Fearless Creation of Your Career Journey

jina etienne

D&I Consultant and #FearlessInclusion Champion, Speaker, Tax Consultant, Former President of NABA (National Association of Black Accountants)

Management Information Systems

Serendipity in Accounting and Technology

kimberly n. ellison-taylor

Global Technology and Finance Executive at Oracle, and Former Chairman of American Institute of CPAs

Mission Incredible: Building a Best-in-Class System for Accountants by Accountants

michael whitmire

Founder and CEO of FloQast, Author, and Podcast Host

Sales and Marketing

Master Connector Optimizing the Power of Networking

andrew moses

Business Development and Marketing Executive at MorganFranklin Consulting, Podcast Host, and Adjunct Marketing Professor

Executive Recruiting

The Modern-Day Corporate Matchmaker

kurt kraeger

Managing Director at Kensington Global Recruitment, Former President of Robert Walters, and US Navy Veteran

Certified Financial Planner™ (CFP®)

Guiding Toward Goal Fulfillment through Financial Literacy

chuck burch

President and CEO at The Burch Financial Group

Academia

Nurturing the Next Generations of Purpose-Driven Accountants

professor parveen gupta

Former Department Chair of Accounting at Lehigh University

Leaders and Executives

Fuel for Daily Extraordinary and Sustainable Endurance

marc hodulich

Entrepreneur, Athlete, and CEO of 29029

Balancing Acts of a Female Leader Juggling Family, Wall Street, and Fun

catherine flax

Managing Director and Leadership Coach at CRA, Inc., Former CEO at Pefin, and Former Senior Executive and Chief Marketing Officer at J.P. Morgan

Entrepreneurship

Immigrant Mindset: Building a Sweet Empire with a Dollar

andrew ly

Founder and CEO of Sugar Bowl Bakery

Closing: Let the Journey Begin…

Acknowledgments

Foreword

In my own career—whether as a CEO, as a board member of a public, private, or nonprofit organization, or when advising C-suite executives—I am keenly aware of the necessity of understanding the numbers, insights that ultimately derive from the work of accountants. Whether it is from the CFO, the controller, the staff accountants, or external accounting consultants, the fuel that drives the decision-making comes from understanding how the businesses or organizations are doing, and that begins with understanding the financial statements. The field of accounting is to business what medicine is to the healthy survival of people; it is the way to diagnose and then set a course toward thriving. The appreciation that I have for the work of the accounting profession is something that has developed over the course of many decades, and getting to know Cecilia has been a catalyst in that journey.

I had the pleasure of getting to know Cecilia many years ago when we were both working at JP Morgan. I was the chief marketing officer at the time, and Cecilia was a controller in the Private Bank. We immediately connected, and her curiosity, desire to grow personally and professionally, and passion for her work was clear, and something I continue to admire about her today.

I am not sure I know anyone who sets a goal and goes after it in a more focused and dedicated way than Cecilia, which is why, in addition to her tremendous career success, she is also an accomplished pianist, author, business owner, and even an athlete. She is one of the most interesting people I know. I recall a number of years ago receiving a message from Cecilia when she had exhaustedly and victoriously reported her achievement of Everesting, a multi-day hike up and down a mountain in Vermont where the sum of the amount hiked equals scaling Everest. She had decided to do this, and for her, that means it was as good as done. That same discipline came to bear when she decided it was important to provide a different kind of lens into the multidimensional and deeply interesting work that she, and others, have done in the world of accounting. Interesting accounting work may seem like an oxymoron, but it won’t once you have finished reading the stories contained in this completely new look at a very old profession.

I am excited that her passion for the field of accounting has brought her to bring this book to fruition. I have seen it as an act of love—love for putting the pieces together and painting a picture of deep insights to make businesses run better, but more importantly, love for the people who do this work. Her desire to share, and to help people avoid pitfalls and make more informed decisions, yielded this wonderful book you are now holding. Whether you are trying to decide if accounting is for you, or you are already in the field and wondering where it can take you, I am confident that you will find the answers you are looking for, and much more, in this volume. I am honored to be a part of it, and to know the incredible woman who made it happen!

There are times in our lives when we all need a Sherpa. Someone to guide us through the trials and travails of life—or help us reach new heights. I love this book because Cecilia has created a carefully crafted beacon for accountants at all stages of their careers to gain wisdom and insights that will facilitate that growth. I can’t think of anyone better suited to bring this all together than Cecilia.

—Catherine Flax

managing director at cra, inc., former senior executive at jp morgan

new york city, new york

Preface

Over the years, I have had the privilege of mentoring many young, bright, ambitious professionals like you. I am often reminded of my younger self—feeling overwhelmed, insecure, and confused about the future.

In the course of my work, I also speak with many successful and established professionals, like some in this book, who unfortunately did not experience the advantages of mentorship. Instead, they felt the frustration of having to figure things out on their own, often wondering how much easier it might have been to navigate their career path had they received the proper guidance and encouragement.

We all wish we knew then what we know now.

This is why I have made it my vocation to help young, aspiring accounting professionals like you build confidence and competence, and be more strategic, intentional, and prepared in advancing your career in order to live more fulfilling and meaningful lives.

As the inspiring African proverb advises, If you want to go fast, go alone. If you want to go far, go together. My intention is to build an ever-growing community of young, determined accounting professionals, all embarking on their journey together, encouraging each other to go far in their careers.

My sincerest wish is that this book becomes the first step in your journey. Together, we can, and will, have a positive impact in our profession and in the world, while creating a vibrant community in which generations of future accounting professionals may thrive.

I would like to invite you to stay connected with me, and other fellow and aspiring accounting and finance professionals in the Dear Accountant community, at www.dearaccountantbook.com.

Introduction

I am proud of my profession. A CPA career isn’t easy. Whether you’re just learning about it in school or you’ve started your career, you know how much work goes into succeeding. Despite the vast number of amazing, unique, and inspiring individuals who make careers as CPAs, we can never seem to outshine the stereotypes. Why can’t we get positive representation in movies or TV shows about accountants? Doctors, lawyers, and tech giants always find themselves in the spotlight, showing their range of talents, passions, and brilliant thoughts. For accountants, the most attention we get from the general public is once a year when people file their taxes or do bookkeeping. As an industry, we have evolved graciously beyond that!

If you really pause and think for a moment—accountants are everywhere. Accounting touches many aspects of our life. There are educators, tax strategists, forensic accountants, finance executives, entrepreneurs, and so many more. Smart, innovative professionals are teaching and training the next generations of accountants, protecting public interests, helping individuals and businesses save money and build wealth, investigating and catching bad guys who commit fraud, and playing a critical role in closing mergers and acquisitions (M&A), initial public offering (IPO) deals, and beyond.

Beyond the Numbers and Stereotypes

Accounting is more than just numbers. It’s also the understanding of the function of money and how money works. The foundations of financial literacy allow us to see a big picture of how money flows in and out, and how to budget, save, and invest. Great accountants are able to connect the concepts and fundamentals of finance, business, and economics together to reach a better understanding of numbers and what to do with them.

Accounting is often called the language of business. It acts as the lifeblood of a business, flowing through different departments, ultimately leading to the head of the business. Accountants help interpret and present numbers to clients to provide insights about the past, present, and future health of an organization or company and connect all sides of the business.

The traditional accountant stereotype is of an analytical, organized, detailed-oriented, and nerdy bean counter who only talks in math equations and crunches numbers all day. I think those are cool personality traits. In fact, I want to be that person’s best friend!

Navigating Your Career Journey

No Roadmap or Playbook for a Perfect Career

No roadmap or playbook exists for a perfect career, and no perfect career (whatever that may look like to you) promises a perfect life. Your life is made up of all the incredibly complex scenarios that you have to solve. Luckily for you, accountants are great at complex problem-solving.

Although work ethic and strong skills are important (and no one can ever take that away from you), there are many other aspects that impact your career, such as the general economy and current events, which are entirely out of our control. When something does or does not happen, we often ask why. Did we not try hard enough? What went wrong? Next time you find yourself asking why, reflect on the idea that perhaps the answers are not easily found. In fact, you will never know where any seemingly bad experience is going to take you. Many times, it is just a blessing in disguise! Many external factors—such as your encounters, people, timing, environment, and opportunities—may determine the outcome of an event. Whether or not you get a job offer or promotion can be dependent on many external and subjective factors. How far you can reach, and rise, is often due to reasons that are beyond your work performance or your credentials. All the right factors have to be aligned at the same time for things to pan out. While you should actively take advantage of all that is under your control, remember not to worry about what you cannot control.

Enjoy the Journey and Discover Yourself

When chasing career aspirations, it’s easy to forget that life is made up of so much more than your job description. Your career, while important, is really only a small part of your life; other aspects of your life—well-being, relationships, art, or however you choose to fill your time—will create your unique journey. Academic or professional success and failure will exist alongside love and heartbreak, and will together produce your life experiences. Your experiences become your stories, and each uniquely contributes to the creation of your journey.

As unique individuals, we each experience exclusively personal versions of life. We make our own choices based on what we know best at the time. Accounting is a skill, and becoming an accountant is just the beginning. There are so many options within accounting—so much so that how you use the accounting skill to make a positive impact will be entirely up to you. An accountant’s career can be an incredibly fulfilling and meaningful journey. We keep on learning and growing while forming our values and beliefs. Our characters are continuously being tested through challenges and adversities within the field, especially in our field, since the public relies heavily on our ethics to do the right thing and protect them.

Ultimately, an accountant’s journey is never simply about making money, getting by in life, or moving up the corporate ladder. It is about who we become in the process as an individual and as a professional, working toward our fullest and greatest potential, continuing to help others, and making this world a better place.

Who Am I and Why Did I Write This Book?

The Power of Mentoring and Coaching

The purpose of this book is to provide young people with guidance through the world of accounting they might not have access to through school or work colleagues. I started mentoring others when I volunteered in a community center in my first year of college. Being able to share my own journey with young people, and demonstrating that not every life path is perfect, gave me so much joy and fulfillment. I truly believe that you can succeed despite deep struggles or uncertainty.

Over the past 2 decades, I have been fortunate to mentor many young, bright, and ambitious individuals from different backgrounds, personalities, aspirations, hopes, and dreams. Their journeys always remind me of my own. Mentors should always be finding ways to help individuals who generally don’t get a lot of guidance—underprivileged kids coming from low-income families, some without parents, immigrants who navigate a world they can’t always understand, and individuals with different abilities, struggling to find their place. I have learned so much from my mentees and am humbled to have seen so many people from all walks of life grow and evolve over the years.

Our legacy is what we do every day, every life we have touched, and every person whose life was helped and changed. I am so grateful to see my mentees exploring accounting, honing their practical skills, and growing their confidence as they figure out their role as contributors to society and the world. That’s the very reason why I am motivated to continue to do this work in mentoring, and another reason I am excited about publishing this book.

I am forever grateful for the people who have helped me along the way to get to where I am today. I believe that we all have tremendous power and potential; perhaps we just need an extra push and vote of confidence every so often to know that someone believes in us. I seek new mentors with every transition I make in my professional career: moving to a new country, school, industry, or job becomes a lot more manageable when a caring soul is cheering you on from the sidelines.

This book is one of my many ways to pay it forward for our future accounting leaders. My first piece of advice is to encourage you to do the same; continue to pay it forward and help others as you might have been helped along the journey. The world is big, with limitless opportunities waiting for you to discover! It’s easy to make assumptions about successful and accomplished people, but through their journeys you’ll learn that nothing is easy, and everyone has their share of struggles and obstacles to overcome. I hope you’ll find confidence and optimism in your career path knowing that we have all gone through what’s ahead of you. Know that we are just like you—if we can do it, you can too!

My Career Journey

1

Beyond the Numbers

Defy the Stereotypes and Create My Own Myth

Cecilia Leung

founder of the entrepreneur cfo, author, and podcast host

When I was a kid, I thought my life was destined to look exactly like the lives of those around me. I never imagined I could create my own future. I certainly had no idea I could live a life as fulfilling as the one I have now. Without a sense of direction or desire to emulate the lives I was most familiar with, I would often escape to books and movies. They allowed me to expand my imagination, and in some way, escape the realities I was struggling with. I wasn’t lacking in basic needs, but I was struggling to find my place.

I was born and raised in the ’80s in the vibrant city of Hong Kong. For over 100 years before Hong Kong was handed back to China in 1997, it was a thriving colony under British governance. Life was good; the economy, businesses, and middle class were all thriving. It created the perfect backdrop for a happy childhood. I had the best memories from my kindergarten days; I remember wanting to grow up to be a kindergarten teacher so I could stay in that happy place forever.

And then suddenly, although I wasn’t sure why, that happiness started to fade as I entered into first grade. I had friends, but I remember feeling out of place and alone—in reality, and in my thoughts. I am Chinese, but I barely looked like the typical Chinese girl—I was a bit chubby with