Nowadays, artificial intelligence (AI) is not the futuristic idea that was present in famous movies a few decades ago. It is now increasingly implemented and accepted by the public as a present reality. Furthermore, a considerable number of corporations are starting to use AI to reach a more efficient balance with core operations. Accountancy firms are tailoring their business concepts by slightly implementing AI. Many accounting firms are beginning to use AI oriented programmes to handle tax, bookkeeping, and auditing-oriented services. This will lead to more efficient practices, which will result in higher quality and a more satisfied client. However, AI has some disadvantages. It replaces the functions of lower and mid-level workers in the accounting field. Moreover, the current roles of highly educated tax consultants and auditors will be completely changing. Instead, data analysts, programmers and continuous auditors are roles that are expected to be widely found in tomorrow’s accounting profession. All things considered, is AI really a great step forward? AI in Accounting The role of the accountant changes every single decade. AI is just one of many factors that will shape the accounting profession of tomorrow. The accountant of tomorrow will probably be more focused on consulting, business innovation, advisory, and risk management. Whereas, AI will probably do information analysis, report preparation, bookkeeping, and transaction analysis in order to help accountants improve their quality of reporting and decision-making. AI will do the cumbersome tasks, while accountants can focus on giving advice and taking on higher-value responsibilities. In the near future, AI will probably do the entire reviewing process of a business. Assurance and compliance are the areas that benefited the most from tools like data mining. By taking this into account, it is even further expected that AI will take a tremendously beneficial role in the near future. Moreover, the AICPA and IIA indicated that data mining is in their top 10 and top 4, respectively in terms of technological priorities. AI can be used to enhance the data mining process in the near future. Tax-wise, AI will be able to compare current business activities with rules and regulations. Consequently, corporations will become more advantageous in terms of tax filings and returns. AI will reveal accounting and tax updates from day-to-day and the accountant of tomorrow will still need to use their expertise to decide on the analysis provided. AI in Auditing AI will also have a positive impact on the audit profession. AI is likely to replace a considerable amount of human audit tasks that requires a lot of time at present. Document review tasks, which demand a lot of time, are especially ideal for AI. AI can review a tremendous amount of contract pages in a short time period. It will quickly check certain key items and highlights items that could be materially misstated, either intentionally or unintentionally. This is extremely useful for the audit profession. Additionally, AI will learn from each separate document review. This will improve its’ capabilities every time a document review is performed. Furthermore, auditors will be expected to move their attention to advanced analytics that is beyond AI. It is even probable that this attention shift will be reduced over time, because of the knowledge enhancement of AI. Consequently, better insights will be given. Moreover, better professional judgement will be applied, which will in the end result in a higher quality audit report. This audit report will lead to more trust from investors and stakeholders. The big four accounting firms, especially KPMG, are already commencing the implementation process of AI in their audit engagements and it is expected that more accounting firms will follow. KPMG Australia has a proposal to use IBM’s Watson computation technology to make the audit engagements more efficient. Hereby, the limitation of sample sizes is a past shortcoming, as IBM’s Watson is able to analyse an unlimited sample size and can analyse all the financials belonging to a specific corporation. This will not only be beneficial for the audit client, but also the audit firm itself, which could probably charge higher audit fees. So Is AI Replacing Humans? With all this information being given on AI, it is likely that many people fear that AI will replace jobs related to the profession. However, the US Bureau of Labour Statistics reported that there were 1.2m individuals employed in the US accounting profession in 2016. Additionally, the accounting profession is expected to grow with 11% in terms of labour over the next ten years. This will result in an extra 142,000 jobs in accounting and auditing in the US. Partly, this growth can be explained by the retirement of the “Boomer” generation; however, this is just a single factor that has an influence on the growth number. In the end, AI will have an incredibly positive impact on the accounting and auditing profession. Against a considerable amount of expectations, AI has a beneficial direction for the employment numbers as well. Structurally, the whole profession will change. The auditor, accountant, bookkeeper, or tax consultant of today is the data scientist or data consultant of tomorrow. Right now, some companies are already hiring people who have experience with data handling, modelling techniques, and software skills related to AI. Therefore, it is highly probable that the accounting and auditing profession of tomorrow will be an environment where employees are data experts who use AI as a supporting, time-saving tool that will increase the quality of the service being provided.
Working at Wesselman Accountants | Adviseurs
Where are you from and what is your study background? I was born in Veldhoven, but I grew up in Eindhoven. After obtaining my vwo-diploma I went to study at Tilburg University, where I graduated in Business Economics BSc. and Accountancy MSc. Currently, I am still studying at Tilburg University in order to graduate for my Post-master degree in Accountancy. This means that I am working four days in the week and attend lectures on Friday. Why did you choose for Wesselman? How did you get in touch with them? During my study, I visited multiple in-house days from different accounting firms, like the Big Four and mid-sized companies. It became clear to me that a mid-sized accounting firm fits me better and I got in touch with Wesselman. Wesselman offered me what I was looking for: a high degree of professionality in combination with a warm and personal approach, eye for development and lots of job satisfaction. What do you like the most from working at Wesselman? There are a several aspects I like from being a part of- and working for Wesselman. “First of all, you get a unique look inside and behind the scenes of companies. What is their strategy? How do they control their company? What is their staff policy?” Every company is different and has its own characteristics. At the same time, you are having conversations with the CEOs and CFOs and you get to know everything about their vision and goals. Second, I like the variety in the work I do and the variety of the teams and clients I am working with. Next to the audit of a company’s annual figures, I perform limited reviews and compile financial statements. Furthermore the client portfolio contains numerous clients from a wide variety of branches and sizes. Since this all takes place within a warm and personal environment and conditions that allow for a decent work/life-balance, everyday it is a pleasure for me to work at Wesselman. How are the primary and secondary working conditions at Wesselman? Working at Wesselman is a good step for motivated and ambitious professionals. Wesselman constantly invests in talent, knowledge and the learning of her employees. You are offered multiple internal trainings, both on technical and personal aspects, and get a personal mentor who will assist and help you with all of your questions. Furthermore, Wesselman offers a good and market-oriented salary, pays your study and provides you with your own laptop. If you make it to Senior Assistant Accountant (usually within two to three years) you will be offered a lease car and a business phone at your disposal. What are the opportunities at Wesselman for graduates? Just as me several years ago, every year new graduates start their career at Wesselman. At this moment we are still looking for new and motivated colleagues. So, if you are interested in my story and in working for Wesselman Accountants, please don not hesitate to take a look at our website. Perhaps I will see you soon at Wesselman! – This article is translated by an editor of Faces Online
Working at Deloitte
Our names are Tim Langewisch and Bolot Ebbing. We are 24 and 22 years old and we are both almost finishing our Master Accountancy in Tilburg. Next to that, the two of us are going to work at Deloitte Audit, starting from September 2017. As any student knows, choosing your path regarding your study and finding the right first employer are not easy tasks. In this article we will write about our choice for the audit profession, our current employer Deloitte, and how we got where we are now. Where do you know each other from? Tim: We met at Study Association Asset | Accounting & Finance, of which we had both been active members. Next to studying, I also wanted to acquire other skills, such as soft skills that you can’t learn by reading a book. For that reason and because my interests were focused on accountancy, I decided to become an active member at the study association. I have even been a board member at Asset | Accounting & Finance for a year. Bolot: I also wanted to participate in activities besides just studying and I had heard from my friends that becoming an active member at Asset | Accounting & Finance was a great way to do that. During your time as students, you both came into contact with Deloitte. What were your main reasons for choosing this accounting firm? Bolot: I met people from Deloitte at an Inhouse-day. We had to solve a case about the Efteling, after which we had dinner in the center of Eindhoven. With these ‘Deloitters’ I was able to talk about working at the firm, as well as about many other topics. I really had a wonderful day, and I immediately felt a warm connection with Deloitte. Tim: During my time as a board member, I’ve often had to contact Deloitte. We hosted many events with Big 4 companies, but the people from Deloitte were the ones I liked best. Next to that, a few friends of mine already started working at Deloitte, which made my choice a little easier. The two of you are in a relationship right now. Did you deliberately choose to work at different offices? Bolot: I’m from Breda, and I really wanted to return to that city after my graduation. Therefore it was an easy decision for me. Tim: My ambition was to work at Deloitte Core Audit. That is the department that audits the large multinationals and publicly traded companies. Those departments are located in Amsterdam, Rotterdam, and Eindhoven. Personally, I enjoy the Brabant-life. That’s why I decided to work at Deloitte Eindhoven. So it wasn’t really a deliberate decision not to work at the same office. Nonetheless, I think it’s for the best that we’ll both work at different locations. “The thesis-internship is a great way to get to know your future colleagues and to get a feeling about what the atmosphere is like at Deloitte” What are your experiences considering working at Deloitte so far, and do you think it is valuable? Bolot: The past half year I was a working student at Deloitte. It has been an amazing experience! I recommend anyone to do it as well. You’ll get to know so many different companies. Clients I enjoyed working with the most were Fokker Elmo and BrabantWater. Fokker Elmo makes wiring for Boeings and Airbuses, whereas BrabantWater makes sure we have clean drinking water every day. It’s a good way to get to know the systems and the way of working at Deloitte. I’ve met a lot of colleagues because I worked together with many different teams. Three days per week I worked at Deloitte, and the other two I attended university. The moment you start working four days a week, next to completing the RA-course, everything seems new and very busy. When you are already used to working besides your study, it makes the transition to a working life a lot smoother. Tim: Even if you are working on your thesis only, you still get to know a lot about the systems and business activities. Besides that, the thesis-internship is a great way to get to know your future colleagues and to get a feeling about what the atmosphere is like at Deloitte. From the start, you’ll get involved in activities, random nights out and skiing holidays. In a couple of weeks we’ll even be going to Manchester together with all the guys from our department. How would you describe the atmosphere at Deloitte? Bolot: I would say the atmosphere at Deloitte is very nice and friendly. The audit department in Breda is not so large, so you’ll know everybody within no-time. During my time as working student, I attended a big party, including an overnight stay. The people were all very open and I had a great day. Tim: I would describe the atmosphere as follows: work hard when you have to, but have a lot of fun outside office hours. Bolot, what did you exactly do during your time as working student? When I was a working student, I was in the interim audit team. During the interim audit I was accompanied by a senior staffer who showed me what had to be done and why. I really appreciated the guidance I got and I felt that I was really able to develop myself in a good way. The people immediately treated me as an equal colleague, and I didn’t have to do any chores. I felt part of the team. What is it that makes the audit profession so enjoyable to you? Bolot: You work for a lot of different clients and in different teams. That’s why I like it so much. Furthermore, I enjoy working with numbers and being social at the same time. Tim: I would like to add that the accounting profession is subject to technological innovation. It is ‘on the move’. Nobody is able to tell you exactly what the job looks like
Working at KPMG
What are my interests? What are my ambitions? And with which company do I click? Every student asks these questions during their time at university. However, it appears that most university students find it difficult to answer these questions, which makes sense! It is mandatory to do an internship as a HBO student, but at the university you have to arrange it yourself. As a recent graduate, I will tell you about my student days and I will give tips to help you to get in touch with your future employer more easily. I am Laurens Mesuere, 24 years old and originally I come from Sluis (Zeeuws-Vlaanderen). After high school I moved to the student city of Brabant, Tilburg. Here, I have completed my Bachelor of Business Economics and over a month ago, I also completed my MSc Accountancy. During my study I co-organized a Studytour and did a board year at Asset l Accounting & Finance, which I considered to be a unique experience and I would recommend it to everyone. The past six months I had only to complete my MSc thesis, which I wrote at KPMG in Eindhoven. Now I work at KPMG as a trainee and I would like to tell you about my first experiences. On an early Tuesday morning. I drove to a client, where I was scheduled for a total of two weeks to assist on the Audit. Since January, the other team-members were already working for this corporate which has the largest market share in its sector. The deadline for signing the financial statement was that Tuesday afternoon. The team had been working days and nights to make the deadline. At 17.30 the financial statement was signed so we raised our glasses and celebrated this team achievement. Work hard, play hard is the motto of the team. As an Accountancy Trainee, KPMG offers you all the opportunities that exist in the field. Diversity is one of the key words. Customers, large and small, listed or non-profit, they are all included in your workload. Every customer you work for also means working in a different KPMG team. The team consists of several functions and levels of experience. Teambuilding is a key focus within KPMG. Throughout the year, different events are organized, such as holidays and a ski trip, with more than 100 KPMG employees joining. Also, KPMG celebrates its 100th anniversary this year! The teams within KPMG are young and ambitious. From what I have experienced the last months is that you and your team always work for one goal. Trainee or partner, everyone helps each other in his/ her duties and everyone is very accessible. This contributes to the high learning curve, which is also necessary in the fields KPMG operates. In a short time, you will learn a lot about different companies and processes. It is a look behind the scenes at the financial administration of companies. For this reason, I have deliberately chosen for this field. In September I will begin the post-Master Accountancy with the aim to achieve the prestigious RA title in a few years. The choice for your ideal employer is not always easy, because of the many different companies you can choose from. You really get to know the company when you actually work at it. Start early with orientation and find a company that matches your wishes. During my time at Asset l Accounting & Finance I got the opportunity to get in touch with many companies in a short time. You can help yourself in your orientation by, for example by participating in career events, such as Inhouse Days, a Financial Business Dinner or the Economic Business Weeks. It is up to you. My advice: “Expand your horizon, control your future!”
Accounting & Controlling Expedition 2017: Looking back
On February 15th it was time for the Accounting & Controlling Expedition 2017. For months, the committee put in a lot of effort to create this beautiful event. Promotion was done, the hotel was booked, and all arrangements with the participating companies had been done. On Wednesday morning 11:30, room DZ03, slowly filled with 24 ambitious students. After a short introduction, we packed our bags and headed to the train station. After just 15 minutes we already lost the first participant. However, once found and with a freshly bought snack, we got in the train to our first destination: Eindhoven. In Eindhoven we visited the first company of our expedition: Joanknecht & van Zelst. After a short presentation about the company and some inspiring words by one of the customers, it was time for the real thing. In groups of six students, we went to work on a case about internal processes of the customer. Afterwards, we enjoyed an amazing dinner in restaurant Plein 2 with the group and team of Joanknecht & van Zelst. After three delicious courses, it was time to head to the next destination, Amsterdam. In the beautiful Novotel, we ended the day with a small drink. Thursday started off well with a nice breakfast in the hotel. Dressed ‘Business Casual’ we left for ING. As extra sensation for this expedition, we witnessed a live Greenpeace protest against ING’s Dakota pipeline in front of the ING office. The ING office left a good impression with most of us. No rigid office, like you may expect from a bank, but a modern and creative working environment. We worked on an ING game and learned a lot about ING as a company. The winners of the game received a nice gift for their hard work. We ended the morning with a nice lunch at the office. We continued the day in Amstelveen, where we visited KPMG’s office. We were all impressed by the huge headquarters of KPMG. They gave a clear and informative presentation about the company in general and some personal experiences of the employees who took part in this day. Afterwards we worked on a (unexpectedly) nice assignment, where every single person had to tell a personal story as good as possible. The group heard a lot of personal experiences and we got to know each other on a different level. As the first day, dinner was catered perfectly. This time, in the form of a cooking workshop in the heart of Amsterdam. After putting on the cooking apron, everyone prepared their own course full of enthusiasm. It took about 1,5 hours cooking with your team, after which the courses where served one by one. We ended the day, again, with a drink in the hotel. The next morning there was a small problem. The hotel’s alarms did not go off, this meant many of us had to get ready in record time to make it to our next destination in the south of the country. In Breda we visited our fourth company: de Belastingdienst. Here as well, we had a very educational morning and got a good idea about working at the Belastingdienst. After a great lunch at their office it was time to visit the final destination of our expedition: BDO in Tilburg. At BDO’s office, one of the partners created insight into working at BDO. He even was so excited that he largely explained everything that was in the recruiter’s presentation! BDO also showed us a look behind the scenes at one of their most interesting customers, football club Willem II. At the stadium we worked on a case with the group, specifically focussed on the club. While enjoying a drink and a snack in the skybox, we ended the day and the expedition in a perfect way. To summarize, it was 3 days filled with educational and fun moments. The amazingly motivated students who participated have made this event a great success. The atmosphere was perfect and everyone has been able to orient future career paths in a great way. I want to thank the committee and our coordinator for everything they have done. Because of their hard work, we were able to realize this event. I can say that the Accounting & Controlling Expedition 2017 was a success!
Interview Jolanda Lamse-Minderhoud
From the Goese Lyceum to the Board of Directors of PwC, please tell us about you. I’m someone who works out of passion, and I have a great sense of responsibility. That’s the reason why I like to do things right and why I don’t give up quickly. The Goese Lyceum is where I went to high school, and after that I studied Business Administration. I started my career at PwC in Bergen op Zoom, and during this period I obtained my RA-title from NIVRA/Nyenrode. My idea was to work at PwC for 3 to 5 years, learn a lot from that organization, and after that do something different. I’m also someone who likes a challenge and personal development is of great importance to me. After a couple of years at PwC, many new opportunities arose from within the firm. This, in combination with the diverse mix of clients, is the reason I’m still working at PwC. My position is comprised of both working with numbers and with people, a combination that still intrigues me. In 2006 I became a partner. My idea was to hold on to that position as long as I still liked it, and I had to be passionate about it. This eventually led me to become Head of Human Capital of the Dutch board of directors and of PwC Europe and EMEA. What do you think about the combination between working and learning? Back in the day the working-learning approach was the same as it is now. One works 4 days a week and the other day one goes to school. I’m someone who likes to study topics that are closely related to the work I do. The knowledge I obtained on Friday, I could put into practice on Monday. Working and learning is a tough combination, because you need to prepare for classes and have to work at the same time. It is key to remain persistent and to make decisions. In the end, it proved to be a great combination for me personally. What does Jolanda Lamse-Minderhoud’s work week look like? When I started at PwC, I worked at our client’s offices from Monday until Thursday. The teams changed frequently. Sometimes you would start your day at the PwC office, but most of the times you would work at the same client’s office for a couple of weeks. When I look at my agenda now, there is much more variation. It’s important to be able to adjust quickly, because connecting is the keyword of my working week. Last Monday I had a board meeting in Amsterdam, and on Tuesday, I spoke with my international colleagues. Occasionally I catch an airplane, but we are increasingly using new technologies to contact one another. My role within the firm has changed over the years from an executive function to a more strategic one. What was your main reason for remaining an accountant? The beauty of being an accountant is that you see many different businesses. Next to that, accountants carry great responsibility by delivering audit reports. The reasons I’m still a partner at PwC is that I was able to develop myself, and because I’m a good fit in the firm’s corporate culture. Personally, I’m very fond of our company’s goal: “Build trust in society and solve important problems!” It’s very important to me that next to my job, I’m able to contribute to society. Can you name two things you learned during your career? For me as a person: Don’t give up to quickly, even if you feel resistance or if something seems to fail. Afterwards you be appreciated by either clients or co-workers, so bite the bullet! The second thing I learned is to look at something from a different perspective. I call it ‘rethinking’. One can translate this to questions such as “why would I want this instead of why wouldn’t I want this?” or “why should I do it instead of nothing doing it?”. If you think in this manner so much more suddenly seems to be possible. Besides that is important to just try it, without being afraid to lose. Nobody ever got something from doing nothing. The accounting profession has changed enormously. How have you experienced those changes and what are most important developments? The most notable change has been under scrutiny from society. However, I personally think the profession has become more technical, with a focus on good documentation. Nowadays you have to document really well with whom you had contact, why you made certain decisions, why you think it was the best decision, what the pros and cons are, and that you explicitly mention those in the files. I think an accountant’s value has actually increased because of all the public attention, because everybody sees that the accountant plays a crucial role and that his audit report has special meaning. Is the profession still interesting for students? We have to get used to the new reality in which you structure and document your thinking process. Besides that, we also have to transform into the new age of Big Data, with which we are still experimenting. The outside world has not yet have a real answer, because the traditional audit was different. How are you going to put the transformation to use? I think that when we implement all those changes, the profession will still be engaging. You will still be relevant to society, you will still be able to see many different companies, you will work with all kinds of different control systems the clients use, and you will have become very good at structuring and documenting your thinking process. Last but not least: you will still be working with many very interesting people. We have to get over our fear of thinking accountants are not doing their jobs well. The press will always present things somewhat negatively, but in my opinion the accounting profession is still very exciting! When you look at Human Capital, what has