For the Dutch version, click here. On Wednesday, November 30, we were once again able to join the Class Theatre for the twenty-first edition of Accounting Insight. Starting at seven in the evening, the doors opened for guests. The guests, whether students, working professionals or professors, were able to meet here while enjoying a cup of coffee, tea or a soft drink. The themes of this evening were: Fraud, Data Analysis and Sustainability. After last year’s edition unfortunately could not take place due to measures, the themes were moved on to this year. Under the motto: ”Improve today to advance tomorrow” we asked our speakers to explain from the different themes how we can improve accountancy now, so that we can advance in the future. This edition was also the first edition of Accounting Insight to be held entirely in English. Fraud After the guests had half an hour to chat, it was time to enter the auditorium. With nearly one hundred guests, the room was quite full. After a word of welcome from the chairman of the committee, Bas Penders, and the introduction by the chairman of the day, Margreeth Kloppenburg, it was time for the first proposition: ”Auditors are not equipped with a critical mindset to detect fraud.” This proposition was explained by two speakers, Marianne van Kimmenade of the NBA and Don Raaijmakers of the AFM. Marianne has thirty years of experience at EY, having also been a partner there. After her brief retirement, she became a policy advisor on fraud at the NBA. Don Raaijmakers himself worked for fourteen years at KPMG, then five years at EY, where he was a college graduate of Marianne. After this, he has been working at the AFM as a team leader for fifteen years. Don and Marianne together came to the conclusion that auditors are sufficiently trained to detect fraud, but that the critical eye of especially young auditors is not used enough when conducting an audit. Therefore, they would like to see auditors take a critical look, and not let their biases be a factor in conducting an audit. Data analysis The second topic of the evening was Data Analysis, with the proposition: ”For a future accountant, it is better to study physics as opposed to business economics.” For this thesis, Theo-Jan Renkema and Ferdy van Beest were the speakers. Theo-Jan Renkema has worked at Rabobank for 24 years, currently as Chief Innovation and Technology Auditor, and is also a professor at Tilburg University. Ferdy van Beest has been working at Nyenrode Business University for seventeen years, where he is currently Associate Professor. He also works at Flynth as Director of Data Propositions and Integrated Reporting. So two experts in the field of Data Analysis. Theo-Jan Renkema argued that auditing uses more and more data and its analysis, so that in the future he indeed sees mathematicians as auditors, instead of business economists. Ferdy responded that yes, data is being used more and more, but that the auditor is a bridge between the audit and the business, requiring the human touch that business economists have. Together, the speakers agreed that business economics still remains important within Audit, but that there is going to be more and more specialization, with a lot of help from mathematicians. After this substantive discussion it was time for and break, during which guests could discuss afterwards while enjoying drinks and snacks Sustainability After the break, it was time for the third and final topic of the evening, Sustainability. The thesis of this theme was, ”The Chief Financial Officer (CFO) of the future is the Chief Value Officer.” Under this theme, Nicolette Loonen and Ferdy van Beest discussed. Ferdy van Beest has already been introduced at the previous theme. Nicolette Loonen worked at KPMG for 15 years, after which she held all different jobs. She is a co-founder of Tribe of Sustainability Change Agents (TOSCA). The discussion began with Nicolette explaining that the CFO needs to change to the CVO, because there is a need to look more at the long term, and then also how to do business responsibly. Ferdy disagreed, because he thinks that the duties of a CFO are going to be different in the future, and this includes a long-term view. He doesn’t think the position should be renamed for this. In the end, the speakers agreed that the CFO should think about the long-term vision of a company, but the disagreement was mainly in the name of the position. Business Market After another great edition of Accounting Insight, the speakers and partners were thanked by the chairman of the committee, and the chairman of the day closed. After this the guests could have a drink at the company market, where KPMG, EY, PwC and ABAB had set up a stand, all our other partners were fortunately also present. While enjoying a beer, soda, and plenty of snacks, the participants were able to get to know each other, or their future employer, for a while. Also inspired by my story and would you like to be the person responsible for Accounting Insight 2023? Then quickly become an active member at Asset | Accounting & Finance. You can sign up via: Info@Asset-AccountingFinance.nl
How to build a career in Venture Capital
For the Dutch version, click here. The venture capital (VC) industry is an exciting and fast-growing field that provides individuals with the opportunity to make an impact in the business world, which can be highly rewarding if you’re willing to put in the work. If you’re looking to break into the VC industry, you’ll need to demonstrate a combination of skills and knowledge that can be developed through a variety of avenues. This article will provide a comprehensive guide on how to start your career in venture capital and the skills you need to succeed. 1. Develop Your Knowledge of the Industry The VC industry is a complex environment, and it’s important to have a detailed understanding of the industry before you jump into it. You will have to have a thorough understanding of how VC funds add value, how VC investments are structured, and the different stages of the venture capital cycle. Additionally, it’s important to understand the regulations and legalities of the venture capital industry, as you will need to know the boundaries you are required to operate in. In order to develop your understanding of the VC industry, you could best read industry publications and blogs by leading VC funds, attend conferences and seminars (for example from the NVP), and network with other professionals in the industry. 2. Develop Your Analytical Skills A major part of a venture capitalist’s job is to conduct due diligence and financial analysis on potential investments. First, it’s important to have the ability to assess a company from a financial perspective. Here, you have to be able to determine the valuation of the company with limited information, understand how the investment will create value in the future, and be able to evaluate whether the financial forecasts of the company make sense. Next to this, you also have to be able to analyze the market to understand how the company compares to its competition, how the market is segmented, and to be able to evaluate its product/service positioning. To develop your financial skillset, you should dive into some finance and accounting books and articles, take economics and financial analysis classes, and practice analysing financial statements. For market analysis skills, you’ll have to do the same things, read up on the topic, take classes, and practice. 3. Develop Your Network Having a strong network within the VC industry is essential to finding the best deals and staying abreast of the latest trends. Networking is in essence talking to people, but finding the right people is easy said than done, so here are a few tips: Attend networking events, join industry associations, connect with professionals on social media platforms like LinkedIn, and ask for introductions from people you already know. If you show a willingness to learn and a genuine interest in the people you reach out to, you’ll be amazed by their willingness to help you out. 4. Develop Your Negotiation Skills Venture capitalists need to be skilled in sales and negotiation to be successful. In the end, the valuation of a company and all other terms in the deal come down to the negotiations between the VC fund and the company. When it comes down to negotiations within venture capital, you need to know where the other party is coming from. While it may seem that a VC investment is purely financial, for the founders of the company that you are investing in, a lot of emotions are at play. It is therefore important to understand that venture capital is a people’s business, where building long-term relationships is essential. Being able to explain why certain terms are included in a deal and being able to defend your valuation of their fund without offending them is key to making a deal go smoothly. While you could develop these skills by practising presenting, you can only truly learn these skills through experience, which brings us to our last point. 5. Get Experience Gaining experience tops all other points in the VC industry. There are two ways you can go about this. The first one is the long way around, namely starting and becoming successful with your own company with VC backing. This will essentially give you a ticket into the VC industry as then you will already have almost all the skills needed, but this way is not for the people who want to go directly into the venture capital industry. If you want to immediately start in the VC industry, you can start by doing an internship at a venture capital fund, become part of a student VC fund or start working as an analyst at a venture capital firm. If you’re not able to start this way, you can also work for startups and get involved in the entrepreneurial community. By following these steps, you can lay the foundation for a successful career in venture capital. Developing a career in venture capital is no easy feat, but with hard work, dedication, and a willingness to take risks, it can be a rewarding and lucrative path. By gaining experience, building a strong network of contacts, staying educated on the industry, and staying up to date on industry news, you can set yourself up for success in the venture capital world. Good luck!
Working at HLB Witlox Van den Boomen – by Floortje Schroeder
For the Dutch version, click here. Started as a Junior Assistant Accountant at HLB Witlox Van den Boomen in 2016 and never left. How did I end up at HLB Witlox Van den Boomen and what is the reason I stayed after my internship? I am happy to tell you all about it in my story ‘Working At HLB Witlox Van den Boomen’. Who is Floortje Schroeder? First of all, let me introduce myself to you. My name is Floortje Schroeder and I am 25 years old. I was born in Tilburg but have been living in ‘s-Hertogenbosch for 13 years now. I remember very well that during high school I had a guest lecture by an accountant. This caught my attention so after high school I started the HBO course Business Economics/Accountancy at the Avans Hogeschool in ‘s-Hertogenbosch. I completed this course in 2018. I was born and raised in Tilburg, which is why I wanted to study in the city I come from. I then chose to take the pre-master’s degree in Accountancy at Tilburg University. After obtaining the pre-master’s I started the master’s in Accountancy and as of September 2020 I started the post-master’s in Accountancy at Tilburg University. I am now in the third and final year of the post-master Accountancy. My path to HLB Witlox Van den Boomen My path to HLB Witlox Van den Boomen started in 2016. In that year, I signed myself up for the practical route that was offered at Avans University of Applied Sciences at the time. The practice route is a route that gives students the opportunity to get acquainted with practice for 1.5 years. When participating in this practical route, students must choose an accounting firm where the choices included a Big4 firm and HLB Witlox Van den Boomen. My preference went to HLB Witlox Van den Boomen and my choice at the time was substantiated by the fact that I considered myself to fit better within a ‘smaller’ organization where the lines of communication are short, there are sufficient career opportunities, there is close (multidisciplinary) cooperation, an informal atmosphere and a client portfolio that is very diverse. The practical route brought me to HLB Witlox Van den Boomen in 2016 as a Junior Assistant Accountant where I could get acquainted with the practice for 1.5 years 4 days a week. Following the practical route at HLB Witlox Van den Boomen gave me the opportunity as a student to get an idea of how things work in practice and what activities an assistant accountant performs. Besides contributing to the expansion of my practical knowledge, this period has also contributed to my personal development and made it easier for me to make my choices regarding my follow-up studies. Practice versus theory I completed my HBO education in 2018 and after this I immediately started the pre-master and master Accountancy at Tilburg University. During this period, I returned to HLB Witlox Van den Boomen as an Audit work-study student. Because of my positive experiences during the practical work placement, I wanted to continue to expand my practical knowledge and also continue to develop myself during my studies at Tilburg University. As a work-study student you are part of the team just like all the other colleagues and you carry out activities that correspond to those of an assistant accountant. This work mainly involves performing audit assignments for various clients, where we gain insight into the client, processes and risks and, based on this, create our approach to the audit of the financial statements. The only difference between an assistant accountant and work-study student is that as a work-study student, you are likely to work fewer days. As a working student, you can decide how many days you want to work in addition to your studies and can reduce the number of days in busier periods and increase them in quieter periods. This gives you the opportunity to gain practical knowledge on a flexible basis, learn to apply the knowledge from school and go through personal development. After completing my master’s degree in Accountancy, I started working as an assistant accountant at HLB Witlox Van den Boomen. HLB Witlox Van den Boomen gave me the opportunity during both my HBO education and my master’s to gain practical experience and to develop myself personally. Because of this, my decision to start as an assistant accountant at HLB Witlox Van den Boomen was quickly made. Why did I never leave after my internship? Of course I thought about taking a look at another accounting firm. But working at HLB Witlox Van den Boomen gave me more and more feeling for the motto: ‘Never change a winning team’. I’ll explain why. Now that I have been working at HLB Witlox Van den Boomen for a number of years, I have come to realize that my considerations at the time of choosing an accounting organization for the practice route internship correspond with the practice. I was looking for a firm where the lines are short, there are sufficient opportunities for advancement, there is close (multidisciplinary) cooperation, an informal atmosphere and a client portfolio that is very diverse. My client portfolio is very diverse and ranges from Retail companies and manufacturing companies to property developers. This diversity ensures that I get to take a look behind the scenes at all types of companies. This keeps my work diverse and challenging. In addition, every year I have influence on my client portfolio because I can indicate which clients I like to work for the most! The advantage of working with our clients is that you often sit at the table with the entrepreneur himself and therefore the relevance of your work is immediately tangible. I work in Rosmalen and our audit department consists of about 30/35 colleagues. This ensures close cooperation on a daily basis, as well as sufficient room to take and receive responsibilities, and to grow and develop. Because of the close cooperation, there
Change within European cyber laws: the approaching NIS-2 regulation and accountants’ unawareness
For the Dutch version, click here. A survey by SDU, a software innovation partner for the business community, and Lupasafe, an organization of cyber experts who focus on the financial and insurance world and previously performed ethical hacks for Achmea and Rabobank, shows that 90% of accountants are unfamiliar with the approaching NIS-2 regulation and 84% even have insufficient knowledge about cybersecurity. However, with the approaching mandatory application for these new European directives as of 2024, it is worrying that only a small minority is aware of these European cyber laws. Despite the very minimal knowledge, it appears that the implementation of NIS-2 still matters. The reasoning of the decision to change the current NIS-1 regulation and what this NIS-2 regulation entails will be discussed in this article. AEDs and DSPs Before discussing the NIS-2 regulation further, and as the name suggests, currently the NIS-1 regulation has been in operation since 2016. At the time of its introduction, it was the first European legislation specifically aimed at increasing cybersecurity across Europe. Remarkably, the NIS-1 regulation was flexibly drafted to enable national lawmakers to apply their own interpretation, and therefore it served primarily as an overarching design to motivate countries to tighten their cybersecurity regulations or sometimes create their own. The NIS-1 regulation consists of the following three main categories: security requirements, notification requirements and information sharing. There is also a crucial distinction between AED (Providers of Essential Services) and DSP (Digital Service Providers), where unlike DSP, AEDs can be designated by national lawmakers. AEDs include companies that provide services critical to critical social entities and rely heavily on digital information systems such as energy providers. DSPs, on the other hand, are providers of digital services such as marketplace.com or the online search engine yahoo.com. To qualify as a DSP, however, the following two requirements are active, at least 50 employees and an annual turnover of 10 million euros. In the case of the Netherlands, the application of the NIS-1 regulation takes place through the WBNI (Wet Beveiliging Netwerk- en Informatiesystemen). Here, AEDs and DSPs must apply various adequate security measures and should an incident nevertheless occur, they are required to report it to the Computer Security Incident Response Team (CSIRT). New Rules However, a need has arisen within the European Parliament to extend the current NIS-1 regulation. The core reasoning behind this transition is the fact that cybercrime is growing tremendously in combination with increasing digitalization which means that smaller companies will also become more vulnerable to the threat of a possible cyber-attack in the future. Based on the World Economic Forum Global Risks Report 2020, cybercrime will even grow to become the second biggest risk for businesses within 10 years. To meet the new challenges, the NIS-1 regulation is being modified in five different aspects. First, significantly more sectors will be covered by the NIS-2 regulation that were previously considered too small to be at risk. Thus, medium-sized and large companies will be directly included in the NIS-2 regulation, and there is an option for individual member states to qualify smaller companies with a high security risk for the NIS-2 regulation as well. In addition, a mandatory minimum of basic security components will be introduced and the two different categories (AEDs and DSPs) will be abolished. Instead, there will be a qualification list where individual companies will be ranked according to their importance, resulting in different regimes being applied for each level. In addition, individual companies will also be expected to review their supply chains and supplier relationships and identify and address any security risks. And finally, the NIS-2 regulation will differ from NIS-1 since it will allow national authorities to impose stricter supervisory measures on companies. Conclusion Thus, the current NIS-1 regulation will be significantly broadened and strengthened. Especially the extension of the NIS-2 regulation compared to the NIS-1 regulation, among others accountants, will have to deal with this considerably more. And if a company is still not eligible for the NIS-2 regulation, there is a good chance it will be covered in the near future in the form of an NIS-3 regulation. With the increasing digitalization and associated cybercrime, it seems a matter of time until almost every company will have to deal with such a regulation, and the importance to delve into cyber security will only grow in the future.
Working at EY
For the Dutch version, click here. Who are you and how did you end up at EY? I am Bas, 22 years old, originally from a small village in Limburg, but since the start of my student days I have been living in Tilburg. After finishing my Bachelor in International Business Administration (including an exchange to Melbourne, Australia), I started the Master Accountancy, which I completed last summer. During my Master I oriented myself considerably on the life that would follow after my studies and this led me to a thesis internship at EY Eindhoven last February. Why did you choose to combine writing your thesis with an internship? When I started my Master I felt the pressure of adult work life slowly approaching. At the time, I had doubts whether a future within Accountancy was really my ambition. My friends and fellow students advised me to get in touch with companies in order to find an internship. I took part in several events of the study association ‘Asset | Accounting & Finance’ and that’s also how I came into contact with EY. A thesis internship felt like a safe choice to get a better idea of what work life is like this way, but at the same time still have enough time for my studies. Did this give you an advantage over your fellow students? My internship definitely gave me an advantage over fellow students without an internship. I had time available every week for my thesis, since the days I spent writing it counted toward my thesis internship. This motivated me to actually work on my thesis. In addition, I was assigned a “buddy” and “mentor” at EY. My buddy helped me with daily tasks and general questions. This was very accessible because he had also completed a thesis internship not long ago. My mentor, on the other hand, had been with EY for some time. Therefore, he was able to give me good career perspective and advice, as well as substantive support for my thesis. Were you able to achieve your personal goals during your thesis internship? I quickly noticed that I could achieve the most if I took a proactive approach and clearly stated what exactly I wanted to get out of my internship. It was recommended to spend 2 weeks with a team, but flexibility in that was possible. In total, I interned for 5 to 6 weeks myself, because my main reason for a thesis internship was to experience what the real-world work was like. Before I started as an intern, I was hesitant about whether I would be able to do my work well because I had no practical experience within Accountancy. During these internship weeks, these doubts quickly disappeared. Due to a warm welcome from the team and good supervision, my learning curve was fast. I realized that it was perfectly normal that I did not know everything yet, and everyone was open to help me where necessary. Partly because of these weeks, I discovered that I found the work extremely interesting, which suddenly made me a lot more confident about a future in Accountancy. “In my opinion, the best way to orient yourself is through a (thesis) internship or work-study.” Why did you choose to stick with EY? In fact, I was so sure about my future in Accountancy that I started as a Staff Audit at EY Eindhoven last September! Like many students, I was in doubt for a long time whether I wanted to extend my student time or was ready for a job. Since I liked the work and the atmosphere in the office so much, I decided to take the plunge and start working. During my internship, regular activities were organized (e.g. lunches, drinks and training sessions), which allowed me to get to know more and more people within EY. The switch from student to working took some getting used to, but in the end I am very happy that I took this step. Moreover, I am currently still following the Post-Master Accountancy on Fridays, so I still feel a bit like a student. You mentioned that you have now started, how have the first months been? So far, the work has suited me well. During my internship period, the corona measures were stricter than now, which made it difficult for teams to go to clients together. For that reason, I find it extra nice that this is now possible again. Over the past few months I have been able to see and learn a lot. Every day I learn new things and I am definitely not finished with my personal and professional development. Moreover, through both my internship and the two-week starter induction in September, I have been able to build a good relationship with my ‘year layer’ of EY starters, whom I can now also call colleagues. I am surrounded by people who have also made the step from intern to employee, with similar experiences, and this is very nice. What else would you like to tell students? I hear many doubts from students: “Am I going to do Accountancy, or Finance, or something else altogether?” In my opinion, the best way to orient yourself is through a (thesis) internship or work-study. During this period you will find out what work involves and what it is like within a sector. One last tip from me: go to (Accountancy) events, talk to fellow students, or send a message to a campus recruiter. A (thesis) internship can really help you clear your doubts! If you have any questions, you can always send me a message on LinkedIn.
Working at PWC
For the Dutch version, click here. The image of a boring accountant, dressed in a suit with a calculator in their hand, is outdated. Liselotte de Zoete is keen to explain why her profession is so fascinating and far from boring. She discovered her interest in accountancy during her Economics and Business Administration studies. After which she followed a business course at PwC and was hooked. Sharing my opinion “Before I started studying, people sometimes told me I should become a politician. I have opinions on everything and I really want to make an impact. I didn’t become a politician, but I still like to share my opinion. I do this as a senior associate and recently also as chairman of the works council. A nice combination that challenges me to get the maximum out of myself in different areas. As a senior associate within Financial Services, I advise clients on how to achieve their goals in a responsible manner. On the other hand, as chairman of the works council, I focus on PwC’s own policy. In both roles, I am very much involved in gathering and sharing knowledge. As a senior associate, I work in multidisciplinary teams with various specialists. For example in the field of digitalization and data analysis. That results in a nice interaction in terms of knowledge sharing, from which I in turn also learn a lot.” Focus on opportunities and possibilities “PwC employs people with many different backgrounds and talents. That inclusive culture and open work atmosphere immediately appealed to me. I have adhd and am dyslexic. This is no problem at all at PwC. In fact, there is even a diversity network for PwC employees with work challenges. Within this Ability network the focus is not on limitations but on opportunities and possibilities. At the time, I was therefore pleased to be able to do my graduation internship here. It was a nice way to get to know the organization and the audit and accountancy practice better. I discovered that I liked the field of Financial Services within the Assurance business unit best. So it was very nice that I could start working within this team immediately after graduating.” “The world in general, the world of our clients and that of PwC is constantly changing. So it makes sense to move with that and keep developing yourself.” A large training center “PwC is, in a sense, one big training center. The world in general, the world of our clients and that of PwC is constantly changing. So it makes sense to move with it and continue to develop yourself. There are plenty of opportunities to do so. You can follow courses and training programmes and you have access to a worldwide network of professionals with whom you can share knowledge, experience and ideas. When I indicated that I wanted to stand for election to the works council, I was given every opportunity to do so. I had good talks about it with our management team. They thought along with me in a positive and constructive way about how to fulfil this role alongside my work as senior associate. This has worked out well. So good, in fact, that I have been able to make great strides in both areas. The presidency has brought me much and is an immense learning experience. In addition, I will soon grow into the role of manager within my accountancy work, where I am the pivot between management and execution.” A pleasant working environment for everyone “Within the OR, we are committed to a pleasant working environment for all employees. We also maintain an open dialogue with the management about company policy and employee interests. This can be about anything. For example, we have made a case for flexible working hours and a personal well-being budget for each employee. In this way we ensure a good work-life balance. What about my own work-life balance? In terms of audits, the winter period is a busy time, when my work really comes first. As soon as the sun shines more often again you can find me on the field hockey field in my spare time. I also love cooking, good food, reading, traveling and of course my dog Saskia.”