Opportunities as a Register Accountant: an interview with the CFO of RTL

Are you interested in Accountancy and the possibilities after finishing your RA track? We had the privilege to interview CFO of RTL and alumni of Tilburg University, Patrick Olde Scholtenhuis. He finished his Registered Accountant education at Tilburg University, after which he ended up at RTL Netherlands through KPMG. In this interview we review his step from Accountancy to Business, his studies and his career.

Can you tell us something about yourself?
I studied Business Economics at Tilburg University, with my master specialization in Accountancy. After this I started working as a trainee at KPMG, where I finished my RA track. I worked at KPMG for a couple of years as controlling leader. At this point I was a Register Accountant. From 2001 I work at RTL, where I fulfil the position of CFO since 2008.

The first thing people think about when hearing the name RTL is of course the TV-channels and programs. In what extend are you involved in this area?
In my current function as CFO, I don’t have a lot to do with the actual content. The program managers are responsible for the programs on tv and the presenters who will be contracted. The financing of this, the program budgets, is something I am responsible for..

Can you tell us something about the company RTL Netherlands?
We have quite a number of tv-channels. We have the original channels, RTL4, RTL5, RTL7, RTL8 and RTL Z.  We also have three digital theme-channels, RTL Crime, RTL Lounge and RTL Telekids. This is everything within the TV domain. Next to this we have a big digital domain as well, with for example RTL XL, Videoland and our own multi-channel network (comparable to a record company, but than for online video stars). RTL also has its own live entertainment business, where for example events like ‘Grand’, ‘Let’s Dance’ and ‘Gabbers’ come from. We have our own private investment division, RTL Ventures. And our internal production company Productions provides the production of different RTL programs and several commercial manifestations. I am financially responsible for all of this. In total we have about 900 employees, but next to this we also use the services of many temporary employees ,

How did you experience your time in Tilburg?
My time in Tilburg was great! I am originally from Oldenzaal in Twente, where I was born and raised. When I was 18 I headed to Tilburg to study. I had an amazing time there. At that time (end 80’s, begin 90’s) students could take up to six years to finish their study, something most students did. This meant a good combination of studying, sports and fun was possible.

Why did you choose to study Accountancy?
I have a thing for numbers. I seriously thought about studying technical physics, science or econometrics. I found that technical physics and science where very mathematical, because of this it was too far from the daily practice for me. Business Economics is very practical, because everyone has to do with it in real life. It is also really mathematical and it is easy to find a job in it. After a while you have to make a decision and I thought Accountancy fitted me best at that moment.

From 1995 until 2000, you worked at KPMG. In 2000 you decided to change over to the business side by joining RTL. What was your motivation for this move?
For years I have enjoyed working at KPGM. RTL was a customer of KPMG in this period. I was one of the people in our team at RTL from KPMG, this way I got in touch with the media-industry.
In first instance we were hired for the audit of the Annual figures. But at the time there were 2 things that happened within the organisation. An IPO for Mother Company of RTL Netherlands, RTL Group, was being issued. RTL Group placed a part of their capital, about 4 or 5%, on the stock market (on this moment they are listed in Luxembourg, Brussel, Paris and Frankfurt for about 25 percentage). This meant that the figures of the past couple of years had to be reviewed again and had to be placed in such a way that they were  suitable to communicate with potential new investors. This was a huge project where we assisted RTL. I got to learn RTL even better this way.
At the same time technical facilities where being outsourced, this was a hard and complicated process. At this point I felt very comfortable with the details and matter of the company, this made me realize it would be a fantastic company to work for. At that time, both the former CFO and Manager Finance left, which meant two jobs became available. The current CFO of RTL Netherlands, Bert Habets, filled in the place of CFO and I became Manger Finance.
What I really like about RTL is that everyone knows it and for that reason it is close to the people. Furthermore, it is an international brand, because of this we work with colleagues from all over the world. All these things combined make it a great company to work for.

The path you took in your career, from Accountancy to Business. Did you have this in mind beforehand?
No, I didn’t have this step in mind. What I did have, was that I gradually found out how the Accountancy worked. You become more experienced, you see and do more. You navigate more and execute less. Because of this I had a few critical notes. Accountancy became more about filing, the Audit files, which was actually right. But this made the job less interesting, I started doubting if I wanted to do this job for the rest of my life, also because it is a very specialized job.
When I came in touch with RTL and was there for a longer period of time because of multiple projects, I was convinced I had to take a step outside of Accountancy. And I do not regret that choice.

In what way does your past as a Registered Accountant help you in your current job as CFO of RTL Netherlands?
Accountancy is all about the reliability of numbers, having the correct numbers, the completeness of revenue, internal control and administrative organization. Of course, as a CFO I also have a lot to do with these areas, because everything has to be organized within the company. All processes have to be right and internal control has to be solid. There has to be a process which makes sure nobody can just change prices in our system. The audit environment traditionally focusses on the past, think about Annual reports and their accountability. You always look back. The fun part of Business is, especially as CFO, that you always have to look back, but 99% of my time I spend my time on the future. So, next to things I learned in Accountancy in areas as administrative organization, controlling and reporting, as CFO I have to do with forecasts, the budget, takeovers, strategies etcetera. This makes my job more broad than the job of an Accountant or manager at that time. As CFO I spend 40% of my time on Finance, the other 60% I spend on totally other things. Discuss with the supervisory board, fellow directors and managers at both strategic as operational level, director of pensions fund PNO, leading by for example acquisition processes and so on. These kind of processes have to be controlled, which means you need to have a clear vision. What is the impact of developments in the media industry on our company? Look at the changing viewing behaviour, in which the viewing time online grows rapidly. You have to anticipate on that and adapt and estimate your investments on that.
At this point we have to decide if we want to invest in this area and how this investment will impact our traditional model.

Finally, what kind of advice would you give to students (of Tilburg University)?
Whatever you decide to do, this will only go successful in one way. That is with interest and passion. If one of those elements is missing, do not start with it. Many people choose their study for the wrong reasons. Because of the money or the chances on the labour market. But if you want to shine, the most important thing is to do it with pleasure and passion. Like a soccer player who almost wants to eat the grass.