For the Dutch version, click here. In the last years blockchain technology has become a fruitful digital innovation that could have implications business and enterprises. Read more on blockchain in this article Small introduction Blockchain is an upcoming technological innovation that could have major implications for different work fields. Amongst others, accountancy could potentially be reformed by this technology. Needless to say is that accountancy is generally bothered measuring financial information and assuring the correctness of this information. Blockchain has the ability to store information on a shared platform, called a blockchain, where all peers that are connected to the same network own an exact copy of the information provided in that network. In this way Blockchain has the ability to store transactional information that underlines the financial status of a firm. In other words, transactional assertions do not have to take that much time anymore which means that auditors are able to spend their time on matters that require higher level thinking. Based on this given, it can be said that implementing this innovative technology could provide accountancy professionals with a lot of opportunities. However, before blockchain can even be considered as an integral aspect of the financial world, the technology needs to be further optimized and adapted to be practical for professionals. Partnerships Hence, over the recent years accountancy firms have made efforts to forge partnerships with start up firms that specifically work with blockchain technology. So has Deloitte, world’s biggest accountancy firm, forged a partnership with Ava Labs. Ava Labs is the firm that is responsible for the creation of the Avalanche Platorm. The Avalanche blockchain is, just like the rivaling Ethereum blockchain, a platform that utilizes smart contracts to support various amounts of blockchain applications. At this moment, Avalanche is considered to be one of the fastest smart contracts platforms. The developers claim that they have a much faster transaction processing time than the Ethereum blockchain. This means that Avalanche’s scalability is far more superior compared to its competitor. Deloitte forged this partnership in order to leverage the usage of the Avalanche Blockchain. The reason for this is the fact that Deloitte works together with the FEMA (Federal Emergency Management Agency) to develop disaster reimbursement programs for governmental agencies. Deloitte has created a platform called the CAYG-platform, which is a cloud-based application that provide its legislative partners with a decentralized and transparent system. With the help of the Avalanche blockchain, the CAYG application should be able to retrieve documentation more quickly, under reduced administrative effort, and mitigated risks. In this way, the government agencies would potentially be able to help victims of disasters faster with funding while abuse and fraud would be curtailed substantially. Other partnerships Needless to say is that Deloitte is not the only big accountancy firm that has formed strategic alliances with blockchain firms. In 2021, PWC has partnered up with blockchain firm Vechain in order to develop a low-code digital service platform that uses blockchain technology. With the help of this technology enterprises would be able to utilize digitized business models that require the adaption of the innovative blockchain technology. After succesful adoption, enterprises would be able to integrate scattered supply chain data in a rigid and reliable blockchain ecosystem. In this way firms could achieve full transparency over the complete span of the vertical supply chain, which promotes trust among firms and its external stakeholders. In the same fashion, EY collaborates with Polygon on building and implementing scaling and enterprise solutions for the Ethereum ecosystem. The Polygon protocol provides an easy framework for new and already existing blockchain developments to build in the Ethereum ecosystem with an increased rate of scalabilitity. In a broader sense, this integration would provide users of this framework with much more efficient transaction processes. Outlook What is a common issue with adapting new technologies is the fact that generally there are problems with data security and privacy. Another problem would be the lack of technical experts and the lack of clear legislation regarding the use of that new technology. In other words, regulators need a new auditing system that is able to watch over this new Blockchain technology in order to see whether no financial misconduct is taking place. However, despite the downsides of Blockchain, its potential benefits for the auditing, and makes it far too interesting to ignore this new innovation. A technology that could enable firms to implement a self-running auditing system would save a lot of extra working hours that could be spend in a much more efficient way. Auditing is just one of the many business areas where blockchain techonology has practical implications. As stated before, this innovation could instigate a big leap forward into technical development that could possibly spur digital innovation in an even faster rate that we have not seen before.
Working at Deloitte
About me I am Joost van Kommer and I have been working at Deloitte since September 2019. At the time, I started as a working student at the end of my bachelor. I am currently 24 years old and live in Tilburg. I followed the bachelor Business Economics and master Accountancy at the university. Currently, I am following the post-master Accountancy to Chartered Accountant at Tilburg University. My introduction to Deloitte I first came into contact with Deloitte during the Economic Business Weeks Tilburg. Here, a day was organized to get acquainted with all Big 4 firms. During this day I had the opportunity to talk to all offices and get an idea of the work and the mutual atmosphere. A golf workshop was followed by a drink where I quickly ended up at a table at Deloitte. There were colleagues from different cities present so it was also possible to get an idea of the various offices. It turned out to be a very successful event, which immediately gave me a good feeling about the people of Deloitte. This feeling was mutual, because after the party I was invited to visit the Eindhoven office. The click with the other colleagues was also good, so my choice for Deloitte was quickly made! My experiences at Deloitte Since September 2019, I have been working at Deloitte as a working student and thesis intern, among other things. As a working student, you get the chance to work as a full team member on an audit. The team gives you a lot of room for guidance and your own development. My very first client turned out to be a first year audit, which can rightly be called a ‘baptism of fire’. I experienced it as very instructive to learn how an audit is planned from the very beginning. The work-study position offered a great opportunity to get a taste of the work and to get to know colleagues in my teams. This made me feel completely at home in the department during my thesis internship. During the writing of my thesis, I also had the opportunity to work for different clients. The focus during this period is also on getting to know the many colleagues and discovering the opportunities that Deloitte offers. “At Deloitte, there is room to spend part of your time on social projects”. At any point in your career at Deloitte, you are fully included in the group. As a working student I went on a skiing trip to Austria and during my thesis internship I was taken to the Private Day at the Efteling amusement park. Next week a festival will be organized at Thuishaven and on behalf of the Eindhoven office we will participate in an international indoor football tournament in Prague. Enough opportunities to relax! A lot is possible within Deloitte. During your introduction program you will be made aware of all the initiatives within the organization. For example, there is room to spend part of your time on social projects (Deloitte Impact Foundation) and there are sports programs and apps available where you can even save for free goodies! Deloitte is a large organization and you can really notice that. Besides the drinks and parties there are also a lot of opportunities at work. You can indicate to your coach which clients you prefer. Would you like to take a look at a listed company? Or would you like to see a client in a certain sector? There is always more possible than you think! Even if you want to develop yourself outside of audit, there is room for this. You can take on a role where you specialize in, for example, IT, data analysis, sustainability or culture so you can help your colleagues with these topics in their work. There is a lot of knowledge and expertise available at Deloitte that you can always call upon! What I want to give to students As an accountant, the nature of the work will not easily differ between the various offices. Therefore it is mainly good to get an idea of the atmosphere at an office. Do you already know someone who is doing an internship or works at an office? Ask if you can join them or drop by the office! Often career events are organized in which the big accounting firms participate. It is always a good idea to make use of these events as they also give you the opportunity to get to know each other in a more informal setting. Often recruiters or colleagues will be able to tell you a lot of great stories that you might not see on LinkedIn or their own website. Make sure you use these moments! Also take a look at the LinkedIn feeds of the offices to see what they are doing. You can get a good idea of how they respond to social issues or new laws and regulations. This can also help you to see if the organization suits you! Deloitte is an incredibly nice employer that I will recommend to every graduate accountant. Are you excited too? Or would you like to get acquainted to see what Deloitte has to offer? Don’t hesitate to send me a message via LinkedIn (https://www.linkedin.com/in/joost-van-kommer/) or to contact our recruiter Emily Ng (+31 6 36425847).
Accounting Expedition 2022
After a good preparation, a large promotion campaign and a lot of worrying about Corona, the 22nd of February was finally here: the kick-off of a physical Accounting Expedition! Deloitte At 7.45 a.m., 23 motivated, and still a bit sleepy, students gathered at Tilburg Central Station to leave for Eindhoven. After a few quick coffees and sandwiches, we were off to our first company. After a smooth journey to Eindhoven Airport, we arrived on time at the kick-off of the expedition: Deloitte. With a warm greeting we were welcomed, and after some cups of coffee and glasses of orange juice, it could really start. First we got a short introduction about Deloitte itself, what they stand for and how the company distinguishes itself from the other offices. Then we could get to work in groups on the case they had developed for us. The case was about internal control and risks; we were allowed to look for potential problems within the operational management of an electric scooter supplier. Part of the process was to interview the sales manager of the company (or, a well-prepared Deloitte accountant), from whom we had to get as much information as possible about the internal operations of the company of the case. Afterwards, the groups presented their findings to the employees, who were impressed by this group of aspiring accountants. To conclude, we had a nice lunch at the office with tasty healthy, and okay, somewhat less healthy sandwiches. The first company visit was a great success, and everyone was eager to see what the next company had in store for us. KPMG After dropping off our luggage at our hotel in the centre of Eindhoven, we could immediately continue to the second company of the day: KPMG. Here the programme opened from the ninth floor of their office, with a fantastic view of Eindhoven. After a fun and personal introduction by the KPMG staff, we worked in groups on an audit fee proposal presentation for the Netherlands’ hippest foodtruck company: ToetToet FoodFood BV. During the presentation we had to give well-founded reasons for increasing or decreasing the audit fee for the coming year. The presentations were given with the necessary creativity, which made it a very fun and certainly educational challenge. Of course, the attentive KPMG accountants and some of the keen students also asked some difficult questions. Together with KPMG, we ended the day with an excellent dinner at restaurant Plein 4. With the necessary bottles of wine, it was an exceptionally pleasant end to an intensive and fantastic first day. Afterwards, part of the group went for a drink at the Vooruitgang, while the rest went back to the hotel. After all, after a successful first day, there was still another day to come. “Although a shopping spree appealed to a number of students, we decided to head for the office anyway” PwC The next morning, the first alarm clocks went off at 7.30 a.m., the sleep was washed away and the suits were taken out of the closet again. A hearty breakfast was served in the hotel restaurant, so that we could start the second day of the expedition fresh and reinvigorated. The suitcases were already packed and put away, so that we could immediately proceed to the third company: PwC. The office was easy to reach thanks to its excellent location in Eindhoven, at the top floor of the Piazza shopping centre, with the Bijenkorf as neighbour. Although a shopping spree appealed to a number of students, we decided to head for the office anyway. Unfortunately, the 23 students couldn’t fit into the lift, so we got our morning workout in by climbing four floors of stairs. At PwC, we were received in true Brabant style with a nice warm sausage roll for all participants, after which we started the programme in good spirits. After a fun opening quiz, we got down to work on the case study in groups. It was an interesting case, it was about a festival and all the risks that go with it, especially the risks you have to take into account as an accountant. And of course, the goodie bag also contained a pair of bright orange festival sunglasses! With an extensive tour of the fairly new office behind us, we moved on to At the Movies for a delicious lunch with a group of PwC partners and accountants. One partner had imagined a very quiet lunch, thinking we were actually going to the movies together. After another successful morning, we went on to the last office of the expedition: EY. EY At EY we were also warmly welcomed by the staff, and a few working students who looked very familiar to us. We were also well looked after here with a bowl of tasty biscuits and muffins, unfortunately most students were very full by now after the morning. After a nice introduction of the staff we were divided into two groups for the rest of the afternoon. The first group was going to do an activity that would not have been out of place in an engineering course, a game of mega jenga. With a list of requirements, we had to build one big tower in groups, after which the groups competed against each other in a game of jenga. Each brick had a number, which was linked to a quiz question about EY itself. So we had a fun and educational start to the afternoon. One particular group was significantly bad at jenga, as they managed to knock over the entire tower with every second piece they tried to pick up. The group then proceeded to take a more serious approach with a case study about an Asian restaurant chain, in which an EY employee took on the role of restaurant manager. The focus of the case was on financial fraud detection within the company. We actually got to analyse financial statements in search of misstatements and other mistakes and oddities.
Controlling – Accounting’s long lost brother
For the Dutch version, click here For the accountancy students among us, it’s a familiar ritual by now; as soon as the future comes up, the majority of students hear the all-too-familiar song: first, complete the master’s program Accountancy, then start the postmaster CPA while at the same time, starting to work for example at Deloitte, EY, KPMG or PwC. There is, of course, nothing wrong with this road. After all, the CPA title is very valuable and as long as people have not been replaced by technology, we will also need enough inflow into the audit practice, and the financial sector in general. In addition, working in auditing can also be fun, provided that this is where your interests lie. The demand for the CPA title is therefore growing every year. However, the ever-growing demand for CPA students also has a downside: when people talk about accountancy these days, we only think about Chartered Accountants. However, there is another branch within accountancy; Controlling. What exactly does a controller do? Generally, a controller assists the board or management in understanding and maintaining the financial affairs of a company. The controller oversees a company’s finance department and often leads this team as well. The controller also deals with financial planning and reporting for the benefit of management. Simply put, a controller is concerned with the quality of the entire financial process and ensures that the results and planning are optimally communicated to management, in order to support decision-making. For a career as a controller, you generally don’t need additional training like a CPA. However, these courses do exist. The executive master: Register Controller (RC). If you complete this program, you will be listed in the NBA register, just like a CPA, as an additional quality stamp on your resume. Why RC or CPA? The big question now, of course, is why anyone should choose RC or CPA. One is no better than the other. Both have extensive knowledge of financial data, and both are post-master educated. So the difference does not lie in the level of education. In my opinion, it will mostly be where your interests lie. Of course, your interests lie in finance, otherwise, you wouldn’t even think about throwing yourself into the world of financials. The big difference is whether you like to evaluate a company internally or externally. As a controller, internally you will be mostly concerned with the processes within the finance department and steering for growth and results. As an accountant in the audit practice, you will mainly focus on the correctness of the external reporting and compliance with laws and regulations. The question is therefore what you yourself find most interesting. It’s worth noting that there is a trend where we see a lot of chartered accountants choosing to switch to a controlling position in the business world after a number of years in the audit field. For example, many controllers and CFOs at large Dutch companies used to be CPAs. Think of the CFOs of Adyen, ASML, and Unilever. For those students who already know that they have the ambition to eventually hold a position as CFO: there is also another path than becoming a CPA. The road to RC is about as long, but if we are to believe the universities, you are slightly better prepared for the position you will eventually hold. Boxes The advice I would like to give current and future Accountancy students: do not immediately put yourself into the box of the chartered accountant. Of course, it’s a good profession with good prospects, but there are many other interesting jobs that are just as well suited to financial education. In my opinion, that is also the beauty of training in financial disciplines; at the basis, we all understand financial matters, and eventually, you can end up in plenty of amazing places. Even without a CPA title, you have a degree in your pocket that guarantees your ability to critically think in a certain field. And that piece of paper will get you there.
Working at Deloitte
For the Dutch version, click here The step from studying to working is a big one. You have to get used to working hours and obligations, learn a lot and gain new experiences. That was no different for Femke de Boer when she started working at Deloitte Audit over a year ago. Still, she thought it was not so bad. Thanks to the pleasant guidance of experienced colleagues, but also because Femke already knew the office very well from her board experience at study association Asset | Accounting & Finance. “During my master Accountancy I was a board member External Affairs at our study association in Tilburg”, Femke explains. “A position in which I was responsible for acquiring partners, maintaining contact with existing partners, setting up events and recruiting students for those events. A tough task, but the perfect way to get to know the finance and accountancy firms up close. In addition, I applied for a business course from Deloitte at the end of 2017. We went to Budapest with a select group of 25 students and Deloitte employees. An amazing experience and again a great way to get to know the office.” Femke obviously made a well-considered choice to work at Deloitte. “In accountancy, apart from the size and type of clients, the work doesn’t differ much from office to office. It is therefore all the more important that you experience whether a company suits you. Colleagues are a big part of your job. If it doesn’t click, it can make your work boring or obnoxious. I therefore mainly made the choice for Deloitte based on the people. This is a place where I can be myself. Of course, the other offices are also good employers, but Deloitte suits me.” It turned out to be an excellent choice. Femke is now a second-year staff member at Deloitte Audit and very enthusiastic about it. “I therefore mainly made the choice for Deloitte based on the people.” My work is very broad, Femke explains. “From auditing the annual accounts to testing internal control. You get to know the process and the customers from A to Z. Very educative. In addition, like my colleagues, I follow the postmaster to become a chartered accountant. I now learn to link theory and practice. The step is from studying to working is a big one. Also for me. Fortunately, as a starter at Deloitte you get good guidance from experienced colleagues. He or she walks you through your work and explains why we do the things we do. You simply have to learn to understand why you have to perform these checks as an accountant. Time and space is made for your postmaster and there is always someone who can and will help you if you have any questions.” Because Femke enjoyed the guidance of her colleagues, she herself also started looking for ways to assist others. “Everyone who is promoted will coach a colleague. For me that will take a short while, which is why I recently asked recruitment if I can already contribute. I now guide students who are making the choice for an employer. A lot of fun to do. Of course, I would like to persuade them to come and work at Deloitte, but the main thing is to be transparent. I am very positive about Deloitte as an employer. But the point is that a company has to suit you. That is why I advise everyone to do as much research as possible into the different employers. Go to the events of your study association and get to know the companies. It cannot be done from a flyer at the University Library, you really have to experience it. It takes a little effort, but wouldn’t it be a shame if after years of study you did not discover your optimal future employer just because you did not put in the extra effort?”
A successful application: what does a recruiter pay attention to?
For the Dutch version, click here Nowadays it is very important to make a good impression with your resume. How do you make your resume and motivation letter stand out? Which activities are recommended to do next to your studies? Three recruiters, Lisa (WVDB Adviseurs Accountants), Lisette (Nielen Schuman) and Wouter (PwC) share their views. What do they pay attention to? And to what extent do their opinions differ? Find out in this article! What makes a resume good? Both Lisa, Lisette and Wouter find clarity very important in resumes. First of all, Wouter indicates that many students nowadays have fancy resumes with colors and visuals, but sometimes at the costs of the clarity of the resume. “A recruiter actually wants to be able to see at a glance who you are and what you have done,” says Wouter. Wouter’s advice is to look at LinkedIn to see how your digital resume is presented. However, Lisa thinks that you should present a resume in an unusual way. “You have to make it personal and eye-catching, but keep it businesslike. You can think of color, icons or symbols”. According to Lisette, it’s the trick to find the balance between telling what’s important, but also keeping it clear and organized. “Think about what skills, knowledge, and experience are important for the specific job and let these be highlighted on your resume.” Lisa adds that you should, if relevant, briefly point out what your tasks and responsibilities were and what successes you have achieved. “Possibly supplemented with a short profile sketch and a representative photo.” Both recruiters do indicate that you should be careful not to make your resume too long, i.e. no longer than 1 or 2 pages. “Also, not superfluous: check your resume on layout, spelling, and grammar”, Lisette adds. However, Lisa and Lisette have different opinions about the chronological order of your experiences in your resume. According to Lisa, a clear structure of experiences consists of years in chronological order. However, Lisette has a different opinion about this: “Write things like your education, internships, work experience and/or extra-curricular activities per section in a-chronological order, so your most relevant experience at the top”. “It’s not just about the experiences, but also about the choices someone has made.” What makes a CV distinctive? According to Wouter, it is important that you put things on your resume that have added value to your current individual profile. “Make sure you are critical about this, because too much information might cause a recruiter to be distracted from the things that really add value. You could describe what you have done in addition to your studies, what extracurricular activities you have participated in, whether you have studied abroad and whether you have done any volunteer work”. Lisette believes that a resume/CV stands out when you see that someone is interested in the field. It’s not just about the experiences, but also about the choices someone has made. A resume can already give a nice insight into whether there is a fit with the organizational culture. For example, you can look at the kind of organizations where you have worked or done an internship, but also what hobbies and interests you have. How you come across in your motivation letter also counts. In addition, she expects at least one relevant internship, side job or participation in a committee, investment club, case day or other matters that show the interest in corporate finance, if you want to apply at a company like Nielen Schuman. It is therefore important that your choices show that you are interested in the field, have specific experiences, and have developed relevant skills. What does a good motivation letter contain? Lisette thinks a good resume is important, but she indicates that a good motivation letter is just as important. If your letter does not show a strong motivation or if it is badly written, you may still be rejected. According to Lisette, your letter should show that you’ve really thought about why you’ve chosen a field of study and what interests you specifically about the company you’re applying for. In addition, she thinks it is important that you further explain what you have done so far in order to develop the right skills for the open position. Again, check your letter for spelling and grammar. It is advised to ask someone to read your letter and give feedback. “Your future employer is particularly looking for a student who has made choices for a reason, with a certain goal. So, think carefully about what YOU want and why you want it.” What are good extracurricular activities to do next to your studies? At the beginning of the bachelor’s phase, Lisa recommends that you first strike the right balance between study and private life. “Often at the start of your academic year, you have to get used to a new environment, a (possible) student residence, and a lot of new information.” As you come to the end of the first academic year, or have just started your second year, she would advise you to orientate yourself further and further and look for a possible continuation of your studies in the direction that suits you best. Wouter advises you to be active during your studies at a study association in order to further explore your network, but also your field of study. “Be even more active in the final years of your bachelor studies, because that can be decisive for your future internships during your master’s degree. Go to as many events as possible from Asset | Accounting & Finance, the university or to organizations that organize events themselves. Ask a lot of questions and experience where you feel at home.” If possible, Lisa would definitely recommend a board year. “During a board year you develop personal skills and get in touch with various offices. This provides a good basis for forming a picture of the diversity of possibilities after graduation”. According to Wouter, however, it is very important to