ITB December 2024/January 2025 - Magazine - Page 31
“I think the view of creativity being at odds with
accounting is largely gone. With the increased focus
on technology innovation and customer focus, creativity
has become even more recognised as something
we need to embrace.”
DR KIRSTY REDGEN, UNIVERSITY OF THE SUNSHINE COAST
Chua’s advice is to be smart and deliberate in how
companies frame innovation. “I can afford to fail fast,
as long as I have a clear vision, a broad innovation
portfolio and a mix of short-, medium- and long-term
goals. In that context, if we fail fast and have some
space to shoulder occasional losses, we can then
learn and move on quickly to the next opportunity.”
SUPPORT FROM THE TOP
No enterprise is going to get creative without buy-in
and support from the CEO — that is the consensus
among experts.
“At a level or two removed from the CEO, it never
really gets any traction, and organisations including EY
and the big banks have struggled with that,” Chua says.
Any budget and resources allocated to innovation
should also have a clear agenda.
Chua recalls a major client who invested over
A$2 million in a state-of-the-art innovation hub that,
within a couple of years, became a place for good
coffee meetings but not much else.
“There wasn’t true ownership of why they needed
the space and how innovation would be ingrained
into the core business. The question — whether this
was a place for brainstorming or a fundamental way
of changing the business model and processes —
wasn’t asked or key leaders weren’t fully sold on it.”
INNOVATION IN THE REGIONS
Small accountancy firms that lack big budgets,
resources and diversity of staff skills have to be
more efficient in cultivating creativity and quicker
in putting good ideas into practice.
Dr Kirsty Redgen is an associate lecturer in
accounting at the University of the Sunshine Coast
and has researched creativity in small accountancy
firms in regional and rural Australia.
“Most accountants now recognise that creativity
is important. Stepping back from the job at hand
to ask, ‘How could I do this job better?’ takes time.”
Add to this the litigious, regulatory environment
in which the profession operates — it all serves
to dampen creativity, Redgen says.
In her experience, an excessive focus on adhering
to current year budgets can also cause accountants
to avoid innovations that may “waste time”.
“By changing the focus from short-term budget
pressure to long-term efficiency, we reduce that
deterrent to creativity and innovation,” Redgen says.
In recent years, there has been an increase in
competitiveness and a reduction in collegiality
between finance and accounting firms. Redgen
suggests that creative solutions to common
problems go begging as a result.
“In my research, I hear common complaints in
small firms, particularly around new technology
applications — as if they were the only ones
struggling with these problems. When talking to
older professionals, they recount how people from
other firms would get together at the end of the
week for drinks and share knowledge. Today, it is
very competitive, and firms are really working against
each other,” Redgen says.
Her advice, not surprisingly, is “collaborate,
collaborate, collaborate”.
“We can’t be experts in everything. We need
to work out how to leverage expertise from others.
Can we find IT experts who are willing to take the
time to understand accounting? Can we share ideas
with other small firms? Can we identify opportunities
to network digitally?”
Redgen says it pays to maximise the sharing
of ideas by giving all employees, including junior
accountants and receptionists, a forum to contribute
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