From corporate to public practice
Christchurch-based CPA Prue McStay has made a smooth transition from running the books of big Australian corporations to public practice accounting in New Zealand.
Prue McStay is a world away from the hurly burly of Myer and Target, where she honed her craft as a corporate accountant. But she says public accountancy has rewards which exceed those of ‘big business’, including unmatched variety, a rich working environment and the ability to add value beyond the numbers.
She explains: “The most satisfying aspect of my work is that it helps guide other business owners towards greater success. It’s immensely rewarding helping people realise their dreams.”
On the back of her experience transitioning from the corporate world, McStay says accountants who feel there could be more to life should consider the option of a change in pace. “Becoming an accountant in practice has allowed me to be my own boss and build a company which directly helps people forge their own business paths.”
Her company, Astute Mode, specialises in providing accounting and advisory services to the retail, business services and e-commerce sectors for clients in New Zealand and Australia. “We offer clients a range of services from reporting to cash flow forecasts to business plans and, most importantly, accountability,” McStay notes.
And while accounting and bookkeeping are core services offered by Astute Mode, the real value she provides is around forecasting and the bigger picture. “Small business owners often overlook some of the more important aspects of their numbers owing to time demands. Forecasts and reporting tend to be neglected and that means the big picture about their business could be missed.”
Even small businesses need to think strategically, and this is where an experienced accountant can make a real difference. After all, McStay points out, “Strategic information is integral to better decision-making which facilitates growth and prosperity.”
The key to providing meaningful strategic input, she says, is a deep understanding of each client’s business; before any significant financial decisions are made, an assessment of multiple factors is made. “For example, is it better to lease or buy a vehicle? The answer isn’t simple and depends on individual circumstances. As a financial partner, it’s my job – and passion – to understand these variables and provide advice within the rules which best benefits each individual situation.”
The emergence of modern technology – like cloud accounting software – is making the ‘traditional’ work of accountants (accounting and bookkeeping) more efficient. This is a boon, says McStay, as it allows public accounting service providers like Astute Mode to concentrate efforts where more value can be added for clients.
But there’s something even more fundamental to her ability to deliver. “Accountants have a responsibility to build sound relationships based on trust. This is an essential aspect which allows our practice to provide advice and guidance – and trust is also what results in our clients putting advice and guidance into action.”
“We offer clients a range of services from
reporting to cash flow forecasts to business
plans and, most importantly, accountability” Prue Mcstay