Chicka-Chicka!
Q2 Issue Series of FY 2023-2024
The Other Side of PICPAns Featuring: CAMILLE GILDA ELLI-ABADA, CPA
Dancing to the Rhythm of Life
By: Rosario B. Villaluz, CPA
According to William Arthur Ward, “If you can imagine it, you can achieve it. If you can dream it, you can become it.”
This inscription adorning the walls of the dance studio which had been her artistic haven since the tender age of seven, serves as the steadfast source of inspiration for Camille Gilda Elli-Abada, a Certified Public Accountant and devoted civil servant. She has proven that the profound impact of imagination and dreams, synergized with the power of prayer and diligent effort, possesses the extraordinary ability to not only influence our actions but also, in the end, mold the very fabric of our reality.
At an early stage, Camille was already exposed to various responsibilities, whether at school, at home, or in the community. Balancing life as a consistent honor student, a student government officer, and as a dancer/rehearsal assistant has become second nature for her.
Inherently, the realm of a Certified Public Accountant held a familiar presence. Despite the struggles she faced in the private sector, her upbringing and constant exposure molded her to be relentless, resilient, and passionate in the things she does. After 6 years in the private sector, she found her home in government service, working as a government auditor.
Camille discovered that one way of destressing and taking her mind off "corporate/accounting/management" matters was through dance. Time and again, she constantly finds herself being pulled back center stage, performing her heart out in dance. Despite being consistently tasked with leadership and choreography at work, she finds joy in returning to her old dance studio, participating in classes, and reconnecting with old friends and her dance teacher. Her most recent dance feat was at MEV Dance Studio's 50th Golden Anniversary, where she played a role in various dances across two full shows.
Outside of her professional sphere, she also unearthed a new hobby and rediscovered her artist hands through journaling. Her mind naturally flips through different journals, pens, and art supplies and puts together art pieces, depicting her mood on days when she feels like journaling.
Choosing the career as a Certified Public Accountant was made when she was at a major crossroads in life. It was either work to survive or work for passion. As she constantly seeks God’s divine providence, she lets it go and lifts it all to Him.
Married to her college sweetheart, Jason, an accomplished electrical engineer from the same alma mater, she now nurtures two cute budding ballerinas, Camila Venice and Jasmine Clara, along with her multifaceted roles in life. Years went by, Camille realized that, unconsciously, she was working passionately to survive whatever challenges, always dancing with the rhythm of life.
Expectation vs Reality
In the realm of accounting, the path from expectation to reality often unfolds with its own set of surprises and challenges. While aspiring accountants may enter the profession with certain assumptions, the dynamic nature of the field can lead to a journey that diverges from initial anticipations. In this exploration, we delve into the nuanced landscape of the accounting profession, dissecting the intriguing interplay between expectations and the often unpredictable reality that accountants encounter in their professional endeavors
Debunking Myths: The Realities of Being a Public Practitioner Accountant
(An open letter for future accountants)
By: Patrick P. Templado, CPA
Dear Future Accountants,
Let's talk about the real deal behind the curtains of being a public practitioner. You might have heard a lot of stories or myths about what this career holds, but let me share a few realities that might shift your perspective as you step into this exhilarating world:
Myth 1: Public Practitioners Only Deal with Numbers
The truth is, yes, numbers are our thing, but our work isn’t just about calculations. We dive into financial statements and audits, sure, but we're also problem-solvers, advisors, and communicators. It’s not just about the digits; it's about understanding the story behind them and helping clients navigate their financial journey.
Myth 2: Public Accounting is Monotonous and Boring
Let me tell you, it's anything but monotonous! Every client is a new adventure. You’ll face diverse challenges, and each one will test your skills in different ways. This gig is fast-paced, always evolving, and full of surprises that keep you on your toes.
Myth 3: Public Practitioners’ Signatures are Worth a Lot of Money
Let's set the record straight on this one. While accountants do play a crucial role in financial matters, the belief that our signatures hold a monetary value isn’t entirely accurate. Yes, our expertise is valuable, but it's not about signing a document and instantly becoming wealthy.
In reality, our worth lies in the depth of our knowledge, our advice, and the integrity with which we handle financial affairs. Success in this field isn’t just about the signature; it's about doing the right thing, and doing things right.
So, while our signatures might not instantly give us cash, the trust and confidence we earn from clients through our work are priceless.
Myth 4: You’ll Get Rich
It's a common misconception that a career in public practice automatically leads to immense wealth. While the profession offers stability and growth opportunities, expecting instant riches might set unrealistic expectations. Success is a result of hard work, dedication, and continuous learning. Financial rewards come with experience, expertise, and often require time to build.
Myth 5: Starting Your Own Accounting Firm is Easy
Venturing into entrepreneurship and establishing your accounting firm is an admirable goal, but it's far from an effortless task. The process demands meticulous planning, financial investments, compliance with regulations, and the ability to manage time. It requires persistence, resilience, courage, and strategic decision-making to build a firm.
Myth 6: All Clients Stay
While building a clientele is crucial, expecting every client to remain indefinitely is unrealistic. Client retention involves continuous efforts in delivering exceptional service, understanding evolving client needs, and adapting to changes in the industry. Clients may leave due to various reasons, including shifts in their business needs, seeking specialized services elsewhere, or for personal reasons unrelated to your performance.
As you gear up to step into this thrilling realm of public practice, remember, it’s not just about the financial statements; it’s about diving into complexities, adding value, and making a tangible impact. Embrace the diversity, expand your skill set, and get ready for a rollercoaster ride filled with learning, growth, and some fantastic moments along the way.
Wishing you all the success in your journey to becoming stellar public practitioner accountants!
Navigating the Maze: A Deep Dive into the Realities of State Auditing
By: Dannna Steffi Alcoran, CPA
State auditors play a critical role in ensuring that government agencies operate efficiently, transparently, and within the confines of the law. However, like many professions, the role of a state auditor is often perceived differently from the actual realities encountered on the job. What's it really like behind the scenes? Let's break down some common expectations and see how they match up with the actual job.
Glamorous Investigations and High-Profile Cases
Many individuals envision state auditors working on high-profile cases that make headlines, uncovering massive fraud or mismanagement at the highest levels of government. While auditors play a crucial role in uncovering discrepancies and inefficiencies, much of their work involves routine audits of departments, agencies, and programs. This means hours of meticulous review of financial records, compliance documents, and operational procedures. While some audits may result in significant findings, others may involve more mundane tasks that require attention to detail and thoroughness.
Immediate Recognition and Appreciation
State auditors might expect immediate recognition for their efforts, given the critical nature of their work in upholding governmental integrity. But often, their efforts stay behind closed doors. They might not get public recognition even when they find issues and suggest improvements. Their work is essential, but it's not always in the spotlight.
Flexibility and Autonomy
Some may assume that state auditors have a degree of flexibility and autonomy in conducting their reviews, adapting methodologies as they see fit. Auditors operate within a framework of strict guidelines, standards, and deadlines. They must adhere to established auditing standards, governmental regulations, and specific protocols, leaving limited room for improvisation. Additionally, tight deadlines often mean long hours during certain periods, such as year ends and mandated audit cycles.
Continuous Thrill of Uncovering Fraud
There's an anticipation that auditors are continuously on the hunt, uncovering fraudulent activities or gross mismanagement. While auditors are trained to detect discrepancies and potential fraud, their roles encompass a broader range of responsibilities. This includes assessing compliance with laws and regulations, evaluating internal controls, and providing recommendations for operational improvements. The job requires a balanced approach, focusing on both identifying areas for enhancement and recognizing areas of compliance and efficiency.
Working as a state auditor in the government sector offers a unique blend of challenges and rewards. While the role carries significant responsibility in safeguarding public resources and ensuring accountability, it also comes with its set of realities that may differ from popular expectations. Recognizing the nuanced nature of the job can help aspiring auditors navigate their careers with a clearer understanding of what to expect, ultimately contributing more effectively to the public sector's integrity and efficiency.
Navigating Expectations and Realities: From Aspiring Accountant to CPA in Commerce and Industry
By: Ria Jane Favor, CPA
Embarking on the journey from a Bachelor of Science in Accountancy (BSA) to becoming a Certified Public Accountant (CPA) within the Commerce and Industry sector is an exciting but transformative leap. In the academic realm, the focus often centers on numerical precision and financial analysis. However, the reality as a CPA in Commerce and Industry transcends these expectations. CPAs are tasked with developing a comprehensive understanding of the entire business landscape, engaging in strategic decision-making that goes beyond traditional accounting practices.
The pursuit of financial stability often motivates individuals to enter the accountancy profession. However, the reality for CPAs in the Commerce and Industry sector may introduce challenges to work-life balance. Meeting deadlines, handling complex projects, and addressing unexpected issues can sometimes lead to demanding work hours. Acknowledging and navigating these challenges becomes essential for CPAs to maintain a sense of balance and well-being.
While some may expect a straightforward career trajectory, the Commerce and Industry sector opens a myriad of possibilities. CPAs may find themselves venturing into roles such as financial controllers, business analysts, or even executive leadership positions. The reality is that the sector provides a diverse array of career paths, allowing CPAs to carve out a unique niche based on their skills, interests, and aspirations.
While financial expertise is a cornerstone, the reality as a CPA in Commerce and Industry involves collaborative efforts across various business functions. CPAs become integral team members, collaborating with departments beyond finance, such as marketing, operations, and human resources. This interdisciplinary collaboration adds a layer of diversity to the CPA role that may not have been initially expected.
The expectation of a structured and predictable work environment often meets the reality of adaptability and dynamism within the Commerce and Industry sector. CPAs find themselves navigating through diverse responsibilities, responding to evolving business needs, and actively participating in cross-functional projects. The reality requires a flexible and proactive approach to excel in this dynamic professional landscape.
The transition from BS Accountancy to becoming a CPA in the Commerce and Industry sector unfolds a narrative of growth, adaptation, and unforeseen opportunities. By acknowledging and embracing the realities of the professional landscape, CPAs can navigate their professional paths with resilience and a holistic understanding of the diverse landscape they contribute to. The expectations set during the academic journey serve as a foundation, but the realities encountered shape a fulfilling and multifaceted professional journey.
All I Want for Christmas is ______. (An Accountant’s Wish List)
By: Kristine D. Alos, CPA
1. A Balanced Financial Statement on the First Try
In the world of accounting, the ultimate Christmas wish often revolves around achieving that elusive perfect balance on a financial statement without the need for numerous adjustments. Imagine the joy of tallying up the numbers, reconciling accounts, and having every column align effortlessly on the very first attempt. For accountants, a balanced financial statement represents more than just accuracy; it signifies the culmination of meticulous work, precise calculations, and an impeccable eye for detail.
2. Financial Independence
For many individuals, the dream of financial independence tops their Christmas wish list. Accountants, with their deep understanding of fiscal matters, share this desire for financial freedom. Beyond helping others manage their finances, the aspiration for financial independence speaks to their personal journey towards stability and autonomy.
3. A Year-End Bonus
In the spirit of the festive season, an accountant's wish list often includes the hope for a well-deserved year-end bonus. Beyond the monetary value, this bonus symbolizes recognition for their dedication, hard work, and contributions throughout
the year. It represents acknowledgment from their organization for the tireless efforts put into balancing books, navigating complex financial scenarios, and ensuring the fiscal health of the company.
4. Continued Professional Growth
Amidst the holiday festivities, accountants often wish for opportunities to further their professional development. Whether it's attending specialized training sessions, pursuing additional certifications, or gaining exposure to new accounting methodologies, the aspiration for continued growth remains a priority.
5. Time for Family and Rest
Beyond the numbers and financial aspirations, accountants cherish the wish for quality time with loved ones and a chance to recharge during the holiday season. Balancing demanding work schedules often leaves little time for personal pursuits, making the holiday period a precious opportunity to unwind and create lasting memories with family and friends. The desire for moments of rest, relaxation, and joyous celebrations embodies the need to rejuvenate the spirit and return refreshed to tackle the new challenges that lie ahead in the coming year.