Accounting Myths 101: Suits, Ties, and Other Lies with Chayton Farlee

“Finding a good mentor can be hard, but it is such a big deal. My internship opened my eyes to all the possibilities the industry has to offer.” – Chayton Farlee 

The finer details of this episode:

• The need for modernizing content delivery methods in the accounting profession.
• The potential of using platforms like TikTok and LinkedIn to engage younger audiences.
• The importance of mentorship and networking for accounting students.
• The challenges faced by students in understanding the diverse career paths in accounting.
• The significance of practical experience and internships in preparing for accounting careers.
• The role of storytelling in reshaping how accounting is viewed by prospective students.
• The importance of early outreach to students to highlight opportunities in accounting.

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: youngcpasuccessshow@anderscpa.com
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with Chayton here: https://www.linkedin.com/in/chaytonfarlee/

Timestamps:

Introduction to the Podcast (00:00:00)

The host welcomes listeners and outlines the podcast's purpose for young accounting professionals.

Need for Content Change (00:00:23)

Joey discusses the necessity to adapt their content creation strategy, suggesting a TikTok account.

Mixed Feelings About TikTok (00:00:37)

Hannah shares her apprehensions about using TikTok while acknowledging its potential to engage younger audiences.

Old Guys at the Party (00:01:00)

Joey compares their TikTok venture to being the older alumni at a college party, emphasizing the importance of relevance.

Responsibility to the Next Generation (00:01:54)

Joey reflects on the responsibility to disseminate information for the next generation entering the accounting field.

Influence of TikTok (00:02:23)

Hannah acknowledges TikTok's influence and the importance of storytelling in reaching audiences.

Potential LinkedIn Challenge (00:03:42)

Joey anticipates a LinkedIn challenge from Producer Rob to enhance their professional networking.

Building Professional Relationships (00:04:57)

Joey discusses the significance of cultivating professional connections and shares insights from Jaden on effective networking.

Chayton Farlee's Introduction (00:06:10)

The speakers introduce Chayton Farley, an accounting student, and invite him to share his background.

Chayton's Journey into Accounting (00:06:33)

Chayton recounts his journey into accounting, emphasizing his experiences during COVID and discovering his passion for the field.

Influence of Podcasts (00:08:54)

Chayton discusses how listening to accounting podcasts helped him understand the profession beyond classroom teachings.

Rebranding the Accounting Profession (00:16:02)

Chayton advocates for rebranding accounting to highlight its value-adding aspects beyond compliance and traditional roles.

Experiences from an Internship (00:20:39)

The conversation shifts to Chayton's current internship, exploring the differences between classroom learning and practical experience.

Chayton's Internship Experience (00:20:42)

Chayton shares insights about his internship, highlighting mentorship and practical experience with tax returns and firm management software.

Understanding Operations in Accounting (00:22:29)

Discussion on the importance of operations within accounting firms, often overlooked in traditional education.

Learning About Budgeting (00:23:33)

Joey emphasizes the significance of understanding budgeting in accounting, a concept rarely taught in school.

The Value of Mentorship (00:26:07)

Hannah reflects on the importance of mentorship, sharing her positive internship experience and its impact on her career.

Networking on LinkedIn (00:27:40)

Discussion on the benefits of networking on LinkedIn, including finding mentors and job opportunities.

Building Relationships over Transactions (00:34:08)

Chayton stresses the importance of cultivating genuine relationships rather than viewing networking as a transactional process.

Professors' Role in Student Networking (00:36:19)

Chayton suggests that professors should be more active on LinkedIn to help students connect with industry professionals.

Challenges of Content Creation on TikTok (00:38:15)

Joey discusses the difficulties accountants face in creating concise, engaging content on platforms like TikTok.

The Need for Quality Content (00:41:20)

Joey expresses concerns about the quality of accounting information shared on TikTok.

Discussion on TikTok Strategy (00:42:00)

The group discusses the potential of starting a TikTok account for engaging younger audiences.

Importance of Information Dissemination (00:42:10)

Joey emphasizes the responsibility of professionals to share digestible information with students.

Daily TikTok Clips Strategy (00:43:00)

Chayton shares his goal of posting daily short clips from his podcast on TikTok.

Changing Perspectives on Accounting (00:44:57)

Chayton discusses the negative perceptions of accounting compared to consulting and tech careers.

Challenges of Additional Education Costs (00:45:39)

Joey highlights the financial burden of pursuing an extra year of education for accounting.

Tech's Impact on Accounting (00:45:48)

Joey mentions how technology has changed the accounting landscape, affecting career choices.

Content Creation Ideas for Accounting (00:46:19)

Joey suggests creating relatable content showcasing modern accounting work-life.

Perception Issues in Accounting (00:47:09)

The speakers agree on the need to change outdated perceptions of accounting careers.

Highlighting Tech and Consulting in Accounting (00:48:34)

Chayton advocates for showcasing tech integration in accounting to attract new talent.

Flexibility in Modern Accounting Jobs (00:50:02)

Joey discusses the increased flexibility and work-life balance in contemporary accounting roles.

Encouraging Student Engagement (00:53:35)

Chayton suggests reaching out to students through virtual meetings to discuss diverse accounting careers.

Importance of Early Career Engagement (00:55:02)

Joey emphasizes the need to engage students early about accounting career opportunities.

Open Dialogue Between Generations (00:56:52)

Joey calls for open communication to understand what younger generations want from their careers.

Closing Thoughts and Connections (00:57:23)

Chayton shares how listeners can connect with him for further discussions and insights.