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

Oct 7, 2024

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“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.