Interview Chartered Accountant

							The Prophets of Profits – About Accounting Volunteers
The following Article was written by Tina MacFadden, on behalf of   Bridges, The Student
Success Company. Serena Wolfe, CA, ACAUS Treasurer, was interviewed.

There's a saying that accountants are the prophets of profits.


But even in the nonprofit world, good accounting is an essential part of an organization's
operations. Many organizations need volunteer accountants to balance the books. Donors
want to be sure that the charities they donate to use their money responsibly. And
because accounting is part of that, it has become a very hot topic these days, says Ryan
Moynes.


Moynes is a Chartered Accountant who resides in Toronto and volunteers as a board
member with a charity called Cottage Dreams. The charity enables cancer survivors to
spend a week at a donated cottage so they can relax with their families.


Yet, there is a real need for board members with accounting skills, says Moynes. Many
nonprofit organizations seek volunteers to help them with their accounting functions --
from basic bookkeeping to financial reporting; budgeting and tax help to the overall
management of the organization's finances.


Typically, bookkeepers keep track of an organization's financial transactions. Accountants
carry out bookkeeping, auditing and other financial reporting and analysis. Treasurers
often sit on the organization's board of directors and are responsible for overseeing the
organization's finances.


For young people looking to gain accounting experience, Moynes suggests volunteering in
any accounting-related capacity. "People are always looking for people who want to be a
volunteer bookkeeper," he says. "And it gives you that experience to learn in a less high-
pressured environment... It also allows you to take a little bit more ownership and
progress your skills at the speed you want to."


The networking opportunities are a big benefit, he says. "Not only do you get the
opportunity to network with people that are a little bit more senior, you also... get more
experience in meeting with financial and non-financial individuals, and that can only help
progress your career."


But there's something else Moynes likes about his volunteer work. Every month or so,
the president of Cottage Dreams sends him an e-mail from a cancer survivor about what
a great time that person had at the cottage.
"Reading those e-mails are great pick-me-ups during the long, regular work days."
Real Stories
Two years ago Peter Yien interviewed for a volunteer position at a youth shelter. And it
was the hardest interview he has ever had. His interviewer was the CFO of a major bank
-- the charity's board chair at the time.
"Typically, you don't get to see somebody like that unless you interview for an SVP
(senior vice-president) job," Yien says. Yien is a chartered accountant living in Toronto.


"When you talk to people like that, they ask very, very good business sense questions,"
he adds. "That's where it's tough." Yien sits on the charity's audit committee. And
recently he was admitted to the board of directors. In his volunteer role, he reviews
financial statements and determines whether anything requires further investigation.
He's also involved in fundraising activities.


With two young children of his own, Yien wanted to help children, and still use his
accounting skill set. "A lot of [nonprofit organizations] need help because they don't
always get the talent they want," he says. And it's a great way to develop accounting
skills. "As students starting to take on a career, you really develop a business sense. You
don't learn that through school. You learn that from others."


When Chartered Accountant, Serena Wolfe, first moved to the United States from
Australia, she didn't know how to navigate the red tape to obtain her certified public
accountant designation. "In order to work in the U.S. as a public accountant, you need to
become a CPA," she says. "Your qualifications just don't transfer across. And it's really
quite complicated because the requirements differ by which state you are in in the U.S.
and also which country you originally come from. And I couldn’t find the information
about it."


So Wolfe contacted the president of the Association of Chartered Accountants in the
United States (ACAUS). And he set her on the right path. Wolfe is now a senior manager
at Ernst & Young in New York City. She also volunteers as treasurer and board member
for the association that helped her.


As treasurer, she sets the association's annual budget and works with the auditor. She
also works with the association's controller, who keeps the books and records, writes
checks, pays bills and maintains the bank account. "You get to see basic operational
finance, things that you wouldn't necessarily see in your own job," she says. "Like, for
instance, setting up a bank account and trying to figure out how to make that work with
the database.... It's real practical business experience, but on a small scale. So I think
you learn a lot about small business, and I think that's really a valuable skill set."


A recent immigrant, Kanwal Kohli was looking for a volunteer position where he could use
his financial skills. He's a credit manager at a finance company, and recently completed
his MBA/finance degree. But he wanted to expand his accounting experience. So, he
started volunteering as the treasurer for a charity that supports people with osteoporosis.
"I've always loved to volunteer," he says. "So, other than my love for volunteering, this
position was of my choice because it was related to accounting."


As the treasurer, Kohli reconciles financial statements, signs checks and approves
payments. And he hopes to expand his role. "I've tried giving them some ideas so that
the organization can grow," he says. He finds many benefits to volunteering. "The
biggest benefit is that, when one is interacting with people who have had experience for
so many years in senior positions, one is treated the same way as those who are
experienced. It gives a great sense of responsibility and confidence."


How to Get Involved
Look for volunteer positions as bookkeepers, accountants or treasurers at nonprofit
organizations. The level of experience required of accounting volunteers varies. For
instance, organizations seeking treasurers or volunteer accountants may prefer certified
or chartered accountants (accountants with a professional designation).


Others may simply ask for volunteers with accounting experience. Organizations seeking
bookkeepers may prefer accounting or bookkeeping experience. Others will simply ask
for people with strong organizational, clerical and computer skills and a knowledge of
QuickBooks accounting software.


Other Helpful Associations
Association of Chartered Accountants in the United States
1164 Beachcomber Ct.
Osprey , FL 34229
USA
Internet : http://www.acaus.org


The American Institute of Certified Public Accountants
1211 Avenue of the Americas
New York , NY
USA
Internet : http://www.aicpa.org


American Institute of Professional Bookkeepers
6001 Montrose Rd., Suite 500
Rockville , MD
USA
Internet : http://www.aipb.org
AccountingCoach.com
Find free accounting information, a dictionary of accounting terms, educational materials
and more
http://www.accountingcoach.com
Clearinghouse for Volunteer Accounting Services
Learn more about the role of nonprofit bookkeepers and treasurers from the government
of Ontario
http://www.omafra.gov.on.ca/english/rural/facts/88-010.htm


Charity Village
Search for volunteer opportunities
http://www.charityvillage.com/applicant/volunteer.
asp