September 27, 2024

Leadership in Action: Lessons from the Accounting ARC Podcast

By: Center For Accounting Transformation / podcast
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What Does It Mean to Lead? 

In the fast-paced world of fintech and accounting, leadership goes far beyond holding a title. In the latest episode of Accounting ARC, Byron Patrick, CPA.CITP, CGMA, shares his journey from startup founder to CEO, shedding light on the realities and challenges of leadership. Through this conversation, Patrick and co-host Donny Shimamoto, CPA.CITP, CGMA, explore leadership as a collaborative, thoughtful process that emphasizes building teams, fostering organizational vision, and creating sustainable strategies.

Building Teams the Right Way
Patrick explains that his passion for building strong teams is central to his leadership approach. He mentions, “I like to build teams. I like to build organizations.” His move from founder to CEO was driven by the opportunity to build in what he calls a “healthy way,” steering clear of startups that rely on paper-thin facades.

Shimamoto expands on this by recognizing the value of a clear and strategic vision. Leadership, in their eyes, is about creating clarity—not just for the leadership team, but for everyone in the organization. This vision brings purpose, aligning team efforts with long-term objectives.

The Role of a CEO: Myths vs. Reality
One of the biggest myths surrounding leadership, according to Patrick, is the idea that CEOs operate like dictators. “People think you don’t answer to anybody. That’s not true,” he states, explaining that CEOs work for the organization’s owners and are tasked with making strategic decisions that align with the company’s overall goals.

Patrick highlights how his CPA background plays a pivotal role in his leadership. His deep understanding of financial strategy allows him to make well-informed decisions about pricing, resource allocation, and long-term planning. “Someone has to pay for those big dreams,” Patrick jokes, but behind that statement is a commitment to making financially sound decisions that promote sustainable growth.

Engaging Stakeholders: A Holistic Leadership Approach
Leadership isn’t just about setting goals. Patrick emphasizes the importance of engaging all stakeholders—not just shareholders, but employees and customers. “Team members are invested in the legacy of the organization,” he explains. A true leader must communicate the “why” behind decisions to ensure everyone is on board.

This inclusive approach aligns with the shifting focus seen during the pandemic when companies realized that balancing the needs of clients, employees, and owners was key to navigating uncertainty.

Leadership Through Service: Empowering Others to Succeed
A key takeaway from the episode is that leadership, when done well, is about service. Patrick reflects on Simon Sinek’s concept that “leaders eat last.” True leaders motivate their teams by ensuring every person feels like a valued part of the journey. This creates loyalty, trust, and, ultimately, greater success for everyone involved.

As Shimamoto points out, “We, as accountants, are in a unique position to influence leadership in organizations. Our expertise helps drive sustainable decisions that promote growth.” Patrick’s career serves as a model for aspiring leaders in the profession, showing that leadership isn’t about control—it’s about empowering others to succeed.

Check out the latest episode of the Accounting ARC Podcast on the Center’s YouTube channel.

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