July 19, 2024

Reimagining Accounting: A Conversation with Ingrid Edstrom and Matthew Heggem

By: Center For Accounting Transformation / podcast
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In latest ARC, hear how non-traditional approaches are shaping the future of accounting.  

In a thought-provoking episode of Accounting ARC, Donny Shimamoto sits down with Ingrid Edstrom and Matthew Heggem, two trailblazing figures in the world of accounting who are redefining what it means to be an accountant. This episode dives deep into the evolving landscape of the profession, exploring how accounting can be leveraged as a tool for broader societal change. 

Ingrid Edstrom, the founder of Priestess of Profits, has moved away from traditional accounting to focus on business strategy, consulting, and coaching. She emphasizes the importance of shifting our limiting beliefs and living our values through our work. “I no longer work for a living; I show up in my highest self in service, whether I’m getting paid for it or not,” says Edstrom. This perspective underscores a significant departure from the conventional profit-driven mindset, advocating instead for a holistic approach that integrates personal values with professional activities. 

Matthew Heggem, CEO of 10k Creators, also embodies this non-traditional approach. His firm is a social enterprise aimed at helping artists and arts organizations achieve financial wellness. Heggem explains, “We look at how record-keeping and financial management intersect with racial equity and financial empowerment in the arts.” His work highlights the importance of addressing systemic issues and creating more equitable financial practices within organizations. 

Together, Edstrom and Heggem co-founded the Accounting Alchemy Network, a grassroots movement that empowers accountants to act as agents for positive social and environmental transformation. This network is dedicated to educating professionals on topics like ESG (Environmental, Social, and Governance) reporting and fostering inclusive and equitable business practices. 

One of the key concepts discussed is regenerative accounting, which goes beyond sustainability to actively restore and enhance social and environmental systems. This approach challenges the traditional notions of growth and success, advocating for a shift from an extractive, profit-maximizing paradigm to one that is life-affirming and equitable. “We’re rewriting our financial narratives to account for what truly matters, like well-being, equity, and the health of our planet,” says Edstrom. 

Heggem and Edstrom also emphasize the importance of community and education. Through lyceums, inspired by the philosophical gatherings of Socrates and Plato, they create spaces for accountants to engage in deep, often challenging conversations about the future of the profession and its role in society. These gatherings foster a culture of curiosity and mutual learning, where disagreement is welcomed as a starting point for growth and innovation. 

This episode of Accounting ARC is a call to action for accountants to embrace their roles as storytellers and influencers. By aligning their work with their values and engaging in holistic, regenerative practices, accountants can lead the way in creating a more just and sustainable world. As Edstrom aptly puts it, “We get to change the world by showing up in our full, authentic selves and applying our skills in ways that matter.” 

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

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