Social impact goes far with 2023 King’s list

The accounting profession has a proud social and community heritage. Whether it be the neighbourhood practitioner volunteering to ‘balance the books’ of the local sporting club, or the established professional guiding more enduring charitable or not for profit work, the profession has a vibrant and rich history of giving back.

This year’s King’s Birthday Honours List was no different, featuring more than 20 accountants honoured for their professional and extracurricular endeavours. The 2023 group was among over 1,000 outstanding Australians drawn from the fields of community service, science, sport, the arts, and more.

Notably, among the distinguished recipients were Victoria-based accountants Kathleen Grigg, Kris Peach, and Ruth Picker. These women were among a group of 11 members of CPA Australia who were honoured for their dedication and impact on both the accounting field and the communities they serve.

Equally, 15 members of CA ANZ (including Kris and Ruth who are members of both professional groups) were honoured in the 2023 Kings Honours list in Australia and New Zealand. This group of Chartered Accountants included names from commerce and finance, and Ann Loveridge, from NSW, for her distinguished services to theatre and business.

Their public recognition is emblematic of the quiet but meaningful role that many accountants play in society and community work. It helps to remind us that accountants are often the unsung heroes of the business world, but that their professional impact goes far beyond traditional business or corporate functions.

During the COVID-19 pandemic, the important role of accountants in society became even more apparent. As businesses faced unprecedented challenges, accountants stepped up to the plate, utilising their relationships and expertise to navigate interrupted tax regulations, provide essential client counsel (often at pro bono or discounted rates), and ensure that small businesses could access and maximise vital government assistance programs to stay afloat. The financial acumen and strategic insights proved instrumental in helping businesses make informed decisions to mitigate the impact of the crisis.

Amidst the chaos and uncertainty, accountants emerged as trusted allies and lifelines which helped many weather the storm. Their efforts went beyond the traditional role of tax and audit; they became catalysts for positive change by providing much-needed business and community support helping to stabilise the economy, promote transparency, and foster well-being.

Impact: Serving those who serve us
As an insurer of graduate professionals, we admire the community values of giving back and the trust that is intrinsic to the role of the modern accountant in our society. These are values that we align with, and so our mutual business is built on the foundation of working with trusted professionals and identifying and accounting for their risks. Accountants have formed a much-loved part of our firm’s professional customer base, and so we naturally know (and respect) a lot about the people and their stories behind this profession.

However, beyond this, a major driver for our firm is to offer accountants and other professionals the right services, support, and risk protection to help underpin the continuity of their invaluable professional and community service. And to also help safeguard their livelihood, the years of study, practice, and hard work that went to achieve success. In effect, the basis for this mindset is to support and serve those who support us.

Why? Risk insurance acts as an indispensable safety net, for the lives of individuals and their families when unforeseen circumstances strike. In turn, by also recommending life insurance policies, accountants enable their clients to protect business and livelihoods, and safeguard their financial well-being in the event of an unexpected tragedy.

With the right risk insurance in place, accountants gain peace of mind, knowing that they and their loved ones will be cared for in unforeseen circumstances. This assurance allows them to channel their focus toward professional responsibilities and making a meaningful impact in society, confident in their financial security.

Building Bridges, Building Success
As we celebrate the achievements of outstanding professionals like Ann, Kathleen, Kris, and Ruth, we hope to also ignite a spark of inspiration amongst the next breed of inspirational accountants, particularly women, encouraging them to push new boundaries, make their mark in the profession and actively engage in community-building efforts.

Their achievements illuminate the meaningful and transformative role accountants play as community pillars and demonstrate that accountancy is not just a ‘numbers game’ but a profession with immense potential for positive change.

Meanwhile, the inherent link between the accountancy profession and risk insurance draws attention to the intricate interplay between financial well-being, community support, and sustainable economic growth.

As we look ahead, let us continue to build bridges, nurture talent, and provide the necessary support for accountants to thrive, ensuring they have the necessary safeguards to continue making a lasting impact.