Accountants have a wealth of knowledge that extends beyond the bottom line. Many have built their own businesses, led teams during challenging times and developed the smarts to see the story behind the numbers. Sharing this wisdom with others can enhance the future of the accounting profession and help small business owners build a solid foundation for success.

This was the starting point for two new initiatives launched by Xero. In Australia, Xero’s Mentor Match initiative is a peer-to-peer mentoring platform that helps accounting and bookkeeping professionals connect, transfer skills and lead the industry forward. In New Zealand, the Xero For Good Ambassador Program sees Xero accountants and bookkeepers provide free mentoring to small businesses in need. This is part of the small business platform’s Know Your Numbers program, which is designed to improve the financial literacy of Kiwi small business owners.

Both initiatives are facilitated through Mentorloop – a global mentoring software that leverages a unique algorithm to create matches based on shared interests, goals and skills.

Driving the industry forward

Mentoring plays a valuable role in shaping the future of the accounting profession. Xero’s Reshaping accounting and bookkeeping report reveals almost one in two accountants and bookkeepers (45%) believe their industry has an image problem, and 65% of employing practices have experienced challenges with finding and keeping the right staff in recent years. When asked what the industry could do to help solve the talent problem, accountants and bookkeepers’ top responses were: “demonstrating the value of the profession” (58%) and “highlighting opportunities that exist within the profession” (52%).

To help address this, Xero launched the Mentor Match initiative last year. Andrew Van De Beek FCA (pictured at top), founder of Victorian-based accounting and advisory practice Illumin8, is a foundation mentor in the program. He says it provides an opportunity to give back, to support others and to “step outside your own bubble”.

“I saw it as a perfect opportunity to be able to connect with new people,” he says. “While my role is to be a mentor, I’m probably learning just as much from mentees because they have a different perspective and come from a different environment, so it’s really valuable.”

Van De Beek has two mentees through Mentor Match. One has her own accounting practice and is seeking guidance on areas spanning marketing, branding and leadership.

“Our conversations have been about helping her build confidence and gain a sense of accountability as challenges arise, as well as where to find support,” says Van De Beek. “Since August last year, we’ve met in person and on Zoom five or six times and we’ve spoken by phone a few times.” 

Van De Beek’s other mentee is currently employed and is considering starting their own practice.

“We’ve had a few conversations so far, mainly around how you make the move and how you can do it well. We’ve talked about things like priorities, decisions and business ownership.

“I’ve found the support from the people at Xero who are coordinating the program to be really encouraging and helpful,” adds Van De Beek. “I love the passion that they have as well. And the fact that it’s organised through an app on your phone makes it really easy.”

Van De Beek sees value in mentorship to support the future of the accounting profession.

“As an industry, we need to connect and collaborate with a community-style approach, rather than seeing each other as competitors or just looking out for profit-making opportunities,” he says. “Accountants are the ones who help clients build beautiful businesses and support them through challenging times, so why not help each other in the same way?”

Giving back with mentoring

Small business owners can face many challenges, especially during the startup period.

Someone who knows this all too well is Trudi Ballantyne FCA, who has spent her career working with rural enterprises, such as dairy farmers, kiwifruit orchard owners and rural support businesses.

Ballantyne is a director of Stem Rural Accountants Limited in Te Puke in the Bay of Plenty and a Xero For Good Ambassador. The latter role came about with the recent launch of Xero’s Know Your Numbers program. As part of this, Xero accountants and bookkeepers can sign up as volunteers to mentor small business owners who wouldn’t typically have access to an accountant or bookkeeper.

“I’ve been a chartered accountant working with small businesses for 30 years and I feel that I have valuable knowledge to be able to help and give back to the community that we work in,” says Ballantyne, who is also a member of the Aotearoa New Zealand Xero Partner Advisory Council (XPAC). “Xero has made it really easy for this to happen with the support and the resources they’ve given us in the Xero For Good Ambassador Program. It will help me to convert my knowledge into mentoring a small business.”

Research conducted by the New Zealand Government shows many small business owners feel uncertain or underprepared when it comes to managing their finances.

“They know their job really well, but they don’t necessarily know a lot about how to run a business, so it can be really stressful,” says Ballantyne. “If they can have someone to support them and help them find their feet, it can make a huge difference.”

To help mentors do this to the best of their ability, the Xero For Good Ambassador Program equips participants with resources and guidance to help them upskill their financial literacy and build meaningful connections with mentors to help apply this knowledge.

“The Xero For Good Ambassador Program provides some really good tips and sample agendas for meetings with mentors, which is helpful if you’re new to mentoring,” says Ballantyne.

Xero For Good Ambassadors provide small businesses with eight hours of mentoring for a period of eight to 12 months, which adds up to one day of volunteering across a whole year.

“The program launched in April, so I’ve registered and will be matched with a small business owner soon,” says Ballantyne. “The initiative is trying to build financial literacy among startups. If we can help people get over some hurdles and avoid some of the mistakes that other small businesses may have made when starting out, then I think it’s going to make the whole economy of New Zealand much stronger.

“Accountants have a depth of knowledge that goes well beyond tax and compliance,” adds Ballantyne. “Our soft skills enable us to guide people who need support in their business or their career, and it’s so valuable to be able to share our knowledge.”

Find out more 

If you’re a Xero partner in Australia, join Xero Mentor Match here.

If you’re a Xero partner in Aotearoa New Zealand, become a Xero For Good Ambassador here.

If you’re not a Xero partner yet, learn more here.