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As someone who has worked in so many sectors, how do you adjust your financial strategies when moving between different sectors? What’s the most surprising thing you’ve learned from each industry that you’ve been a part of?
I always say the financial strategy is like a potato. A potato will be the same. It's just that the ingredients you put in will change the taste of the potato.
When adjusting my financial strategies while moving sectors, I find that the core principles of finance remain consistent; however, the application of these principles varies based on the specific needs and dynamics of each industry. I view each sector as having unique 'ingredients' that influence how I approach financial management.
One of the most surprising things I’ve learned is how cultural and operational differences shape financial practices. For example, working in the education sector taught me the importance of adapting financial strategies to align with institutional goals and stakeholder expectations, while in consulting, I realised that providing tailored financial solutions is crucial for client satisfaction.
How do you think new technologies are shaping the future of finance? How do you see them affecting different roles in finance at the moment?
I see that technologies such as artificial intelligence and machine learning are playing a pivotal role in financial analysis and forecasting. These tools not only enhance precision in data interpretation but also enable us to derive actionable insights from large sets of data. This shift allows finance professionals to become more data-driven and proactive in their strategies.
However, it's important to note that while automation can handle analytical processes, the human element remains irreplaceable. Roles in finance are evolving; rather than merely crunching numbers, professionals are now required to interpret data and communicate insights effectively. This necessitates a skill set that combines technical proficiency with strong analytical thinking and communication skills.
In essence, the future of finance will require us to adapt to these technological advancements. We must continuously learn and upskill to remain relevant in our roles, as the emphasis will be on utilizing technology to enhance our decision-making capabilities while maintaining the essential human insight that drives successful financial management.
Is there a tech stack that you have in mind that you recommend to them or some tools that you recommend to them in finance?
When recommending a tech stack or finance tools, I always emphasise the importance of choosing solutions that align with the organization's specific needs. For small to medium-sized companies, I often recommend starting with versatile and user-friendly tools that can grow alongside their business.
- One tool I frequently advocate for is Excel. While it may seem basic, I believe it remains one of the most powerful tools for financial analysis and modelling. Its flexibility allows for customised reporting and in-depth financial forecasting.
- For accounting and ERP needs, I recommend cloud-based solutions like QuickBooks or Xero for smaller firms that require essential accounting capabilities without the complexity of larger systems. These tools provide straightforward interfaces and are cost-effective for startups and small businesses. As companies grow, I encourage them to consider more comprehensive ERP systems such as SAP or Microsoft Dynamics.
- Additionally, I highlight the value of integrating business intelligence tools like Power BI or Tableau for data visualisation and reporting. These platforms can transform raw financial data into accessible dashboards, enabling stakeholders to understand insights quickly and make data-driven decisions.
Ultimately, my recommendation is always to assess current needs, future growth, and scalability when choosing the right tech stack for finance.
What were some of the most exciting opportunities you saw when you were setting up the system for projects like District 2020? What about the challenges over there as well?
[District 2020 is an urban development project in the UAE, transforming the Expo 2020 Dubai site into a sustainable mixed-use community and innovation hub focused on collaboration and economic growth.]
Setting up the system for District 2020 was a thrilling experience for me, primarily because it was my first full-fledged finance role where I was really diving into everything from scratch. The opportunities were immense; it felt like being thrown into a pool and being told to learn to swim! I had the chance to write policies, create a business plan for District 2020, and establish processes that would shape the financial framework of the project.
One of the most exciting opportunities was the freedom to design the finance function in a way that would be most effective. I got to work on integrating digital transformation initiatives, exploring how we could automate processes and reduce redundancy.
However, the challenges were definitely significant as well. The biggest hurdle was essentially explaining that we were a new company with our own budget and goals, and we couldn’t rely on systems that might not align with our needs. So, while it was exciting to be at the forefront of building something new, navigating those challenges was quite a balancing act.
Bio
A distinguished financial professional with over 24 years of extensive experience, Deepa Varghese has made a significant impact across diverse industries within the Finance and Accounting sector. Her career encompasses profound expertise in financial operations, investment modelling, and finance structuring, developed through her roles in real estate development, media, education, banking, and manufacturing.
Renowned for her proficiency in complex accounting systems, Deepa leverages her comprehensive skill set and extensive industry knowledge to navigate challenging financial landscapes. Her recent role in legacy financial planning for Expo 2020 Dubai demonstrated her ability to oversee comprehensive finance functions, develop intricate real estate business models, and provide strategic investment advice to company leadership.
As a lifelong learner, Deepa holds a Doctorate in Strategic Management and is a Fellow Chartered Management Accountant (FCMA), Chartered Global Management Accountant (CGMA), and Certified Public Accountant (CPA) from Australia. Additionally, she earned a master’s degree in business management (MBA) and a Postgraduate Diploma in Financial Management (PGDFM), further solidifying her academic foundation in finance and leadership.
