Last updated: 19 Feb 2024 09:00 Posted in: AIA
In the field of finance and accounting, individuals often embark on distinctive journeys that carve their path towards success. One such journey is embodied by Linda Richards, AIA Vice President and Finance Director of Wildstar Films.
This interview delves into Linda’s inspiring story, from aspiring accountant navigating the BBC’s unique financial environment to steering the financial helm of a globally recognised, award winning film production company and being shortlisted for Finance Director of the Year at the Accounting Excellence Awards 2023.
Linda Richards sheds light on her involvement with the AIA and her perspective on the evolving landscape of the accounting industry, the significance of diversity and inclusion, and the challenges posed by technological advancements. This conversation not only unravels Linda’s professional journey but also provides a glimpse into her vision for the AIA’s future.
Can you tell our readers what inspired you to become an accountant? And the journey you have taken to achieve your goals so far?
Well, I certainly didn’t take a standard route into accountancy, if there is such a thing?
I left school with A levels in the late 1970s, a time when the conventional career paths for women were relatively limited to roles such as nursing and working in a bank. Uninterested in these options, I spent over a decade working in a variety of roles across the civil service and NHS.
While working at the NHS, I realised my interest in television, so when an opportunity as an assistant accountant in the finance department at the BBC arose, I seized it. This marked the beginning of my accounting journey and a 15 year tenure at the BBC followed. It was during this time that I made the decision to formalise my accounting skills, leading me to join AIA and undertake my professional accountancy qualifications.
Following my time at the BBC I further broadened my skill set, undertaking senior finance roles within both the banking and insurance sectors, before eventually returning to the television industry.
Then out of the blue six years ago, a unique opportunity presented itself when two former BBC colleagues approached me to join their newly formed business start-up as the Finance Director. Some would say a big risk, but I truly felt passion for the project and believed in the founder’s vision. We have witnessed phenomenal growth in the intervening six years, becoming a leading Natural History programme maker employing 140 staff with turnover exceeding £30 million.
What attracted you to join the AIA and latterly to take on the role of AIA Vice President?
My decision to join the AIA was twofold. Firstly, it was to formalise my interest in accounting, and secondly, as a management accountant I found the AIA’s topic focus highly relevant to my work at the time. I believed, and still do, that a broad base of knowledge is crucial for a successful accounting career, and AIA provides that knowledge platform.
Becoming a council member and subsequently Vice President has been a real honour and for me an opportunity to offer a unique and fresh perspective to the council. As a woman who has never worked in practice, I saw an opportunity to provide valuable insights for accountants beyond the confines of traditional practice spheres. My goal was and still remains to be a catalyst for change, contributing a distinctive viewpoint to shape the AIA’s trajectory in a more inclusive and diverse direction.
Can you share with our readers what skills you feel have made you a successful accountant?
Understanding business is paramount. While technical proficiency is essential, the ability to work collaboratively, share information and seek the best outcomes for the business is equally vital. Soft skills, such as effective communication and influencing, play a significant role.
Being able to adapt and use these skills to drive positive outcomes for oneself, the company and the professional organisation is absolutely key.
What does it mean to you to be an international accountant?
Being an international accountant signifies being part of a global team with shared goals and ambitions. In today’s world, accounting transcends borders, and being part of a community that spans the globe is a source of pride. It emphasises the importance of common standards and a global approach to financial practices.
Given your unique role, what do you see as the role of AIA as a professional accounting organisation?
A professional accounting organisation plays a multifaceted role, supporting members and clients, upholding standards, leading the industry in a positive direction and acting in the public interest. By maintaining high professional standards, such organisations provide the framework for accountants to deliver the best possible outcomes for their clients and businesses, contributing to the overall wellbeing of the industry.
Equality, diversity and inclusion within the accounting sector is imperative. Do you feel the AIA and the wider sector is doing enough?
Achieving equality, diversity and inclusion is a complex challenge, and while progress has been made, there’s far more to be done in the accounting sector. It is encouraging to see the AIA, in particular, making significant strides to actively bring about positive change.
Initiatives such as the AIA scholarships programme which launched in 2021 are an excellent way to contribute toward increased inclusion, offering the younger generation a financially viable pathway into the industry.
However, personally I think to drive change faster we need to see the industry as a collective – coming together and working together for the greater good.
In addition to equality, diversity and inclusion, what do you see as the main challenges for the accountancy industry moving into 2024 and beyond?
The rapid evolution of AI poses a significant challenge to the accountancy industry. The sector must quickly understand, adapt and harness the power of AI to add value effectively. Striking the right balance between leveraging AI for efficiency, while retaining the necessity for human understanding and interpretation, will be crucial. AI cannot fully replace human judgement.
Sustainability is another challenge, not just in terms of green initiatives but also in fostering good practices within businesses, treating staff well and promoting responsible interactions with the world.
Where would you like to see AIA in ten years’ time?
I see a bright future for AIA. In the next decade, I envision the AIA continuing to lead in new areas, working closely with SMEs and proactively adapting to industry changes. Embracing technological advancements, remaining at the forefront of industry trends, and strengthening global presence will ensure its continued relevance and influence for members.
What’s next for Linda Richards?
While retirement might be on the longer-term horizon, my immediate business focus is on the continued success and growth of Wildstar Films, alongside succession planning to prepare a capable replacement and facilitate a smooth transition when the time (eventually) comes for me to step down.
From an AIA perspective, I would like to continue to work proactively on the council to facilitate positive change for our membership and the wider industry. I want to build on the great work we have started with regard to equality, diversity and inclusion, building a more balanced representation on the council which reflects truly represents our globally diverse membership.
And finally, what advice would you give to any aspiring accountants reading this interview?
My advice for aspiring accountants is to recognise the value of teamwork and seek support from colleagues. Don’t struggle alone; share your challenges and achievements. With determination and support, you can achieve anything. I started with little knowledge in accounting and became the Finance Director of a multi-million pound turnover business. The journey is challenging, but with perseverance, it’s incredibly rewarding.
"Becoming a council member and subsequently Vice President has been a real honour and for me an opportunity to offer a unique and fresh perspective to the council. As a woman who has never worked in practice, I saw an opportunity to provide valuable insights for accountants beyond the confines of traditional practice spheres. My goal was and still remains to be a catalyst for change, contributing a distinctive viewpoint to shape the AIA’s trajectory in a more inclusive and diverse direction."
Linda Richards, AIA Vice President