Non-traditional thought leaders discuss innovative strategies for aligning values and professional work.
Accounting ARC
With Donny Shimamoto
Center for Accounting Transformation
Donny Shimamoto, CPA, CITP, CGMA, hosts Ingrid Edstrom and Matthew Heggem, two accountants who are redefining the boundaries of their profession. Their discussion provides a deep dive into innovative approaches to accounting that emphasize social impact, equity, and sustainability.
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Edstrom, founder of Priestess of Profits, has transitioned from traditional accounting to business strategy, consulting, and coaching. Her firm focuses on helping accounting professionals shift their limiting beliefs and align their work with their values. Edstrom explains, “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.”
Edstrom’s approach challenges the conventional profit-driven mindset, advocating instead for a holistic view that integrates personal values with professional activities. This shift is part of a broader movement toward regenerative accounting, which seeks not only to sustain but to actively restore and enhance social and environmental systems.
Heggem, CEO of 10k Creators, runs a social enterprise focused on helping artists and arts organizations achieve financial wellness. “We look at how record-keeping and financial management intersect with racial equity and financial empowerment in the arts,” says Heggem. His work highlights the importance of addressing systemic issues and creating more equitable financial practices within organizations. His approach is holistic, considering not just the financial aspects but also the broader social impacts of financial decisions. This perspective is crucial in a field often dominated by narrow profit metrics.
Together, Edstrom and Heggem co-founded the Accounting Alchemy Network, a grassroots movement aimed at empowering accountants to act as agents for positive social and environmental transformation. This network focuses on educating professionals about ESG (Environmental, Social, and Governance) reporting and fostering inclusive and equitable business practices.
One of the key initiatives of the Accounting Alchemy Network is the Lyceum, inspired by the philosophical gatherings of Socrates and Plato. These events create spaces for accountants to engage in deep, often challenging conversations about the future of the profession and its role in society. “Disagreement is welcome,” says Edstrom. “We use our diversity of ideas as starting points for learning and innovation.”
Regenerative Accounting: A New Framework
A central concept discussed is regenerative accounting, which goes beyond sustainability to actively restore and enhance social and environmental systems. This approach challenges 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.
Eight Key Takeaways
- Accounting should shift to a more holistic approach that integrates personal values and professional work, focusing on overall well-being and social impact.
- Regenerative accounting goes beyond sustainability to actively restore and enhance social and environmental systems, challenging traditional notions of growth and success.
- Accountants should continue to serve under-resourced communities, particularly in the arts, and promoting financial wellness through a social enterprise model.
- Question and redefine traditional accounting practices that are rooted in systemic issues like capitalism and colonialism, aiming to create more equitable and just financial systems.
- Accountants can act as agents for positive social and environmental transformation through community building, education, and innovative practices.
- Create spaces for deep, meaningful conversations where disagreement is welcomed as a catalyst for learning and innovation.
- Accountants are seen as influential figures who can guide financial decisions with a strong ethical foundation, advocating for decisions that consider broader social and environmental impacts.
- Accountants should embrace their roles as change agents, using their skills to build a more just and sustainable future, thereby redefining the profession’s purpose and impact on society.