From Numbers to Narratives: The Evolution of Accountants into Master Storytellers with Peter Margaritis

“Everyone in the accounting industry talks the lingo, the foreign language of accounting. We know what we're talking about. But, for our clients, most of them don’t. It’s our job to help them understand by translating our technical jargon into something simpler.” – Peter Margaritis, CSP, CPA

The finer details of this episode:

• Importance of communication and storytelling skills for accountants
• Translating technical accounting language into plain English for clients
• Understanding and connecting with clients on a personal level
• Efforts at Oklahoma State University to incorporate communication and client service skills into the accounting curriculum
• Developing communication skills in the classroom
• Tailoring communication to different personality types and communication styles in client interactions
• Significance of non-verbal communication, particularly in virtual environments
• Soft skills and power skills for young accountants
• Principles of improvisation and its relevance to client interactions and teamwork
• Balancing future-oriented thinking with present-focused awareness

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: youngcpasuccessshow@anderscpa.com
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with Peter here: https://www.linkedin.com/in/petermargaritis/
• Check out The Accidental Accountant here: https://petermargaritis.com/

Timestamps:

The importance of communication and translation (00:00:22)

Discussion on the vital role of accountants in translating technical language for business owners and the need for young accountants to develop communication skills.

Incorporating communication skills in accounting education (00:01:13)

The efforts at Oklahoma State University to include professional development workshops in the accounting curriculum to prepare students for effective communication.

Translating technical language into plain English (00:02:33)

A real-life example illustrating the consequences of failing to communicate technical accounting language to a business owner and the need for accountants to bridge this gap.

Challenges in learning storytelling skills (00:04:35)

The difficulties young accountants face in learning storytelling skills and the importance of understanding and connecting with clients on a personal level.

Starting to learn storytelling skills (00:05:57)

The suggestion to practice explaining accounting tasks to friends and family in simpler terms as a starting point for developing storytelling skills.

Tailoring the message to the audience (00:07:41)

The necessity for accountants to tailor their message to the audience, along with strategies for understanding the language of the person being communicated with.

Resistance to incorporating communication in accounting education (00:10:54)

Discussion on the resistance and challenges faced in integrating communication skills into accounting education at the university level.

Changing perceptions of accounting through storytelling (00:13:54)

The potential impact of changing the way accountants communicate about their profession to high school students to attract more individuals to the accounting field.

Impact of storytelling in changing perceptions about accounting (00:15:18)

How storytelling and sharing personal