THIRTY-FIVE-YEAR-OLD Gregory Pearce is a chartered accountant and partner with Pearce Jarrett & Company Limited. Not only is he a chartered accountant by profession, but a business partner who has followed in the footsteps of his 75-year-old father, Abe. The elder Pearce partnered with Terrence Jarrett and co-founded Pearce Jarrett & Company 30 years ago.

Pearce Jarrett & Company is a firm of chartered accountants located off West Jake Avenue in Kingston. Pearce is now a partner, along with his dad and Courtney Miller.

Being a partner, he said, brings great satisfaction.

“It’s a fantastic feeling. I am proud of what my dad was able to achieve and now it’s up to me to take it to the next level,” Pearce told Career & Education.

“I think accounting chose me. I have stuck with it because I am very good at what I do and it gives me satisfaction to give my clients the best service.”

He said accountants, whether in partnerships or otherwise, are crucially important for the development and growth of any economy.

Pearce is a graduate of the University of the West Indies with a bachelor of science degree in accounting and management studies. He also obtained professional certification from the Association of Chartered Accountants (ACCA).

This week he shares with Career & Education an insight into the life of a chartered accountant.

Describe a typical day

Most of my time is spent managing the firm and dealing with our clients’ needs which are wide and varied. My clients know that I am only a phone call away. That’s the type of service that we give. Business does not end at 5:00 pm for my clients, so it can’t end at 5:00 pm for me.

What is the value of the work that you do?

There’s tremendous value in the work that I do. Outsourcing your accounting function is one way that businesses can save money. It’s really a service that offers help in an area that many persons don’t have time or knowledge to deal with. Most business owners don’t have the time to handle accounting or deal with the tax department or the bank. They use their time to grow their business. I am the tool that they use to outsource the accounting function so they can focus on other issues.

How much can one earn as a chartered accountant?

The amount of money you can make is limitless. There’s no range.

What are the skills and/or competencies required for the field?

It’s imperative to have a sound grasp of accounting and auditing principles, but, at the core, you have to be a problem solver because no two businesses are alike. Taking a one-size-fits-all approach will not work.

What are the academic requirements for entry into the field?

You have to pass all three levels of the ACCA examinations and have five years post-qualification experience working in the field. Then you apply to the Public Accountancy Board for a practising certificate. That allows you to be a practising accountant. It’s quite a lengthy process, but worth the wait once you get there.

What are the challenges that you face on the job?

It feels like there aren’t enough hours in the day because there is so much to do. You have to be able to strike a balance between managing your staff while giving your clients the service they deserve.

Why would you advise anyone to get into the field that you are in?

It is a field that is marketable on a global scale. As long as there are businesses and taxes, people will have need for accountants. Also, accounting has very low barriers to entry. Some professions are very expensive to enter.

I would advise them to be prepared to work hard. This is not an easy profession. Accounting standards are constantly being revised and you must be able to stay on top of the current reporting standards. Being organised goes a very far way in this profession too. When I just started it was difficult, but the more organised I became, the more productive I became.

What of future plans?

My intent is to move away from paper-based accounting. I want my clients to have a Pearce Jarrett App on their smartphones that will allow them real-time access to their financial information. You have to remember that business people often need information at their fingertips and that’s what I want to give to them.

Five benefits Pearce says one can derive from becoming a chartered accountant and partner in Jamaica are:

1. The number of chartered accountants in Jamaica is not high. We tend to know each other and so there is a lot of camaraderie.

2. It has a global appeal. There are businesses all over the world, so you can work anywhere.

3. In Jamaica, the governing body, the Institute of Chartered Accountants of Jamaica, is a very active body and regulates the industry. This allows for networking and for accountants to work together.

4. The profession provides steady work. People always need accountants.

5. When you are an accountant, it’s a skill that you can use to operate another kind of business. The most powerful business owner is one who not only understands his industry, but also the financial aspects of his business. You can’t trick them because they understand numbers and how business works.