Payment Expert’s ID Check: Payments Professionals offers insight from industry leaders and experts on how they got their start in the financial industry, from their early years in education, to how they have been able to climb the corporate ladder.
This week, Joe David, Founder and CEO of Nephos Group, details what it takes to challenge the accounting industry from an analytical data perspective, and why cash flow is paramount during particularly challenging times.
Where did you go to university and what did you study? What impact did this have on your current journey?
I didn’t go to university. I went straight into the professional industry and qualified for ACCA following that. I personally don’t think this had any negative impact on my journey. In fact, if anything, I think it opened the door to multiple different opportunities and lots of choices for me.
What first drew you to your industry and why have you stayed?
Personally, I initially really enjoyed the financial and business part of it. I really enjoyed being able to understand how businesses operate and how they work, and being able to use accounting knowledge to help support the journey.
Are there any lessons from your first role in the industry which you still draw on?
I think my first role was very manual, with processes that took a lot of time. When I set up in business, everything was about automation: how we could do things faster and how we could be more efficient for our client and for our team. We still look back on that now.
When was your first big break in the industry? Why was this such a significant moment for you?
I think there were a couple of roles where I was given the opportunity to really spread my wings and fly. Those opportunities set me in a perfect position to then go and operate as a business owner myself.
Was there a moment you faced in the industry which really challenged you? How did you overcome this?
There was a period working for a business, and cash flow was very difficult. Maintaining cash flow and supporting the team on accounting was a challenge, because every business decision that was made was based on who we needed to pay in order to deliver this particular thing.
This was a very difficult time, but it also taught me so much about how to manage a business in a very difficult environment.
What are some of the skills you deem essential to starting in your industry and how have yours developed over the years?
I think you need to have an analytical mind. You need to be able to analyse data, not just numbers, but data sets, and really use that data to then bring out an opportunity. It’s not just about processing; it’s about analysing the data and using that data to create opportunities.
For me over the years, that has come through experience and seeing lots of things. That has then allowed me to put real-life scenarios alongside the data and then be able to put that into our business and our clients’ businesses.
Who was your biggest role model – inside or outside of your industry – who continues to inspire you in your current career?
I think one particular role model is difficult because I look at a lot of different people and the skill sets that they have. Some people, like Elon Musk, even someone like Changpeng ‘CZ’ Zhao from Binance, what these people have built from nothing is incredible, so people like that absolutely inspire me.
I also see other people in different areas of life that also pick up part of their situation, and that inspires me too. I don’t have one person or role model specifically, but I have a lot of people that I look up to or aspire to be able to build a business in a similar way.
If you didn’t work in the industry, what other career option would you have pursued or would have loved to
I think I would definitely be building something in technology. I love technology and building technology and seeing it grow, so I think that’s definitely the industry that I would be in.
Lastly, what is some advice you would give to an aspiring person looking to get a start in your respective industry?
I think the main thing is hard work. You need to get your head down. You need to be able to put in the hard yards in order to build not only your skill set, but also your mental capacity to be able to deal with what I think is quite a tough industry, you know… lots of clients, lots of things to be done, lots of demands on you.
I think having that mindset of dedication, hard work, and being willing to fight for the cause will get you a long way in an industry.
Interested in sharing your experiences from the industry and passing on advice to the next-generation for ID Check? Contact: [email protected]
