Meet our alumni

Lydia McCollin

VP, Finance & Operations
Consolidated Finance Co. Limited.

Describe your career journey since leaving PwC and how you came to work at Consolidated Finance Co. Limited?

My decision to leave PwC was a bittersweet one. I loved my career as an accountant in practice, but I felt that I was ready to transition to an accountant in business.  

The first step of my journey outside of the audit world began at FirstCaribbean International Bank (Barbados) Ltd where I managed the financial reporting of nine islands operating as branches and four subsidiaries in Barbados, Eastern Caribbean and Belize. This also included the consolidation of results for publication. I also played an integral part in restructuring and strengthening the capacity of the Finance Department. Here, I experienced my first audit when I was not the auditor and what a big difference that was! My first thought was “Was I that annoying when I was an auditor?”  I shared my thoughts with the auditors, and we had a good laugh about it.  

The next step in my journey took me to ANSA MCAL (Barbados) Limited where I held the position of Group Chief Financial Officer.  I was responsible for the delivery of consolidated information for management accounts and financial reporting including published consolidated financial statements for the Barbados Group of Companies. Here is where I was first introduced to the business world and commercial operations. It was then that I realized I needed more exposure to the operational side of businesses. I was given the opportunity to manage the amalgamation of the operations of three companies in the Distribution Sector and overseeing the rationalisation of human resources, physical locations and IT processes resulting from the amalgamation. This was an amazing experience as it exposed me to areas outside the realm of pure accounting. From here it was no turning back, I was ready for the next step of my journey into the world of operations which led me to Consolidated Finance Co. Limited.

Consolidated Finance Co. Limited is part of the ANSA McAL Group.  The Group decided to make some changes to the leadership team and I was asked to lead the finance and operations teams. This was perfect timing and the perfect opportunity to work more on the operational side of the business since my responsibilities went far beyond Finance and into running the operations.

I am currently in my second year as President of The Institute of Chartered Accountants of Barbados (ICAB).  It is an honor to be given the opportunity to lead the profession in Barbados. I am extremely happy to be able to give back to this wonderful profession by serving in this capacity.  

I think that my years at PwC and being an auditor prepared me well for all the roles I have had to date.   

What’s the most valuable thing you learnt during your time at PwC?

There are many valuable things I learnt. PwC helped shaped who I am today but I think it is my strong sense of conviction. In auditing you come across many situations, some that may require research and consultation before you reach a conclusion. When you have to present that conclusion, you better be able to support it; to the engagement partner and to the client. My conviction was based on thorough preparation and research which enabled me to respond to any challenges to my views. I can still hear the voice of a partner who was conducting a training session early in my career saying “You must always speak with conviction”. I have carried that throughout my career.

What has been your biggest career challenge, especially now given the impact of COVID-19 on business and the community?

We tend to judge by our own standards, so automatically we set expectations of others based on that.  Recognising that we all operate at different standards and having the patience to work through that has been my challenge. I am getting better at it.

COVID-19 brought with it fear and uncertainty not only from a business perspective but a personal perspective. Business activity is down.  There is remote working and online school.  Online school where some children may need supervision.  People are experiencing different emotions while managing these changes, fears and uncertainties. These same people are expected to manage their business areas despite all that is going on in their personal lives. Creating the right balance and comfort level while keeping business goals insight is the biggest challenge right now, especially when that balance and comfort level is changing every day.  

What is one piece of knowledge/advice you can share?

Be authentic, stay true to your-self.  Do not try to be anyone else but you. Get to know yourself, your strengths, your fears and insecurities – and know that you are complete with all of that. Own it and move forward. When you know and understand who you are, it changes the perception of you in your own head. You know your worth. You know what you can contribute. You know the impact of that contribution. And more importantly you are happy and satisfied with yourself and what you have contributed. Be the best you!

What is your fondest memory from your time spent at PwC?

I have many fond memories but what has stood out for me over the years are the relationships, friendships and bonds formed which have remained to this day. 

There was a Social Club back then, not sure if it is still in existence, but many fun and bonding activities were planned through this Club including overseas weekend trips to the other Caribbean islands where there was a Price Waterhouse office. (This would have been before the merger between Price Waterhouse and Coopers & Lybrand.)  We were able to form bonds with our counterparts in the other islands as well. 

I was fortunate to work in The Bahamas and St. Lucia offices and experienced the same sense of family in both offices.  

To sum it all up my memories are around the camaraderie, the support, friends who became family, which all helped in creating the best working environment for us at that time. 

What is your personal definition of good leadership, and how do you try to implement it?

Good leadership is achieving the performance goals of the organisation while developing its people and preserving the environment. Leaders have a responsibility beyond profitability of a company. They have responsibility for their people and the wider society. Recognising this and satisfying all of these is good leadership.

I am a strong believer in the development of people and “not finishing where you started”. I try to create opportunities where people can perform in different roles, improve on skills and be is a position to move to the next level within or outside of the organisation.  

The introduction of AI, robotics and data analytics have changed the way we work, especially during the current COVID-19 pandemic. With finance being a key function for automation, how has it changed your role?

For now, there has not been much change to my role as much of what I currently do is more strategy focused and managing risk.  

However, I expect that there will be significant transformation in the accounting profession and we will see a different type of accountant or finance professional. In fact, transformation has already begun.  Accountants are no longer burdened with task-oriented jobs. The role of the accountant is changing to be that of a business advisor. Automation is allowing accountants to perform higher value activities, spending more time with clients or business leaders, focusing on strategy and not getting ladened with detailed processes.

One of the biggest transformations for us in Barbados was remote working. Communication tools coupled with the ease of access to information are allowing not only accountants but most professionals to work from anywhere and at any time.

 What are your best tips for finding the right work:life balance?

1. First recognising that:

 (i) what may work for others may not work for you

(ii) you may not get it right the first time

(iii)  once you find the “perfect” balance expect it to change and adjust accordingly. Life is dynamic so as life and circumstances change you may need to adjust what you think is the perfect balance.  

2. Have a clear separation of work and personal life.  Have set work hours and stick to them. There will be exceptions but have set hours as your norm. Given the increase in remote working happening now this is even more important as our homes are now our workspaces. Cut off and do something you enjoy.

3. Have what I call “Mental Health Days”. Take a break. I know the deadlines are coming fast, clients are demanding, and it may seem that every minute counts but remember even the Lord rested on the 7th day!  The value of rest cannot be underestimated. More is accomplished with a well-rested mind and body.

4. Know your peaks and troughs. Capitalise on the segments of the day when you are most alert and energetic. More is accomplished at those times. If you are a morning person, do your heavy lifting then. I am a morning person so most of my work is done then. It is very difficult for me to do any serious work late evenings and nights. So, I work hard during my morning and afternoon periods and spend my evenings winding down for the next day. Again, there will be exceptions and that is okay, the exceptions just will not be the norm.

5. Have a support system. A circle of friends or family who can be there to assist if needed. 

6.  Take your holidays! Take your holidays! Take your holidays! Can’t say this enough!

7. Schedule your personal time.  My “me time” is the gym. And I am very strict about my gym time. My activities are built around my gym time and not the other way around.

8. Prioritise your time. Both work and personal time. Do not lose sight of what is important to you.

What was your dream job growing up?

I did not have a dream job but what I thought of doing before I got into the wonderful world of accounting was Psychology and Social Work. I am fascinated with the mind and behaviour.  Coupled with that is my passion for empowering people.  I am a strong believer that one’s origin does not determine one’s future or destination.  Accounting edged out in the end, but I still have a very keen interest in what makes us tick, what shapes our behaviours and how I can assist people on their journey.