Joe O’Regan FCCA, like previous ACCA Ireland chairs, is ‘extremely passionate about supporting SMEs’, a sector that provides 70% of private-sector jobs in Ireland. He can fairly claim, however, to be the first chair whose job description is fractional CFO. A concept O’Regan first embraced while working in Canada, it is one he has enthusiastically brought back home, setting up Intrinsic CFO in Waterford in 2022.
The core of the fractional concept is providing professional services to clients where it would not be economically viable to have a full-time employee. In the case of CFOs, that role is part ‘sitting down on a monthly basis, looking at management accounts and KPIs’, and part ‘strategic advice and stress testing bigger financial decisions’. The end result is ‘helping CEOs run their business in a more structured manner’, O’Regan explains.
‘The fractional CFO is co-pilot, ensuring good instincts become safe decisions’
An additional bonus is the opportunity to be a trusted sounding board. ‘Very often, owner managers have the answers, but they value someone to go through things with them,’ he says. O’Regan likens the relationship to aviation roles. ‘The owner is the pilot flying the plane. The fractional CFO is co-pilot – running checklists and scanning the instruments so good instincts become safe decisions.’
Inclusive appeal
Becoming chair of ACCA Ireland in April puts fresh demands on an already packed schedule, and O’Regan has been no less enthusiastic about finding time for the organisation he has valued from his earliest career days. ‘My first job in finance was with AIB where I had a choice of accounting qualifications to pursue,’ he says. ‘I picked ACCA because I loved its origin story. It was set up as a pathway for people who didn’t have a university degree and has been a great career enabler ever since.’
CV
2022
Sets up Intrinsic CFO, offering fractional CFO services in Ireland
2016
Fractional CFO, Canada
2014
Joins Deloitte as management consultant in finance transformation
2008
Joins PwC as management consultant in finance function effectiveness
2001
Graduates from UCD with a BA in Maths and Economics; joins AIB as management accountant
O’Regan’s appointment to chair is a fitting culmination to 13 years of service across various panels, including two years with ACCA Canada. ‘To see firsthand the global nature and the networking value of ACCA while I lived in Canada was something extraordinary,’ he recalls. ‘It motivated me even more in terms of giving back and encouraging others to join.’
Fit for the future
O’Regan’s year as chair also coincides with a significant reorganisation that has futureproofing at its heart. ‘ACCA Ireland has transitioned from seven member panels to five sectoral panels,’ he says. ‘As chair, I am leading the sectoral structure in its first year, working with the Committee and ACCA to learn and improve as we progress through the year. The end result is clear with better alignment between our panels and global forums.’
As with any process of change, communication and feedback are important, he says. ‘With the regional panel system, you saw a mix of people from different backgrounds, which led to more generalist discussions. With the new sectoral format, we will see greater focus on the needs of individual sectors, while delivering a format that delivers greater inclusivity for our 16,000 members located in Ireland.’
‘Accountants have the intuition to thrive in the rapidly evolving landscape – if we are brave’
‘ACCA has been very supportive in terms of commitments to maintain broad representation and we’ve done a lot of work around this at committee level, too.’ O’Regan praises the work of previous chairs Stephen Doyle and Louise Johnston for their stewardship of this complex process of change.
Those sounding-board skills will also come to the fore as discussions across the profession coalesce around the unprecedented change that lies ahead. ‘Working closely with the new member panels to identify, understand and respond in sector-specific ways is a priority for me,’ he says. Three ‘spotlights’ identified by ACCA research guide his thinking: shaping future skills; embracing innovative technology; and driving sustainable business. What O’Regan hopes to make clear from his own experience is how closely intertwined these concepts are.
‘Accountants have the skills and intuition to thrive in the rapidly evolving landscape we now operate in – if we are brave and seize the opportunities that innovation brings,’ he says. ‘Everyone is worried about AI but I believe we should embrace it. We have a unique skillset as a profession – we excel at analysing data and we are good at understanding its value and telling a story around it.’
Position of strength
It’s an optimistic outlook broadly shared among members, O’Regan notes. ‘In ACCA’s most recent Global Talent Trends Survey, a couple of things stood out. Firstly, over 50% of members saw accountancy as a path to entrepreneurship. Secondly, employability confidence is high. Our members are really ambitious and positive about their career prospects.’
‘Our members are really ambitious and positive about their career prospects’
For anyone who thinks those career prospects might include a fractional role, O’Regan is more than happy to take a call. ‘An experienced practitioner would be coming into this area from a position of strength,’ he says, adding a willingness to embrace technology and change will give them an additional edge.
It’s an observation drawn from research but also backed up by personal experience. As O’Regan points out, ‘When you’re setting out on a journey, you don’t look for advice from somebody who hasn’t left home.’
