Date posted: 2/03/2018 4 min read

How to create a mindset for success

Software engineer, app developer and founder of Five2One, Vaibhav Namburi explains how accountants can innovate in their roles to create success

In brief

  • Vaibhav Namburi, speaker at Accounting Conference Australia 2018 will show delegates how to build a fully functioning app in under an hour
  • Namburi advises finance professionals to be different and memorable
  • He encourages staff to embrace technology, take blockchain seriously as a disruptor of finance, and identify their knowledge gaps

Vaibhav Namburi, Director and Founder of Five2One

Vaibhav Namburi, Director and Founder of Five2One 

Vaibhav Namburi, Director and Founder of Five2One is the epitome of innovation. His background in software engineering led him to spend six years building products for start-ups and well-established companies, with big names such as Pwc and William Hill Australia. He has built applications that receive close to 500,000 unique visitors a month.

Namburi has lived in eight countries, speaks three languages, played elite level football, is a drummer and guitarist, and is a lecturer at Coder Academy. With these accolades, Namburi certainly lives up to his reputation, described by his peers on LinkedIn, as “a natural born leader” and “a supercharged freight train of positive energy”.

Driven by technology, his apps have transformed how businesses operate. His passion for igniting innovation has led to the development of apps using the disruptive technology of blockchain. Namburi’s creative mindset can be used by accountants to break down traditional barriers, become more creative and solve problems. He will share his insights at Accounting Conference Australia in March and April.

Tips to create a culture of innovation

Namburi believes creating a culture of innovation is a driving force for business success. Innovation is particularly important for the finance and accountancy profession, because “people need to get ready for extreme automation. Traditional accounting is going to be replaced, however, the concepts won’t go and the utility of the profession will never be redundant.” He provides four tips on how to become innovative.

1. Embrace technology

As the founder of software company Five2One, Namburi and his team live off the edge of technology, bringing new products to market, building agile strategies and introducing new technology to larger companies in order to drive efficiencies.

“The team need to be really hungry to learn or they just won’t survive.” It’s the nature of the game in any software environment to be ready for the next thing in technology.”

Trained in mechanical engineering, Namburi learned how to code in anticipation of where the world is heading, with coding an essential skill for success. Namburi says it’s the same for accountants, with the profession’s everyday tasks becoming automated; they need to be adaptable and start embracing automation to develop a software mindset.

“Instead of focusing on the nitty gritty of accounting you need to focus on navigating complex applications that will handle the admin for you. Learn the tools to operate what will automate your job”

Namburi advises accountants to look into the insights of large companies who are introducing new software, because “by being aware of software and upskilling yourself in the appropriate software, you’ll be in front of your peers.”

2. Identify your knowledge gaps

Namburi is a passionate advocate for education. He believes the process of learning is continuous, and begins with identifying your knowledge gaps. He encourages his staff to determine what they want to learn more about so they can develop their skills in these areas, and continue to progress and stay motivated. Investing in your staff’s professional development comes at a cost to the business owner, but Namburi says, it’s necessary.

”I used to have a completion mindset; completing one thing then onto the next to learn and accomplish. I now know I will never know everything, and I’m comfortable with being uncomfortable.

Namburi explains that the biggest knowledge gap in the market is how to leverage blockchain, as this is changing currency, disrupting life and the financial world, and is at the core of innovation. His team’s current focus is building out blockchain solutions, they’re currently building their third and fourth blockchain application.

“Blockchain is the essence of democracy, we believe in a share of voice not a dictatorship. People don’t like control to be in the hands of a single entity. Being connected via blockchain would avoid dependency on banks as intermediaries.”

He believes people need to take blockchain seriously as a disruptor. A fair amount of accounting is working with a company, and this way of working will be obliterated because the intermediaries won’t exist. The benefits of blockchain, however, will be increased visibility and transparency because blockchain is a trusted system. Transactions that were “hidden” will be available to the public. This is where Namburi’s experience excels, identifying opportunities to innovate and generate success.

3. Adopt a growth mindset

Namburi says to be adaptable and progress accountants need to develop a growth mindset, at the heart of which is innovation, collaboration and a belief in continuous learning. He encourages team members to keep taking on new projects rather than repeating the same things they know. Adopting a growth mindset means believing your intelligence is flexible and being willing to be out of your comfort zone. Different mindsets lead to different patterns of behaviour, and those who believe they can improve their abilities are more likely to embrace challenges and persist despite failure. This mindset encourages changes and new thinking, which is imperative to achieving success and gaining a competitive edge in the fast-paced era of new technology.

“What they (accountants) learn will be prehistoric in a short space of time. What you learned at uni will have changed by the time you join the workforce.

“While the core principles may not drastically change the implementation will change quickly, so you need to be ready and comfortable using more software applications, and depending on software products and external services to do the heavy lifting for you.”

4. Be memorable

He discovered, from personal experience when applying for graduate jobs, and as a leader and founder of his own start up, that the secret to success - apart from confidence, aptitude to learn, autonomy and technical aptitude, -is the need to be different and remembered. Whether through the way you present yourself, having an outstanding resume or creating relationships.  

Namburi is convinced that having effective soft skills go a long way to making you memorable in a workforce. For him, success is all about creating strong relationships with people.

“People want information and value,” he advises. “Ask their opinions and make them feel valued and important.”

“There are SO, SO, SO MANY people doing exactly what you’re doing, stand against the crowd and you will be appreciated, trust me you will.”