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Navigating the Duality of Accountants' Profession and Personal Ventures

Navigating the Duality of Accountants' Profession and Personal Ventures

Apr 22, 2024

In a notable address at the 2nd PFM Conference, CPA Godfrey Ssemugooma, the Ag. Director Finance Management Services under Accountant General’s Office in the Ministry of Finance, Planning, and Economic Development, urged accountants to venture into personal business endeavours while maintaining a delicate equilibrium between their professional commitments and personal pursuits.

CPA Ssemugooma underscored the importance of navigating the balance between professional responsibilities and personal ventures, emphasizing that while it is permissible to engage in personal businesses alongside formal employment, it is crucial to discern when and how to manage both spheres effectively. He referenced the Uganda Public Service Standing orders, which impose restrictions on public officers engaging in business activities, highlighting the prevalent practice of public officers establishing enterprises to supplement their incomes.

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Navigating the Duality of Accountants' Profession and Personal Ventures
 

Referring to the colloquial term "hustle" in Uganda, synonymous with personal business ventures, CPA Ssemugooma acknowledged the significance of side hustles in providing supplemental income and fostering financial independence. He noted that a significant portion of individuals attain financial freedom through their side hustles rather than solely relying on formal employment.


CPA Ssemugooma outlined various motivations for pursuing personal businesses, including family legacy, passion pursuit, seizing opportunities, and social responsibility. However, he cautioned against potential challenges, such as organizational conflicts, leveraging professional advantages unfairly, and conflicting goals.


To navigate these challenges effectively, CPA Ssemugooma advocated for adherence to personal and professional values, emphasizing the importance of time management, prioritization, and compliance with regulatory standards. He underscored the necessity of ethical conduct in business operations, quoting Potter Stewart's wisdom on distinguishing between rights and ethical responsibilities.

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In his concluding remarks, CPA Ssemugooma encouraged aspiring entrepreneurs not to relent in the face of challenges, urging them to persevere and await favorable outcomes. He emphasized that true balance entails a sense of harmony between personal fulfillment and professional excellence, echoing the sentiment that sustainability lies in ethical conduct and resilience.


In essence, CPA Ssemugooma's address resonated as a clarion call for accountants to embrace entrepreneurship while upholding integrity, resilience, and a sense of holistic well-being in both their professional and personal pursuits.


The Public Finance Management Conference is organized by the Institute of Certified Public Accountants of Uganda. It is being held from 19 - 22 March 2024 at the Source of the Nile Hotel in Jinja. The PFM conference aims at raising possible solutions to the challenges of public debt management and fiscal sustainability, among other PFM issues. It is the largest colloquium of PFM enablers and public sector players, attracting over 1,000 professionals, business leaders, executives, academicians and entrepreneurs.


 

Published in CPA Connect Magazine, Issue 21 March 2024

By: Jackline Nabirye

Communications Officer

Institute of Certified Public Accountants of Uganda (ICPAU)

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