At the end of the day, every decision we make ends up having a financial implication that will be reported out to the investment community for all to see. And the investment community in many ways will value our company based upon their assessment of the quality of decisions that we make.
That's why I believe it’s critical that finance acts as a strategic partner to our business versus more of a reactive "corporate" function.
Scott Murphy is Booz Allen’s chief accounting officer and controller within the finance function. In this role, he is responsible for the firm’s financial operations; government accounting and compliance; financial statement closing process, including tax provisioning, compliance, and strategy; external financial reporting and management of external auditor relationships; technical accounting matters; and strategic accounting and finance support to the markets.
Prior to joining Booz Allen, Scott was a key member of the controllership function at Iron Mountain, with leadership roles that included global controller and Americas controller. He led the company through major transactions encompassing significant acquisitions, joint ventures, restructuring efforts, adoption of new accounting standards, and conversion to a real estate investment trust.
Scott began his career at Ernst & Young in Boston, where he was part of the audit/assurance organization working with retail, consumer products, and medical device clients.
He holds an M.S. in accounting and a B.S. in business administration from Bryant University and is a certified public accountant.
What makes you excited to come to work every day? My role is a mix of ensuring that the firm’s activities are accounted for appropriately, and that our external financial statements are presented fairly and in accordance with generally accepted accounting principles, and providing strategic finance and accounting support to our leadership team and our business leaders. While the first activity is a core principle of any accounting executive’s role, the latter activity is what I’m most naturally drawn to. I like to think of myself as a business leader with a wealth of finance experience versus a finance executive. The other exciting part of my role is the incredibly talented people that I get the privilege to work with, work for, and manage every day.
What are the three most pressing needs in the area of finance? The most pressing needs in finance come down to talent, processes, and technology. The market for talent is exceptionally competitive, so we have to be prepared to attract, recognize, and retain the best people. To support our aggressive and opportunistic position in the mergers and acquisitions market, it's critical that the finance team has the right processes and technology in place to scale what, hopefully, will rapidly become a much larger organization than it is today.
How do you inspire your teams to do excellent work? I try to instill in each of my team members the confidence to make bold decisions that are based on reasonable logic and, most importantly, a comprehensive understanding of the facts. The fear of making decisions and fear of failure can really inhibit someone’s professional growth. Like many others, I tend to learn more from my mistakes than I do from my successes. So being fearful of sticking your neck out, while safe, will hurt your development in the long run. I try to inspire my teams to make bold decisions and learn from the outcomes.
Why is it important for Booz Allen to be a diverse and inclusive workplace? I firmly believe that a lack of diversity in background and experience can lead to a lack of diversity of thought. The most successful organizations are the ones that identify this and embrace the perspectives and opinions of individuals who come from a wide range of backgrounds. I try to embrace this mindset every day at Booz Allen.
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