The Anticipatory Accountant - How to Get Ahead and Stay Ahead - IFAC
-
Upload
tom-hood-cpacitpcgma -
Category
Business
-
view
1.575 -
download
3
Transcript of The Anticipatory Accountant - How to Get Ahead and Stay Ahead - IFAC
The Anticipatory Accountant �How to Get Ahead and Stay Ahead
Tom Hood, CPA, CITP, CGMACEO
Maryland Association of CPAsBusiness Learning Institute
The # 1 Challenge
SleeterGroupSurvey2014The#1Challenge!
The #1 reason clients leave their CPA firm is that they did not get proactive advice only reactive (historical) services.
Top Challenges1. Information overload2. Doing more with less3. Changing accounting and
technology systems4. Not enough time5. Being reactive vs proactive6. Finding and retaining talent/
Succession planning
#FutureReady!Is the capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry.
Source: CPA.COM Insight into the CPA of the Future Study 2014
92% of CPAs Not #futureready
“We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.”
Klaus Schwab on The Fourth Industrial Revolution – World Economic Forum
Borrowed from the US Army War College, VUCA was coined by Bob Johansen of The Institute for the Future to describe the rapidly changing and complex business environment since the Great Recession of 2008.
www.blionline.org
Exponential Pace of Change
Race Against the Machines?
Source: Frey & Osborne – The Future of Employment – Oxford University
“One interesting finding of the survey is that CPA firms, early majority or not, don’t really see a competitive threat from specific challengers.”
– Erik Asgeirsson – CEO of CPA.COM
Youcan’tstopthewaves,butyoucanlearnhowtosurf.–JonKabat-Zinn
5 Steps to be Future Ready1. Initiate Change2. Go Digital3. Elevate Skills4. Protect the
Core5. Enjoy the Ride
If it can be done it will be done and if you don’t do it, someone else will. – Dan Burrus
Initiate Change
Start with Certainty
Three Hard Trends:1. Government Regulation2. Technology3. Demographics
Top Tech Trends
Machine Learning, Artificial Intelligence, IoT, Blockchain, Big Data, Augmented Reality, Drones
Go Digital - Create Capacity
1. Maximize software & tools you have
2. Use the latest and most efficient technologies
3. Workflow & Process Efficiency
4. Engage your people
If you automate, you must elevate, (the skills of your team).- Mike Walsh futurist
Elevate your skills
LiveContentSlideWhenplayingasaslideshow,thisslidewilldisplaylivecontent
Poll:Whatarethetopskillsyouneedforleadership?Pick5
Top Skills Needed for Accounting and Finance Professionals
BLI Research in 2015 with over 1,000 responses from all segments of the CPA Profession identified these top skill needed to be successful in these rapidly changing times. This confirms and reinforces the research from the Conference Board, AICPA CPA Horizons 2025 report, Bersin, and Burrus Research..
75% covered by these Top 5
Skills
Core values: • Integrity • Competence • Lifelong learning • Objectivity • Commitment to excellence
CPAs…Making sense of a changing and complex world CPAs are trusted advisors who help people and organizations shape their future. Combining insight with integrity…
Protect the Core – Purpose & Values
We are in the “Groan Zone”
Enjoy the Ride – Learning and Innovation
5 Steps to be Future Ready1. Initiate Change2. Go Digital3. Elevate Skills4. Protect the Core5. Enjoy the Ride
Closing Thoughts�For CPAs
Rearview Mirror to Windshield View Past to Future Reactive to Proactive
Insight to Action
Future Ready CPAs are PROACTIVE!
Disruption and RONI�The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
We think this is trade-off
Calendar - The No. 1 AppSpend just one hour per week in the future…
The Association CEO’s Perspective
Never be afraid to seek inspiration from your past.
- Bill Taylor, founder of FastCompany Magazine
Connect ‒ Protect - Achieve
Poll:WhatarethemostvaluablebenefitsofMACPAmembershiptoyou?
1. Advocacy–ProtecKngmyCPAlicense
2. Helpingmycareer–Learning
3. Helpingmestayfutureready
4. Futurescout–Watchingfuturetrends
5. ConnecKngandnetworking
NEW!
NEW!
Protect!
AccounKngfirmsconKnuingdiversificaKon
$50billion
40
30
20
10
2010
$42$9
$12
$19
Revenue split at top 100 accounting firms
2014
$54$17
$15
$20
Advisory services
91% growth! now nearly one-third of revenue
Tax 17% growth but now just over one-quarter of revenue
Audit and accounting 6% growth now 37% of revenue — was 45% in 2010
Other
MACPAStudentLeadershipAcademy–June,2015
NewCPAsSwearing-inCeremony
MACPALeadershipAcademy–August,2015
‘Future Ready’ means helping our member adapt faster
Hard Trends
Three Hard Trends:1. Government Regulation2. Technology3. Demographics
Constant learning! is THE only competitive advantage!
LeadingthenaKoninlearninginnovaKon
NewCPERulesEffecKveinMDMarch31,2015AdoptedbyAICPANASBASeptember,2016.
Our approach to learningNano–RapidApplicaKon-Curriculum Blended–ILT–e-learningcurriculum
Nano–10-minutelearning,AppforcontentcuraKonandreadingjournals.CollaboraKonandengagementtoolsThinkTank,conferences.io,MBSN
• AnKcipaKon• StrategicThinking• External
Awareness• Vision• ConKnuous
Learning• InnovaKon• CreaKvity• ProblemSolving• PrioriKzaKon
• BusinessAcumen• Decisiveness• Influencing/
Persuading• EmoKonal
Intelligence• ConsensusBuilding• CollaboraKon• InspiraKon• RiskManagement• CommunicaKon
28lessons–4modules–1hour/week• Veryshortsingle-conceptvideos(miniTEDTalks)• RapidapplicaKonexercises• Visualjobaidstoreinforcelearning
Anticipatory Organization - designed to learn more in less time
Tom’Principles• Thelearningcurveistheearningcurve• Leadersarereaders• Yournetworkisyournetworth• ThecollaboraKoncurve>experiencecurve
Tom’sFavoriteTools
“Usethetools,don’tletthetoolsuseyou.”–FrancineMcKenna
• Twiler• Linked-In• Blog• Slideshare.net• Evernote• Tweetdeck.com• Hootsuite.com• Storify.com• Kindle
BLI & Future of Learning
1. Social Learning.2. Mobile / nano3. Competency-based learning4. Collaborative5. Cloud-based
Questions
If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today
Tom Hood, CPA, CITP, CGMA
CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential Person in Accounting by Accounting Today Magazine Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR by HR Examiner Top 25 Public Accounting Thought Leaders by CPA Practice Adviser Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management, Leadership & Generations
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/