The Future Ready CPA Firm
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Transcript of The Future Ready CPA Firm
The Future Ready CPA -‐ Moving from Compliance to Reliance
Tom Hood, CPA, CITP, CGMA @tomhood
#NARM16
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Poor reputation
No personal relationship
Inadequate staff to meet needs
Not using state-of-the-art technology
Fees were too high
Expertise of former CPA was lacking
Referral to a new firm from someone I trust
CPA had poor responsiveness
CPA didn’t give proactive advice, only reactive service
Why SMBs Leave Their CPA / Accountant
www.blionline.org
Source: CPA.COM Insight into the CPA of the Future Study 2014
Only 8% of CPAs are Future Ready
Future Ready is the capacity to be aware, predictive, and adaptive of
emerging challenges, tech innovations, and trends and changes in business, population, and social
environment.
#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.!
“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 - WEF
Could technology jeopardize professions?
There is a new generation of machine in action now, and these are systems …that can replace parts of, and sometimes all of, certain kinds of professional work.
—Richard Susskind Author, The Future of the Professions
Even as technology has helped to automate some aspects of the tax and insurance markets, the remaining jobs in these fields require lots of human judgment and creativity that is very difficult to automate.
—Andrew Chamberlain Glassdoor chief economist
VS
What does the future hold? Technology is changing and disintermediating many trades and professions • Medical, Legal, Accounting
Patterns and Trends • Automation replacing routine tasks – higher order (soft skills
and analytics) necessary to survive • Alternative options to services and knowledge – automated or
otherwise – Tax and Audit implications • Globalization, specialization and consolidation changing the
landscape. • Domain expertise matters
In the next five years we will
TRANSFORM
How we market, sell , communicate, collaborate, innovate, and educate
– Dan Burrus
The Top 6 Ways to Create Capacity in your Firm
• Maximize software & tools you have• Use the latest and most efficient technologies• Workflow & Process Efficiency• Focus on your best ‘A’ clients• Communicate your services (cross-sell)• Engage your people
Competency
Disrup>ons before they disrupt Problems before you have them Customer Needs before they have them New Opportuni>es before the compeEEon
AnEcipate
Source: Daniel Burrus
#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.!
The ResearchThe latest research inside and outside the CPA Profession re-affirms the Top Competencies and Skills needed by Accounting and Finance Professionals
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
• AnEcipaEon • Strategic
Thinking • External
Awareness • Vision • ConEnuous
Learning • InnovaEon • CreaEvity • Problem Solving • PrioriEzaEon
• Business Acumen • Decisiveness • Influencing/
Persuading • EmoEonal
Intelligence • Consensus
Building • CollaboraEon • InspiraEon • Risk Management • CommunicaEon
http://www.blionline.org/ao
V A L U E
Adding Insight for Action
Information
Wisdom
Knowledge
Data
Compliance
Reliance
Source: CGMA & DIKW Pyramid
V A L U E
TrustIntegrityObjectivityExcellence Lifelong Learning
Core Beliefs & Values
Protect the Core & Stimulate Progress
The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the
right strategy
Top Ten Things Next Gen leaders Want You to Know!
1. Look Beyond the Billable Hour2. More Focus on Career Development3. Engage Us in your Vision and Purpose4. More Coaching and Mentorship5. More Frequent Feedback6. More Leadership Development7. More Transparency8. Thank You!9. More Collaboration10. More Focus on the Future
Firms evolving for the future
Structure, strategy, business model
Client and relationship building
Use of technology
Staff development and culture
Key factors for success
V2S – i2a – 8-‐S Model
Strategy Staff
Skills
Structure
Style
Systems
Shared Vision
Shared Values
www.blionline.org
The Magnetic FirmPurpose Driven Great
LeadershipCulture
Of GrowthInspiring
Workplace
Vision, Purpose and Values based
Transparent and Inspirational Leadership
Learning Culture- Self and Formal Development
Flexible and Open Work Environment
Focus on Strengths and Positivity
Build Consensus and Commitment
Career & Growth Orientation – Career Paths
Work/Life Balance
Inclusive and Diverse
Leadership Development at all levels
Customer focused
Coaching and Feedback
High Performance – Insight to Action
Anticipatory and Proactive
Collaborative and Team based
Effective Technology Tools - mobile
66
“Any type of differentiation in your practice that drives
preference.”
Geoffrey Moore: Innovation
Innovation Priorities in Firms1. Developing new offerings that expand the value we
provide to our existing clients 2. Implementing a new offering for a specific market
segment we believe has growth 3. Developing new offerings or approaches to the market
that attract new clients 4. Realizing value to the firm from existing innovation
investments5. Updating current offerings to be more competitive6. Deciding and moving forward on what our innovation
priorities should be7. Implementing a cloud-based accounting system
Recipe for Innovation 1. The right culture –
collaborative and inclusive 2. Purpose-driven and
visionary leadership 3. Continuous learning and
improvement 4. Competencies and skills
to support innovation 5. Tolerance for risk and
failure 6. Technology-enabled firm
Disruption and RONI���The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
We think this is trade-off
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 in Accounting by Accounting Today Magazine 2013 - 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR - HR Examiner Top 25 Public Accounting Thought Leaders - CPA Practice Adviser Co-founder of the Business Learning Institute
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/