Future of CPAs, CFOs & Accounting - Marriott Finance/Accounting
Tom Hood, CPA, CITP, CGMA CEO MACPA & the Business Learning Institute Professional Issues Update andTheFuture of CPAs, CFOs and AccountingProfessionals Prepared for: Global Accounting & Finance Team June 27, 2013
Tom Hood CEO of MACPA & BLI • Named Fourth Most Inﬂuen2al Person by Accoun2ng Today • Top 25 Inﬂuencers in Learning & HR by HR Examiner • Top 25 Public Accoun2ng Thought Leaders by CPA Prac2ce Adviser • Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Genera2ons Tom Hood, CPA, CITP, CGMACEOMACPABusiness Learning Institute (BLI)hQp://www.linkedin.com/in/tomhood 6/26/13 T
www.SlideShare.net/thoodcpa @tomhood @MACPA Download today’s slides at … 6/26/13 T
hQp://macpa.cnf.io Ask and answer ques2ons throughout the day here…
Respond to a Poll Ask a Question Vote up a Question hQp://macpa.cnf.io 6/26/13 T
Insights to Ac2on “One without the other is either useless or destruc2ve” T
Source: WTF What’s the Future of Business by Brian Solis What I have been thinking about T
Business Not for Proﬁts NGOs Government Diﬀerent Worlds? T
80401950 1960 1970 1980 1990 2000 20101940100%6020Total U.S. debtas a percentageof GDP2013101.6%1981:32.5%
Accounting bodies hail G20 emphasison public sector reporting DATA Act Financial Industry Transparency Act using XBRL 6/26/13 T
XBRLFASB IndustryTaxonomy Project • Develop industry speciﬁc taxonomies • BeQer suited for each industry • Industries par2cipa2ng include: • Insurance • Banking • Brokers and Dealers • Real Estate • NFPs • GASB? • Form 990 6/26/13 T
FiveThings Every Professional Needs tobe Good At 1. Learning and staying on the cutting edge. 2. Managing your career (yep, you have totake charge of your own career). 3. Doing the work (research, productivity,communication). 4. Interacting with your peers and colleagues. 5. Becoming a thought leader in your ﬁeld. - Allen Blue co-founder Linked-In hQp://lnkd.in/HghTcX
Four Generations in the Profession Millennials (GenY) - Born btw 1980 2000 Generation X - Born btw 1965 1979 Baby Boomers - Born btw 1946 1964 Matures (Traditionalists) - Born btw 1945 1925
For Gen Y, training and development is the most highly valued employeebenefit. The number choosing training and development as their first choice ofbenefit is THREE times higher than those who chose cash bonuses.
434343CGMAs are part of a new,worldwide network ofmanagementaccountants, working inthe world’s leadingcorporations, private andpublic organizations,small businesses andstart-ups.Code ofethics andenforcementContinuousprofessionaldevelopmentFinancial andnon-financialexpertisePowered by aJV betweenAICPA andCIMA
CGMA – CIMAThe global value-added ﬁnancial professional T
CPAs are trusted advisors who, combining insight with integrity deliver value by: T CommunicaHng the total picture with clarity and objec2vity TranslaHng complex informa2on into cri2cal knowledge AnHcipaHng and crea2ng opportuni2es Turning insights into acHon to transform vision into reality
5858581. Finance specialism – thefundamentals‘’The commercial finance roles may seem sexy – in therewith the buying and marketing teams doing deals. In thesesituations people may believe that the financial substance isa bit in the back, but the truth is that it is at the centre. Youalways need the bedrock of financial integrity andcontrol.” Hetal Shah, CFO, Streamline“It is critical to develop credibility to progress withinthe organisation.” The fast track to leadership
5959592. Information for insight – being part ofthe solutionIBM report, Leading through connectionsTurning the tide: How Europe can rebuild skillsand generate growth, by Accenture
6060603. The two C’s – communication andcollaborationTwo personal attributes that CEOs see as mostcritical for the future success of staff:IBM’s Leading through connections survey
4. Experience of major projects andstrategic initiatives – in and out offinance• Internal projects• Technology investments• Mergers acquisitions• Operations support• Sales team support• Business expansion, newmarkets
6262625. Local and global perspectives –exposure to different markets andculturesAccenture’s 2012 report, Turning the tide: How Europecan rebuild skills and generate growthBusiness decision makers…
6. Leadership – talent management• Developing leadershipskills is crucial• Identifying opportunities:– Seize opportunities as thearise– Think outside the box –both inside and outside ofwork
6464647. Strategic VisionEIU’s Plugging the skills gap….
“In a period of rapid change and increasing complexity, the winners are going to be the people who can LEARN faster than the rate of CHANGE and faster than their COMPETITION.” -‐ Tom Hood, CPA.CITP.CGMA 6/26/13 T
#CCEC # 1 Skill is CollaboraHon # 2 Skill is CommunicaHon according to 2012 IBM Global CEO Study 6/26/13 T
#ArtistCPA • Lots of ways to mess up! • Heat is needed to shape the glass • Long setup 2me for quick ﬁnish • Try, learn and adjust -‐Tim McFadden 6/26/13 T
A leader sjob is todeﬁnecontext andprovidehope andinspiration...
Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail firstname.lastname@example.org Web http://www.macpa.org Web http://blionline.org Follow me on: ü TwiQer: hQp://www.TwiQer.com/tomhood ü LinkedIn: hQp://www.linkedin.com/in/tomhood ü Facebook: hQp://www.facebook.com/thoodcpa ü Google +: hQps://plus.google.com/104372556333854919205 ü Slideshare: hQp://www.slideshare.net/thoodcpa ü Youtube: hQp://www.youtube.com/thoodcpa ü Second Life avatar name: Rocky Maddaloni 6/26/13
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