MACPA 2014 Professional Issues Update - Special Business & Industry edition

3,828 views
3,067 views

Published on

What are the top issues facing CFOs, Controllers, and CPAs in Business/Industry, NFP and Government?

MACPA CEO Tom Hood, voted second most influential leader in the CPA Profession in Accounting Today’s 2013 list of the Top 100 Most Influential People in Accounting (his ninth time on the list) sees five fundamental shifts facing accounting now – Leadership, Learning, Technology, Generations and Workplace.

In a world of rapid change and increasing complexity, the winners will be those individuals and organizations who can keep their L>C², their rate of learning must be greater than the rate of change and greater than their competition. Tom’s updates are always popular for CPAs and include the latest trends and issues the profession is facing locally, nationally, and globally.

This special Business & Industry Edition also covers a special session on the CFO of the Future by Ash Noah, CPA, CGMA of the AICPA/CGMA and a presentation by our Business & Industry Committee of the results of our ThinkTank session on the major issue and opportunities facing CPAs in B&I by Skip Falatko and B&I member Joselin Martin.

Also include is an update on legislation and regulation and the advocacy efforts of the Maryland Association of CPAs.

Published in: Business

MACPA 2014 Professional Issues Update - Special Business & Industry edition

  1. Tom Hood, CPA, CITP, CGMA Business & Industry Edition Rockville, MD March 26, 2014
  2. Tom Hood, CPA, CITP, CGMA! Tom Hood, CPA, CITP, CGMA CEO MACPA www.macpa.org and Business Learning Institute (BLI) www.blionline.org! http://www.linkedin.com/in/tomhood/! 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 Magazine! •  Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 •  Linked-In Top 150 Influencer •  Top 25 Influencers in Learning & HR by HR Examiner •  Top 25 Thought Leaders in Public Accounting by CPA Practice Adviser •  Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management !
  3. http://macpa.cnf.io! ! Respond to a Poll! Ask a Question! Select the session: Business & Industry PIU
  4. Download today’s slides at … www.SlideShare.net/thoodcpa
  5. Insights  to  Ac,on     “One  without  the  other  is  either  useless  or  destruc,ve”  
  6. http://cpa.tc/4d7
  7. The future is so bright, I gotta wear shades… - Timbuk3
  8. The CPA Career
  9. Expects a 13% growth rate in accounting and auditing jobs from 2012 to 2022
  10. # 3 2014
  11. Accounting education records broken 2013 AICPA Trends Report 40,350 CPA firm new hires 82,177 graduates
  12. CPA credential in high demand! Source: Wall Street Journal, 8/13/13 25% 38% 0 5 10 15 20 25 30 35 40 2006 2013 CFOs who are CPAs Employers: Most desired credential Solid salary growth Entry-level demand also strong Robert Half 2014 Salary Guide
  13. The CPA Brand The
  14. The future of accounting is bright – accounting students from six Maryland universities at MACPA – NABA event http://cpa.tc/4aa
  15. What  do  you  want  from  your   employer?  
  16. What  are  you  looking  for  in  your   associa,on?  
  17. CFO - the Chief Future Officer? Ash Noah CPA, FCMA, CGMA VP External Relations – Management Accounting The future CFO 2013 IBM
  18. 202020 The future business paradigm?
  19. 212121 Of Global CFOs do not believe that the ‘CFO’ title adequately covers the diversity in the role Chief Future Officer? Finance Forte Survey 2011 Ernst & Young
  20. 222222 Report the ability to find the right skills is progressively more difficult the higher the roles are within the organization Chief Future Officer? Plugging the skills gap 2012 EIU 68%
  21. 232323 Chief Future Officer? Turning the Tide; Accenture 40%Reported high-end analytical skills as being the future success of their organization But only 15% Of those have these skills available
  22. 242424 Talent Pipeline Draining Growth 2012 CGMA Developer of talent pipeline Of c-suite respondents agreed that the ability to attract, retain and deploy the right talent is ‘the’ main competitive advantage over a third
  23. 252525 Measures and focuses on non-financial value Rebooting Business - 2012 CGMA
  24. 262626 Measures and focuses on non-financial value Rebooting Business - 2012 CGMA
  25. 272727 Recognizes value in non-financial measures* * Extent of value provided - % of respondents selecting 8-10 on a scale of 10. Rebooting Business - 2012 CGMA
  26. 282828 Big Data enabled From insight to impact - 2013 CGMA
  27. Big Data enabled finance •  A minority (23%) report no role in anlaytics •  Another minority (21%) claim a leading role •  A 55% majority say finance partners with others (55% = 37% + 9% + 9%) •  Interviews agree on a collaborative role From insight to impact - 2013 CGMA
  28. 303030 Overcoming impediments to harnessing Big Data From insight to impact - 2013 CGMA
  29. 313131 Five traits of the data enabled CFO From insight to impact - 2013 CGMA
  30. Source: IBM CEO Survey - Leading Through Connections Turns data to insights to action
  31. Shared Service Centers Technology SCALE BENEFITS Focus on Process and Technology Finance function has delivered scale benefits
  32. INCREASED INSIGHTS BUSINESS SUPPORT REAL BUSINESS BENEFITS Focus on People and Products The future is about delivering value Shared Service Centers Technology SCALE BENEFITS
  33. 353535 The catalyst for Innovation § Garners C-suite support for innovation § Promotes a culture of innovation permeating the whole company, not just R&D § Devices employee incentives to both encourage innovation and innovative culture § CFOs drive for predictability and reliability - an obstacle to innovation § Flexibility and tolerance of failure are necessary § Financial processes and metrics need to be aligned with innovation lifecycle § Learns to ‘live with ambiguity’ Managing Innovation- 2013 CGMA
  34. 363636 The innovation imperative § Average tenure of a company in the S&P500 has fallen to 18 years from 61 years in 1950s Managing Innovation- 2013 CGMA
  35. 373737 The role of finance throughout the innovation lifecycle Leading innovation and managing risk Managing Innovation- 2013 CGMA
  36. 383838 Chief Future Officer? Leading through Connections: IBM 75%Collaborative 67% Communicative % of CEOs that identified these skills as CRITICAL for future success 61% Creativity
  37. 393939 Chief Future Officer? Turning the Tide; Accenture 52%Report international skills as being critical for the future success of their organization But only 18% Of those have these skills available
  38. 404040 Of the global respondents identified ‘strategic vision’ as the hardest skill to find for executive roles within their organizations Chief Future Officer? Plugging the skills gap 2012 EIU 55%
  39. CFO of the Future will create strategic impact
  40. 424242 CFO – Striking the right balance
  41. 434343 CFO of the Future builds business capabilities
  42. 444444 Importance of various skills for finance – as rated by non-finance personnel The inside track ; Partnering for value- 2012 CGMA
  43. 454545 Skills most in need of improvement by finance personnel The inside track ; Partnering for value- 2012 CGMA
  44. 464646 Collaboration and decision support The inside track ; Partnering for value- 2012 CGMA
  45. 474747 IBMs Chief Future Officer
  46. 484848 Collaboration and decision support
  47. Applying principles to management process & practice
  48. 505050 777 Greatest value coming from non-financial sources* * Extent of value provided - % of respondents selecting 8-10 on a scale of 10. CFO of the Future will create strategic impact 888 Will be data enabled 222222 The role of finance throughout the innovation lifecycle Leading innovation and managing risk 666 Talent Pipeline Draining Growth 2012 CGMA Developer of talent pipeline 242424 CFO – Striking the right balance
  49. 515151 FURTHER READING http://www.cgma.org/Resources/Reports/DownloadableDocuments/CGMA-managing_innovation.pdf http://www.cgma.org/Resources/Reports/DownloadableDocuments/inside-track.pdf http://www.cgma.org/Resources/Reports/DownloadableDocuments/CGMA_launch_report.pdf http://www.cgma.org/Resources/Reports/DownloadableDocuments/From_insight_to_impact- unlocking_the_opportunities_in_big_data.pdf http://www.cgma.org/Resources/Reports/DownloadableDocuments/CGMA_Talent_pipeline_report.pdf
  50. Thank You!
  51. Controller  &     CFO  Roundtable   Held  November  18,  2013  
  52. Organiza,on  Type   50%   25%   15%   10%   Private  company   Public  company   Not-­‐for-­‐profit   Other  
  53. Staff  Size   18%   32%  36%   9%   5%   1  -­‐  10   11  -­‐  50   51  -­‐  250   251  -­‐  500   501  -­‐  1,000  
  54. Number  of  CPAs  on  Staff   64%   36%   1   2  -­‐  5  
  55. Genera,ons   64%   32%   5%   '46  -­‐  '64  Boomers   '65  -­‐  '79  Gen  X   '80  -­‐  '00  Milleniels  or   Gen  Y  
  56. The New Normal - VUCA
  57. Cloud  compu,ng?   9%   36%   5%  14%   32%   5%   Completely  there   ParLally  there   In  process   Planning  on  moving   EvaluaLng   Not  interested  
  58. Big  Data   0   2   4   6   8   10   12   14   Other   Not  using  at  all   Benchmarking   Fraud  detecLon   Strategic  planning   ForecasLng  
  59. Next  Roundtable  Event…   •  Friday,  May  9,  2014   •  8:00  a.m.  to  9:40  a.m.   •  MACPA  Columbia  Center  –  Columbia,  MD   •  Two  hours  free  CPE    
  60. Business  &  Industry  Conference   •  April  24,  2014   •  Turf  Valley  Resort  –  Howard  County   •  8:15  a.m.  to  5:00  p.m.  
  61. Quarterly  Financial  Leaders  Series   •  Thursday,  May  22,  2014   •  “Smarter  Decision-­‐Making”   •  Led  by  Jennifer  Elder   •  8:00  a.m.  to  12:00  p.m.  –  4  Hours  CPE   •  MACPA  Offices  -­‐  Towson,  Maryland  
  62. CPA  Innova,on  Summit   • Monday,  June  16,  2014   • Hyae  Regency-­‐  Bal,more   • 8:00  a.m.  to  5:30  p.m.  
  63. Regulations & Standards

×