Tom Hood, CPA, CITP, CGMA	

Business & Industry Edition	

Rockville, MD 	

March 26, 2014
Tom Hood, CPA, CITP, CGMA!
Tom Hood, CPA, CITP, CGMA
CEO
MACPA www.macpa.org
and
Business Learning Institute (BLI)
www.bli...
http://macpa.cnf.io!
!
Respond to a Poll!
Ask a Question!
Select the session: 	

Business & Industry PIU
Download today’s slides at …	

www.SlideShare.net/thoodcpa
Insights	
  to	
  Ac,on	
  
	
  
“One	
  without	
  the	
  other	
  is	
  either	
  useless	
  or	
  destruc,ve”	
  
http://cpa.tc/4d7
The future is so bright, I gotta wear
shades… - Timbuk3
The CPA Career
Expects a 13% growth rate in
accounting and auditing jobs from 2012
to 2022
# 3
2014
Accounting education records broken
2013 AICPA Trends Report
40,350 CPA firm new hires
82,177 graduates
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 a...
The CPA Brand
The
The future of accounting is bright – accounting students from six
Maryland universities at MACPA – NABA event
http://cpa.t...
What	
  do	
  you	
  want	
  from	
  your	
  
employer?	
  
What	
  are	
  you	
  looking	
  for	
  in	
  your	
  
associa,on?	
  
CFO - the Chief Future Officer?
Ash Noah CPA, FCMA, CGMA
VP External Relations – Management Accounting
The future CFO 2013...
202020
The future business paradigm?
212121
Of Global CFOs do not believe
that the ‘CFO’ title adequately
covers the diversity in the role
Chief Future Officer...
222222
Report the ability to find the right
skills is progressively more difficult
the higher the roles are within the
org...
232323
Chief Future Officer?
Turning the Tide; Accenture
40%Reported high-end
analytical skills as being
the future succes...
242424
Talent Pipeline Draining Growth 2012
CGMA
Developer of talent pipeline
Of c-suite respondents agreed
that the abili...
252525
Measures and focuses on
non-financial value
Rebooting Business - 2012
CGMA
262626
Measures and focuses on
non-financial value
Rebooting Business - 2012
CGMA
272727
Recognizes value in non-financial
measures*
* Extent of value provided - % of respondents selecting 8-10 on a scale...
282828
Big Data enabled
From insight to impact - 2013
CGMA
Big Data enabled finance
•  A minority (23%)
report no role in
anlaytics
•  Another minority
(21%) claim a
leading role
• ...
303030
Overcoming impediments to harnessing
Big Data
From insight to impact - 2013
CGMA
313131
Five traits of the data enabled CFO
From insight to impact - 2013
CGMA
Source: IBM CEO Survey - Leading Through Connections
Turns data to insights to action
Shared
Service
Centers
Technology
SCALE
BENEFITS
Focus on Process and Technology
Finance function has delivered scale bene...
INCREASED
INSIGHTS
BUSINESS
SUPPORT
REAL
BUSINESS
BENEFITS
Focus on People and Products
The future is about delivering val...
353535
The catalyst for Innovation
§ Garners C-suite support for innovation
§ Promotes a culture of innovation permeatin...
363636
The innovation imperative
§ Average tenure of a
company in the S&P500
has fallen to 18 years from
61 years in 1950...
373737
The role of finance throughout the innovation lifecycle
Leading innovation and managing risk Managing Innovation- 2...
383838
Chief Future Officer?
Leading through Connections: IBM
75%Collaborative
67%
Communicative
% of CEOs that identified...
393939
Chief Future Officer?
Turning the Tide; Accenture
52%Report international skills
as being critical for the
future s...
404040
Of the global respondents
identified ‘strategic vision’ as the
hardest skill to find for executive
roles within the...
CFO of the Future will create strategic impact
424242
CFO – Striking the right balance
434343
CFO of the Future builds business capabilities
444444
Importance of various skills for finance – as
rated by non-finance personnel
The inside track ; Partnering for valu...
454545
Skills most in need of improvement by
finance personnel
The inside track ; Partnering for value- 2012
CGMA
464646
Collaboration and decision support
The inside track ; Partnering for value- 2012
CGMA
474747
IBMs Chief Future Officer
484848
Collaboration and decision support
Applying principles to management
process & practice
505050
777
Greatest value coming from
non-financial sources*
* Extent of value provided - % of respondents selecting 8-10 ...
515151
FURTHER READING
http://www.cgma.org/Resources/Reports/DownloadableDocuments/CGMA-managing_innovation.pdf
http://www...
Thank You!
Controller	
  &	
  	
  
CFO	
  Roundtable	
  
Held	
  November	
  18,	
  2013	
  
Organiza,on	
  Type	
  
50%	
  
25%	
  
15%	
  
10%	
  
Private	
  company	
  
Public	
  company	
  
Not-­‐for-­‐profit	
  ...
Staff	
  Size	
  
18%	
  
32%	
  36%	
  
9%	
  
5%	
  
1	
  -­‐	
  10	
  
11	
  -­‐	
  50	
  
51	
  -­‐	
  250	
  
251	
  -...
Number	
  of	
  CPAs	
  on	
  Staff	
  
64%	
  
36%	
   1	
  
2	
  -­‐	
  5	
  
Genera,ons	
  
64%	
  
32%	
  
5%	
  
'46	
  -­‐	
  '64	
  Boomers	
  
'65	
  -­‐	
  '79	
  Gen	
  X	
  
'80	
  -­‐	
  '00...
The New Normal - VUCA
Cloud	
  compu,ng?	
  
9%	
  
36%	
  
5%	
  14%	
  
32%	
  
5%	
  
Completely	
  there	
  
ParLally	
  there	
  
In	
  pro...
Big	
  Data	
  
0	
   2	
   4	
   6	
   8	
   10	
   12	
   14	
  
Other	
  
Not	
  using	
  at	
  all	
  
Benchmarking	
 ...
Next	
  Roundtable	
  Event…	
  
•  Friday,	
  May	
  9,	
  2014	
  
•  8:00	
  a.m.	
  to	
  9:40	
  a.m.	
  
•  MACPA	
 ...
Business	
  &	
  Industry	
  Conference	
  
•  April	
  24,	
  2014	
  
•  Turf	
  Valley	
  Resort	
  –	
  Howard	
  Coun...
Quarterly	
  Financial	
  Leaders	
  Series	
  
•  Thursday,	
  May	
  22,	
  2014	
  
•  “Smarter	
  Decision-­‐Making”	
...
CPA	
  Innova,on	
  Summit	
  
• Monday,	
  June	
  16,	
  2014	
  
• Hyae	
  Regency-­‐	
  Bal,more	
  
• 8:00	
  a.m.	
 ...
Regulations &
Standards
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
MACPA 2014 Professional Issues Update - Special Business & Industry edition
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MACPA 2014 Professional Issues Update - Special Business & Industry edition

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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. 1. Tom Hood, CPA, CITP, CGMA Business & Industry Edition Rockville, MD March 26, 2014
  2. 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. 3. http://macpa.cnf.io! ! Respond to a Poll! Ask a Question! Select the session: Business & Industry PIU
  4. 4. Download today’s slides at … www.SlideShare.net/thoodcpa
  5. 5. Insights  to  Ac,on     “One  without  the  other  is  either  useless  or  destruc,ve”  
  6. 6. http://cpa.tc/4d7
  7. 7. The future is so bright, I gotta wear shades… - Timbuk3
  8. 8. The CPA Career
  9. 9. Expects a 13% growth rate in accounting and auditing jobs from 2012 to 2022
  10. 10. # 3 2014
  11. 11. Accounting education records broken 2013 AICPA Trends Report 40,350 CPA firm new hires 82,177 graduates
  12. 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. 13. The CPA Brand The
  14. 14. The future of accounting is bright – accounting students from six Maryland universities at MACPA – NABA event http://cpa.tc/4aa
  15. 15. What  do  you  want  from  your   employer?  
  16. 16. What  are  you  looking  for  in  your   associa,on?  
  17. 17. CFO - the Chief Future Officer? Ash Noah CPA, FCMA, CGMA VP External Relations – Management Accounting The future CFO 2013 IBM
  18. 18. 202020 The future business paradigm?
  19. 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. 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. 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. 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. 23. 252525 Measures and focuses on non-financial value Rebooting Business - 2012 CGMA
  24. 24. 262626 Measures and focuses on non-financial value Rebooting Business - 2012 CGMA
  25. 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. 26. 282828 Big Data enabled From insight to impact - 2013 CGMA
  27. 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. 28. 303030 Overcoming impediments to harnessing Big Data From insight to impact - 2013 CGMA
  29. 29. 313131 Five traits of the data enabled CFO From insight to impact - 2013 CGMA
  30. 30. Source: IBM CEO Survey - Leading Through Connections Turns data to insights to action
  31. 31. Shared Service Centers Technology SCALE BENEFITS Focus on Process and Technology Finance function has delivered scale benefits
  32. 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. 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. 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. 35. 373737 The role of finance throughout the innovation lifecycle Leading innovation and managing risk Managing Innovation- 2013 CGMA
  36. 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. 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. 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. 39. CFO of the Future will create strategic impact
  40. 40. 424242 CFO – Striking the right balance
  41. 41. 434343 CFO of the Future builds business capabilities
  42. 42. 444444 Importance of various skills for finance – as rated by non-finance personnel The inside track ; Partnering for value- 2012 CGMA
  43. 43. 454545 Skills most in need of improvement by finance personnel The inside track ; Partnering for value- 2012 CGMA
  44. 44. 464646 Collaboration and decision support The inside track ; Partnering for value- 2012 CGMA
  45. 45. 474747 IBMs Chief Future Officer
  46. 46. 484848 Collaboration and decision support
  47. 47. Applying principles to management process & practice
  48. 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. 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. 50. Thank You!
  51. 51. Controller  &     CFO  Roundtable   Held  November  18,  2013  
  52. 52. Organiza,on  Type   50%   25%   15%   10%   Private  company   Public  company   Not-­‐for-­‐profit   Other  
  53. 53. Staff  Size   18%   32%  36%   9%   5%   1  -­‐  10   11  -­‐  50   51  -­‐  250   251  -­‐  500   501  -­‐  1,000  
  54. 54. Number  of  CPAs  on  Staff   64%   36%   1   2  -­‐  5  
  55. 55. Genera,ons   64%   32%   5%   '46  -­‐  '64  Boomers   '65  -­‐  '79  Gen  X   '80  -­‐  '00  Milleniels  or   Gen  Y  
  56. 56. The New Normal - VUCA
  57. 57. Cloud  compu,ng?   9%   36%   5%  14%   32%   5%   Completely  there   ParLally  there   In  process   Planning  on  moving   EvaluaLng   Not  interested  
  58. 58. Big  Data   0   2   4   6   8   10   12   14   Other   Not  using  at  all   Benchmarking   Fraud  detecLon   Strategic  planning   ForecasLng  
  59. 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. 60. Business  &  Industry  Conference   •  April  24,  2014   •  Turf  Valley  Resort  –  Howard  County   •  8:15  a.m.  to  5:00  p.m.  
  61. 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. 62. CPA  Innova,on  Summit   • Monday,  June  16,  2014   • Hyae  Regency-­‐  Bal,more   • 8:00  a.m.  to  5:30  p.m.  
  63. 63. Regulations & Standards
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