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Brown Edwards: The Future-Ready CPA Firm

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What do CPAs need to do to become future-ready? This presentation takes a closer look.

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Brown Edwards: The Future-Ready CPA Firm

  1. 1. The Future-Ready CPA Firm Moving from Compliance to Reliance Bill Sheridan, CAE Business Learning Institute
  2. 2. Got questions? Bill Sheridan, CAE The Business Learning Institute Post them at bli.cnf.io
  3. 3. Our top challenge?
  4. 4. “When the job is in the way of the work, consider changing your job enough that you can go back to creating value. Anything less is hiding.” Seth Godin
  5. 5. Top five issues impacting CPAs 1. Keeping up 2. Information overload 3. Doing more with less 4. Being proactive vs. reactive 5. Complexity Bill Sheridan, CAE The Business Learning Institute
  6. 6. 0 2 4 6 8 Poor reputation No personal relationship Inadequate staff to meet… Out-of-date technology Fees were too high CPA lacked expertise Referral to a new firm Poor responsiveness CPA advice not proactive Why SMBs leave their CPA / accountant Bill Sheridan, CAE The Business Learning Institute
  7. 7. 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. Bill Sheridan, CAE The Business Learning Institute
  8. 8. “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat-Zinn Oceans of opportunity
  9. 9. The faster you go, the farther ahead you have to look.
  10. 10. 5 steps to becoming future-ready 1. Context 2. Certainty 3. Capacity 4. Competence 5. Core beliefs Bill Sheridan, CAE The Business Learning Institute
  11. 11. Context
  12. 12. “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, World Economic Forum Bill Sheridan, CAE The Business Learning Institute
  13. 13. “In the next five years, game-changing technologies will transform every business process, including how we sell, market, communicate, collaborate, educate, train, and innovate.” -- Daniel Burrus
  14. 14. Source: Frey & Osborne, “The Future of Employment,” Oxford University Race against the machines? Bill Sheridan, CAE The Business Learning Institute
  15. 15. Bill Sheridan, CAE The Business Learning Institute
  16. 16. What does the future hold? Bill Sheridan, CAE The Business Learning Institute 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) are 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
  17. 17. Bill Sheridan, CAE The Business Learning Institute  Are your offices, workspaces, and technology future-focused?  Do you know what your clients are facing now and in the future?  Are you using the language of the future or the past?  Will students and potential employees feel like they are traveling back in time when they walk through your door?
  18. 18. Certainty
  19. 19. Can you predict the future?
  20. 20. Hard trends = future facts Four hard trends: 1. Government regulation 2. Technology 3. Demographics 4. Globalization
  21. 21. Examples of trends: Hard or soft?
  22. 22. The new ‘Big Six’ Source: Gallup
  23. 23. Disruption and RONI The gap is widening, faster! Source: Clayton Christensen, “Innovation Killers” We think this is the trade-off Bill Sheridan, CAE The Business Learning Institute
  24. 24. Capacity
  25. 25. 6 ways to create capacity • Maximize the software and tools you have • Use the latest, most efficient technologies • Workflow and process efficiency • Focus on your best ‘A’ clients • Communicate your services (cross-sell) • Engage your people
  26. 26. 6 ways to create capacity • Maximize the software and tools you have • Use the latest, most efficient technologies • Workflow and process efficiency • Focus on your best ‘A’ clients • Communicate your services (cross-sell) • Engage your people
  27. 27. Competency Disruptions before they disrupt Problems before you have them Customer needs before they have them New opportunities before the competition Anticipate Source: Daniel Burrus
  28. 28. #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. Bill Sheridan, CAE The Business Learning Institute
  29. 29. The research The latest research inside and outside the CPA profession re- affirms the top competencies and skills needed by accounting and finance professionals. Bill Sheridan, CAE The Business Learning Institute
  30. 30. Top skills that accounting and finance professionals need today 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’s CPA Horizons 2025 report, Bersin, and Burrus Research. 75% covered by these top 5 skills
  31. 31. V A L U E Adding Insight for Action Information Wisdom Knowledge Data Compliance Reliance Source: CGMA and DIKW Pyramid V A L U E
  32. 32. Trust Integrity Objectivity Excellence Lifelong learning Core beliefs and values Protect the core and stimulate progress
  33. 33. 5 steps to becoming future-ready 1. Context 2. Certainty 3. Capacity 4. Competence 5. Core beliefs Bill Sheridan, CAE The Business Learning Institute
  34. 34. The Shift Change Leadership Learning Technology Generations Workplace
  35. 35. The challenge and opportunity is to make the shift from the first curve to the second curve at the right time and with the right strategy.
  36. 36. “How would you think differently about your strategy if you knew your advantage might not last?”
  37. 37. Calendar: The No. 1 app Spend just one hour per week in the future …
  38. 38. “We are called to be architects of the future, not its victims.” R. Buckminster Fuller
  39. 39. “The best way to predict your future is to create it.” Abraham Lincoln
  40. 40. Download these slides: Slideshare.net/BillSheridan Follow me:  MACPA’s blog: CPASuccess.com  Facebook.com/BillSheridan  LinkedIn.com/in/BillDSheridan  Twitter.com/BillSheridan  YouTube.com/BillSheridan  SlideShare.net/BillSheridan  Flickr.com/photos/Sheridan The Future- Ready CPA Firm Bill Sheridan, CAE The Business Learning Institute
  41. 41. More about The Anticipatory OrganizationTM
  42. 42. The Anticipatory Organization™ teaches accounting and finance professionals to actively anticipate disruptions, problems and customer needs, along with their related opportunities, and take action to shape the future by becoming an “Anticipatory CPA.” This “accelerated learning system” includes a series of short, single-concept videos that present 28 core lessons across four modules. Each video is followed by a job aid and rapid-application activities that teach the learner to apply the concept to everyday activities.
  43. 43. • Anticipation • Strategic thinking • External awareness • Vision • Continuous learning • Innovation • Creativity • Problem solving • Prioritization • Business acumen • Decisiveness • Influencing /persuading • Emotional intelligence • Consensus building • Collaboration • Inspiration • Risk management • Communication www.BLIonline.org/AO
  44. 44. More about BLI strategic planning The BLI strategic planning methodology helps your people achieve greater results for your organization. To get there, we use a proprietary strategic thinking system called i2a: Insights to Action. i2a fosters collaboration, interaction, and commitment as we clarify the strategic plan for your organization. We use graphical tools and diagrams to connect ideas, articulate strategy, and develop a practical plan for turning this insight into action. Most of BLI’s strategic planning sessions are two- day events. Day one is a “design phase” to identify key outcomes and deliverables with senior staff. Day two brings the i2a process to your team. www.BLIonline.org/strategic-planning
  45. 45. The Business Learning Institute is the leading talent-development organization for CPAs, finance, and accounting professionals in the United States. It provides customized, competency-based curriculums and a portfolio of “success skills” and technical programs designed for the finance and accounting profession. Founded in 1999 by the Maryland Association of CPAs, the BLI is an innovation and learning center that facilitates the development and sharing of competencies and strategic knowledge required for leadership in today's rapidly changing business environment. Visit BLIonline.org.

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