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The future-ready CPA: Waves of change, oceans of opportunity

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How can we become future ready if we don’t have enough time? Even worse is that everyone expects this pace of change to accelerate. The latest trends in research indicate we are in a period of exponential change with no signs of slowing down. So how do we stop the insanity? It’s about turning around and looking into the future waves of change coming at us instead of the shoreline, learning how to avoid being swamped by the
waves and, even better, learning how to look for the opportunities in each wave and how to ride them. The alternative is to stay stuck in the present and risk being left behind in the same change of forces accelerating before our eyes.

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The future-ready CPA: Waves of change, oceans of opportunity

  1. 1. The Future-Ready CPA: Waves of Change, Oceans of Opportunity Bill Sheridan, CAE Oct. 25, 2016
  2. 2. bli.cnf.io
  3. 3. Poll: What generation do you belong to? Bill Sheridan, CAE The Business Learning Institute
  4. 4. Our top challenge?
  5. 5. “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
  6. 6. 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
  7. 7. Poll: What is your biggest challenge? Bill Sheridan, CAE The Business Learning Institute
  8. 8. 0 2 4 6 8 Poor reputation No personal relationship Inadequate staff to meet… Out-of-date technology Fees were too high CPA lacked expertise Referral to a new firm Poor responsiveness CPA advice not proactive Why SMBs leave their CPA / accountant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
  9. 9. 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
  10. 10. “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat-Zinn Oceans of opportunity
  11. 11. The faster you go, the farther ahead you have to look.
  12. 12. 5 steps to becoming future-ready 1. Context 2. Certainty 3. Capacity 4. Competence 5. Core beliefs Bill Sheridan, CAE The Business Learning Institute
  13. 13. Context
  14. 14. “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
  15. 15. “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
  16. 16. Source: Frey & Osborne, “The Future of Employment,” Oxford University Race against the machines? Bill Sheridan, CAE The Business Learning Institute
  17. 17. What does the future hold? Bill Sheridan, CAE The Business Learning Institute  Automation replacing routine tasks – higher order skills are needed 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.
  18. 18. 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?
  19. 19. Certainty
  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. 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
  27. 27. #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
  28. 28. 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
  29. 29. 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
  30. 30. 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
  31. 31. Poll: What are the top skills accounting and finance pros need to succeed? Bill Sheridan, CAE The Business Learning Institute
  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. Questions? Bill Sheridan, CAE The Business Learning Institute
  41. 41. 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

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