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Welcome to the Fast Future: The Anticipatory Accounting and Finance Professional

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From the Montana Society of CPAs' Industry Conference: Recent research says our business environment will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now imperative that leaders learn a new skill – how to accurately anticipate the future. This session will show you how to anticipate future trends and move from being a crisis manager to an opportunity manager.

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Welcome to the Fast Future: The Anticipatory Accounting and Finance Professional

  1. 1. The fast future Get ready for … The anticipatory accounting and finance professionalBill Sheridan, CAE The Business Learning Institute
  2. 2. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future bli.cnf.io
  3. 3. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  4. 4. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  5. 5. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  6. 6. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  7. 7. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future MPH: 300,000 MPG: 2 million Price: 4 cents
  8. 8. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Our top challenge?
  9. 9. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “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
  10. 10. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Top five issues impacting accounting and finance pros 1. Keeping up 2. Information overload 3. Doing more with less 4. Being proactive vs. reactive 5. Complexity
  11. 11. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future 0 2 4 6 8 Poor reputation No personal relationship Inadequate staff to meet needs Out-of-date technology Fees were too high CPA lacked expertise Referral to a new firm Poor responsiveness CPA advice not proactive Why SMBs leave their CPA / accoutant
  12. 12. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future #FutureReady 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.
  13. 13. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat-Zinn
  14. 14. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future 1. Aware 2. Predict 3. Adapt
  15. 15. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Aware
  16. 16. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “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
  17. 17. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “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
  18. 18. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  19. 19. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  20. 20. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Tax: 98.7% A&A: 93.5%
  21. 21. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  22. 22. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  23. 23. Bill Sheridan, CAE The Business Learning InstituteGet ready for the fast future 2004: 119 Today: 71Source: The Hackett Group
  24. 24. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  25. 25. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  26. 26. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  27. 27. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  28. 28. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “We won’t recognize the vast majority of CPA firms in five or 10 years.” Barry Melancon
  29. 29. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future 47% of all jobs gone within 25 years ‘No government is prepared’ for that level of job loss Source: The Economist
  30. 30. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Predict
  31. 31. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Three hard trends: 1. Government regulation 2. Technology 3. Demographics
  32. 32. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  33. 33. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future RONI?
  34. 34. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Adapt
  35. 35. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  36. 36. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future 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
  37. 37. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “Ultimately, CPAs will be attesting to companies’ compliance with cyber-security standards,” Melancon said, while firms that explore blockchain early will be able to offer related services to clients. — Accounting Today Technology can be best used as a tool that gives humans more space to focus on analysis, interpretation, and strategy. In other words, computers have enormous potential to empower — rather than displace — accountants. — Business Insider “Clients are no longer looking for just a rearview mirror view, but a view through the windshield on where we are going and how to navigate the landscape of risks, opportunities, changing regulations, competition and globalization. — Forbes Insights and KPMG Nearly 80 percent of respondents say auditors should use bigger samples and more sophisticated technologies for data gathering and analysis in their day-to-day work. Nearly half say auditors should perform a deeper analysis in the areas they already cover, and two-thirds say auditors must improve their communications skills, critical thinking skills and technology skills. — Forbes Insights and KPMG The writing is on the wall: To stay relevant and competitive, the accountant (including internal and external auditors) of today and tomorrow will need to be tech-savvy, a strategic thinker and strong communicator in order to provide high-quality, high-value insight to clients. — Forbes Finance Council
  38. 38. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future • Communications • Leadership • Critical thinking and problem solving • Anticipating and serving evolving needs • Synthesizing intelligence to insight • Integration and collaboration • Tech-savvy / data analytics • Functional and domain expertise
  39. 39. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  40. 40. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future  Respond lightning fast  Access an encyclopaedic memory  Stay awake 24 x 7 x 365  Remember conversations  Analyze on the fly  Continually learn and improve Source: AccountingWEB
  41. 41. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future  Intuition  Political acumen  Challenging  Reading the back story  Who’s who?  Probability of change  Culture  What’s in it for me? Source: AccountingWEB
  42. 42. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “Professional judgment and expertise is not replaceable by machines.” — Cathy Engelbert CEO, Deloitte
  43. 43. “Humans should only do work that only humans can do.” Peter Sheahan Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future
  44. 44. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Adapt Predict Aware Future- ready
  45. 45. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Questions?
  46. 46. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Resources The Future of the Professions: How Technology Will Transform the Work of Human Experts, by Richard and Daniel Susskind www.susskind.com The Fourth Industrial Revolution, by Klaus Schwab bit.ly/1qLrfzs Flash Foresight: How To See The Invisible And Do The Impossible, by Daniel Burrus bit.ly/1SOn7FG The Second Machine Age: Work, Progress And Prosperity In A Time of Brilliant Technologies, by Erik Brynjolfsson and Andrew McAfee www.SecondMachineAge.com The Industries Of The Future, by Alec Ross bit.ly/2fP8cnU Thank You For Being Late: An Optimist’s Guide to Thriving in the Age of Accelerations, by Thomas Friedman bit.ly/2hag0Rg What SMBs Want From Their Accountant, from The Sleeter Group bit.ly/2fCsvkc Welcome to the Fast Future, from CPA.com bit.ly/2gdHlBj The Future of Employment: How Susceptible Are Jobs To Computerization? by Carl Benedikt Frey and Michael Osborne bit.ly/1kre5T6 CPA Horizons 2025, from the American Institute of CPAs bit.ly/1UEN1x2 Innovation Killers: How Financial Tools Destroy Your Capacity To Do New Things, by Clayton Christensen, Stephen P. Kaufman, and Willy Shih bit.ly/1JtBxfG Ready-Now Leaders: Meeting Tomorrow’s Business Challenges, from DDI bit.ly/V05HQ6 These are among the resources discussed during the our “Future-Ready CPA” programs.
  47. 47. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Resources Audit 2025: The Future is Now, by KPMG bit.ly/2nLoT5Y AuditChain: Decentralized Continuous Audit and Reporting Protocol Ecosystem AuditChain.com Robots are coming to the accounting industry – here’s how to prepare, by Rachel Grimes read.bi/2ot47cB How Technology is Transforming the Audit, by Marc T. Macaulay bit.ly/2FBF4tH Melancon: CPA firms will be unrecognizable in 5-10 years, by Daniel Hood bit.ly/2l8qlyH How accountants can prepare for the blockchain revolution, by Mike Galarza bit.ly/2BhS8US Preparing Tomorrow’s Auditors For The Future Of Tech-Driven Accounting, by Russell Guthrie bit.ly/2HP8Z2b These are among the resources discussed during the our “Future-Ready CPA” programs.
  48. 48. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future “Just because we cannot see clearly the end of the road, that is no reason for not setting out on the essential journey. On the contrary, great change dominates the world, and unless we move with change, we will become its victims.” — Robert F. Kennedy
  49. 49. Bill Sheridan, CAE The Business Learning Institute Get ready for the fast future Connect with me  MACPA’s blog: CPASuccess.com  Facebook.com/BillSheridan  LinkedIn.com/in/BillDSheridan  Twitter.com/BillSheridan  YouTube.com/BillSheridan  SlideShare.net/BillSheridan  Instagram: BDSheridan Download these slides: Slideshare.net/BillSheridan

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