Think about your future. Your career and how you make money is going to change. Your firm and your team will look different and work together differently. Michael Elliot, CPA leads a presentation on what that future will look like and focuses specifically on the role of value pricing vs. billed hours, emerging technologies you can learn now, and the future of teams. Learning Objectives • Learn details on the difference between value pricing and hourly billing for accountants • Learn emerging technology trends you can embrace now • Learn how teams and organizations will be formed differently in the next 10-15 years

1. Are You Future
Ready?
#FutureCPA
An Insider’s View of
Public Practice

2. About Me:
 Graduated Summa Cum Laude – Franklin University
 Certified in 2009 – Youngest CPA in the State of Ohio when licensed
 9 Years in Public Practice
 Local firm experience
 2012 Graduate AICPA’s Leadership Academy
 Member of OSCPA and AICPA
 Involved in Cleveland Young CPA’s, Ohio CPA Public Relations Advisory Council,
OSCPA Candidate Endorsement Committee, Various AICPA task-forces, etc.
 Member AICPA PCPS Executive Committee
 Treasurer, Agape Christian Academy
#FutureCPA

3. What is the State of Public Accounting Today?
 Aging Profession – AICPA data indicates that 75% of all active CPAs in public
accounting will be retiring within the next 10 years!
 Pricing Pressure – Work is more competitive than ever.
 Talent Shortage – Quality staff are ALMOST impossible to find.
 Generational Shifting – Millennials work and are motivated differently than
other generations. 4 Generations in the workplace.
 Reactionary profession
 Compliance driven and compliance focused
 Slow changing
#FutureCPA

4. Today’s Focus: Compliance
– Reactionary Service Model
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5. Tomorrow's Focus: Consulting –
Proactive Service Model
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6. Trends Impacting the Future of
Public Accounting
 Consolidation
 Focus on Diversity
 Succession Planning
 Pricing
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7. Consolidation
 Firms will continue to acquire complimentary firms
 Sustain needed growth
 Acquire qualified staff
 Firms need growth numbers of 10-15% as a leading firm. Organic growth is
only 6% on average.
 Adding specialized niches to an existing firm can be very lucrative.
#FutureCPA

8. Focus on Diversity
 Minorities in the profession greatly lag behind the % of minorities in the US
 State and National programs to promote accounting to minorities.
 Just 20% of staff and 5% of partners are minorities.
 Women in the profession
 For a long time now the number of women entering the profession has exceed the
number of men entering; however, total staff at firms are still only 45% women.
 The bigger issue has to do with women holding only 20% of partner titles.
 AICPA is promoting the business case for diversity
 Diversity in ideas leads to better decision making.
 As the country become more diverse there is a need for firms to continue to adapt
to meet the needs of a diverse client base.
#FutureCPA

9. Succession Planning
 Many small firms (reports show up to 50%+) have NO succession plan in place.
 Firm valuations are dropping as more firms are becoming available. 1.5X-2X
multiples 10 years ago have dropped to 0.75X-1.5X
 Large firms are struggling with filling the “pipeline” with partner quality
staff.
#FutureCPA

10. Pricing
 There is a push in the profession to move from hourly based billing to value
based pricing.
 We want to be paid for providing value and NOT with running up our hours.
 Value pricing is a HUGE win-win.
 New generation of staff doesn’t want to track hours – Because they know
hours don’t matter – value does!
#FutureCPA

11. My Story
#FutureCPA
Principles for your Career:
- Be Open to Explore Options
- When You Find Answer – Go at it 100%
- Don’t Burn Bridges
- Take Risks
- Think Outside the Box
- Get a Mentor

12. Thank you!
Contact information:
Michael@DittrickCPA.com
@GeaugaCPA
#FutureCPA

13. Questions?
#FutureCPA