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The Future Ready CPA Firm
The document discusses the need for CPAs to transition from traditional compliance roles to a future-ready approach that emphasizes adaptability, foresight, and technological integration. Key strategies involve enhancing competencies such as strategic thinking and emotional intelligence, and evolving firm structures to better serve clients in a rapidly changing environment. It highlights the importance of collaboration, continuous learning, and innovation in staying relevant amidst disruptions in the accounting profession.
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The Future Ready CPA Firm
- 1. The Future Ready CPA -‐ Moving from Compliance to Reliance Tom Hood, CPA, CITP, CGMA @tomhood #NARM16
- 2. Download today’s slidesat … www.SlideShare.net/thoodcpa
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- 4. Vote for aquestion Respond to Poll Ask a Question BLI.CNF.IO Select your session and join the conversation:
- 5. The # 1Challenge
- 6. 0 2 46 8 Poor reputation No personal relationship Inadequate staff to meet needs Not using state-of-the-art technology Fees were too high Expertise of former CPA was lacking Referral to a new firm from someone I trust CPA had poor responsiveness CPA didn’t give proactive advice, only reactive service Why SMBs Leave Their CPA / Accountant
- 7. www.blionline.org Source: CPA.COM Insightinto 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.
- 8. “You can’t stopthe waves, but you can learn how to surf.” – Jon Kabat Zinn Oceans of Opportunity
- 9. #FutureReady! Is the capacityto be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry.!
- 10. 5 Steps tobe Future Ready 1. Context 2. Certainty 3. Capacity 4. Competence 5. Core Beliefs
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- 12. “We stand onthe 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 - WEF
- 13. Big Waves ofChange
- 14. More Uber carsthan yellow taxis on the road in NYC
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- 17. Race Against theMachines? Source: Frey & Osborne –The Future of Employment – Oxford University
- 19. Could technology jeopardizeprofessions? There is a new generation of machine in action now, and these are systems … that can replace parts of, and sometimes all of, certain kinds of professional work. —Richard Susskind Author, The Future of the Professions Even as technology has helped to automate some aspects of the tax and insurance markets, the remaining jobs in these fields require lots of human judgment and creativity that is very difficult to automate. —Andrew Chamberlain Glassdoor chief economist VS
- 20. What does thefuture hold? 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) 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
- 21. In the nextfive years we will TRANSFORM How we market, sell , communicate, collaborate, innovate, and educate – Dan Burrus
- 22. The Faster you go, the Farther Ahead You Have to Look
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- 24. Can you predictthe future?
- 25. • Linear &Exponential Change • Cyclical Change • HardTrends vs SoftTrends Certainty
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- 27. 12,000 CPAs, 75,000 Commentsover 15 years
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- 30. TheTop 6 Waysto Create Capacity in your Firm • Maximize software & tools you have • Use the latest and most efficient technologies • Workflow & Process Efficiency • Focus on your best ‘A’ clients • Communicate your services (cross-sell) • Engage your people
- 31. Competency Disrup>ons before they disrupt Problems before you have them Customer Needs before they have them New Opportuni>es before the compeEEon AnEcipate Source: Daniel Burrus
- 32. #FutureReady! Is the capacityto be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry.!
- 33. The Research The latestresearch inside and outside the CPA Profession re- affirms theTop Competencies and Skills needed by Accounting and Finance Professionals
- 34. Top Skills Neededfor Accounting and Finance Professionals ! 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 CPA Horizons 2025 report, Bersin, and Burrus Research.. 75% covered by theseTop 5 Skills
- 35. • AnEcipaEon • Strategic Thinking • External Awareness • Vision • ConEnuous Learning • InnovaEon • CreaEvity • Problem Solving • PrioriEzaEon • Business Acumen • Decisiveness • Influencing/ Persuading • EmoEonal Intelligence • Consensus Building • CollaboraEon • InspiraEon • Risk Management • CommunicaEon http://www.blionline.org/ao
- 36. V A L U E Adding Insight forAction Information Wisdom Knowledge Data Compliance Reliance Source:CGMA & DIKW Pyramid V A L U E
- 37. Trust Integrity Objectivity Excellence Lifelong Learning Core Beliefs&Values Protect the Core & Stimulate Progress
- 38. 5 Steps tobe Future Ready 1. Context 2. Certainty 3. Capacity 4. Competence 5. Core Beliefs
- 39. Closing Thoughts What doesthis mean to the #FutureReady CPA Firm?
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- 43. The challenge opportunityis to make the shift from the first curve to the second curve at the right time and with the right strategy
- 45. The BigThree Career Development– Flex Work - Purpose
- 46. The New Big Six Source: Gallup
- 47. Top Ten ThingsNext Gen leaders Want You to Know! 1. Look Beyond the Billable Hour 2. More Focus on Career Development 3. Engage Us in your Vision and Purpose 4. More Coaching and Mentorship 5. More Frequent Feedback 6. More Leadership Development 7. More Transparency 8. Thank You! 9. More Collaboration 10. More Focus on the Future
- 48. Firms evolving forthe future Structure, strategy, business model Client and relationship building Use of technology Staff development and culture Key factors for success
- 50. V2S – i2a – 8-‐S Model Strategy Staff Skills Structure Style Systems Shared Vision Shared Values www.blionline.org
- 51. The Magnetic Firm PurposeDriven Great Leadership Culture Of Growth Inspiring Workplace Vision, Purpose andValues based Transparent and Inspirational Leadership Learning Culture - Self and Formal Development Flexible and Open Work Environment Focus on Strengths and Positivity Build Consensus and Commitment Career Growth Orientation – Career Paths Work/Life Balance Inclusive and Diverse Leadership Development at all levels Customer focused Coaching and Feedback High Performance – Insight to Action Anticipatory and Proactive Collaborative and Team based Effective TechnologyTools - mobile
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- 53. This is theCEOs office!
- 54. We surveyed ourteam after two weeks…!
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- 57. “How would youthink differently about your strategy if you knew your advantage might not last?”
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- 60. Innovation is creating valuein anticipation of future trends and customer needs.
- 61. 66 “Any type ofdifferentiation in your practice that drives preference.” Geoffrey Moore: Innovation
- 62. Innovation Priorities inFirms 1. Developing new offerings that expand the value we provide to our existing clients 2. Implementing a new offering for a specific market segment we believe has growth 3. Developing new offerings or approaches to the market that attract new clients 4. Realizing value to the firm from existing innovation investments 5. Updating current offerings to be more competitive 6. Deciding and moving forward on what our innovation priorities should be 7. Implementing a cloud-based accounting system
- 63. Recipe for Innovation 1. Theright culture – collaborative and inclusive 2. Purpose-driven and visionary leadership 3. Continuous learning and improvement 4. Competencies and skills to support innovation 5. Tolerance for risk and failure 6. Technology-enabled firm
- 64. Disruption and RONI Thegap is widening, faster! Source: Clayton Christensen, “Innovation Killers” We think this is trade-off
- 65. We are inthe “Groan Zone” 70
- 68. Calendar -The No.1 App Spend just one hour per week in the future…
- 69. If there isa 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 Tom Hood, CPA, CITP, CGMA CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 - 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning HR - HR Examiner Top 25 Public Accounting Thought Leaders - CPA Practice Adviser Co-founder of the Business Learning Institute CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/