“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.”
Borrowed from the US Army
War College,VUCA was coined byThe Institute for the Future to describe the rapidly changing and complex business environment since the Great Recession of 2008.
A 3-D printed carbon ﬁber
house and SUV that share energy and will disrupt these industries: 1. the construction and building industry, including suppliers, supply chain, and unskilled labor; 2. the automotive and transportation industry, including components makers and the classic assembly line; and, 3. the electric-utilities industry.
Source: CPA.COM Insight into the
CPA of the Future Study 2014 92% of CPAs are NOT Future Ready Future Ready is the capacity to be aware, predictive, and adaptive of emerging trends, innovations and changes in business, population, and the social environment.
91% Of firms expect to
continue record hiring levels 11% Projected accounting job growth between 2014 and 2024 Demand for Accounting is Strong And according to the DOL BLS, faster than the average for all occupations
References: US Department of Labor,
Manpower Group Talent Shortage 2015 38% of employers interna2onally report talent shortages in 2015 2009: 30% Employment of accountants and auditors is projected to grow 11 percent from 2014 to 2024, faster than the average for all occupa2ons – US Dept of Labor 2015 Accoun2ng and ﬁnance staﬀ #1 in demand #8 in talent shortage Demand for Accounting is Strong
• 2 of Top 10
Best Jobs (US News & World Report) • Top 20 Happiest Professions (Huff Post) • Top 10 in Demand Jobs/Hardest Jobs to Fill – (Manpower Group) And Career is Attractive
# 1 Most Profitable industry
according to Sageworks # 1 In small/mid-size business growth rates averaging 12% in 2016 Demand for Accounting is Strong
Accoun2ng ﬁrms con2nuing diversiﬁca2on
$50 billion 40 30 20 10 2010 $42 $9 $12 $19 Revenue split at top 100 accounting firms 2014 $54 $17 $15 $20 Advisory services 91% growth! now nearly one-third of revenue Tax 17% growth but now just over one-quarter of revenue Audit and accounting 6% growth now 37% of revenue — was 45% in 2010 Other
CFO à COO à CEO
There is a growing trend in CFOs moving to new roles as COOs and even CEOs as they lead business transformation.
DOL ALERT “The DOL
will ask for stakeholder support, and will strongly encourage state boards of accountancy to consider more rigorous review of ﬁrms performing ERISA audits and examine how licensing requirements might play a role in improving con2nuing educa2on and boost quality. We believe the contents of these leders to be reasonable under the circumstances.” -‐ AICPA Regulatory Aﬀairs Stats from DOL Maryland is 16th in # of plans/par2cipants/assets with 282 ﬁrms audi2ng 1,614 plans with 3 million par2cipants and $264.12 billion in plan assets 24% of all audits and 22% of all plans
“if you don’t have time
to participate in the legislative process, be prepared to accept the consequences of those who do.” 3,400 bills filed in 2016 up from average of 2,500!
Legislative / Regulatory / Standards
State Board • Positioning for Firm Mobility • CPE tracking and audits • Peer Review State • Offense - Supersedeas (Appeal Bond) Caps - Tax Dues Dates - Wynne Interest Rates - Peer Review – Subpoena Power - Firm Mobility • Defense - Oppose Mandatory Paid Leave - Stop Comparative Fault – Liability - Stop Sales Taxes on Services
“The real way it was
in ﬁnance—in the world I grew up in—is we spent all our time looking backwards… [Modern Finance and Accounting] is now it’s about looking to the future.” – Safra Catz, CEO of Oracle (formerly CFO)
Creating the Magnetic Firm Purpose
Driven Great Leadership Culture Of Growth Inspiring Workplace Vision, Purpose and Values 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 EffectiveTechnology Tools - mobile
Core values: • Integrity •
Competence • Lifelong learning • Objectivity • Commitment to excellence CPAs…Making sense of a changing and complex world CPAs are trusted advisors who help people and organizations shape their future. Combining insight with integrity…
Our Three Goals Goal
1. Help employees iden2fy and address the challenges and opportuni2es that have the greatest impact on the business. Goal 2. Help employees strengthen high-‐impact connec2ons by enabling them to collaborate easily with others inside and outside the organiza2on. Goal 3. Amplify the impact of those eﬀorts by building an infrastructure that allows small improvements to scale easily across the organiza2on.
Photo by Gwenaël Piaser -
Creative Commons Attribution-NonCommercial-ShareAlike License http://www.flickr.com/photos/22841923@N02 Created with Haiku Deck
MACPA’s Digital Transformation (Cloud/Mobile) Strategy
1. Digitization & workﬂow –shifting resources and systems to growth areas 2. Virtualization – Moving IT infrastructure to cloud 3. Transformation to cloud – Increase use of existing systems of engagement (collaboration and communication tools) 4. Transformation to cloud – New cloud based systems – accounting 5. Transformation to cloud – Move AMS and MACPA website
#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.!
Leaders need new skills in
aVUCA world • Anticipating and reacting to the nature and speed of change. • Acting decisively without always having clear direction and certainty. • Navigating through complexity, chaos, and confusion. • Maintaining effectiveness despite constant surprises and a lack of predictability. Source: Conference Board 2015 Ready-Now Leaders Report 25% are notVUCA ready 3X Performance inTop 20%
CPA Horizons 2025 (AICPA) The
CPA Horizons 2025 Report by the AICPA researched theTop Competencies needed by the CPA Profession for the future (2025) and was validated by thousands of CPAs in a grassroots electronic and in-person facilitations.
Top Skills Needed for 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
This led to our work
with world renowned futurist and business advisor and best-selling author, Daniel Burrus of Burrus Research.We worked with Dan to add the context of the accounting and ﬁnance profession to his Anticipatory Organization learning system to create the Anticipatory Organization”Accounting and Finance edition . http://www.blionline.org/ao
• An2cipa2on • Strategic
Thinking • External Awareness • Vision • Con2nuous Learning • Innova2on • Crea2vity • Problem Solving • Priori2za2on • Business Acumen • Decisiveness • Inﬂuencing/Persuading • Emo2onal Intelligence • Consensus Building • Collabora2on • Inspira2on • Risk Management • Communica2on In November, 2015 we developed a strategic partnership with Daniel Burrus, a world-renowned global futurist and business consultant who had researched the top competencies requested in his work with many Fortune 500 companies.These aligned with own research at BLI.
D x V x F
> R Dissa9sfac9on with Status Quo = Shared meaning and context created collabora2vely Vision for future – Strat House and agreement on Top 5 Opportuni2es First steps -‐ Top 5 ac2ons using Strat House or Ac2on plans The Change Equa2on Breaking the Pull of the Past Resistance to change
Mapping the AOAF learning program
to the CGMA Competency Model shows comprehensive coverage of these skills ANTICIPATION Strategic Thinking External Awareness Vision Con2nuous Learning Innova2on Crea2vity Problem Solving Priori2za2on Business Acumen Decisiveness Inﬂuencing/Persuading Emo2onal Intelligence Consensus Building Collabora2on Inspira2on Risk Management Communica2on An2cipatory Organiza2on: Finance / Accoun2ng Edi2on CGMA Competency Framework
Mapping the MBA Express learning
program to the CGMA Competency Model shows comprehensive coverage of these skills • ADDING VALUE: GeOng the most by giving the most • BUSINESS STRATEGY: Thinking, planning, ac9ng, and leading • LEADERSHIP STRATEGY: Taking people to new places and higher ground • PERFORMANCE MANAGEMENT: GeOng to be[er results, faster • POWERFUL COMMUNICATION: Conveying meaning and earning an audience MBAexpress (All modules) CGMA Competency Framework
AOAF recognized as 2016 Top
Learning Product "As knowledge workers and professionals whose value springs in large part from their expertise, accountants are both serious about their ongoing education, and well-positioned to capitalize on new ideas and new ways to demonstrate their competence to clients… The point of the coursework is to teach you, literally, how to predict the future by identifying reliable trends — and it actually works. The applications for ﬁrm strategy, client service, and guiding your own career are endless.” It also saw a push on different ways to educate the profession, including in small bites…offering to help accountants boost their careers by bringing more value to the table.
"The An2cipatory Organiza2on Learning System
helps establish a mindset, a common language and eventually a culture of being an2cipatory for our clients. By making this an2cipatory skillset a core strength of our teams, it brings crea2ve and new ideas that make us more valuable to our clients and it creates a game changer for our ﬁrm.” -‐ Joey Havens Execu2ve Partner, HORNE LLP Top 50 CPA Firm
• It’s possible to see
what’s coming based on hard trends. Important in posi2oning our organiza2ons for future success and iden2fying our next compe22ve advantages. • It was interes2ng to me that even if a sol trend is based on a sol assump2on, it could s2ll be rela2vely likely to happen. • It’s possible to an2cipate disrup2on and stay ahead. Important because it opens all kinds of possibili2es. • I learned how to think diﬀerently. It takes prac2ce but it’s worth it.
Tom Hood, CPA, CITP, CGMA
• CPA Practice Adviser Accounting Hall of Fame • Named the Second Most Influential in Accounting by Accounting Today Magazine 2015, 2013 • Top 150 Influencer by Linked-In • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Public Accounting Thought Leaders by CPA Practice Adviser • Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/ Hood's greatest a/ribute isn't that he consistently glimpses the future more quickly than the rest of us (though he does). It's that he's able to bring it back to the present and serve as its Breless, inspiring and eﬀecBve champion. – Accounting Today Membership Organization How we connect, protect, and achieve.
If there is a 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 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR by HR Examiner Top 25 Public Accounting Thought Leaders by CPA Practice Adviser Working on Learning Management with AICPA/ CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/