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Trends in the CPA profession - the Shift Change #CCHUC15

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A recent study by Oxford put the accounting and auditing profession at a 94% disruption by technology. In addition the profession is facing the massive “shift change” as a new generation begins to take the reins from the retiring baby boomers. Major shifts in leadership, learning, technology, generations, and the workplace are underway. Except this time it is different. This time the incoming shift will require a new set of skills and tools to continue the work of the prior shift. Tom Hood shares his perspective on how the profession is responding and what you should be thinking about to position yourself for these changes ahead.

Presentation at the Wolters Kluwer CCH Users Conference in Las Vegas

Published in: Business

Trends in the CPA profession - the Shift Change #CCHUC15

  1. Trends'in'the'Profession'–'The' Shi0'Change'4'What’s'the'Future' of'Accoun;ng' Tom'Hood,'CPA,'CITP,'CGMA' CEO' MACPA'&'BLI' @tomhood'
  2. 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/
  3. WTF?Trends in the Profession - WHAT’STHE FUTURE of Accounting? The Shift Change By:Tom Hood, CPA, CITP, CGMA @tomhood
  4. Download today’s slides at … www.SlideShare.net/thoodcpa
  5. Vote for a question Respond to Poll Ask a Question MACPA.CNF.IO Select your session and join the conversation
  6. THE FUTURE OF JOBS
  7. We'are'in'a'race…
  8. It s really a math problem… 2006
  9. 12,000 CPAs, 75,000 Comments over 15 years
  10. The Shift Change 1. Leadership! 2. Learning! 3. Technology! 4. Generations! 5. Workplace!
  11. The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the right strategy
  12. ! Leadership (Next Gen)
  13. The New Leadership Model
  14. Tomorrow’s CPAs are: •  Proactive •  Flexible •  Collaborative •  Trustworthy •  Future-focused •  Balanced •  Technological
  15. Learning
  16. Technology
  17. Cambrian “Big Bang” Explosion
  18. Generations
  19. The Danger Zone
  20. What is the #1 issue facing CPAs Today?
  21. What’s' Keeping' young'CPAs' up'at'night?' ' 1.  Not'enough';me' 2.  Being'reac;ve'vs.'proac;ve' 3.  Talent'development' 4.  Keeping'up' 5.  Growth'(and'opportunity)' 6.  Doing'more'with'less' 7.  Informa;on'overload' http://cpa.tc/54s
  22. 11 things young professionals want you to know ' 1. More'collabora;on.' 2. More'transparency.'' 3. Encourage'ini;a;ve.' 4. Focus'on'strengths.' 5. Expect'the'unexpected.' 6. Take';me'to'save';me.' 7. Look'beyond'the'billable'hour.' 8. Engage'your'team'in'your'vision.' 9. Be'realis;c.' 10. Train'your'staff'and'expect'accountability.' 11. Take'a'financial'risk'on'leadership.'
  23. Workplace
  24. Work is not a place, it is what you do. And… What you do while working is fundamentally different.
  25. WTF?WHAT’STHE FUTURE?
  26. The # 1 Challenge
  27. The # 1 Opportunity
  28. Still not convinced? •  #1 Issue facing CPAs in MACPA-BLI national survey •  76% of SMB owners say their CPAs are not proactive •  75% of SMB owners have changed firms due to “reactive services” instead of proactive advice •  57% want more business planning and strategic advice
  29. What'SMBs'Want?' Source:'What'SMBs'Want'from'their'CPA'–'2014'–'The'Sleeter'Group'
  30. TheTop 5 Ways to KeepYour Clients and GrowYour Practice •  Proactive Strategic Advice •  Specialization and expertise in their industry •  Focus on your best ‘A’ clients •  Use the latest and most efficient technologies •  Communicate your services (cross-sell)
  31. www.blionline.org 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.
  32. The research: Anticipation is showing up across our Profession MACPA'Member'Survey' Top'Challenges'2014' Sleeter'Group'Survey'2014'
  33. www.blionline.org
  34. V A L U E Adding Insight forAction Information Wisdom Knowledge DataCapacity Competence Credibility Source: CGMA & DIKW Pyramid
  35. ANTICIPATION' Strategic'Thinking' External'Awareness' Vision' Con;nuous'Learning' Innova;on' Crea;vity' Problem'Solving' Priori;za;on' Business'Acumen' Decisiveness' Influencing/Persuading' Emo;onal'Intelligence' Consensus'Building' Collabora;on' Inspira;on' Risk'Management' Anticipation –The Critical Competency •  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 Global Leadership Forecast 2015
  36. 5 Steps to be Future Ready 1. Context 2. Certainty 3. Capacity 4. Competence 5. Core Beliefs
  37. “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat Zinn Start by riding the hard trends…
  38. Calendar -The No. 1 App Spend just one hour per week in the future…
  39. 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/ 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&?reless,&inspiring&and& effec?ve&champion.&&&&&&&&&&&&&&&&&&&&– Accounting Today
  40. Scan for CPE 48'
  41. Par$cipant*Polls* CCHUC15* Tom*Hood,*CPA,*CITP,*CGMA* CEO* MACPA*&*Business*Learning*Ins$tute* @tomhood*
  42. Genera$on*
  43. Biggest*Challenges* 1.  Succession*&* Talent* Development* 2.  Being*reac$ve*vs* proac$ve* 3.  Recruitment*&* reten$on* 4.  Managing*change* 5.  Not*enough*$me* 109*responses*
  44. Top*Skills* 1.  Communica$on* 2.  Inspiring*and* mo$va$ng*others* 3.  Strategic*&*Cri$cal* Thinking* 4.  An$cipa$ng*and* serving*evolving*needs* 5.  Influencing*and* persuading*others*
  45. Biggest*Challenges* 1.  Succession*&*Talent* Development* 2.  Recruitment*&* reten$on* 3.  Being*reac$ve*vs* proac$ve* 4.  Not*enough*$me* 5.  Managing*change* 85*responses*
  46. Top*Skills* 85*responses* 1.  Strategic*&*Cri$cal* Thinking* 2.  Communica$on* 3.  Inspiring*and* mo$va$ng*others* 4.  An$cipa$ng*and* serving*evolving*needs* 5.  Change*leadership*
  47. Top*Challenges*Facing*Your*Firm* 85*responses* 1.  Recrui$ng*top*talent* 2.  Engagement*of*our* people* 3.  Workload* compression* 4.  Reten$on*of*top* talent* 5.  Business* development*and* growth*
  48. http://www.blionline.org/ao
  49. 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/ 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&?reless,&inspiring&and& effec?ve&champion.&&&&&&&&&&&&&&&&&&&&– Accounting Today

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