Trends in the CPA profession - the Shift Change #CCHUC15

Trends'in'the'Profession'–'The'

Shi0'Change'4'What’s'the'Future'

of'Accoun;ng'

Tom'Hood,'CPA,'CITP,'CGMA'

CEO'

MACPA'&'BLI'

@tomhood'

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/

WTF?Trends in the Profession - WHAT’S THE FUTURE of Accounting?

The Shift Change

By: Tom Hood, CPA, CITP, CGMA@tomhood

Download today’s slides at …www.SlideShare.net/thoodcpa

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THE FUTURE OF JOBS

We'are'in'a'race…

It�s really a math problem…

2006

12,000 CPAs, 75,000 Comments over 15

years

The Shift Change

1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!

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

! Leadership(Next Gen)

The New Leadership Model

Tomorrow’s CPAs are: •  Proactive •  Flexible •  Collaborative •  Trustworthy •  Future-focused •  Balanced •  Technological

Learning

Technology

Cambrian “Big Bang” Explosion

Generations

The Danger Zone

What is the #1 issue facing CPAs Today?

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

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.'

Workplace

Work is not a place, it is what you do.And… What you do while working

is fundamentally different.

WTF?WHAT’S THE FUTURE?

The # 1 Challenge

The # 1 Opportunity

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

What'SMBs'Want?'

Source:'What'SMBs'Want'from'their'CPA'–'2014'–'The'Sleeter'Group'

The Top 5 Ways to Keep Your Clients and Grow Your 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)

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.

The research: Anticipation is showing up across our Profession

MACPA'Member'Survey'

Top'Challenges'2014' Sleeter'Group'Survey'2014'

www.blionline.org

V A L U E

Adding Insight for Action

Information

Wisdom

Knowledge

Data Capacity

Competence

Credibility

Source: CGMA & DIKW Pyramid

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

5 Steps to be Future Ready1. Context 2. Certainty3. Capacity4. Competence 5. Core Beliefs

“You can’t stop the waves, but you can learn how to surf.” – Jon Kabat Zinn

Start by riding the hard trends…

Calendar - The No. 1 AppSpend just one hour per week in the future…

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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48'

Par$cipant*Polls*

CCHUC15*

Tom*Hood,*CPA,*CITP,*CGMA*CEO*MACPA*&*Business*Learning*Ins$tute*@tomhood*

Genera$on*

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*

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*

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*

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*

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*

http://www.blionline.org/ao

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