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Top 10 reasons and resources for CPA Firms from State CPA Associations. Presentation to the AAA National Practice Management Conference in New Orleans by Tom Hood, CPA, Past President of national CPA-SEA (State Execustives Association) and President of the Maryland Association of CPAs
Citation preview
The Relationship Between the CPA
Firm Administrator & State CPA Societies or Everything you wanted to
know about CPA-SEA & State CPA Societies
Tom Hood, CPA.CITP – Past-
President CPA – SEA
CPA State Executives Association
But were afraid to ask
Being in business today feels like being in permanent whitewater
2
You feel overwhelmed by the rapid and turbulent pace of change and uncertainties in business today
Photo: Pratt’s surfing page
You need new skills and new resources to ride these waves of change
Keeping up with the CPA Profession
CPA-SEA is the network – that connects you through your state
CPA Society
CPA-SEA Our Purpose
“to assist our members to achieve operational excellence in the management of their organizations and provide a forum for networking & communication to enable members to choose informed courses of action on professional issues facing CPAs”
Our Values: Leadership Integrity Collaboration Exploration
CPA-SEA Leadership
Betsy Adrian - MN Kathy Anderson - FL Rich Jones - WA Tom Hood – MD Erin Hardwick - SC
Dennis Tomorsky - WI Loretta Doon - CA Deb Riley - VT Jeanine Birmingham –
AL Jane Egan - MT
Making It Real
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What the world would miss if we were gone? • We keep the CPA Profession up with the
rapidly changing environment • We are bridge builders – taking care of
the CPA Profession’s infrastructure • We are the leadership development
pipeline for the CPA Profession • We protect the CPA reputation & image • We are the connectors of the Profession
– connecting to key resources • We mobilize the Profession to do the
things you cannot do alone!
Mega-trends 1. Regulations &
Standards 2. Globalization 3. Workforce 4. Technology
Top 10 Issues Facing CPAs 1. Economic Outlook 2. Tax 3. Business Operations 4. Implementation and Execution
of Plans 5. New Business Development 6. Personal/Professional
Development 7. Management and Leadership 8. Financial Regulatory Reform 9. Access to Financing and Credit 10 New Accounting Standards,
IFRS Source: CPA Trendlines for AICPA Feb, 2010
Top Ten Issues for MFG 1. Regulatory/Legislative (56) 2. Private Company Leadership (47) 3. Capital Markets Awareness / Recognition (34) 4. Rethinking Business Model (25) 5. Protect Audit/CPA Franchise (20) 6. Risk Management (Audit efficiencies) (20) 7. Leadership Development / Succession
Planning (19) 8. Global / International (Clients / IFRS /
Branding) (17) 9. Leveraging Technology & Social Media (17) 10. MFG Issues specific forums / focus groups (8)
14
PCPS/TSCPA MAP Survey 2009 Top Five Issues Facing Firms <21
1. Client Retention 2. Marketing / Practice Growth 3. Tax Law Changes & Complexity 4. Keeping up with Regulations &
Standards 5. Retaining Qualified Staff /
Work/Life Balance
http://pcps.aicpa.org/
Mark Koziel, CPA AICPA PCPS
For larger firms add Partner Accountability & Succession Planning
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American Institute of CPAs
CPA Firms: Most Profitable Small Business <$10 million
CPA Firms ranked number one by Forbes
Surveyed 300,000
Outrank: • Chiropractors, Dentists, Optometrists • Sales Financing • Insurance Agencies and Brokerages • Physicians, General/Family Practitioners • Consumer Lending • Diagnostic Imaging Centers
Source: Forbes 16
They have you in their sights!
Seven Keys to Success in CPA Firm Management
1. Leadership 2. Technology 3. Learning Organization 4. Marketing and Business Development 5. A Great Place to Work 6. Client Service and Satisfaction 7. Strategy Execution
So what? Top 10 Things You Need to Know about State CPA Societies 1. Maintain CPA Infrastructure – Legislative &
Regulatory 2. Support the Highest Standards of Professionalism
– Peer Review & Ethics 3. Build and Maintain the CPA Pipeline – Students –
Young Professionals 4. Leadership Experience & Training 5. Protect & Promote the CPA Image & Reputation 6. Serve the public – Financial Literacy 7. Connect you to resources 8. Training & Learning – Technical & Soft Skills 9. Developed a Vision for the Future 10.Creating a Learning & Performance Management
System for CPAs
Meet Bill… Managing Partner • Bill’s firm files tax returns in 9 states + Maryland • Last year he would have required additional state licenses in all states (except OH, VA, MO, WI) • He would have had to register all of his tax CPAs and staff as a tax advisor (est $250 apiece) • He would have to report to two state boards with different CPE requirements • He would have had to charge & collect sales taxes on his accounting & tax services •He would be subject to two new federal agencies – FTC and the new CFPA
What would this cost you?
Where do major changes come from? Us – MACPA & AICPA
OR
Them
State CPA Statutes
police power of the states to protect their citizens vs commerce clause
American Institute of CPAs
Financial Regulatory Reform
24
American Institute of CPAs
CPA Mobility Legislation - 2010
TX
WA
OR
CA
NV
ID
MT ND
SD WY
UT
CO
AZ NM
HI
OK
KS
NE
MN
IA
MO
AR
LA
MS AL *GA
FL
WI
IL
MI
IN
KY
TN
SC
NC
VA
OH
NY
ME
CT RI
*MA
AK
WV NJ DE
DC
MD
*PA
CPA Mobility Enacted 46
CPA Mobility Enacted Only for Other Mobility States – GA, PA, MA
*
In Process
Awaiting Governor Signature - 1
NH
CPA Mobility Legislation Pending - 2
VT
PR
GU
U.S. VIRGIN ISLANDS
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2. Maintain the Highest Professional Standards – Peer Review & Ethics - Your firm license depends on it
# 3 Promoting the CPA Career – Maryland example
Tomorrows CPA.org
New/Young Professionals
Network MACPA
Most state societies have similar programs to onboard students into the Profession
Biggest Issue Facing NYPNs • Bridging the Gap between college & real world • Under-Developed Skill Sets
– Leadership & Communication – Time Management & Organization – Analytical Skills – Technical Skills
• Work-Life Balance • Limited Networking Opportunities • Intimidation • CPA Exam • Lack of a Voice in Profession
# 4 Leadership Pipeline
Ernie Almonte – AICPA Past-Chair came from Rhode Island as past president – most AICPA Chairs, Board members, and Council members had their start in State CPA Societies
Meet the New Young Professionals Remember when you were ‘made’ to be a member of your State Society & AICPA?
According to the William E. Smith study of Association value: Benefits to the professionals and their employers include higher morale, increased employer loyalty, networking, professional development, leadership experience, professional community and big-picture thinking.
# 5 Protecting the CPA Image & Reputation • Remember Enron & WorldCom? Public Relations and Image protection are
both a major focus and great example of State CPA Societies and the AICPA working together for the benefit of the entire CPA Profession
# 6 Financial Literacy
www.feedthepig.org www.360financialliteracy.org
# 7 Connectors to Resources
Courtesy of the Business Learning Institute © 2000
Critical Turning
Point
# 8 Training & Learning
# 9 Developed a Vision for the Future Another example of the power of the AICPA & State CPA Societies working together – the CPA Vision identified these critical competencies for 2011
• Communication & Leadership
• Strategic & Critical Thinking
• Focus on the Customer, Client, and Market
• Interpretation of Converging Information
• Technologically adept
American Institute of CPAs
# 10 New Learning Management System (LMS)
Competency Integrated Learning
Curriculums Developed Around Individual
Career Paths
Compliance Integrated
CPE Tracking Linked to
CPE Requirements
Administration
Recordkeeping Course Search
Single Sign-On
Web Delivery
Content Library AICPA, State CPA Societies, 3rd
Parties
CPA2Biz Web-Based Learning
Management System
AICPA Branded Learning Center
Firm or Company Branded Learning Center
State Society Branded Learning Center
Tom Hood, CPA.CITP CEO
Maryland Association of CPAs Business Learning Institute
(443) 632-2301 E-mail [email protected]
Betsy Adrian President
Minnesota Society of CPAs
(952) 831-2707 E-mail [email protected]