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Special town hall / Professional Issues Update to discuss results of CPA Horizons 2025 Project. This interactive format included the results from CPA Horizons future forums facilitated by Tom Hood and the Business Learning Institute during the spring and summer of 2011. Over 1,000 CPAs were engaged in conversations about the future.
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Professional Issues Update CPA Horizons 2025
By: Tom Hood, CPA, CITP, CGMA
April 23, 2012 Loyola University
Columbia, MD
The Future
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Complexity “the biggest challenge facing enterprises from here on will be the accelerating complexity and the velocity of a world that is operating as a massively interconnected system.” 79%
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The “New Normal”
http://www.endofbusiness.com
http://www.bizlearning.net/live/i2afutureforums/
OUR GYROSCOPE!
30 Future Forums 1,000 CPAs
Identified these top trends
What CPAs think about the future
http://www.bizlearning.net/live/i2afutureforums
"For Gen Y, training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is
THREE times higher than those who chose cash bonuses."
Generation Y Born btw 1980 – 2000 (12 to 32) Generation X Born btw 1965 – 1979 (33 – 47) Boomers Born btw 1946 – 1964 (48 – 66) Traditionalists Born prior to 1945 (67 & older)
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3 Critical Workforce"Priorities Rapidly developing workforce skills and capabilities Fostering collaboration & knowledge sharing Developing future leaders
OUR GYROSCOPE!
In 1997, the CPA profession crowd-‐sourced its future with over 3,500 CPAs in the CPA Vision Project
That was re-‐validated in 2011 by 8,000+ CPAs
CPAs... Making sense of a changing and complex world.
Our core purpose, our reason for being is
Here is what they said…
The DNA of the CPA Values & Competencies
• Leadership • CommunicaLon • Strategic Thinking • CollaboraLon & Synthesis • Technologically Savvy
Our Vision Statement for the future is: ( mandates to ourselves for a successful future)
• CommunicaLng the total picture with clarity and objecLvity,
• TranslaLng complex informaLon into criLcal knowledge,
• AnLcipaLng and creaLng opportuniLes, and
• Designing pathways that transform vision into reality.
CPAs are the trusted professionals who enable people and organizations to shape their future.
Combining insight with integrity, CPAs deliver value by:
How are you doing?
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The CPA Brand
The
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• Change • Complexity • Compliance • Convergence • Competition
MANAGING THE SEA CHANGE
Why MACPA?
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MACPA PrioriLes 1. Connect & Collaborate 2. Span Generational Divide 3. Alignment w/ Committees 4. Legislative Task Force 5. Leadership Development 6. Connect Pipeline
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Connect – Connecting you to your Profession
Connecting the pipeline of CPAs
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http://www.facebook.com/TomorrowsCPA
Students CPA Candidates CPAs
Protect – Protecting the CPA License & Public Interest since 1901
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CPA Day in Annapolis – January 16, 2013
Federal Laws & Regulations
State Laws & Regulations
Professional Standards
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Tsunami of 1099K and info returns
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CPAs in Tax The increase in IRS activity is swamping our tax practitioners and costing them hundreds of hours in chasing down IRS notices.
MD Workplace Fraud Act
Private Company Standards
Decision due from FAF on May 24, 2012
Results – Legislature 2012
http://www.cpalegislativeinsider.com
MACPA Special Task Force
• Annual cost of Federal Compliance $1.75 trillion
• Federal burden exceed costs of health care per person by 50%
• Cost per employee = $8,086
• For SMB < 20 = $10,500 per employee
Offer CPA expertise to the state to help overcome budget issues in bi-
partisan, objective manner in order to bring about efficiency, transparency
and fiscal discipline.
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Achieve – Achieving Success as a CPA
In our hyper-networked, mobile, social, global world, the rules and plans of yesterday are increasingly under pressure; the enterprises and individuals that will thrive will be those willing to adapt in a disciplined, unsentimental way.
Generation Flux is a term that describes all of this - the chaotic business era that we have moved into - as well as the people who are poised to thrive in this environment. - Robert Safian - editor FastCompany
It really is about this...
Tom Peters advice on keeping your L > C
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“...where the most important skill is the ability to acquire new skills.”
Picture: John Drake - Flickr
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Wisdom from the MACPA Leadership Academy
According to these young professionals, the future is one in which CPAs: ● are proactive, flexible, adaptive and collaborative by nature; ● have regained the trust of their clients and the public at large; ● have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; ● have created the profession’s premier global industry standards and best practices; ● have redefined the profession through work / life integration, collaboration, and a team-first approach; and ● have earned a reputation as technological innovators.
http://www.bizlearning.net/live/i2aleadership/
Achieve – Find Your Edge
http://youtu.be/e-zeOD79clA
Five Qualities of Extraordinary Leaders
1. Sight - Ability to see emerging patterns and shift perspective when necessary
2. Insight – Ability to think strategically and critically to gain insights
3. Create – Seek high leverage opportunities that build on your strengths
4. Communicate - Ability to make your thinking visible to others and the ability to collaborate inside and outside your organization
5. Inspire – Ability to mobilize support and engage others involved in doing the work to join you in ACTION
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A leader’s job is to set the context and provide hope and inspiration..."
Tom Hood, CPA.CITP CEO
Maryland Associa8on of CPAs Business Learning Ins8tute
(443) 632-‐2301 E-‐mail [email protected]
Web hNp://www.macpa.org Blog hNp://www.cpasuccess.com
