The Anticipatory Accountant �How to Get Ahead and Stay Ahead

Tom Hood, CPA, CITP, CGMACEO

Maryland Association of CPAsBusiness Learning Institute

The # 1 Challenge

SleeterGroupSurvey2014The#1Challenge!

The #1 reason clients leave their CPA firm is that they did not get proactive advice only reactive (historical) services.

Top Challenges1.  Information overload2.  Doing more with less3.  Changing accounting and

technology systems4.  Not enough time5.  Being reactive vs proactive6.  Finding and retaining talent/

Succession planning

#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.

Source: CPA.COM Insight into the CPA of the Future Study 2014

92% of CPAs Not #futureready

“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.”

Klaus Schwab on The Fourth Industrial Revolution – World Economic Forum

Borrowed from the US Army War College, VUCA was coined by Bob Johansen of The Institute for the Future to describe the rapidly changing and complex business environment since the Great Recession of 2008.

www.blionline.org

Exponential Pace of Change

Race Against the Machines?

Source: Frey & Osborne – The Future of Employment – Oxford University

“One interesting finding of the survey is that CPA firms, early majority or not, don’t really see a competitive threat from specific challengers.”

– Erik Asgeirsson – CEO of CPA.COM

Youcan’tstopthewaves,butyoucanlearnhowtosurf.–JonKabat-Zinn

5 Steps to be Future Ready1. Initiate Change2. Go Digital3. Elevate Skills4. Protect the

Core5. Enjoy the Ride

If it can be done it will be done and if you don’t do it, someone else will. – Dan Burrus

Initiate Change

Start with Certainty

Three Hard Trends:1. Government Regulation2. Technology3. Demographics

Top Tech Trends

Machine Learning, Artificial Intelligence, IoT, Blockchain, Big Data, Augmented Reality, Drones

Go Digital - Create Capacity

1.  Maximize software & tools you have

2.  Use the latest and most efficient technologies

3.  Workflow & Process Efficiency

4.  Engage your people

If you automate, you must elevate, (the skills of your team).- Mike Walsh futurist

Elevate your skills

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Poll:Whatarethetopskillsyouneedforleadership?Pick5

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 these Top 5

Skills

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…

Protect the Core – Purpose & Values

We are in the “Groan Zone”

Enjoy the Ride – Learning and Innovation

5 Steps to be Future Ready1. Initiate Change2. Go Digital3. Elevate Skills4. Protect the Core5. Enjoy the Ride

Closing Thoughts�For CPAs

Rearview Mirror to Windshield View Past to Future Reactive to Proactive

Insight to Action

Future Ready CPAs are PROACTIVE!

Disruption and RONI�The gap is widening, faster!

Source: Clayton Christensen, “Innovation Killers”

We think this is trade-off

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

The Association CEO’s Perspective

Never be afraid to seek inspiration from your past.

- Bill Taylor, founder of FastCompany Magazine

Connect ‒ Protect - Achieve

Poll:WhatarethemostvaluablebenefitsofMACPAmembershiptoyou?

1.  Advocacy–ProtecKngmyCPAlicense

2.  Helpingmycareer–Learning

3.  Helpingmestayfutureready

4.  Futurescout–Watchingfuturetrends

5.  ConnecKngandnetworking

NEW!

NEW!

Protect!

AccounKngfirmsconKnuingdiversificaKon

$50billion

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

MACPAStudentLeadershipAcademy–June,2015

NewCPAsSwearing-inCeremony

MACPALeadershipAcademy–August,2015

‘Future Ready’ means helping our member adapt faster

Hard Trends

Three Hard Trends:1. Government Regulation2. Technology3. Demographics

Constant learning! is THE only competitive advantage!

LeadingthenaKoninlearninginnovaKon

NewCPERulesEffecKveinMDMarch31,2015AdoptedbyAICPANASBASeptember,2016.

Our approach to learningNano–RapidApplicaKon-Curriculum Blended–ILT–e-learningcurriculum

Nano–10-minutelearning,AppforcontentcuraKonandreadingjournals.CollaboraKonandengagementtoolsThinkTank,conferences.io,MBSN

•  AnKcipaKon•  StrategicThinking•  External

Awareness•  Vision•  ConKnuous

Learning•  InnovaKon•  CreaKvity•  ProblemSolving•  PrioriKzaKon

•  BusinessAcumen•  Decisiveness•  Influencing/

Persuading•  EmoKonal

Intelligence•  ConsensusBuilding•  CollaboraKon•  InspiraKon•  RiskManagement•  CommunicaKon

28lessons–4modules–1hour/week•  Veryshortsingle-conceptvideos(miniTEDTalks)•  RapidapplicaKonexercises•  Visualjobaidstoreinforcelearning

Anticipatory Organization - designed to learn more in less time

Tom’Principles•  Thelearningcurveistheearningcurve•  Leadersarereaders•  Yournetworkisyournetworth•  ThecollaboraKoncurve>experiencecurve

Tom’sFavoriteTools

“Usethetools,don’tletthetoolsuseyou.”–FrancineMcKenna

•  Twiler•  Linked-In•  Blog•  Slideshare.net•  Evernote•  Tweetdeck.com•  Hootsuite.com•  Storify.com•  Kindle

BLI & Future of Learning

1. Social Learning.2. Mobile / nano3. Competency-based learning4. Collaborative5. Cloud-based

Questions

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 Person in Accounting by Accounting Today Magazine 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, Leadership & Generations

CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org

http://www.linkedin.com/in/tomhood/