Post on 21-Jan-2015
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Preparing for the ���Shift Change in Accounting���
Tom Hood, CPA, CITP, CGMA @tomhood #BTCSummit2014
August 19, 2014
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
! Named the Second Most Influential in Accounting
by Accounting Today Magazine 2013 ! 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/
http://macpa.cnf.io!!
Respond to a Poll!
Ask a Question!
Select the session: Beach Retreat-Hood-Koziel
Download today’s slides at … www.SlideShare.net/thoodcpa
What is the #1 reason organizations fail?!
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“The greatest shortcoming of the human race is our inability to understand the exponential
function.”
– Albert A. Bartlett Erik Brynjolfsson & Andrew McAfee, The Second Machine Age
THE FUTURE OF JOBS
We are in a race…!
Caused by this guy…!
It’s really a math problem…!
2006!
The Shift Change
1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!
Marina Gorbis, Institute for the Future
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
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Next Gen Leadership
How? 1. Professional unity 2. Work / life integration 3. The evolving nature of leadership and new leadership models
4. Proactive, goal-focused planning
5. Networked collaboration 6. Embracing and adopting new technologies
From: To: Hierarchy Network Transactions Relationships Efficient Effective Well managed Well led Command & Control Connect &
Collaborate Push Pull Good Great
Learning
T
“In a period of rapid change and increasing complexity, the winners are going to be the people who can LEARN faster than the rate of CHANGE and faster than their COMPETITION.”
-‐ Tom Hood, CPA.CITP.CGMA 7/24/14
www.blionline.org
• Identify Competencies • Career Path (Ladder) • Curriculum • Cloud Learning
Our approach – The Four C’s
The right talent with the right skills at the right time
theBounce
www.blionline.org
Curriculum design by BLI and AICPA using Top 5 Competencies for future from CPA Horizons research and job levels from the BLI “Bounce” Model.
Leadership and Communications were combined and the 5th category
expanded to include practice specialties for firms and functional
areas for corporate.
Examples would include: Corporate Accounting, FP&A, divisional
reporting, shared services, etc. CPA Firms would have audit, tax,
industry specialties.
These technical areas would have specific curriculums designed to
meet their specific technical competency needs.
CloudLearning
"We see this system as a key recruitment and retention tool, allowing us to offer our people many of the things that the largest firms do - competency–based curriculum, career paths, and just-in-time learning, and our own custom D&S learning center. " " " "!
"- Allen DeLeon, Managing Partner!
Technology
Cambrian “Big Bang” Explosion
Where Did I Get This Stuff?
Where Did I Get This Stuff?
"One out of five organizations has discovered a secret source of competitive differentiation. It allows them to
serve customers in new ways and reimagine their business models. It can help surface valuable insights
from their data and transform how they make decisions. It enables them to tap expertise from across
their entire ecosystem. And one more thing: It helps these Pacesetters grow revenue and gross profit faster
than other organizations. What’s their secret? It’s cloud computing -– their engine for growth."
Source: IBM Report – Under Cloud Cover – How Leaders are Accelerating Competitive Differentiation
The cloud as competitive advantage?
1. Increased Revenues (Growth) 2. Increased Profitability 3. Increased Retention (and
recruitment) 4. Flexibility and Agility 5. Collaboration and Innovation
Our Digital Transformation Strategy
1. Digitization & workflow –shifting resources and systems to growth areas
2. Virtualization – Moving IT infrastructure to cloud
3. Transformation to cloud – Increase use of existing systems of engagement
4. Transformation to cloud – New cloud based systems – accounting
5. Transformation to cloud – Move AMS and MACPA website
The Cloud – 5 things you can do 1. Expand offerings and move toward
higher value-added services, such as strategic business, tax, and financial planning.
2. Develop technology skills to connect systems together from multiple vendors.
3. Use and recommend collaborative accounting technologies to broaden and deepen client engagements.
4. Educate staff on technology solutions and adopt a set of recommended products for clients.
5. Be proactive with engaging clients in strategic technology planning.
If you automate You MUST Elevate - Mike Walsh, futurist
Generations
Top Issues Facing Young Professionals
Dealing with Generations
• Power of Purpose • Build on Strengths • Create a Positive Work Environment • Collaborate
Workplace
Work is not a place, it is what you do.
And What you do while
working is fundamentally
different.
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Disruption & Innovation Threat & Opportunity
Disruption and RONI���The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
Your clients want the “new you” “I need you, but I don't need the old you. I need a new you who understands the transformation I’m going through as your customer. If you don’t, you're out of touch.” - Dan Burrus futurist
http://cpa.tc/1pt
Anticipation is showing up across our Profession
Survey results from MACPA Town Halls
The Three T’s – Technology, Talent & Time What would Rita say?
Rita McGrath, Columbia Business School!Author – End of Competitive Advantage!
“How would you think differently about your strategy if you knew your advantage might not last?”
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5 Ways to Thrive in the Shift Change
1. Purpose & Vision 2. People (ROP) 3. Collaboration & Engagement 4. Strategy & Alignment 5. Technology (RONI)
What do we need to do about it? Imagine if we create a sustainable leadership culture in which
everyone is engaged to accelerate the great vision and mission we have. Imagine a room in which introverts and extroverts create an innovative, multicultural plan to help
us reach our goals.
CO-P
Think Big! Think New! Think Fast!
- Mike Walsh
Tom Hood, CPA.CITP CEO
Maryland Associa<on of CPAs Business Learning Ins<tute
(443) 632-‐2301 E-‐mail tom@macpa.org
Web hQp://www.macpa.org hQp://www.blionline.org
‘Blog hQp://www.cpasuccess.com