brown edwards: the future-ready cpa firm

The Future-Ready CPA FirmMoving from Complianceto Reliance

Bill Sheridan, CAEBusiness Learning

Institute

Got questions?

Bill Sheridan, CAEThe Business Learning Institute

Post them at bli.cnf.io

Our top challenge?

“When the job is in the way of the work, consider

changing your job enough that you

can go back to creating value.

Anything less is hiding.”

Seth Godin

Top five issues impacting CPAs

1. Keeping up2. Information overload3. Doing more with less4. Being proactive vs.

reactive5. Complexity

Bill Sheridan, CAEThe Business Learning Institute

Poor reputation

No personal relationship

Inadequate staff to meet needs

Out-of-date technology

Fees were too high

CPA lacked expertise

Referral to a new firm

Poor responsiveness

CPA advice not proactive

0 1 2 3 4 5 6 7 8

Why SMBs leave their CPA / accountant

Bill Sheridan, CAEThe Business Learning Institute

Source: CPA.COM Insight intothe 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.

Bill Sheridan, CAEThe Business Learning Institute

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

– Jon Kabat-Zinn

Oceans of opportunity

The faster you go, the farther ahead you have to

look.

5 steps to becoming future-ready

1.Context 2.Certainty3.Capacity4.Competence 5.Core beliefs

Bill Sheridan, CAEThe Business Learning Institute

Context

“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, World Economic Forum

Bill Sheridan, CAEThe Business Learning Institute

“In the next five years, game-changing technologies will transform every business process, including how we sell, market, communicate, collaborate, educate, train, and innovate.”

-- Daniel Burrus

Source: Frey & Osborne,“The Future of Employment,” Oxford University

Race against the machines?

Bill Sheridan, CAEThe Business Learning Institute

Bill Sheridan, CAEThe Business Learning Institute

What does the future hold?

Bill Sheridan, CAEThe Business Learning Institute

Technology is changing and disintermediating many trades and professions (medical, legal, accounting)

Patterns and trends Automation replacing routine tasks – higher order (soft

skills and analytics) are necessary to survive Alternative options to services and knowledge –

automated or otherwise. Tax and audit implications Globalization, specialization and consolidation changing

the landscape. Domain expertise matters

Bill Sheridan, CAEThe Business Learning Institute

Are your offices, workspaces, and technology future-focused?

Do you know what your clients are facing now and in the future?

Are you using the language of the future or the past?

Will students and potential employees feel like they are traveling back in time when they walk through your door?

Certainty

Can you predict the future?

Hard trends = future facts

Four hard trends:1. Government

regulation2. Technology3. Demographics4. Globalization

Examples of trends:

Hard or soft?

The new ‘Big Six’

Source: Gallup

Disruption and RONIThe gap is widening, faster!

Source: Clayton Christensen, “Innovation Killers”

RONI = Risk of Not Investing

We think this is thetrade-off

Bill Sheridan, CAEThe Business Learning Institute

Capacity

6 ways to create capacity

• Maximize the software and tools you have• Use the latest, most efficient technologies• Workflow and process efficiency• Focus on your best ‘A’ clients• Communicate your services (cross-sell)• Engage your people

6 ways to create capacity

• Maximize the software and tools you have• Use the latest, most efficient technologies• Workflow and process efficiency• Focus on your best ‘A’ clients• Communicate your services (cross-sell)• Engage your people

Competency

Disruptions before they disruptProblems before you have themCustomer needs before they have them New opportunities before the competition

Anticipate

Source: Daniel Burrus

#Futur-eReady

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.

Bill Sheridan, CAEThe Business Learning Institute

The researchThe latest research inside and outside the CPA profession re-affirms the top competencies and skills needed by accounting and finance professionals.

Bill Sheridan, CAEThe Business Learning Institute

Top skills that accounting and finance professionals need today

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’s CPA Horizons 2025 report, Bersin, and Burrus Research.

75% covered by these

top 5 skills

VALUE

Adding Insight for Action

Information

Wisdom

Knowledge

Data

Compliance

Reliance

Source: CGMA and DIKW Pyramid

VALUE

TrustIntegrityObjectivityExcellence Lifelong learning

Core beliefs and values

Protect the core and stimulate progress

5 steps to becoming future-ready

1.Context 2.Certainty3.Capacity4.Competence 5.Core beliefs

Bill Sheridan, CAEThe Business Learning Institute

The Shift Change

LeadershipLearning

TechnologyGenerationsWorkplace

Command & Control Connect & Collaborate

Episodic & PassiveJIT & Participative

Systems of RecordSystems of Engagement

On-Premise - Customized

SMAC – Social Mobile Analytics Cloud

A place you goWhat you do

Open, Collaborative, Flexible

Rigid, Cube farms

HierarchyNetwork

Generation GapGeneration Lap

Transactional Transformational

Command & Control Connect & Collaborate

Episodic & PassiveJIT & Participative

Systems of RecordSystems of Engagement

On-Premise - Customized

SMAC – Social Mobile Analytics Cloud

A place you goWhat you do

Open, Collaborative, Flexible

Rigid, Cube farms

HierarchyNetwork

Generation GapGeneration Lap

Transactional Transformational

Incumbent practices,

resources and

institutions are in

decline.

New business

models, practic

es

and technologies

are emerging.

The challenge and opportunity is to

make the shift from the first curve to the second curve at the right time and with the right strategy.

“How would you think differently about your strategy if you knew your advantage might not last?”

Calendar: The No. 1 appSpend just one hour per week in the future

…

“We are called to be architectsof the future, not its victims.”

R. Buckminster Fuller

“The best way to predictyour futureis to create it.”

Abraham Lincoln

Download these slides:

Slideshare.net/BillSheridan

Follow me: MACPA’s blog: CPASuccess.com Facebook.com/BillSheridan LinkedIn.com/in/BillDSheridan Twitter.com/BillSheridan YouTube.com/BillSheridan SlideShare.net/BillSheridan Flickr.com/photos/Sheridan

The Future-Ready CPA Firm

Bill Sheridan, CAEThe Business Learning Institute

More about

The Anticipatory OrganizationTM

The Anticipatory Organization™ teaches accounting and finance professionals to actively anticipate disruptions, problems and customer needs, along with their related opportunities, and take action to shape the future by becoming an “Anticipatory CPA.” This “accelerated learning system” includes a series of short, single-concept videos that present 28 core lessons across four modules. Each video is followed by a job aid and rapid-application activities that teach the learner to apply the concept to everyday activities.

• Anticipation• Strategic thinking• External

awareness• Vision• Continuous

learning• Innovation• Creativity• Problem solving• Prioritization• Business acumen

• Decisiveness• Influencing

/persuading• Emotional

intelligence• Consensus building• Collaboration• Inspiration• Risk management• Communication

www.BLIonline.org/AO

More about

BLI strategic planningThe BLI strategic planning methodology helps your people achieve greater results for your organization.

To get there, we use a proprietary strategic thinking system called i2a: Insights to Action. i2a fosters collaboration, interaction, and commitment as we clarify the strategic plan for your organization.

We use graphical tools and diagrams to connect ideas, articulate strategy, and develop a practical plan for turning this insight into action.

Most of BLI’s strategic planning sessions are two-day events. Day one is a “design phase” to identify key outcomes and deliverables with senior staff. Day two brings the i2a process to your team.

www.BLIonline.org/strategic-planning

The Business Learning Institute is the leading talent-development organization for CPAs, finance, and accounting professionals in the United States. It provides customized, competency-based curriculums and a portfolio of “success skills” and technical programs designed for the finance and accounting profession. Founded in 1999 by the Maryland Association of CPAs, the BLI is an innovation and learning center that facilitates the development and sharing of competencies and strategic knowledge required for leadership in today's rapidly changing business environment. Visit BLIonline.org.