brown edwards: the future-ready cpa firm
TRANSCRIPT
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Out-of-date technology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
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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.