The Shift Change in Accounting – Creating the High Performance Firm ���

@tomhood Tom Hood, CPA, CITP, CGMA

Business Learning Institute

Collins Barrow National Conference September 20, 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/

Vote for a question

Respond to Poll

Ask a Question

BLI.CNF.IO Select your session and join the conversation

Download today’s slides at … www.SlideShare.net/thoodcpa

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

���

Next Gen Leadership

Tomorrow’s CPAs are: •  Proactive •  Flexible •  Collaborative •  Trustworthy •  Future-focused •  Balanced •  Technological

The New Leadership Model “We are moving from

organizations well managed to

networks well led.” - Jim Collins

Learning

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!

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  

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 – 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.

Technology as competitive advantage

1.  Increased Revenues (Growth) 2.  Increased Profitability 3.  Increased Retention (and

recruitment) 4. Flexibility and Agility 5. Collaboration and Innovation

Generations

What’s  Keeping  young  CPAs  up  at  night?    1.  Not  enough  Lme  2.  Being  reacLve  vs.  proacLve  3.  Talent  development  4.  Keeping  up  5.  Growth  (and  opportunity)  6.  Doing  more  with  less  7.  InformaLon  overload  

http://cpa.tc/54s

11  things  young  professionals  want  you  to  know      1.  More  collaboraLon.  2.  More  transparency.    3.  Encourage  iniLaLve.  4.  Focus  on  strengths.  5.  Expect  the  unexpected.  6.  Take  Lme  to  save  Lme.  7.  Look  beyond  the  billable  hour.  8.  Engage  your  team  in  your  vision.  9.  Be  realisLc.  10. Train  your  staff  and  expect  

accountability.  11. Take  a  financial  risk  on  leadership.   http://cpa.tc/54r

Workplace

Work is not a place, it is what you do.

And What you do while

working is fundamentally

different.

���

Disruption & Innovation Threat & Opportunity

Disruption and RONI���The gap is widening, faster!

Source: Clayton Christensen, “Innovation Killers”

We think this is trade-

off

Anticipation is showing up across our Profession

Survey  results  from  MACPA  Town  Halls  

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

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?”  

Strengths – Strategy - Collaboration

“In order to buy-in, they have to weigh-in.” - Pat Lencioni

The Opportunity – Be the House

•  15 X – ROI on Strategy as Process & Alignment (Jim Collins – Built to Last)

•  8 X – Engagement & Trust (Gallup)

•  10X – Return on Leadership (Information Masters)

•  20 X – Return on Culture (Information Masters)

•  3 X - Return on Positivity (Dr. Barbara Frederickson)

www.bizlearning.net  

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

The 5 questions you must answer

• Who are we & why do we exist? • Where are we going? •  How are we going to get there? •  How is our progress? • What happens when things change?

Five Ways to Thrive in the Shift Change

1.  Power of Vision, Purpose & Alignment 2.  People - Strengths & Positivity (ROP) 3.  Collaboration & Engagement 4.  Learning & Development – L>C 5.  Technology (RONI)

Think Big! Think New! Think Fast!

- Mike Walsh

Tom  Hood,  CPA.CITP  CEO  

Maryland  AssociaJon  of  CPAs  Business  Learning  InsJtute  

(443)  632-­‐2301  E-­‐mail  tom@macpa.org  

Web  hVp://www.macpa.org  hVp://www.blionline.org  

Blog  hVp://www.cpasuccess.com