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AAA 2009 Interchange Presentation

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Presentation by Kim Fantaci, Executive Director of Association of Accounting Administartors to AICPA - CPA-SEA Interchange Conference on July 31, 2009 in Orlando, Florida

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AAA 2009 Interchange Presentation

  1. AICPA & CPA/SEAInterchange Conference<br />What You Really Need to Know About CPA Firms<br />Kim Fantaci, AAA Executive Director<br />Dennis Lemieux, AAA Director of Professional Awareness and Director of Operations ofBerry, Dunn, McNeil & Parker<br />July 30, 2009<br />
  2. What are CPA firms facing today?<br /><ul><li> Economic crisis
  3. Implementation of standards and market needs
  4. Client service
  5. Development of professionals
  6. Attracting the next generation and succession
  7. Embracing and implementing of new technologies</li></li></ul><li>Economic crisis<br /><ul><li>Recovery is slow
  8. Some indicators are up while other economic indicators have worsened
  9. AICPA polls indicate increased optimism
  10. Accounting profession typically lags behind other industries making it more difficult to manage the firm
  11. Clients are tightening belts and having difficulties
  12. Firms having to cut expenses and in some cases staff</li></li></ul><li>Implementation of Standards and Market Needs<br /><ul><li>International Convergence / IFRS
  13. Federal Laws & Regulations</li></ul>SEC, DOL, Treasury, GAO, PCAOB<br /><ul><li>CPA Profession Standards</li></ul>AICPA & FASB, GASB, FASAB, IASB, IFAC<br /><ul><li>State CPA Statutes</li></li></ul><li>Changes in Client Service<br /><ul><li>Willingness to change
  14. Marketing and practice growth
  15. Protecting the CPA image and reputation
  16. Developing and managing niches
  17. Quality control
  18. Accountability</li></ul>“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” – Charles Darwin<br />
  19. Development of Professionals<br /><ul><li>Bridging the gap between college and the real world
  20. Under-developed skill sets (leadership, communication, time management and organization, analytical and technical skills)
  21. Work-life balance
  22. Developing and expanding networking opportunities and organizational memberships
  23. Promoting the CPA exam and career (understand the “new exam”, track progress, support the swearing-in ceremony, create and reinforce a culture that celebrates CPAs)
  24. Quality and affordable CPE</li></li></ul><li>Attracting the Next Generation and Succession<br /><ul><li>Recruiting through the economic challenges
  25. Retaining staff and effectively communicating the challenges of the firm and clients
  26. Striving to understand the next generation and creating a culture of learning, coaching, mentoring and nurturing
  27. Developing succession plans in an ever-changing environment</li></li></ul><li>Embracing and implementing new technologies<br /><ul><li>Increasing rate of application change
  28. Explosion of digital data and information
  29. Connection options
  30. System access and resiliency requirements
  31. Security issues
  32. Economic factors driving firms towards optimizing efficiency and standardization</li></ul>“The technology used by firms both to directly provide service to clients and to manage the practice are essential to productivity.” – Isaac M. O’Bannon<br />
  33. The Firm Administrator<br />Professionals managing today’s accounting practices are . . . <br /><ul><li>responsible for the management of an accounting practice.
  34. responsible for the quality and profitability of their firm.
  35. supervising and/or training staff in an accounting practice.
  36. interested in developing a network of outstanding professionals.
  37. ready to promote their firm in today’s marketplace.
  38. responsible for their firm’s technology, automation, and productivity.
  39. both new and experienced professional administrators with a diverse background.</li></li></ul><li>The Firm Administrator<br />Professionals managing accounting practices hold different titles depending on firm structure and culture . . . Managing Partner Chief Operating Officer<br /> Firm Administrator Director of Administration<br /> Controller Human Resource Director<br /> Office Manager Administrative ManagerRegardless of the title, those managing accounting practices are constantly looking to best practices and their network to satisfy the growing professional needs in the field of accounting administration.<br />
  40. Association for Accounting Administration<br />More than 930 professionals managing accounting practices are members of the Association for Accounting Administration.<br />The AAA’s vision is to be the number one resource for best practices in the accounting profession providing member and firm value resulting in high quality management and administration.<br />
  41. AAA Demographics<br /><ul><li>AAA member firms have between 5 and 5,000 personnel with an average firm size of just over 50.
  42. AAA member firms are represented in all 50 states and nearly all Canadian provinces with 22 chapters throughout the United States and Canada.
  43. AAA members have between 3 months and 32 years of experience with the average member having 7 years of experience in the accounting profession.
  44. The typical member has supervisory responsibilities in the areas of firm administration, practice management, facility management, finance and accounting, practice development, technology, marketing, human resources, scheduling and production control, and strategic planning.</li></li></ul><li>Active Relationships or Partnerships with State Societies<br /><ul><li>Minnesota
  45. Arizona
  46. Illinois
  47. Ohio
  48. Indiana
  49. Massachusetts
  50. Michigan
  51. New Mexico
  52. Colorado</li></ul>We’d love to develop active relationships and networking with all State CPA Societies!<br />
  53. Interaction between CPA Firm and State CPA Societies<br />Insurance Programs<br /><ul><li>Are you reaching the entire firm with information about insurance programs?
  54. Is the information clear and understandable to not only the CPAs but the firm as a whole when putting together their benefit packages?</li></li></ul><li>Interaction between CPA Firm and State CPA Societies<br />Educational Speakers<br /><ul><li>CPA firms have individuals available for both technical and practice management topics.
  55. Do you know who the firm experts are?
  56. Does the State Society reach to the individual firm level with educational programs?
  57. Do the firms know the availability of in-house and customized programs?</li></li></ul><li>Interaction between CPA Firm and State CPA Societies<br />Coordination of Educational Programs<br /><ul><li>CPA firms offer technical sessions for their clients and staff on a regular basis – is there room for coordination between firms and the State Society of educational programs to eliminate duplication and expense?</li></li></ul><li>Interaction between CPA Firm and State CPA Societies<br />Product Distribution and Education<br /><ul><li>Is the promotion and distribution of products and services efficiently and effectively received by those within CPA firms?
  58. Training the firm’s administration professional can save time, money and resources for the State Society
  59. Utilization of the firm’s administration professional in beta testing of products and resources</li></li></ul><li>Interaction between CPA Firm and State CPA Societies<br />Communication<br /><ul><li>Go from communicating with 10 or more members at one firm to one administration professional
  60. Administration professionals have the attention of firm professionals and the authority to make decisions
  61. Information overload causes less participation and will eventually harm retention rates
  62. Administration professionals have their hand on the pulse of the firm’s culture</li></li></ul><li>Interaction between CPA Firm and State CPA Societies<br />Billing<br /><ul><li>Most State Societies invoice the firm for dues and other items - but not all have this set up
  63. Remember if administration professionals are not members of the State Society – give them billing coordination abilities like usernames and passwords
  64. This will provide for more efficient and accurate collections for the State Society</li></li></ul><li>Interaction between CPA Firm and State CPA Societies<br />CPE Registration<br /><ul><li>Filter through administration professional who already track CPE and can encourage professionals to register for needed courses
  65. CPE tracking will be easier for the firm and therefore the State Society
  66. Most Society systems don’t allow for non-members to register or for one individual to register multiple registrants</li></li></ul><li>How Can State Societies and Administration Professionals Partner?<br />Offer State Society Membership<br /><ul><li>Do you offer a classification for the administration professional?
  67. Do you charge for this membership classification?
  68. What does your Society offer to these members?
  69. What could they offer to these members?</li></li></ul><li>How Can State Societies and Administration Professionals Partner?<br />Offerings to Administration Professionals<br /><ul><li>Educational programs and trainings
  70. Industry news and hot issues
  71. Relationships with State Society staff members
  72. Communication tools
  73. Efficient and effective distribution of information</li></li></ul><li>Use AAA Chapters for Efficiency and Effectiveness<br />Chapter Offerings<br /><ul><li>Respected CPA firms in 22geographic areas
  74. Well planned programs andeducational offerings
  75. Local and regional networks
  76. Use of several iConnectionswithin AAA iCommunities for distribution of information and promotions.</li></li></ul><li>Use AAA Organization for Efficiency and Effectiveness<br />North American Offerings<br /><ul><li>Respected firms throughout the U.S. and Canada
  77. Well planned programs and educational offerings
  78. Ability to host webinars to connect effectively and efficiently with administration professionals
  79. AAA iCommunities for distribution of information and promotions including calendars complimentary postings </li></li></ul><li>If you knew the following about CPA firms or your membersit would make your jobs easier . . . <br />1.<br />2.<br />3.<br />4.<br />5.<br />
  80. State CPA Societies are invited to send their Executive Directorsor Presidents to the AAA National Practice Management Conferencewith the registration fee on us!<br />
  81. Thank you!<br />Association for Accounting Administration136 South Keowee Street<br />Dayton, Ohio 45402(937) 222-0030 | Fax (937) 222-5794<br />aaainfo@cpaadmin.org | www.cpaadmin.org<br />