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Future Ready CPA - Survey & Polling Results MACPA Annual Meeting 6-26-17

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The future ready CPA is anticipatory - aware, predictive and adaptive of emerging technology trends and trends in business, demographics and the social and business environment impacting your organization and industry.

This survey covered more that 400 accounting and finance professionals at the MACPA professional issues update and townhall. The results are consistent with other surveys we have done nationally covering over two thousand accountants.

Areas covered include legislative priorities (page 6), top technology trends (page 7-10), how many are feeling disruption in their industries (page 11), top skills needed (slide 12), and top five most valuable benefits of MACPA membership and our net promoter score.

Thanks to our sponsors for supporting our town halls during the year.

Veröffentlicht in: Business

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Future Ready CPA - Survey & Polling Results MACPA Annual Meeting 6-26-17

  1. 1 MACPA PIU Annual Meeting & Townhall Future Ready Polling and Survey Results June 26, 2017
  2. 0 5 10 15 20 25 30 35 40 45 Public Accounting Auditing Public Tax Public Consulting Business Industry Government Federal State Local NonProfit CFO Outsourcing Client Accounting Educator Retired or in Transition Other Votes What area of the Profession are you currently working in?
  3. 2018 Legislative Priorities 0 10 20 30 40 50 60 70 Votes Rank our Legislative Priorities Most important to our Profession (Top 5) 1. CPE Mobility 2. Sales Taxes on Services 3. Stop Comparative Fault Liability 4. State Tax Reform 5. CPA Firm Mobility Licensing
  4. 7 0 10 20 30 40 50 60 70 Votes What technologies will have greatest impact on you? Pick Top 5 These were ranked much higher by Large Firm Managing Partners
  5. Top Technology Trends impacting the Profession in next three years 1. Advanced cloud computing 2. Artificial intelligence cognitive computing in accounting audit and tax 3. Big Data analytics 4. Smarter smartphones and Tablets 5. Mobile apps for business processes 6. Virtualization of desktop and storage 7. Adaptive and predictive cybersecurity 8. Virtualization and automation of processes and services 9. Mobile banking and payments 10. The internet of things IoT
  6. Top Technology Trends impacting the Profession in next three years 1. Advanced cloud computing 2. Smarter smartphones and Tablets 3. Big Data analytics 4. Mobile apps for business processes 5. Artificial intelligence cognitive computing in accounting audit and tax 6. Adaptive and predictive cybersecurity 7. Virtualization of desktop and storage 8. Mobile banking and payments 9. Virtualization and automation of processes and services 10. Smart virtual e-assistantsSource: 2017 Top technology Trends – Burrus Research MACPA Spring Professional Issues Update 5-31-17 1. Advanced cloud computing 2. Artificial intelligence cognitive computing in accounting audit and tax 3. Big Data analytics 4. Smarter smartphones and Tablets 5. Mobile apps for business processes 6. Virtualization of desktop and storage 7. Adaptive and predictive cybersecurity 8. Virtualization and automation of processes and services 9. Mobile banking and payments 10. The internet of things IoT June 26, 2017 May 31, 2017 Top Technology Trends impacting the Profession in next three years * Major firms ranked Blockchains in the Top 5 and ranked Social Business Applications and Augmented Reality in the Top 10.
  7. Top Technology Trends impacting the Profession in next three years 1. Big Data Analytics 2. Adaptive & predictive cyber-security 3. Artificial intelligence, cognitive computing in audit and tax 4. Virtualization and automation of processes and services 5. Blockchains 6. Mobile apps, smartphones, tablets for business 7. Augmented and virtual reality applications 8. Internet of Things, 9. Visual communications 10.Social business applications Source: 2017 Top technology Trends – Burrus Research MACPA Major Firms Group Meeting 3-6-17
  8. Are you? feeling the impact of digital disruption 11 26% 52% 14% 2% 6% To what extent do you believe digital tech is disrupting your industry? Great extent significant financial impact Moderate extent material financial impact Small extent small financial impact Not at all no impact Not sure Moderate to Severe Financial Impact Note: We are seeing a steady increase in this number from 50% over a year ago to two- thirds from our B&I Conference in May to this.
  9. 0 20 40 60 80 100 120 140 Votes What are the top skills you need for the future? Pick 5 This has increased significantly in the last 18 months
  10. Poll: What are the most valuable benefits of MACPA membership to you? 1. Free CPE 2. Helping me stay future ready 3. Advocacy Protecting my license 4. Helping my career Learning 5. Future scout Watching future trends for me 0 10 20 30 40 50 60 70 80 Votes What are the most important things we do at MACPA-BLI? Pick Top 5
  11. 14 Our NPS is 83% against world class scores of 50-60% Net Promoter Score Why or Why Not? • MACPA is a forward thinking group of people • They are organized and provide actual value. • Current, applicable, productive • Mind opening • Good to get people thinking of the future • Learning never stops • They are a powerful organization in md • Inspirational, knowledgeable • They are future ready • Very relevant • Excellent programs and support services, competent staff who can break down complex issues • "Does it right” • It is very cutting edge for the profession. • The have an eye to the future. • On top of new laws/regulations and training/CPE opportunities • Yes because it is forward looking and proactive • Great CPE opportunities and being an advocate for the profession • MACPA is Great! • They have a pulse on the future • They are always current on the status of the CPA profession and the trends that are currently happening, as well as trends that are anticipated. They are a top-notch organization. • The MACPA is an invaluable resource for all CPAs. • I would recommend the MACPA because the free CPE can be a great synopsis for what is trending in the profession to direct you to further explore topics on your own. • Vital for connecting to state and national events and trends • Great leaders, well-managed organization, a strong voice for the profession.
  12. 15 What one thing does the Profession have to get right to support the evolution in CULTURE, TALENT, TECHNOLOGY, and CLIENTS/EMPLOYERS? Work/life balance Technology Advocate The predictions must be near accurate Have less stress on billing time and more on building relationships within firm Provide training Education Employee development Talent Be able to predict trends before they happen Be progressive Technology Education and general attitude toward change. Adapt Adaptability Willingness to change Adapt - get managers who are willing to make changes and not just look in the rear view mirror every year getting the word out about change and training us to be ready. Flexibility training flexibility and adaptability Maintain integrity Learning to blend the "older" CPAs with the "younger" CPAs so that the experience is not lost and the innovation of tomorrow is implemented. We must understand that the "older" CPA is not as adapted to change as the "younger" but they bring much experience as to the historical function of a CPA. Flexibility Innovation and collaboration Implement tech without losing employees Train employees on how to do consulting and advisory services so that we can still help our clients once technology takes over Acceptance of change Open minded Understand changing dynamics of business Communication between the seniors/baby boomers and younger generations Motivate young people to want to be part of future Allow younger staff to play a bigger role in the direction of a firm Educate Talent retention is going to be even more important since the skills needed to add value will take years to aquire. Need to be flexible with work schedules, benefits, etc. Get way from rote learning, checklists and form filling. More creativity and analysis. Versatility Flexibility and being anticipatory Flexibility, collaboration Flexibility and adapting to change We need to be open to change Take a look at other countries especially India and try to stay a step ahead. Older we get, less prone we are to change. Will be a constant struggle. Must learn to be anticipatory We have to make sure that the public still perceives that the human interpretation and foresight with their financial information is more valuable or still necessary over complete Training and development, adapting to change and involvement with next generation of CPAs were the major themes here. Our Anticipatory Organization learning system can elevate and accelerate you and your entire firm/org on an innovation and future-focused mindset which will address many of these issues in a proactive way.
  13. 16 What can MACPA and BLI do to facilitate the changes needed? Communication encouraging employers to adapt to change Stress the importance of changing times/new opportunities anticipate appropriate training and make it easily accessible. Input from professionals updates Put more focus on technology at the university level. Give learning tools to show the importance of adapting to these change Help facilitate regulations about tech use in businesses Have training sessions on these skills Teach us Continue their advocacy and tool to facilitate learning Stay ahead of the change and keep people informed Work shops. Mentoring programs Train and motivate Continue providing tools to develop ways for younger staff to have their voices heard Offer innovative sessions Educate firm leaders on trends seen in MD and across the country. More town halls with senior partners and decision makers. keep training and pushing us Keep the profession as the most trusted. Continue to emphasize ethics Continue to offer these kind of sessions that emphasis the importance. Explore impact of artificial intelligence. Educate on how we can integrate some recent technological innovations into our work Training for future leaders Help develop analytical skills Training Keep educating the members to look at these new trends Support better working hours Introduce the new software innovations that can help CPAs Advocate for CPAs Prepare us for the future Educate CPAs Provide training and knowledge Advocate colleges and Accounting Big Box collaboration Provide educational programs Focus on the positives of the profession Inform the cpas on how to adapt Educate Plus connect firms with firm providing services like Watson Convey openness to change to CURRENT leadership. Seminars focused on the future Teach us to Think outside the box of these changes. Structure CPE courses to be relevant toward the clients anticipatory requirements. Continue the excellent Town Hall meetings Stay in the lime light and among the community. Anticipate what accounting, finance, analytical services clients will require. Education about the future (we are the first and only state that has a ‘future ready curriculum’), Educating firm & corporate leaders on trends, advocacy, and involving young professionals were the major themes here.
  14. 17 What is your biggest insight or takeaway from today's session? Change is a coming Proactivity for the future To be future focused and anticipate changes Computers will takeover the world Stay one step ahead How much we are not future ready I'm not alone! Change with technology Technology affecting the profession How fast this industry is moving from a technology standpoint Our firm needs to catch up Technology's​ impact Interesting work being done with legislation. Need to be proactive future broader perspective Changes need to be made in the industry for the future Organizations need to change and adapt or they will not succeed. change is coming quickly Technology is changing the industry rapidly change Need to change or become obsolete The need for accounting firms to keep up with technology i'm moving in the right direction but have to do more to stay on top of being future ready The profession is changing (in an exciting way) and we must be ready to Transform in response to the changing future (especially with changing technology and demographics of the GenZ). Artificial intelligence is coming sooner than I thought. Importance of consulting work The ways in which we can still help clients even if computers can do audit and tax Need to transform, take time to focus on future and anticipate change Do it or someone else will do it The need to shift to a more soft skills and ways to apply new techniques to current client relationships The profession will be evolving rapidly over the next ten years Imperative to embrace The future is kinda scary. Change is coming fast. Get ready. It should be fun. To watch out for disruptive change Change is accelerating and is awesome. Be adaptive to change AI and technology effect on how we do business Innovation Be forward thinking Getting energized about future initiatives and ways to help clients. Being FutureReady. Set aside 1 hour a week or what I call Covey's Quadrant 2 Continue to work on evolving and transforming into tomorrow's CPA. Learn and assimilate new technology in bettering client business models and infrastructure.
  15. 18 Hard trends Things are going to change! And rapidly! Technology in use How much the CPA profession will be changing in the coming years. That the MACPA realizes the upcoming issues and challenges as we move towards automation in our society. in order for your firm to succeed you must keep up with modern technology Get Ready the Future is here/coming The importance of getting in front of the technology changes that are coming Change Innovation the 5 T's, changing environment in the profession Be more anticipatory Change is happening very fast! CPA Day benefits try to keep up ;-) Rate of technology change is accelerating I need to learn about Blockchain and how it might impact my future and that of my agency (Federal employee) That at least a portion of our industry (MACPA) is aware of some of the fast paced technologies coming on board sooner than later. Continue to be future ready problem is not legacy system, but legacy thinking Disrupt myself.. or be left behind😄 Moving forward with innovation to prepare for the future changes. Realizing how much technology affects CPA's Change is happening faster than I realized. Those who do no keep up with the pace of change will soon be left behind. This is currently scary to me, but with MACPA/BLI I can turn this into something to be excited about, an opportunity for the future instead of fear of the future. We need to provide financial and business insight to help our companies grow and prosper I'm moving in the right direction but have to do more to stay on top of being future ready Being Future Ready. Set aside 1 hour a week or what I call Covey's Quadrant 2 Continue to work on evolving and transforming into tomorrow's CPA. Learn and assimilate new technology in bettering client business models and infrastructure. The profession is changing (in an exciting way) and we must be ready to transform in response to the changing future (especially with changing technology and demographics of the GenZ). Artificial intelligence is coming sooner than I thought. 5 T's Future ready Surprised by how few millennials participated today - driving those numbers up is key! That firms and the industry are changing in a fast pace. The MACPA is mostly interested in pleasing commercial "partners" We need to recruit the younger CPA's to help move our industry Proud to be a member of MACPA Opportunities in outsourcing. Change... be ready What is your biggest insight or takeaway from today's session?
  16. #FutureReady 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. Source: CPA.COM Insight into the CPA of the Future Study 2014 92% of CPAs Not #futureready
  17. This led to our work with world renowned futurist and business advisor and best-selling author, Daniel Burrus of Burrus Research.We worked with Dan to add the context of the accounting and finance profession to his Anticipatory Organization learning system to create the Anticipatory Organization”Accounting and Finance edition. http://www.blionline.org/ao
  18. 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 The competency of “anticipation” actually includes a number of competencies included in many of the top companies of today. Across these models, you'll see a common theme of "strategic thinking," "innovation" and "leading change." Many of these organizations build (and validate) fantastic competency models and know what they want people to do. The beauty of the Anticipatory Organization model is that it offers a clear process that makes highly-abstract leadership competencies attainable and trainable in a self-directed e-learning system featuring short single-concept videos with rapid application learning exercises. If an organization wants to make "strategic thinking" or "innovation" a core competency, we can provide clear, trainable activities that can be targeted to a wide range of learners (from individual contributors to senior leadership). We provide the bridge between the competency model and the desired observable behaviors. Anticipation –The Critical Competency
  19. 28 lessons – 4 modules – 1 hour/week • Very short single-concept videos • Rapid application exercises • Visual job aids to reinforce learning
  20. E-learning versus Traditional Learning • $1 invested in e-learning = $30 increase in productivity • 18% increase in employee engagement • Reduces learning time 25 to 60 percent • Increases retention • More productive and able to self-pace around busy schedules

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