11. Command &
ControlEpisodic &
PassiveSystems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of Engagement
What you do
Hierarchy
Transactional
On-Premise â CustomizedRigid, Cube farmsGeneration Gap
Network
Transformational
SMAC â Social Mobile Analytics Cloud
Open, Collaborative, Flexible
Generation Lap
12. Command &
ControlEpisodic &
PassiveSystems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of Engagement
What you do
Hierarchy
Transactional
On-Premise â CustomizedRigid, Cube farmsGeneration Gap
Network
Transformational
SMAC â Social Mobile Analytics Cloud
Open, Collaborative, Flexible
Generation Lap
Incumbent practices,
resources and
institutions are in
decline
New
business
models, practices and
technologies are
emerging
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
Leadership
Learning
Technology
Workplace
Generations
27. Lookout Post
Trends by Segment:
Public Practice
Corporate - Business & Industry
Young Professionals
Students
28. What does this mean for
CPA Firms?
FIRMS
 WITH
 21+
 PROFESSIONALS
2013 2011 2009 2007
1 Owner/partner
 accountability
Â
and
 unity
Owner/partner
 accountability
Â
and
 unity
Retention
 of
 current
 clients Finding
 qualified
 staff
2 Bringing
 in
 new
 clients Bringing
 in
 new
 clients
Owner/partner
 accountability
Â
and
 unity
Retaining
 qualified
 staff
3 Retaining
 qualified
 staff Retention
 of
 current
 clients Succession
 planning Developing
 new
 partners
4 Succession
 planning
Fee
 pressure/pricing
 of
Â
services
Bringing
 in
 new
 clients Work/life
 balance
 initiatives
Â
5 Finding
 qualified
 staff Succession
 planning Retaining
 qualified
 staff
(1)
 Management
 ofâ¨
human
 resourcesâ¨
(2)
 Seasonality/workload
Â
compression
PCPS CPA Firm Top Issues
29. What does this mean for
Small Practitioners?
MACPA Member Survey
Top Challenges 2014
Sleeter Group Survey 2014
The research: Anticipation is showing up across our Profession.
30. Maryland Public Company
Collaboration
⢠Learning & Talent Development
⢠Global Structure of Finance Function
⢠Managing Risk & Innovation
⢠Insight to Action
31.
32. 1. Private Companies Dominate
2. Private Companies create wealth & jobs
3. Private Companies invest and drive growth
4. Private Companies are agile & nimble and drive innovation
33.
34.
35. What does this mean for
Young Professionals?
11 Things Young Professionals
Want You to Knowâ¨
1. More collaboration.
2. More transparency.Â
3. Encourage initiative.
4. Focus on strengths.
5. Expect the unexpected.
6. Take time to save time.
7. Look beyond the billable hour.
8. Engage your team in your vision.
9. Be realistic.
10.Train your staff and expect accountability.
11.Take a financial risk on leadership.
http://cpa.tc/54r
36. What does this mean for
Students?
Top 5 Things They Want:
1. Work-Life Balance
2. Career Growth & Stability
3. Competitive Pay
4. Flexibility
5. Learning & Development
Top
37. When youâre a part of an established entity, thereâs so much incentive to maintain the status
quo. A lot of times, the people who are leading are at the end of their careers, so they donât
want to throw everything up and see where it lands. They want to make it someone elseâs
problem. But I have seen the shift happening before my eyes, and have at times been
frustrated that people werenât taking advantage of this new platform in a way that would be
effective for the content.
38. What Got You Here,
Wonât Get You There.
So What?
48. Supreme Court - SCOTUS
ACA and Tax Credits
Perez vs Mortgage Bankers
FTC vs NC State Board of Dental Examiners
Wynne Case - MD out-of-state tax credits
SCOTUS Allows federal challenge of CO âAmazon Taxâ
55. Accounting Standards
Public
 &
Â
Private
Â
Companies
Private
Â
Companies-Ââ
Â
Small
Â
Business
Public
 &
Â
Private
Â
Companies
Â
Private
Â
Companies
Â
Private
Â
Companies-Ââ
Â
Small
Â
Business
State
 &
Â
Local
 Govât
Federal
Â
Govât
Financial
Â
Reporting
IFRS
Â
(IASB)
Â
IFRS-ÂâSME
Â
(IASB)
Â
GAAP
Â
(FASB)
Â
GAAP-ÂâPCC
Â
(FASB)
Â
FRF-ÂâSME
Â
(AICPA)
Â
GASB FASAB
Auditing IAASB IAASB PCAOB
Â
ASB
 (AICPA)
ASB
 (AICPA)
 ASB
 (AICPA)
 GAGAS
Â
Yellow
Â
Book
Â
GAO
GAGAS
Â
Yellow
Â
Book
Â
GAO
Ethics IFAC IFAC PEEC
Â
(AICPA)
PEEC
Â
(AICPA)
Â
PEEC
Â
(AICPA)
Â
PEEC
Â
(AICPA)
PEEC
Â
(AICPA)
73. Sales Tax Resources for MACPA
The MACPA Accountants
Resources Center gives
you the tools you need to
lead your clients through
the complexities and
dynamic challenges of
sales and use tax
compliance.
75. What is the #1 Thing
MACPA does
for CPAs and CPA
Firms that nobody else
does?
76. Legislative
Advocacy
âFrom then on, they are
no longer isolated men,
but a power one sees
from afar, whose actions
serve as an example; a
power that speaks, and
to which one listens.â
â Alexis de Tocqueville, on the
power of Associations in Democracy
in America
77. 3 Levels
2 Objectives
1. Offense: Pass Proactive Bills
2. Defense: Stop Bad Bills
1. Federal
2. State
3. State Board of Accountancy
87. Our 2015 MD agenda
1. Appeal Bond Reform
2. Expanded definition of attest
3. Build new relationships with legislators
1. Stop Sales Taxes on Services
2. Stop Comparative Fault by Trial Lawyers
3. Monitor 2,500 active bills in MD legislature
Numbers Count!
Defense
Offense
88. How we do it
1. Build and maintain Key Relationships with
legislators and regulators (PAC, meetings and
events)
2. Grassroots capabilities through membership -
we can target specific legislators by committee
and district
3. Financial support of key legislators via our PAC
4. High profile events that increase visibility of
CPA Profession (CPA Day for legislators and
Swearing-in for DLLR/State Board)
99. Lighting the Way for the Shift Change
Command &
ControlEpisodic &
PassiveSystems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of Engagement
What you do
Hierarchy
Transactional
On-Premise â CustomizedRigid, Cube farmsGeneration Gap
Network
Transformational
SMAC â Social Mobile Analytics Cloud
Open, Collaborative, Flexible
Generation Lap
103. âTom Hood and
MACPA makes
every CPA kinda
wish they were
licensed in
Maryland.â
â
Greg Kyte, CPA, Utah
and Accounting Today
Top 100 Influencer
107. Tomâs Favorite Tools
âUse the tools, donât let the
tools use you.â â¨
â Francine McKenna
@retheauditors
⢠Twitter
⢠Linked-In
⢠Blog
⢠Slideshare.net
⢠Evernote
⢠Tweetdeck.com
⢠Hootsuite.com
⢠Zite.com
⢠Kindle
108. Our Digital Transformation Strategy
1. Digitization & workflow âshifting
resources and systems to growth
areas
2. Virtualization â Moving IT
infrastructure to cloud
3. Transformation to cloud â Increase
use of existing systems of
engagement
4. Transformation to cloud â New
cloud based systems â
accounting
5. Transformation to cloud â Move
AMS and MACPA website
109. We identiďŹed three major goals for making this shift:
1. Help employees identify and address the challenges and opportunities that have the greate
impact on the business.
2. Help employees strengthen high-impact connections by enabling them to collaborate easily
with others inside and outside the organization.
3. Amplify the impact of those efforts by building an infrastructure that allows small
improvements to scale easily across the organization.
114. âIn 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.â
- Tom Hood, CPA.CITP.CGMA
115. 92% of CPAs
are
NOT
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.
Source: CPA.COM 2014 CPA of the Future Study
119. âThe hard stuff is soft and the soft stuff is hard.â
âTom Peters
120. Interestingly enough, there is one
pivotal competency that is most
powerful in distinguishing the top
10th percentile from the rest:
inspiring and motivating others to
high performance.