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MACPA Spring Professional Issues Update 5-31-17

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This interactive and engaging update of the trends and issues facing the CPA Profession is designed to help you be ‘future ready’. We will cover the latest hard trends of technology, demographics and standards/regulations and how you can learn to use these to anticipate the future. Come learn about the new President and Congress to the Maryland State House and our State Board of Accountancy.

We will cover Tom's five T's facing our Profession:
1. Taxes, standards, and regulations
2. Technology
3. Talent
4. Time
5. Transformation

How technology is shaping CPAs and their services in public practice, business & industry, and the new fast growing Client Accounting / CFO Advisory services.

How the demographic trends are fueling the war for talent and what firms and companies are doing to fight back.

How standards and regulations continue to increase in numbers, scale and complexity and what to expect with the new Trump administration. The latest updates from the Maryland General Assembly and the State Board will also be discussed.

Thanks to our sponsors M&T Bank, Silberstein Insurance Group, Kelly Payroll, AON, XERO, Wolters Kluwer, BBJ, Intuit, Sage, XCM, AccountantsWorld, Expensify, Ophaus.

Veröffentlicht in: Business

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MACPA Spring Professional Issues Update 5-31-17

  1. Making History, Anticipating the Future
  2. Senator Brian Feldman, Esq., CPA (D-Montgomery County) Presents a Proclama@on from Governor Hogan to Kimberly Ellison-Taylor that says it is a “well-deserved tribute” in honor of the “leadership, success and outstanding service”
  3. 5 T’s 1.  TAXES, Standards, and Regulations 2.  TECHNOLOGY – SMAC Social, Mobile, Analytics, Cloud 3.  TALENT – The war for talent 4.  TIME - #1 Challenge 5.  TRANSFORMATION
  4. #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. 92% of CPAs Not #futureready
  5. Taxes, Standards, and Regulations
  6. 1) IRS Service level (or lack thereof); 2) Tax Reform; 3) Mobile workforce; and 4) What's at Stake - National Fiscal Sanity, or lack thereof. MACPA Delegation at Capitol Hill for Federal Legislative Agenda
  7. Regulations & Standards 1.  FASB Trifecta •  ASU 2014-09 Revenue from Contracts •  ASU 2016-02 Leases •  ASU 2016-13 Fin Instruments – Credit Losses 2.  SEC 3.  PCAOB 4.  DOL 5.  IRS + more…
  8. The trends of bills in Maryland Genera; Assembly follow the hard trends research from Burrus Research. Trends in Legislative Activity in Maryland
  9. Offense •  Appeal Bond Reform - Small Caps (Firm liability) - Not introduced •  Support Taxpayer Protec@on Act - Comptroller’s Bill with amendments from MACPA – Passed Defense •  Stop Sales Taxes on Services - Defeated issue related to engineering services •  Stop Compara@ve Fault (overturning Contributory Negligence) - Not introduced •  Stop legisla@on to nullify NDAs and Non-Compete agreements - amended $15/hour - Defeated •  Stop legisla@on to enact onerous mandatory sick leave requirements - Passed - Gov Veto announced •  Monitor 2,500 ac@ve bills in MD Legislature for CPA issues and unintended consequences
  10. *Defense addi@onal bills introduced in 2017 Session •  Over@me requirement (based on Federal DOL legisla@on) - Defeated •  Filing Fees increase to $4,000 - Defeated •  Removing audit requirement from cemeteries - Defeated •  Equal Pay and Salary History and Disclosures - Defeated •  Supervision of Occupa@onal and Professions under DLLR (NC Dental Board Issue) - passed House amended - we were ok with changes *Offense addi@onal bills introduced in 2017 Session •  Interest rate on tax deficiencies •  Deprecia@on recoupling •  Estate Tax
  11. Working with the Comptroller to CombatTax Fraud
  12. State Board of Public Accountancy (Licensing Issues) •  Audit deficiencies as reported to us by the DOL •  Con@nuing educa@on problems •  Other Regulatory Agencies •  Pass rate on CPA exam in Maryland •  Peer Review issues
  13. Looking Ahead to 2018 Legislative Session Report from Meeting of Maryland Managing Partners ‒ 5-17-17
  14. Technology – Cloud, Big Data, AI, Blockchain
  15. Technology •  World’s Largest Movie Company •  World’s Largest Taxi Co •  World’s Largest ‘Hotel’ Company •  World’s Largest Camera Company •  World’s Largest Retailer •  World’s Largest Media Outlet •  Etc…
  16. Top Technology Trends impacting the Profession in next three years 1.  Big Data Analy@cs 2.  Adap@ve & predic@ve cyber-security 3.  Ar@ficial intelligence, cogni@ve compu@ng in audit and tax 4.  Virtualiza@on and automa@on of processes and services 5.  Blockchains 6.  Mobile apps, smartphones, tablets for business 7.  Augmented and virtual reality applica@ons 8.  Internet of Things, 9.  Visual communica@ons 10.  Social business applica@ons Source: 2017 Top technology Trends – Burrus Research MACPA Major Firms Group Mee@ng 3-6-17
  17. American Ins@tute of CPAs® Innova&on Trigger Peak of Inflated Expecta&ons Trough of Disillusionment Slope of Enlightenment Plateau of Produc&vity Time Expecta&ons Sojware as a Service Blockchain Cogni@ve Expert Advisors & Machine Learning more than 10 years obsolete before plateau Years to mainstream adop&on: less than 2 years 5 to 10 years 2 to 5 years Big Data & Analy@cs* * Big data removed as a category by Gartner in 2015 Source: Gartner (2016) Key Technologies For the Profession To Watch
  18. Disrup@ve compu@ng paradigms: Mainframe, PC, Internet, Social-Mobile, Blockchain You say you want a revolu@on? In the next five years we will TRANSFORM how we market, sell, communicate, collaborate, innovate and educate (due to these hard trends coming at an exponen@al pace). – Daniel Burrus, futurist and author of Flash Foresight
  19. The Profession must address cybersecurity risk management in a meaningful way 70% connected devices contain vulnerabilities Business leaders: “wouldn’t be able to detect attack” 56% 87% rate reputation risk among biggest strategic risks Sources: World Economic Forum: “The Future of Financial Infrastructure”, August 2016 IBM and Ponemon Institute, 2016 Cost of Data Breach Study: Global Analysis $4 millionAverage total cost of data breach:
  20. Blockchain Can Alter the Technology Landscape and Change the Manner in Which Business Transac:ons Are Conducted Sources: AICPA research, h1p://www.pwc.com/us/en/financial-services/fintech/assets/blockchain-infographic.png Blockchain: A decentralized transparent ledger of all transac:ons across a peer-to-peer (P2P) network. Someone requests a transac:on. How Does Blockchain Work? The transac:on is broadcast to a peer-to-peer (P2P) network of computers, called nodes. Using algorithms, the network of nodes validates the transac:on and user’s status. AQer verifica:on, the transac:on is combined with other transac:ons to create a new block of data for the ledger. The new block is then added to the exis:ng blockchain, in a way that is permanent and unalterable. The transac:on is complete. Technology and cyber issues
  21. ‘Accountants do a lot of transac@on processing, reconcilia@on and control, and that could change significantly if this technology gets adopted on a widespread basis. The cost savings that the banks are looking at are huge, and most of that saving is people who do the back office, so whether you view those as accountants or ledgers, there’s a degree of challenge to those in the accoun@ng profession who work in finance func@ons.’ Why should you care?
  22. When Platforms Change, the Old Leaders Are Seldom the New Ones – Daniel Burrus
  23. IsYour Accounting Platform Relevant? •  Who are my strategic partners? •  Who are my strategic vendors? •  Who are the companies that I rely on? •  Are they the leaders of the old platform, or are they competent leaders of the new platform? •  Does it look like the leaders of the old platform will be the leaders of the new platform? Source: When Platforms Change, the Old Leaders Are Seldom the New Ones – Daniel Burrus
  24. Talent – The War for Talent
  25. Building Your Pipeline
  26. Taskforce on Equality, Diversity & Inclusion MACPA Mentorship Pilot Program 9/29/2017
  27. Future of Work Task Force
  28. June 1-3, 2017 Firm Sponsorships Available
  29. “College will help me get in the door for my career, but I felt that this program has helped me go further and that is extremely important because I don’t want to stay the same, I want to grow.” “MACPA is an amazing organization, but you have managed to bring it to another level. I know it must have been a lot of hard work, but it was one of the best experiences of my college career.” “Much of my passion for accounting and drive to succeeding within the field, is a direct result of the relationships I have formed as an MACPA student member and participating in events such as the Student Leadership Academy and Mentorship program.”
  30. Scholarship Application Deadline - April 15th Donate to the Education Foundation at macpa.org/advocacy
  31. Time - #1 Challenge
  32. 70% of the workforce is disengaged according to Gallup research
  33. Source: Deloitte Human Capital Trends 2014 and 2015 The Overwhelmed Employee The “average” US Worker works 47 hours, 49% work 50 hours or more per week & 20% work 60+ hours per week 31 Hours per month in unproductive and unnecessary meetings The average US worker now spends 25% of their day reading or answering emails25% More than 80% of all companies rate their business “highly complex” or “complex” for employees. of the US population believes it is impossible to succeed at work and have a balanced family life.40% of companies have a program to “simplify work” or help employees deal with stress.16% The average mobile phone user checks their device times a day. 150Source: Deloitte Human Capital Trends 2014 and 2015
  34. HardTrends Three HardTrends: 1. Government Regulation 2. Technology 3. Demographics
  35. http://bit.ly/hardtrends
  36. Transformation
  37. American Ins@tute of CPAs® Companies around the world are initiating change transformation! Sources: KPMG survey of 400 CEOs 4 in 10 transforming their companies into significantly different entities in next 3 years 65% will pursue growth through partnerships and alliances 62% using disruptive technologies to improve products and services CEOs: Next 3 years more critical than past 50 What about the CPA Profession? “We won’t recognize the vast majority of CPA firms in five or 10 years.” – Barry Melancon – CEO of the AICPA
  38. Disrupt yourself before someone else does. - Marc Randolph, Netflix
  39. Five Opportunities: 1.  Improve customer experience 2.  Increase efficiency 3.  Improve business decision making 4.  Improve innovation 5.  Transform the business
  40. 1.  Tune in to changes in the external environment 2.  Use this intelligence effectively in decision making and strategy development 3.  Focus on a longer time horizon, and 4.  Make sure this thinking flows through into the implementation of their business model and their reporting What is needed is a forward looking and external orientation by CFOs Source: www.tomorrowscompany.com
  41. CGMA Business Model Framework
  42. CPA VISION CORE PURPOSE CPAs: Making sense of a changing and complex world CORE VALUES The essential and enduring beliefs that we uphold over time. Core values enable us to retain our unique character and value as we embrace the changing dynamics of a global economy. •  Integrity •  Competence •  Lifelong Learning •  Objectivity •  Commitment to Excellence •  Relevance in the Global Marketplace CORE PURPOSE & VALUES
  43. Business Events Data Information Knowledge Decisions 1. Communicating with clarity and objectivityCPAs are trusted advisors who enable people and organizations shape their future, Combining insight with integrity, CPAs deliver value by: ENVISIONED FUTURE 2025 2. Translating information into knowledge 3. Anticipating and creating opportunities 4. Designing pathways to transform vision to reality
  44. A unique combination of human skills, knowledge and technology that provides value and results to the user. Enhancing our core competencies is key to sustaining a competitive and differential advantage in the marketplace. • Communications Skills • Leadership Skills • Critical-Thinking and Problem-Solving Skills • Anticipating and Serving Evolving Needs • Synthesizing Intelligence to Insight • Integration and Collaboration
  45. 28 lessons – 4 modules – 1 hour/week •  Very short single-concept videos •  Rapid applica@on exercises •  Visual job aids to reinforce learning
  46. 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
  47. #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
  48. IBM ‒ MACPA-BLI Partnership Keeping you Future Ready
  49. Poll: What are the most valuable benefits of MACPA membership to you? 1.  Advocacy – Protec@ng my CPA license 2.  Helping my career – Learning 3.  Helping me stay future ready 4.  Future scout – Watching future trends 5.  Connec@ng and networking NEW! NEW!
  50. 1.  Advocacy 2.  Lookout Post 3.  Accelerate Future Readiness a.  Connect to Innovators b.  Develop Success Skills for Future c.  Connect firms and employers Our Priorities
  51. Future Ready CPA The next five years will bring significant changes to our Profession. What one thing does the Profession have to get right to support the evolution in CULTURE, TALENT, TECHNOLOGY, and CLIENTS/ EMPLOYERS? What can MACPA and BLI do to facilitate the changes needed? What is your biggest insight or takeaway from today’s session? http://bit.ly/MACPAfutureready
  52. …the group of people best positioned to thrive in today's era of high-velocity change. Fluxers are defined not by their chronological age but by their willingness and ability to adapt. These are the people who are defining where business and culture are moving. And purpose is at the heart of their actions. ! – Robert Safian FastCompany!
  53. The Future is about Relationships
  54. The easiest thing is to react. The second easiest is to respond. But the hardest is to initiate. Seth Godin Author and Agent of Change
  55. We are actively ‘curating’ the new and emerging platforms of innovators and disruptors for our Profession.
  56. 2017 Mid Atlantic Benchmarking Survey If you are a Mid Atlantic employer with 50 or more employees, then you are invited to participate in the 2017 Mid Atlantic Benchmarking Survey. Compare your benefits against other firms REGIONALLY and NATIONALLY By completing this survey, you will be able to find out: •  How your employee benefits compare to other employers in the Mid Atlantic •  The types of strategies other employers are using in this health care reform era •  If your wellness and disease management plans are on par with your peer •  The prevalence of high-deductible health plans in your area •  Cost control strategies other employers are utilizing WWW.SILBS.COM/BENCHMARKING
  57. SIG University SIG University brings you the most critical information you need in order to stay knowledgeable about HR trends and keep your Health and Welfare plans up-to-date with Healthcare Reform and other federal Health and Welfare benefit regulations and trends. SAVE THE DATE! UPCOMING CFO/HR ROUNDTABLE June 20th: Smith & Downey Seminar Highlights, Update & Discussion Speaker: Henry Smith, Esq., Smith & Downey, P.A. REGISTER HERE: www.silbs.com/sig-university Webinars - Seminars - Roundtables - Legal Alerts - Podcasts
  58. BID ENGAGE OpHaus Business Model MATCH Hiring Company
  59. The XCM Productivity Enablement Platform is a solution that’s indispensable for Tax, Accounting & Finance Executives. Visit XCM at: xcmcorporate.com or xcmsolutions.com From Overwhelmed to Energized •  Organizes the Chaos •  Creates a single thread of the truth for ownership •  Manages tasks, resources & deadlines •  Centralizes information across systems, functions & tasks •  Absorbs existing technology, without disrupting your cultureWhat does Productivity Enablement look like for you? Find out how this looks for you—contact: Mike Sabbatis Mike.Sabbatis@xcmsolutions.com
  60. XCM Has: •  Global Presence with 350+ Employees •  500+ Customers •  25,000+ Users •  35% of the Top 100 CPA Firms •  More Than 2,000 Client Accounting Businesses XCM Solutions: •  Focus on Tax, Accounting, Finance & Operations Productivity •  For Businesses & Firms •  Browser & Device Agnostic •  Scalable Technology &Resources XCM’s Productivity Platform: •  1,000,000+ Processes Annually •  Customers Report ~30% Productivity Gains •  Over 140,000 Tax Returns Processed •  Largest Tax Return Was More Than 2,600 pages Productivity, Simply Enabled with Offices in Boston, Bangalore & Chennai
  61. Sage Live Sage Live combines the performance of a revolu@onary new real- @me accoun@ng engine on the market-leading Salesforce1 cloud plarorm. Improve collabora@on in your company with live newsfeed Stay on top of your finances with real-@me metrics Analyze your business with customizable scoreboards Track the performance of your clients and teams at a glance Make decisions at the right moment with live no@fica@ons you can receive even on your Apple Watch!
  62. 11 4 How Sage Live is changing accoun&ng? A single view of the business Real-time decision making Mul@-dimensional general ledger Personalize to suit your business New way of working Global accounting •  Access all key data in one place. •  Receive live newsfeeds and no@fica@ons. •  Track and see the financial performance of a business the way you want. •  Customize reports and dashboards / scoreboards to track key performance indicators that are important to you. •  Share and receive business informa@on with teams from any device. •  Benefit a mul@- lingual solu@on that meets your country legal requirements. A mobile, social and collaborative business solution that’s the ‘office of the future’ Sage Live is an integrated cloud accounting solution that gives businesses a single real-time source of information so they can look ahead and more efficiently manage their business
  63. Who is Sage Live for? Services based industry love Sage Live! Fast growing small and medium sized businesses (1-200 employees ) Technology and automa@on enthusiasts Looking for an integrated front and back office solu@on Value working from mul@ple loca@ons and stay connected with their business Sage Live solves for all Small and Medium Businesses that want to leverage the cloud revolu@on and manage more efficiently their business. Sage Live is a perfect fit to outgrowing QBO, Xero and Sage customers willing to use a solu@on fully integrated with Salesforce Sales Cloud (CRM) or thousands of other apps in Sage Marketplace and the Salesforce AppExchange. Business owners, CEOs, CFOs, Accountants and CPAs that try to solve their two main challenges: saving more &me and geSng the informa&on they need to manage the business the most efficiently.
  64. Books These are among the resources that were discussed during the our “Future-Ready CPA” programs. The Future of the Professions: How Technology Will Transform the Work of Human Experts By Richard and Daniel Susskind www.susskind.com The Fourth Industrial Revolution By Klaus Schwab bit.ly/1qLrfzs Flash Foresight: How To See The Invisible And Do The Impossible By Daniel Burrus bit.ly/1SOn7FG The Second Machine Age: Work, Progress And Prosperity In A Time of Brilliant Technologies By Erik Brynjolfsson and Andrew McAfee www.SecondMachineAge.com The Industries Of The Future By Alec Ross bit.ly/2fP8cnU The End of Accounting, and the Path Forward for Investors and Managers By Baruch Lev and Feng Gu amzn.to/2hvHs90
  65. Resources These are among the resources that were discussed during the our “Future-Ready CPA” programs. The Future of the Professions: How Technology Will Transform the Work of Human Experts By Richard and Daniel Susskind www.susskind.com What SMBs Want From Their Accountant From The Sleeter Group bit.ly/2fCsvkc Welcome to the Fast Future From CPA.com bit.ly/2gdHlBj The Fourth Industrial Revolution By Klaus Schwab bit.ly/1qLrfzs Flash Foresight: How To See The Invisible And Do The Impossible By Daniel Burrus bit.ly/1SOn7FG The Future of Employment: How Susceptible Are Jobs To Computerization? By Carl Benedikt Frey and Michael Osborne bit.ly/1kre5T6
  66. What SMBs Want From Their Accountant From The Sleeter Group bit.ly/2fCsvkc Welcome to the Fast Future From CPA.com bit.ly/2gdHlBj The Future of Employment: How Susceptible Are Jobs To Computerization? By Carl Benedikt Frey and Michael Osborne bit.ly/1kre5T6 CPA Horizons 2025 From the American Institute of CPAs bit.ly/1UEN1x2 Innovation Killers: How Financial Tools Destroy Your Capacity To Do New Things By Clayton Christensen, Stephen P. Kaufman and Willy Shih bit.ly/1JtBxfG Ready-Now Leaders: Meeting Tomorrow’s Business Challenges From DDI bit.ly/V05HQ6 Whitepapers These are among the resources that were discussed during the our “Future-Ready CPA” programs.