top 10 big ideas from aicpa cpa2biz roundtable 2014
DESCRIPTION
This past February, the 5th Annual AICPA CPA2Biz Executive Roundtable took place in New York City. The accounting industry’s top thought leaders – including Tallie CEO Chris Farrell – addressed the challenges accountants face with today’s technologies. Inspiring presentations and panel discussions sparked a lively exchange of ideas over the 2-day summit that were shared in a live tweet stream (#roundtable14). Now, Tallie has rounded up the 10 biggest ideas from the 5th Annual AICPA CPA2Biz Executive Roundtable. From technology trends to company culture, exciting changes are on the horizon for all areas of the accounting industry.TRANSCRIPT
!eldnotes
10 !"# "$%&'from the AICPA Roundtable 2014
Good news, everybody!The CPA is becoming a more prominent player in day-to-day business decisions.
TECHNOLOGY NOTES:TECHNOLOGY NOTES:
THE RISE OF BITCOIN (BTC)No fee or bank account
Instant transactionsBorderless & Universal
Literally impossible to conterfeitEntirely traceable
• Many young people are leaving the industry entirely.
• There isn’t enough mid-management talent to replace the retiring partners.
The battle for talent is expected to intensify.
“My role has evolved as CIOfrom technology focus to a
change management focus.” !"#$ %&"'&,
()* *+ (*,-#./-)($, 001
The number one issue about technology adoption: change management.
New entrants are challenging the established players.They are fast, flexible and strategic.
which means AGILITY TRUMPS ABILITY
MERGERMANIA!!
Time to
!"2*# 3#)4.#% *+ !5":• Geographic expansion• New niche services/industries• Compete for PE• Ability to service multinational clients
There were 93 mergers in top 500 firms in 2013.An even higher number is expected in 2014.
1.
2.
9.
6.
5.
7.
10.
CPA value proposition is changing …
You CPAs out there:Are you ready?
&"6 5 "'3)& (0).-& %.#4)(.%
IN ORDER TO GET BUY IN, PEOPLE HAVE TO WEIGH IN.
Top firms are acknowledging:Company culture and good technology are more important than ever for recruiting and retention.
8.
All progress starts with the truth. You have to address the elephants in the room, or you don’t offer value.
3.
4.
7.).&.Generalist
Individual ContributorTactical
%.0.%.Specialized
Leadership-drivenStrategic
Good leadership has a clear vision & the ability to unify their teams
The desired CPA skill set is evolving:
WHICH ONEARE YOU?
The technical advisor and the business advisor are two very different roles.
Clients ask their&.(,-)("0 "34)%*#to answer technical
“point” question.
Clients ask their8'%)-.%% "34)%*#
to help them runa better business.
The biggest evolution since the Excel spreadsheet
Change in technology offerings:S""S
Software as a ServiceS9"S
Software with a service
BBBBCAUSING DISRUPTION IN THE INDUSTRY
DUKE IT OUTfor top talent