MACPA works to keep it's members "future ready" and to be able to thrive in this rapidly changing and complex world. This update given every six months in interactive "town hall" meetings covers the latest developments in four major areas: 1) Lookout post - the latest trends and issues facing business and the Profession; 2) Laws, regulations and standards; 3) What MACPA is doing about these issues as a membership organization; and 4) How to keep their L>C, rate of learning greater than the rate of change, or to help CPAs find their competitive edge.
The current batches of trends revives around the "shift change".
12. Command & Control
Episodic & Passive
Systems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of Engagement
What you do
Hierarchy
Transactional
On-Premise – Customized
Rigid, Cube farms
Generation Gap
Network
Transformational
SMAC – Social Mobile Analytics Cloud
Open, Collaborative, Flexible
Generation Lap
13. Leadership
Learning
Technology
Workplace
Generations
Command & Control
Episodic & Passive
Systems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of Engagement
What you do
Hierarchy
Transactional
On-Premise – Customized
Rigid, Cube farms
Generation Gap
Incumbent practices,
resources and
institutions are in
decline
Network
Transformational
SMAC – Social Mobile Analytics Cloud
Open, Collaborative, Flexible
Generation Lap
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
15. 1.a.ii.1
Leadership
Leaders are positive, flexible and future-minded,
self-aware, and attuned to the
changing context around them.
– Tom Hood & Gretchen Pisano
30. What does this mean for
Small Practitioners?
"Increasing the proactive
consultative approach to
business service and technology
information is one of the most
important factors in improving a
firm’s reputation and the
strength of its relationships.”
- Doug Sleeter
31. 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.
32. What does this mean for
CFOs?
1. Plan A – know your fundamentals
2. Strategy & Business Experience 3. New skills/services
as new baseline
Career plan for next big thing: insight and analytics
4. Get risk experience under the belt
5. Become a deal maker
6. Get closer to stakeholders and customer focus
7. Focus on management skills that matter
1. Leadership
2. Communication
3. Strategic thinking
4. Change management
8. Prepare for regulation and broader reporting
9. Get connected
10.Expand your footprint (go global)
33. Maryland Public Company
Collaboration
• Learning & Talent Development
• Global Structure of Finance Function
• Managing Risk & Innovation
• Insight to Action
34. What does this mean for
CPA Firms?
FIRMS
WITH
21+
PROFESSIONALS
2013 2011 2009 2007
1 Owner/partner
accountability
and
unity
Owner/partner
accountability
and
unity Retention
of
current
clients Finding
qualified
staff
2 Bringing
in
new
clients Bringing
in
new
clients Owner/partner
accountability
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
services Bringing
in
new
clients Work/life
balance
initiatives
5 Finding
qualified
staff Succession
planning Retaining
qualified
staff
(1)
Management
of
human
resources
(2)
Seasonality/workload
compression
PCPS CPA Firm Top Issues
37. What does this mean for
Young Professionals?
What’s Keeping
Young CPAs
Up at Night?
!
1. Not enough time
2. Being reactive vs. proactive
3. Talent development
4. Keeping up
5. Growth (and opportunity)
6. Doing more with less
7. Information overload
http://cpa.tc/54s
38. What does this mean for
Young Professionals?
11 Things Young Professionals
Want You to Know
1. More collaboration.
2. More transparency.
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
41. Five Ways to Thrive in the Shift Change
1. Power of Vision, Purpose & Alignment
2. People - Strengths & Positivity (ROP)
3. Collaboration & Engagement
4. Learning & Development – L>C2
5. Technology (RONI)
75. 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.
80. What is the #1 Thing
MACPA does
for CPAs and CPA
Firms that nobody else
does?
81. Legislative
Advocacy
“From 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.”
– Alexis de Tocqueville, on the
power of Associations in Democracy
in America
87. Results
“MACPA has one of the
most effective legislative
advocacy programs in
the nation.”
- Joe Petito, PWC Representative for
The Big Four Accountants Coalition
88. Offense
!
• Separate funding for the State Board 2006 -
HB 103
• Experience requirement to make Maryland
CPAs compatible with UAA (Uniform
Accountancy Act) 2001 -MD COMAR
09.24.03.1
• Ethics requirement for CPE 2006 -MD
COMAR 09.24.02.02 Prevent SOX Cascade
• Mandatory peer review and practice quality
2005 – HB 1223
• Exemption for CPAs from Maryland (and
federal) tax preparer regulation 2008 - SB 817
• Practice mobility 2008 - HB 1296
• Expanding acceptable CPE methods 2009 -
HB 69
• 120/150 CPA exam legislation 2011 - SB 287
• Restricted audits, reviews, and compilations to
CPAs and added safe harbor for compilations
2011 - HB 328
• State Board of Public Accountancy
reauthorization 2013 - SB 238
89. Defense
!
• Sales tax on accounting and tax services
(defeated several times) 1997 - HB 580 ,
2001 HB 1337, 2004 HB 1364, 2007 - HB
448 , 2012 HB 1051
• Maryland corporate accountability (SOX
and 404 for private companies and non-profits)
2003 – SB 560
• Debt counseling registration by CPAs 2011
- SB 741
• Maryland Tax Preparers 2007 - HB 998
• Comparative fault (several times) 1998 SB
618 , 2000 - SB 779, 2001 SB 483 , 2007 -
HB 110
• Elimination of audit requirements for
Maryland cemeteries 2011 – SB 352
• AG opinion allowing CPAs to include Social
Security numbers on documents for tax
services – 8/30/2011
• Got Exemption from MSP Private
Investigator Registration
90. Our 2015 MD agenda
Offense
1. Appeal Bond Reform
2. Expanded definition of attest
3. Build new relationships with legislators
Defense
1. Stop Sales Taxes on Services
2. Stop Comparative Fault by Trial Lawyers
3. Monitor 2,500 active bills in MD legislature
Numbers Count!
91. Still true today
“...not many members of the
Maryland legislature likely had had
dealings with accountants or had
familiarity with what they did.”
- an appeal to members from a 1900 meeting of MACPA
92. We need you!
1.100% Membership Support for
Grassroots Advocacy
2. Legislative Sponsorship (lobbying and
event support)
3. Support our PAC ($4,000 per firm $350
per partner)
4. Attendance at key events:
A. New CPA / Swearing-In - November 10th BWI Hilton
B. CPA day in Annapolis - January 29, 2015
Numbers Count!
96. “In 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.”
- Tom Hood, CPA.CITP.CGMA
97. Welcome to Gen Flux
“…where the number one skill is
the ability to acquire new skills.”
123. Lighting the Way for the Shift Change
Command & Control
Episodic & Passive
Systems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of Engagement
What you do
Hierarchy
Transactional
On-Premise – Customized
Rigid, Cube farms
Generation Gap
Network
Transformational
SMAC – Social Mobile Analytics Cloud
Open, Collaborative, Flexible
Generation Lap
124. Senator
Feldman said
Maryland is the
best state in the
nation to have
your CPA
license.
125. “Tom Hood
makes every CPA
kinda wish they
were licensed in
Maryland.”
–
Greg Kyte, CPA, Utah
and Accounting Today
Top 100 Influencer