Maryland Association of CPAs special edition town hall / Professional Issues Update for Business, Industry, Education, Government & NFP CPAs. Delivered to 200+ CFOs, Controllers, CPA Decision-makers on March 21, 2012 in Timonium, Maryland.
4. THE MAP IS USELESS
"The map keeps getting redrawn,
because it's cheaper than ever to
go offroad, to develop and
innovate and remake what we
thought was going to be next.
Technology keeps changing the
routes we take to get our
projects from here to there. It
doesn't pay to memorize the
route, because it's going to
change soon."
- Seth Godin
5. Welcome to the “New Normal”
“…an
indisputable
leadership
challenge
that
ul3mately
requires
new
models,
bold
ideas
and
personal
courage
to
ensure
that
this
century
improves
the
human
condi3on
rather
than
capping
its
poten3al.”
–
World
Economic
Forum
6. In our hyper-networked,
mobile, social, global world,
the rules and plans of
yesterday are increasingly
under pressure; the
enterprises and individuals that
will thrive will be those willing
to adapt in a disciplined,
unsentimental way.
Generation Flux is a term that describes all of this -
the chaotic business era that we have moved into - as
well as the people who are poised to thrive in this
environment. - Robert Safian - editor FastCompany
10. 1. Sight - Ability to see emerging patterns
and shift perspective when necessary
2. Insight – Ability to think strategically and
critically to gain insights
3. Create – Seek high leverage
opportunities that build on your strengths
4. Communicate - Ability to make your
thinking visible to others and the ability to
collaborate inside and outside your
organization
5. Inspire – Ability to mobilize support and
engage others involved in doing the work
to join you in ACTION
10
Five Qualities of
Extraordinary Leaders
20. Complexity
the biggest challenge
facing enterprises from
here on will be the
accelerating complexity
and the velocity of a
79%
world that is operating
as a massively
interconnected
system.
51%
20
26. Maryland
Legisla3ve
update
• Sales
Tax
on
Services
–
No
vote
yet
from
CommiKee
(House
Ways
&
Means)
• Digital
Download
–
wai3ng
for
CommiKee
(House
Ways
&
Means
CommiKee)
• Combined
Repor3ng
-‐
we
oppose
due
top
compliance
complexity
• Recoupling
Deprecia3on
&
Estate
Tax
27.
28.
29. Maryland
Legisla3ve
update
Other
Issues:
• Across
the
Board
Income
Tax
hike
+
Surcharge
for
$500,000
+
• Possible
across
the
board
Sales
Tax
increase
• Possible
extended
or
special
session
State
Board
of
Accountancy
• CPA
Exam
applica3ons
delayed
90
days
• PTIN
rush
to
reinstate
&
Industry
CPAs
32. dAct
rkpla ce Frau
MD Wo
CPAs in Tax
The increase in IRS
activity is swamping our
tax practitioners and
costing them hundreds
of hours in chasing
down IRS notices.
32
40. Our new research bears out
that the human dimension –
relationships with customers,
employees, partners and
communities – will be key to
getting things moving again
and sustaining success over
the long run.
CGMA & Business & Industry
members
41.
42. What
do
young
professionals
need
to
Drivers of Value
be
leaders?
44. "For Gen Y, training and development is the most highly valued employee benefit.
The number choosing training and development as their first choice of benefit is
THREE times higher than those who chose cash bonuses."
Generation Y Born btw 1980 – 2000 (12 to 32)
Generation X Born btw 1965 – 1979 (33 – 47)
Boomers
Born btw 1946 – 1964 (48 – 66)
Traditionalists Born prior to 1945 (67 & older)
45. • Transparency &
Performance Management
= Accountability
• Free the Data & Free Skip
• Outside in vs Inside Out
• CPA as interpreter &
business guide
45
Summing it all up…
47. 1. Ask the naive question
2. Be the house (measure, odds,
risk)
3. A willingness to try anything
4. look around (especially
outside)
5. Confidence matters - believe
in yourself
Paul DePodesta - VP of Player
Development for the New York Mets
formerly Asst GM of Oakland A’s
47
Adopt a moneyball mindset
48. MANAGING THE SEA CHANGE
Captain of your own ship!
• Continuous
Learning
• Competency
• Collaboration
=
Career Success
49. 49
Picture: John Drake - Flickr
...where the most important skill is the ability to
acquire new skills.
53. In
1997,
the
CPA
profession
crowd-‐sourced
its
future
with
over
3,500
CPAs
in
the
CPA
Vision
Project
That
was
re-‐validated
in
2011
by
8,000+
CPAs
Our core purpose, our reason for
being is
CPAs...
Making sense of
a changing and
complex world.
Here is what they said…
54. The
DNA
of
the
CPA
as
CFO
Values
Competencies
• Leadership
• Communica3on
• Strategic
Thinking
• Collabora3on
Synthesis
• Technologically
Savvy
55. Our
Vision
Statement
for
the
future
is:
(
mandates
to
ourselves
for
a
successful
future)
CPAs are the trusted professionals who enable
people and organizations to shape their future.
Combining insight with integrity, CPAs deliver value by:
• Communica3ng
the
total
picture
with
clarity
and
objec3vity,
• Transla3ng
complex
informa3on
into
cri3cal
knowledge,
• An3cipa3ng
and
crea3ng
opportuni3es,
and
• Designing
pathways
that
transform
vision
into
reality.
59. The
Idea
Store
is
open!
Mail Suggestions to ideastore@macpa.org
60. MACPA
Special
Task
Force
• Annual cost of Federal
Offer CPA expertise to the state to Compliance $1.75 trillion
help overcome budget issues in bi- • Federal burden exceed
partisan, objective manner in order to costs of health care per
bring about efficiency, transparency person by 50%
and fiscal discipline.
• Cost per employee =
$8,086
• For SMB 20 = $10,500
per employee
61.
62.
63. According to these young professionals, the
future is one in which CPAs:
● are proactive, flexible, adaptive and
collaborative by nature;
● have regained the trust of their clients and
the public at large;
● have successfully bridged the profession’s
“leadership gap” by focusing on succession
planning, personal growth, and generational
cooperation;
● have created the profession’s premier
global industry standards and best practices;
● have redefined the profession through
work / life integration, collaboration, and a
team-first approach; and
● have earned a reputation as technological
innovators. 63
Wisdom from the MACPA Leadership
Academy
67. Providing a unique interface between
members of the organization
Delivering unique creativity
Managing a situation or organization
of great complexity
Leading customers
Inspiring staff
Providing deep domain knowledge
Possessing a unique talent
67
Become a Linchpin
69. Tom
Hood,
CPA.CITP
CEO
Maryland
Associa8on
of
CPAs
Business
Learning
Ins8tute
(443)
632-‐2301
E-‐mail
tom@macpa.org
Web
hNp://www.macpa.org
Blog
hNp://www.cpasuccess.com