Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/460060
February 2015 • www.CPAPracticeAdvisor.com 3 The 30,000 Foot View of the Accounting Profession: IT'S TIME FOR A LANDING • w w w . C P A P r a c t i c e A d v i s o r . c o m 3 800-547-7377 • www.CPAPracticeAdvisor.com The opinions given by contributing authors are their own and are not the opinions of our staff. All trademarks used are the property of their respective owner. ———————————————————————————————————————————— Practice Advisor, (ISSN #2160-8725 (print), ISSN #2160-8733 (digital); USPS #017-576) is published six times a year (February, April, June/July, August, October and December) by Cygnus Business Media, Inc., incorporating two editions known as CPA Practice Advisor and NSA Practice Advisor, 1233 Janesville Avenue, Fort Atkinson, Wisconsin 53538. Periodicals postage paid at Fort Atkinson, WI 53538 and at additional mailing offces. Printed in the U.S.A. Send all subscription inquiries or change of address to: Practice Advisor, PO Box 3258, Northbrook, IL 60065-3258. Phone: (877) 382-9187 (toll free); (847) 559-7598 (local) Fax: (847) 564-9453 Email: Circ.CPA@omeda.com Subscription Rates: The basic annual rate is $3, based on qualifying associations of 10,000 or more public accountants that may also subscribe for all their public accountant members (certain restrictive covenants apply) for a basic subscription rate of $9 per member for a three-year subscription. One year subscription for all others: USA - $48; CAN $70 GST; INT'L $99 GST #842773848. POSTMASTER, please send address changes to: Practice Advisor, P.O. Box 3258, Northbrook, IL 60065-3258. Canadian address changes to: Canada Post PM40612608. Return Undeliverable Canadian Addresses to: Practice Advisor, PO Box 25542, London, ON N6C 6B2. Publisher: Jim Baker Editor-in-Chief: Gail Perry, CPA Managing Editor: Isaac M. O'Bannon Assistant Editor: Taija Jenkins Columnists: David McClure Doug Sleeter Jim Boomer, CPA.CITP Kristy Short Randy Johnston Roman H. Kepczyk, CPA.CITP Art Director: Rhonda Cousin National Sales Manager: Barry Strobel Site Manager: Lester Craft Media Production Representative: Barb Evenson Audience Development Manager: Angela Kelty Editorial Advisory Board: Bob Cedergren, CPA.CITP, CISA, CISM, CISSP, CGEIT Chris Fraser, CPA.CITP, CISA, MCP Jason Lawhorn, CPA.CITP Gary A. Masino, CPA Ryan McCowan, CPA.CITP Linda O'Neal Troy Patton, CPA David Primes, CPA.CITP Donny Shimamoto, CPA.CITP Doug Sleeter Sandra L. Wiley CYGNUS BUSINESS MEDIA CEO: Paul Bonaiuto PRESIDENT: Chris Ferrell CFO: Ed Tearman VP, Human Resources: Ed Wood VP, Technology: Eric Kammerzelt CYGNUS PUBLISHING Executive Vice President: Gloria Cosby Vice President of Production Operations: Curt Pordes Director of Digital Business Development: Lester Craft VOLUME 25, NUMBER 1 Ta ke a look at w hat a g roup of accountants had to say. Challenges facing the profession: • Technology is replacing or changing the role of entry-level people • Profession has to get over the fear of technology • Dichotomy bet ween f irms that embrace technology and those that don't • Atracting talented graduates • Adding adv isor y ser v ices to the accounting practice • Clients with accumulated wealth rep- resent planning opportunities Expectations for the next fve years: • Companies are seeking an internet presence and can use help with that • Consolidations between small and mid-sized accounting frms • Smaller firms moving toward more niche, boutique practices • Many client and staf relationships are virtual • More reliance on technology • Beter, faster data • Snapshots of key daily data in addition to weekly and monthly • Lessening of face-to-face personal contact • Providing assurance for virtual transac- tions How does this list compare to your own list of challenges and expectations? I hear these issues discussed regularly, and many accountants are concerned about these challenges and uncertain on how to proceed as these expectations are laid out for them. I contend that it's time to change this list of challenges and expectations, that this list represents a 30,000 foot view of the accounting profession. W hy, you ask? Isn't this a reasonable assessment of where the profession is? Here's why it's time to bring these issues down to street level. Te lists you see above were compiled by a group of accountants in the year 20 0 0. Key visionaries of their era, some of whom are no longer w ith us, these people shared their insights, concerns, ideas, and hopes for the future with the staf of the New York State CPA Society's CPA Journal in August 2000. What is startling to me is how litle things have changed in 15 years. Many of today's challenges are the same, and many of the predicted expectations for the future are still in the testing stage. Sure, we've progressed, and the way we look at those challenges and predic- tions is colored by 15 years of advance- ment and new technologies. Afer all, 15 years ago, we were opening the door of a new millennium. We had just survived Y2K – the technological danger that doomsayers warned would wreak havoc with the world economy. Te closing of a decade typically sparks future talk; the closi ng of a cent u r y is even more sobering. But the closing of a millen- nium? THIS was monumental. Surely big changes were in store for us. Tis was no normal New Year's Eve celebration – the clocks struck midnight 24 times as we watched freworks whizz-banging around the world, one city afer another, welcoming the new era, each celebratory d i s pl ay more phenomen a l , more breathtaking, more LARGER-THEN- LIFE. What would the new era bring to accountants? Enron! Arthur Andersen! Monday! XYZ! Cognitor! Well, those were a few of the many surprises, none of which are still with us. Te point, however, is that, overall, the lists from 2000 are still solid and viable for today's accounting profes- sionals. Isn't it time we start solving these problems and look toward a new future so that 15 years from now, the lists show that we've grown and overcome our obstacles? To that end, the thought leaders of today's accounting profession will be gathering in Dallas this month with a collective goal of fnding ways to check some of the items of of these dusty lists and make some new predictions for the future. Stay tuned. — Gail Perry, Editor-in-Chief Follow me on Twiter at @gaperry For reprints and licensing please contact Nick Iademarco at Wright's Media 877-652-5295 ext. 102 or niademarco@wrightsmedia.com. Gail is the Editor-in-Chief of CPA Practice Advisor and a CPA. She is the author of over 30 books (including "Mint.com for Dummies" and "QuickBooks 2014 on Demand") and she maintains a small tax practice. She earned a bachelor's degree in journalism fom Indiana University and studied accounting at Illinois State University before starting her professional career at Deloite. Gail is the former publisher and editor-in-chief at AccountingWEB and is a former columnist for the Indianapolis Star newspaper. By Gail Perry, CPA, Editor-In-Chief A s we dive into 2015, what are the b i g ge st c hal l enge s fac i ng t h e accounting profession and how do we predict how the profession will change in the next fve years? FROM THE EDITOR