Today's Technology for Tomorrow's Firm.
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BRIDGING THE GAP By Jim Boomer, CPA.CITP October 2015 • www.CPAPracticeAdvisor.com 35 Does IT Have a Seat at Your Management Table? T h i s i s si mply not t r ue a nd i s costing frms a lot of time and money w h i l e r e d u c i n g t h e i r a b i l i t y t o compete today and into the future. Requiring a CPA certifcate to have a seat at the management table is hold i ng bac k some of you r be s t t a l e n t a n d l i m i t i n g t h e f i r m 's potential for greater success. Technology is part of everything we do to r un our f irms and ser ve clients. A nd the ubiquit y of tech- nolog y w i l l on ly i nc rea se i n t he f ut u r e . T h i s i s w hy t he C IO or technology leader should have a seat at the management table, especially if you want to create the alignment b e t w e e n f i r m s t r a t e g y a n d technology. What IT Brings to the Table L et 's look at f ive way s CIOs ca n provide strategic advantage and why they should be contributing mem- bers of your management team. • CIOs bring a different perspective than most partners. They see the entire frm and approach strategy from a diferent viewpoint. Tey strive to break down barriers and eliminate silos by improving integration. Tey are typically outsiders to many of the frm's processes and can more easily see opportunities for improvement. GÖdel's Law states that to understand the system you are in, you have to get outside of it. • CIOs understand how technology can improve efciency and efectiveness. Tey can provide innovative insight into frm and client strategies that will add value. Leadership, relationships and creativity create value. Some of the current priority areas are cloud/ mobile strategy, digital workflow process/automation and business intelligence/ big data. • Te frms with the best technology are those frms with strong IT leadership. CIOs ofen have to deliver news that client service partners don't want to hear – "We have to invest." Having a strong CIO on your team w ho su p p o r t s t h e f i r m's v i s i o n an d integrates technology is a strategic advantage. Great IT professionals will push frm leadership and management to e x c e l l e n c e. D o n' t s e tt l e f o r mediocrity at any level - partner or IT. • CIOs have project management skills which are essential to the success of the frm. Tese are skills that most partners, managers and staf lack even though they would be extremely benefcial. Firms are requiring and demanding more production from fewer resources and this is only possible with engaged staf members who are highly motivated, well trained and can leverage technology. Te CIO has unique abi lities that can be leveraged in a team environment and should drive these skills in your frm. • One of the key roles of the CIO should b e t o a s s i s t l e a d e r s h i p a n d management in developing new services and revenue streams. Take Apple and Google for example. Tese companies are constantly innovating new products and services that will complement and replace current revenue producers. This is not an anomaly, but rather a trend. Is your firm prepared? A quality CIO can assist you in meeting these challenges. Do you have the right IT leader? To answer this question, you should a ssess ba sed on t hese i mpor ta nt skills. • Business Savvy • Marketing & Sales • Communication • Human Resources • Project Management • Budgeting & Cash Flow • Strategy & Planning W hile your IT leader's sufciency in all these areas might not be at an "expert" level, you need to look for potential. Does the leader show a willingness to learn new skills and a desire to develop beyond his or her current position? If the answer is yes, you likely have the right person and need to invest in development a nd t ra i n i ng prog ra ms. You a lso need to encourage th is person to join a peer community and engage with other technology leaders who will push him or her to improve. If you a n s wered "no" t hen you a re better ser ved investing your time and money in recruiting and hiring the right person. Once you've determined that you have the right IT leader, invite him or her to join the management team. It will help your frm leverage tech- no l o g y a s a s t r a t e g i c a s s e t a nd accelerate you r prog ress tow a rd greater success and proftability. Jim Boomer is a shareholder and the CIO for Boomer Consulting , Inc. He is the director of the Boomer Technology Circles™ and an expert on managing technology within an accounting frm. He also serves as a strategic planning and technology consultant and frm adviser in the areas of performance and risk management. In addition, Jim is leading a new program, Te Producer Circle, in collaboration with CPA2BIZ and the AICPA. jim.boomer@cpapracticeadvisor.com G aining a seat at the table" is an ofen-used phrase in CPA frms and business in general. Tech- nology, marketing, HR and the other functional areas of your frm are striving to have their voices heard and ensure that their strategies align with the overall firm vision. And rightfully so. However, one long-held belief is far too common in CPA frms: Te belief that you must be a CPA to lead, manage and understand the frm. "