Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/39633
relationships with clients and our communities. To prove my hypothesis, I sat down with Jason (a Gen X'er) and my 23-year- old accounting-bound daughter, Mer- edith Root (a Millennial), to explore their perceptions of the profession and what they are looking to achieve. The Interviews Darren: So guys, what was it like growing up in the accounting profession? Meredith: I gained unique insight that defi nitely shaped the way I view the profession and my personal goals within it. I learned there is more to it than the stereotypical accountant and a daunting tax season — like becoming an advisor to clients, main- taining a brand and staying cur rent on technology. I feel lucky to have grown up in the profession. Meredith Root Having this inside knowledge bet er prepares me for what to expect and how to resolve issues before I enter. Jason: I thought accountants were geeks when I was growing up. My dad was an accountant, and my exposure to the profession leſt me thinking it was pret y boring. I was a creative guy — playing in rock bands, doing stand up in elemen- tary school (which got me sent out in the hall), and excelling in art in high school. T en, halfway through college, Darren:What was it that enticed you to get an accounting degree and to consider the profession? Meredith: I always said I wouldn't go into accounting … until I started college. In my fi rst semester at IU, I had to take an accounting course and realized two things: I was good at it, and I actually enjoyed it. I didn't mind studying for my accounting classes because I found them interesting, and the more interested I became the more I found myself asking questions about my dad's fi rm. Jason: It came about by default. I was get ing married six days aſt er I graduated from college, so I knew I needed something that would pay the bills. I fi gured I could "pretend" to be interested in accounting to meet the needs of my family. Nothing profound here. As it turned out, I didn't have to pretend. I run my practice my way; and that's why I love what I do. Darren: What do you think needs to change within the profession in order to get young people excited about owning or working in a fi rm? Meredith: I see two major factors that make my generation hesitant about working in a small fi rm. First, most have lit le to no exposure to the small fi rm. In school, we are mainly exposed to the Big 4 and regional fi rms. Second, work/ life balance is a perceived issue. My generation grew up with busy parents, and that is something we would like to change. Jason: T ey need to be informed that this profession is one of the most creative, and it can be a career that has great IN THE END, WE ALL WANT THE SAME THINGS: A GREAT PLACE TO WORK, SECURITY, A BALANCE BETWEEN OUR PERSONAL AND PROFESSIONAL LIVES, THE FLEXIBILITY TO WORK REMOTELY, AND THE OPPORTUNITY TO BUILD SOLID RELATIONSHIPS WITH CLIENTS AND OUR COMMUNITIES. I realized I had to pick a major. Because my dad was an accountant, I picked that major by default. I fi gured I would be "geek boy" by day and "creative boy" by night. As it turned out, I get to be creative all the time. impact on so many people. Being part of the accounting profession has pro- foundly impacted me, my clients and my staff . T ere is now an openness to change that allows for creativity in how we operate our businesses and serve our clients. Young professionals need current thought leaders to debunk the myths that the profession is old, geeky and works in a uniform manner. T ey need to understand that this profession is ever changing; that technology allows us to become global knowledge workers; and that you can make your fi rm look the way you want. Darren: How important is branding to you and being part of a quality brand? Meredith: Branding is huge to me. In a world with so many choices, we tend to buy based on what we know about a brand or how a brand makes us feel. T is is a topic that is pushed quite a bit in school, and one my dad takes very seriously in his fi rm. T e fact is that most prospects don't know what makes an accountant "good," which is why the fi rm has to deliver that message through a strong brand. Jason: Positioning and branding is everything to any profession. Ours is no exception. T e "unspoken" brand in our profession of polished shoes, the white starched shirt and a purple paisley tie is slowly dying (thankfully). Small business owners are younger and are open to new service providers. T e more we brand our fi rm as "on the edgy fringe," the more we seem to identify with today's SMB clients. In fact, revenue increases seem to be directly proportional to the number of tat oos and mohawks in our offi ce. Clients want something diff erent. Any branding strategy should include serious diff erentiation. Anything else is just a sea of sameness. Darren: If you could create the fi rm of your dreams, what would it look like? Meredith: My ideal fi rm is innovative and consistently utilizing leading technology. My fi rm's website would be a primary resource for clients to com- municate and where transactions are exchanged in real time via portals. I would have a lean staff to keep my small fi rm agile, while being well positioned for growth through the use of effi cient processes and technology. Ideally, the processes within my firm would be streamlined and intuitive so the fi rm could run without me being there, which would also enable me to spend ample time with family. Jason: No offi ce, no paper, no phone and no shoes. Darren: What have you learned f om your father that has shaped your ideas about a career in accounting? Meredith: One of the most important things I learned from my dad is that if you love what you do and you are pas- sionate about your career, it doesn't feel like work. Jason: My father was a hard worker. I learned my work ethic from him. T ose who are unwilling or don't have the time to commit to the hard work of running a fi rm should NOT go down this road. It's no easy road (though it does freakin' rock). I also learned that running your own firm is a commitment that must be made by your entire family, including those treasured vacations away from the offi ce as well as those times that you are working around the clock. Darren: What's the single most important thing you want out of an accounting career? Meredith: Fulfi llment. I am an ambitious person who likes to be challenged on a regular basis with a desire to continue learning. I think the accounting profes- sion satisfi es both of these needs. Jason: T e most important thing to me is the ability to be a change agent for clients who put their total trust in the fi rm and me. I want to change lives, and a career in public accounting allows you to do that more than any other profession. I never thought I would say that, but now I know it's true. It's exciting to live in this space. Public accountants are the bomb! Jason Blumer We are All in This Together I don't know about you, but what I get from these responses is a lot of common goals and aspirations across generations. So if we are all working toward similar goals, it makes sense that fi rms need to give appropriate at ention to building a fi rm of next-generation status in order to compete eff ectively and at ract the most qualifi ed of candidates get ing ready to enter the profession. 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