Future-Proof

In this episode, we honor the remarkable career of Alvin Katz, Co-Founder & Director of KatzAbosch, a firm he helped build from the ground up in 1969 into one of the largest CPA and business consulting organizations in the Mid-Atlantic. As Alvin retires after 55 years at the helm, he shares his journey, the evolution of the profession, and the lasting impact of KatzAbosch on the Maryland community. Join us for an insightful conversation on building a lasting firm, embracing change, and the future of accounting and finance.

Resources

• Alvin Katz, Co-Founder & Director of KatzAbosch
• Alvin Katz LinkedIn Profile

This week's episode is about TRUST. We must rely on trust as we navigate change.

Our guest is Barry Melancon, who will be retiring as long-time President and CEO of AICPA as of December 31, 2024. Barry has been the "face" of the profession for decades.

This transition is another example of great change in our profession. Since Barry has been leading change, and has been teaching our profession to navigate shifts, we are all better prepared even for this particular moment in our profession.

Join us as we talk about the state of the profession, what's next for CPAs, and what's next for Barry himself.

A true visionary and thought leader, Barry gives us his wisdom on trust, change, and the future.

Resources

• Preferred Providers: macpa.org
• AICPA& CIMA: aicpa-cima.com
• Barry Maloncon on LinkedIn: linkedin.com/in/barry-melancon-cpa-cgma/

This week, we're diving back into the world of AI to uncover some practical ways this technology can take over tasks that are consuming too much of your time. At a recent MACPA Town Hall, 64% of accounting professionals admitted they haven't tried generative AI tools. Many might think they're not using AI at all, but the reality is they're likely interacting with it daily through virtual assistants, shopping recommendations, music playlists, facial recognition, and more.

To help us embrace AI more actively, we speak with Ashley Francis, a seasoned CPA, Microsoft MVP, featured speaker, and passionate AI advocate. Ashley provides insights and tips on seamlessly incorporating AI tools into your daily workflow. Through her newsletter and series of classes, "Kitchen Table Automations", she simplifies the integration of AI, making it more accessible and user-friendly for accounting professionals.

Listen to gain some practical, actionable advice to harness AI in your professional life.

Resources

• Harvard Business Review article, "How People Are Really Using GenAI" by Marc Zao-Sanders
• Mashable article, "I spent a week using AI tools in my daily life. Here's how it went." by Cecily Mauran
• Ashley Francis, CPA: LinkedIn Profile
• The Francis Group, PLLC
• Kitchen Table Automations Newsletter

A decade ago, there were predictions that certain accounting jobs would be replaced by automation. Now, in the age of AI, we're still here and thriving. Today's conversation focuses on how we can collaborate with technology to enhance our work and deliver greater value to clients.

To delve into this topic, I spoke with Andrew Hatfield, Co-Founder and Chief Growth Officer of SafeSend, a long-time partner of MACPA. He and his team have released a paper discussing the role of AI, the importance of strengthening tech stacks in accounting firms, the shift from e-sign to e-file, the benefits of integrations and APIs, and the concept of a "single pane of glass"—a unified management console displaying data from multiple sources.

Andrew and I discussed how client expectations have evolved, and how the technologies and predictions in SafeSend's paper can improve relationships between firms and their clients, as well as the CPA's role in this transformation.

Resources:

• SafeSend paper, "Top 7 Predictions for Tax Automation in 2024" by Andrew Hatfield & team
• SafeSend
• Andrew Hatfield LinkedIn Profile
• Oxford Martin School article, "The Future of Employment: How susceptible are jobs to computerisation?" by Carl Benedikt Frey & Michael Osborne
• Thomson Reuters report, "2024 generative AI in professional services"
• CPA Practice Advisor article, "Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox" by Isaac M. O'Bannon

Today we're touching on the AI subject once again - something we'll likely be talking about for some time given the projections about how this technology will turn the accounting profession on it's head. A recent Thomson Reuters report shows many within our industry are already using AI tools and there is growing optimism about AI's role in the industry.

While many accounting and finance professionals feel prepared to integrate AI, a significant number of CPAs remain unfamiliar with the technology. These professionals will need knowledgeable leaders to guide them. One such leader is with us today: Kacee Johnson, Vice President of Strategy & Innovation at CPA.com. Kacee will share her insights on AI in accounting, discussing CPA.com’s generative AI toolkit, practical use cases, initial steps for CPAs, and potential challenges in adopting AI technologies.

Join us for an insightful conversation to gain valuable guidance on leveraging AI in your accounting practices.

Resources

• Thomson Reuters report, "2024 generative AI in professional services"
• CPA Practice Advisor article, "Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox", by Isaac M. O'Bannon
• Deloitte Center for Controllership poll
• CPA Practice Advisory article, "C-Suite is Optimistic About GenAI Use Within Finance and Accounting, Deloitte Says", by Jason Bramwell
• Kacee Johnson AICPA profile
• AICPA digital resource, "CPA.com Generative AI Toolkit"

In this episode, we're continuing our focus on the pipeline issue but this time we're looking at it's impact on corporate America specifically. Companies, big and small, are citing a shortage of skilled accounting personnel for weaknesses in financial reporting controls. This deficiency is a significant predictor of potential restatements of financial statements, affecting not only CPAs and firms but also investors.

Dr. Rebecca Hann, Assistant Dean of Doctoral Programs at the Robert H. Smith School of Business, discusses her recent study, "The Price of an Accountant Shortage: Evidence from Job Vacancy Duration and Internal Control Weaknesses." We explore the study's key findings, including correlations between the shortage of accounting talent and the frequency and severity of internal control deficiencies, as well as the duration of job vacancies in accounting roles. Additionally, we consider the role of purpose, the "why" behind we do, in addressing this issue.

Tune in for this crucial conversation on the profound impact of the accounting profession's challenges.

Resources

• Wall Street Journal article, "The Accountant Shortage Is Showing Up in Financial Statements" by Mark Maurer
• Accounting Today article, "The U.S. is short 340,000 accountants—just look at the wave of earnings report mistakes" by Jo Constantz
• UMD Robert H. Smith School of Business, Dr. Rebecca Hann webpage
• Dr. Rebecca Hann Scholarly Papers
• Dr. Rebecca Hann LinkedIn Profile

This week, we're diving into a well known, critical issue gripping our profession: the shortage of CPAs. It's a widespread challenge impacting businesses, causing staffing gaps, burnout, and compromised client service. The scarcity of expertise has escalated workloads, hindered recruitment and retention, and even led some firms to decline work due to insufficient manpower. To combat this, many organizations are resorting to measures like increasing compensation and offering more flexible work arrangements. The profession is undergoing a transformation to adapt and survive.

The ramifications extend beyond the accounting realm, influencing how businesses operate at large. Solutions are being sought across various fronts, including regulation, education, and cultural shifts. At the forefront of these discussions is our guest, Lexy Kessler, Mid-Atlantic Regional Leader and Partner at Aprio as well as a former chair of MACPA Board of Directors, who now chairs the National Pipeline Advisory Group. This group is spearheading efforts to formulate a unified strategy to address the talent shortage, leveraging unbiased research and stakeholder input. They've launched a national survey to gather insights and ideas for tackling this issue head-on. In our conversation, we delve into the progress of this initiative, its timeline, potential outcomes, and the individual CPA's role in bolstering the pipeline

Resources:

• Financial Executive International article, "Navigating the Accounting Talent Shortage: Strategies for Business Growth and Efficiency" by Justin Smith
• Forbes article, "Accountants Are Turning Away Work—Hurting Firms And Small Businesses" by Hitendra Patil
• CFO Dive article, "Auditors say accountant shortage ramps up work pressure: CAQ" by Jim Tyson
• Lexy Kessler, CPA, CGMA, Mid-Atlantic Regional Leader & Partner at Aprio
• Lexy Kessler LinkedIn Profile
• National Pipeline Advisory Group: Pipeline Survey

We've spent a good amount of time discussing new technology (A.I. in particular) and what it all means for CPAs and our profession. However, amidst these discussions, we've overlooked the strategies for implementing broader changes, including new technology, ideas, mindsets, and work processes.

After browsing numerous articles, I came across a resonating approach: asking our organization, "What do we need? What problems are we trying to solve?" Then, we develop a plan, train others, and launch. This problem-focused strategy prioritizes identifying our challenges and leveraging new technologies to address them.

My guest is believes in this same approach: Will Hill, founder and owner of Will Hill Consults, a coaching and consulting firm serving the tax and accounting profession. Will emphasizes that understanding the problems we aim to solve can lead us to realize that the solution may not be what we thought (i.e. A.I.). The journey begins with identifying the problem, not the technology. Listen as we discuss the questions critical for our internal teams and clients.

Resources:

• Will Hill Consults
• Calculated Research & Technology (CR-T) article, "How to Implement New Technology in Your Organization"
• Big Think article, "7 Essential Strategies for Adopting New Technologies"
• Information Week article, "4 Tips for C-Suite Leaders to Accelerate Tech Wealth", by Andy Tay

My guest this week is Dr. Britt Andreatta, who has been a guest of this podcast before (check out ep. 163). Dr. Andreatta is a internationally-recognized thought leader and author who creates brain science-based solutions for today's challenges. Her most recent book is called, "Wired to Become: The Brain Science of Finding Your Purpose, Creating Meaningful Work, and Achieving Your Potential".

Her work relates directly to the "why" behind accounting - our purpose as CPAs. When it comes to the talent shortage, we believe connecting students and young professionals to that purpose will help grow our profession and secure our future. By re-centering on our core values and making our work engaging and meaningful, we can attract individuals who are eager to make a real difference.

Join me in a conversation with Dr. Andreatta, an expert in the research on the significance of discovering one's purpose. We'll explore how our profession stands to gain from a renewed emphasis on the purpose behind our work.

Resources

• Britt Andreatta website
• "Wired to Become: The Brain Science of Finding Your Purpose, Creating Meaningful Work, and Achieving Your Potential" by Britt Andreatta
• CPA Practice Advisory article, "Where Have All The Accountants Gone?" by Garrett Wagner

We've had some great conversations recently about A.I.; what it means for our profession and how to integrate it into our work. This week, I talk to Jason Staats, who has been on the leading edge of A.I. and has a wealth of knowledge to share with CPAs about this new technology.

Jason's main message about A.I. is that as groundbreaking and game-changing as A.I. is, it doesn't necessarily mean our profession will change radically at it's core. A.I. is a tool we can use in service of what our profession is charged to do.

CPAs do what we're trained to do - that will not change. What we do need to do is ramp up our curiosity about these new tools and how they will allow us to better serve our customers. Instead of trying to force A.I into every aspect of our work, a better approach comes by asking what problem we are trying to solve and how at all can A.I. can help.

Resources:

• CPA Australian article, "Generative AI in business: how to navigate the ethics" by Susan Muldowney
• Jason Staats LinkedIn Profile
• Jason Daily Podcast
• Jason Daily YouTube Channel