Future-Proof

This week I speak with my friend, Joey Havens, Partner for Strategic Growth and previously Executive Partner at HORNE LLP. Joey runs an executive blog, Be Better, filled with advice about being a better leader, better person, be future-ready, and how to flourish in a changing world. Recently, he became a best selling author with his book, "Leading with Significance: How to Create a Magnetic, People-First Culture". People-first is the right tactic to take these days given issues with burnout and retention. It's also been noted that customer satisfaction is intrinsically tired to employee satisfaction; you'll see more success in your business if you consider the professional fulfillment of your team. Keep in mind, it's not just about caring for your employees, it's about helping them forge a meaningful, purposeful career path. By "them" we're being inclusive of gender, races, identities, and backgrounds.

I speak with Joey about his book and what it really means to "lead with significance"; what this adds to conversation about putting people first and how so-called soft concepts like love, caring, service can actually be some of the most powerful leadership strategies around.

Resources

Joey Havens Website

"Leading with Significance" by Joey Havens, available on Amazon

Joey Havens LinkedIn

We're talking about advisory today, something on everyone's mind; how do we incorporate more value added advisory services? What types of advisory services should we offer? What technology do we need? How do we price these services? How do we staff them? The profession has been laser focused on CAS for awhile and still, there are so many questions to answer.

When it comes to CAS, top-performing firms showed a median growth rate of 16% just last year and are optimistic about continued growth. These top firms implicate key strategies for success:

• Dedicated CAS staff
• Using technologies to drive efficiencies
• Standardize processes
• Raise fees to reflect the value provided
• Explore creative staffing and capacity building measures
• Educate clients and staff on CAS

My guest this week, Jasen Stine, Tax & Accounting Education Leader at Intuit, speaks with me about what tax advisory really looks like; what types of services that are most in demand, what type of clients we should look for, what pricing looks like and possible first steps for those who are looking to explore this area.

Resources

Jasen Stine LinkedIn Profile

CPA.com CAS Benchmark survey

Intuit Podcast: Account Trends

This week we're talking about the pipeline: the talent crisis that's on everyone's radar in our profession. The most recent AICPA trends report found that accountants are leaving their jobs in unprecedented numbers and fewer students are opting to go into accounting.

Now that we've recognized this problem, a number of solutions have been presented such as adjusting certain requirements and regulations for CPA candidates. One major point we need to address is making sure the accounting career path is accessible to those of all backgrounds, allowing our profession to be more diverse and inclusive.

Center for Audit Quality (CAQ) has launched a campaign, Accounting+, designed to strengthen the accounting pipeline and reach Black & Latinx students at the high school level. In this episode, I speak with Liz Barentzen, VP of Operations & Talent Initiatives at CAQ, where she oversees strategies to attract and retain talent. Liz breaks down what Accounting+ is, what the response has been, and what roles CPAs can play in all of this.

Resources

• Liz Barentzen LinkedIn Profile
• Business Insider article by Erica Sweeney,"Why There's a Shortage of Accountants and We Should Be Worried"
• CAQ Accounting+ website

I want to talk about engagement this week - according to a 2023 Gallup report, fewer than 1/3 of employees are engaged in their work. Study after study shows that employee engagement is directly linked to business performance. The secret sauce for engagement is part strength and part passion; things that we enjoy doing not just what we're good at. In this episode, I speak to Marcus Buckingham about identifying how we truly enjoy spending our time, aka "red threads", that you should weave into your daily activities in order to build your engagement.

Resources

Marcus Buckingham website

Love and Work: How to Find What You Love, Love What You Do, and Do It for the Rest of Your Life

In this episode I speak with Christina Ho, a board member of the PCAOB, about the two most significant audit quality challenges we face today, in her opinion: technology and talent.

"Talent is the cornerstone to audit quality. Without well trained talent, there is no audit quality." - Christina Ho

Resources:

Christina Ho LinkedIn Profile

Public Company Accounting Oversight Board (PCAOB) - Christina Ho Board Member Profile

Bloomberg article, "The Accountant Shortage Threatens Capitalism's Future" by Adrian Wooldridge

A good conversation with a good friend; this week I speak with Tom Hood, CPA, CGMA, CITP, founding CEO of BLI, Executive Vice President of Business Engagement & Growth for AICPA-CIMA.

We talked about the trends that are impacting finance professionals, the opportunities that exist in this post pandemic world, and ideas emerging from the Future of Finance Leadership Advisory Group - a group of senior finance executives who's initial meetings resulted in a crowdsourced vision of what the future of finance looks like.

Resources:

Journal of Accountancy article, "The changing role of the CFO", by Anita Dennis

Business Learning Institute powered by AICPA-CIMA

Tom Hood LinkedIn Profile

"We’re really seeing this evolution of CAS that’s happening here, 12-15 years after we started talking about this as a separate service line that was gaining traction" - talking about what's new on the CAS front with Amy Bridges, Professional Development Manager at CPA.com, and Beth Allen, Partner and Head of Client Accounting Services at GreerWalker LLP.

Client Accounting Services (CAS) is an area of the profession that is quickly growing and likely to continue to grow in the foreseeable future. Listen to our discussion about how this could effect you and other firms.

Resources:

2022 Benchmark survey

Amy Bridges Profile | CPA.com

Beth Allen Profile | GreerWalker LLP

Today we discuss what the younger generation is looking for in their work and career: a sense of purpose. I speak with Ingrid Edstrom and Mathew Heggem, founders of the Alchemy of Accounting Network (AAN), about how we should change - given the social and environmental issues that confront us today - how can our profession have the greatest, possible positive impact on the world around us. Join the conversation and help us find the answers.

“Let’s see what learning & growth can come out from having a diversity of ideas in the room.” - Ingrd Edstrom

Resources:

• "New Movement Advocates for Major Shift in Accounting Profession" by By Alina Nikishina.
• Accounting Alchemy Network (AAN) 
• Mathew Heggem LinkedIn profile
• Ingred Edstrom LinkedIn profile

This week I revisit a conversation I had last year with Alex Baulf, Senior Director, Global Indirect Tax at Avalara, to discuss the E-Invoice Exchange Market Pilot - who's involved, what comes next, and what CPAs need to know.

Tax authorities want more now, they want to look not at a sample of data, but they want to look at every single transaction and they don’t want to wait until 6 months, a year, 2 years after the fact…it’s too late then.” - Alex Baulf

Resources:

Alex Baulf LinkedIn Profile

Avalara Website

“You work all your life to build up a practice, you want to make sure you’re addressing exposure needs" - Stan Sterna