 CPA decision-makers in business and industry weren’t optimistic at the end of last year, but their outlook grew a bit sunnier as 2023 began. Now, as 2023’s midpoint approaches, the outlook of finance executives is again taking on a more pessimistic tone in a quarterly survey. Contraction plans are more common, and  projections for revenue and profit have declined.  Ken Witt, CPA, CGMA, AICPA & CIMA’s associate director–Management Accounting Research and Development, discusses the results of the Economic Outlook Survey in this podcast episode. What you’ll learn from this episode: ·         An overview of second-quarter survey results.  ·         Why Witt now says that the fourth quarter of 2022 may not represent “the bottom” in terms of sentiment.  ·         How the high-interest-rate environment is affecting companies.  ·         Examples of more stringent lending requirements that businesses are facing.  ·         The hiring outlook and projections for the coming 12 months for revenue and profit.

Summing up economic sentiment: Less revenue, more pessimism

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 Roger Kenyanya, vice president of finance at home improvement store Lowe’s, took part in the inaugural AICPA and CPA.com   AI Symposium  about three months ago in New York. Why did he refer to the event as a “humbling, full-circle moment” in a LinkedIn post? Find out on this episode of the JofA podcast.  Kenyanya, a member of the Future of Finance Leadership Advisory Group, shares how both the finance function and overall business are harnessing the power of AI. He also details his career journey and notes how the skill sets of next-generation finance employees will change. What you’ll learn from this episode: ·         The “significant milestone” in Kenyanya’s career — in his junior year of college.  ·         Kenyanya’s path to his current role as a finance leader at Lowe’s.  ·         His takeaways from a January symposium about AI.  ·         Some of the ways AI is being harnessed at Lowe’s.  ·         How the skill set for tomorrow’s finance employees is changing and the three-pronged focus of that shift for Kenyanya and Lowe’s.  ·         The peer “platform to collaborate” that Kenyanya said is valuable.

How AI can drive a proactive approach to corporate finance

 Danielle Supkis Cheek, CPA,  vice president and head of Analytics & AI for Caseware, had an interesting way to continue her exploration of the ethics of using AI tools in accounting: She asked ChatGPT to give her an answer.  The response helped in her assessment of such tools. She shared more about that result — and answered our questions — in this episode of the JofA podcast.  What you’ll learn from this episode:  ·         What a well-known generative AI tool had to say about the risks of using large language models in accounting.  ·         The surprising thing an early version of ChatGPT said about Supkis Cheek.  ·         The top-of-mind AI ethics concerns for the accounting profession.  ·         How the development of smaller-scale language models, with accounting specifics, can improve confidence in large language models.  ·         An explanation of the MAYA principle as it relates to AI.  ·         Thoughts on taking a “measured approach” when it comes to AI auditing.

How accountants can appropriately rely on AI

To Jen Croneberger, it’s easy for many in society to spend a lot of time planning to do big things but not always carrying out those plans. Taking an “if/then response approach” to life prevents accomplishing big goals, and so Croneberger advises people to take big leaps, even if they’re uncertain about having a safety net. That’s one of several leadership concepts discussed on this JofA podcast episode. Croneberger, an author and consultant, is the keynote speaker June 17 at the  AICPA & CIMA Not-for-Profit Industry Conference. In this conversation, she previews that session, explains the words behind the acronym BRAVE, and shares the importance of human-focused leadership in an AI-driven world. Croneberger also responds to the topic of a JofA episode from April 2022 about how  belief differs from arrogance. What you’ll learn from this episode: ·         A preview of Croneberger’s keynote session at the AICPA & CIMA Not-for-Profit Industry Conference in June.  ·         Why leadership is “a behavior, not a title.”  ·         Some of the ways she applies a sports background to her role as a consultant.  ·         Why Croneberger likes the leadership advice “Go before you’re ready.”  ·         How we can use digital devices to improve self-care.  ·         The importance, in Croneberger’s mind, of speaking openly about topics such as depression.

‘Go before you’re ready’: Advice for leaders in all walks of life

 In the  first part  of a two-part podcast discussion, Hamza Khan detailed how he was affected by a severe case of burnout about 10 years ago. In this episode, Khan, an author and keynote speaker, shares more about his battle with burnout today.  Khan explained some of the reasons burnout can affect women in particular and shared some of the knowledge gleaned from attending two AICPA & CIMA Women’s Global Leadership Summits. He also discussed why having relatively few one-on-one meetings with his boss became a bad thing — and how leaders can make those meetings better. What you’ll learn from this episode:  ·         Why Khan wanted to emulate Jay-Z.  ·         The CASTLE acronym and it’s tie-in to burnout.  ·         Why Khan took one-on-one meetings for granted earlier in his career.  ·         The tough questions managers should ask employees in one-on-one meetings.  ·         Why the technological disruption in business today is “a time of danger but also a time of opportunity.”  

Comfort in the uncomfortable: One-on-one meeting strategies that work

 Hamza Khan believes the four-day workweek to be “an inevitability.” It is the sort of workplace trend that could help to diminish burnout, which is the main topic of this JofA podcast episode with Khan, an author and entrepreneur.  This episode is the first of a two-part conversation with Khan, who has given keynote presentations at several AICPA & CIMA events, including the Global Women’s Leadership Summit and the CFO Conference.  Khan spoke last year on the JofA podcast about  the difference between managing and leading, and he’ll talk on the next episode about how strong leadership should include meaningful one-on-one meetings.

Summing up economic sentiment: Less revenue, more pessimism

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