inNEWvation and the Firm of the Future

Speakers: Tom Hood - MACPA/BLI, Bill Balhoff – P&N, Jim Powers - Crowe Horwath!

@tomhood

WHY?

“One interesting finding of the survey is that CPA firms, early majority or not, don’t really see a competitive threat from specific challengers.”

– Erik Asgeirsson – CEO of CPA.COM

Race Against the Machines?

Source: Frey & Osborne – The Future of Employment – Oxford University

74% n Next gen leaders do not believe their organizations are encouraging practices that foster innovation

n  Source: Deloitte Millennial Survey

“How would you think differently about your strategy if you knew your advantage might not last?”

Innovation is not Invention

Innovation is not Creativity

Innovation is creating value in anticipation of future

trends and customer needs.

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“Any type of differentiation in your practice that drives preference.”

Geoffrey Moore: Innovation

Recipe for Innovation

1. The right culture – collaborative and inclusive

2. Purpose-driven and visionary leadership

3. Continuous learning and improvement

4. Competencies and skills to support innovation

5. Tolerance for risk and failure

Top Challenges Facing CPAs We asked: What are you biggest challenges - Pick the top 5

Top Skills Needed We asked: What are the top skills you need to be successful?

Top 5 cover 75% of Skills Needed

Top Innovation Priorities for ‘Early Majority’ Firms over the Next 12-18 Months* - CPA.COM Firm Survey

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1.  Developing new offerings that expand the value we provide to our existing clients

2.  Implementing a new offering for a specific market segment we believe has growth

3.  Developing new offerings or approaches to the market that attract new clients 4.  Realizing value to the firm from existing innovation investments 5.  Updating current offerings to be more competitive 6.  Deciding and moving forward on what our innovation priorities should be 7.  Implementing a cloud-based accounting system

•  An#cipa#on  •  Strategic  Thinking  •  External  Awareness  •  Vision  •  Con#nuous  Learning  •  Innova#on  •  Crea#vity  •  Problem  Solving  •  Priori#za#on  

•  Business  Acumen  •  Decisiveness  •  Influencing/Persuading  •  Emo#onal  Intelligence  •  Consensus  Building  •  Collabora#on  •  Inspira#on  •  Risk  Management  •  Communica#on  

http://www.blionline.org/ao

The leaders are the ones who take the first steps

“Tom  Hood  and  his  colleagues  at  the  Maryland  Associa#on  of  CPAs  never  fail  to  amaze  and  impress.  Some#mes  you  can  find  them  orchestra#ng  a  flash  mob  of  accountants  or  puNng  down  stakes  in  the  virtual  world  of  Second  Life,  but  most  recently  the  associa#on  has  goPen  serious  about  XBRL  and  has  undertaken  a  project  to  demonstrate  XBRL's  scope  and  versa#lity  by  tagging  its  own  financial  statements  and  showing  how  non-­‐profits  can,  well,  profit  from  the  experience.    “What  message  can  you  learn  from  the  MACPA's  XBRL  project?  First,  you  can  start  examining  your  own  client  base  to  see  who  can  benefit  from  the  experiences  of  MACPA.  But  the  bigger  message  is,  stop  wai#ng  for  other  people  to  tell  you  what  works  and  what  doesn't.  Be  proac#ve  and  experiment.  That's  what  new  technology  is  all  about.  Whether  it's  cloud  technology,  IFRS  and  XBRL,  social  media,  or  choreographing  a  dance  –  the  leaders  are  the  ones  who  take  the  first  steps.”    

         -­‐-­‐  Gail  Perry,  editor,  Accoun#ngWEB  

Hood's  greatest  a,ribute  isn't  that  he  consistently  glimpses  the  future  more  quickly  than  the  rest  of  us  (though  he  does).  It's  that  he's  able  to  bring  it  back  to  the  present  and  serve  as  its  ?reless,  inspiring  and  effec?ve  champion.                                – Accounting Today 2015

Tom Hood, CPA, CITP, CGMA

•  Named  the  Second  Most  Influen#al  Person  in  Accoun#ng  by  Accoun#ng  Today  Magazine  2015  

•  CPA  Prac#ce  Adviser  Accoun#ng  Hall  of  Fame    •  Top  25  Influencers  in  Learning  &  HR  by  HR  Examiner  

Magazine  •  Top  25  Thought  Leaders  in  Public  Accoun#ng  by  CPA  Prac#ce  

Adviser  (since  incep#on)  •  Top  150  Linked-­‐In  Influencer  (180,000  followers)  

Chief Executive Officer Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org

http://www.linkedin.com/in/tomhood/

@tomhood