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AAA National Conference - Everything you wanted to know about state CPA Societies

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Top 10 reasons and resources for CPA Firms from State CPA Associations. Presentation to the AAA National Practice Management Conference in New Orleans by Tom Hood, CPA, Past President of national CPA-SEA (State Execustives Association) and President of the Maryland Association of CPAs

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AAA National Conference - Everything you wanted to know about state CPA Societies

  1. The Relationship Between the CPA Firm Administrator & State CPA Societies or Everything you wanted to know about CPA-SEA & State CPA Societies Tom Hood, CPA.CITP – Past- President CPA – SEA CPA State Executives Association But were afraid to ask
  2. Being in business today feels like being in permanent whitewater 2
  3. You feel overwhelmed by the rapid and turbulent pace of change and uncertainties in business today
  4. You need new skills and new resources to ride these waves of change Photo: Pratt’s surfing page
  5. Keeping up with the CPA Profession
  6. CPA-SEA is the network – that connects you through your state CPA Society
  7. CPA-SEA  Our Purpose  “to assist our members to achieve operational excellence in the management of their organizations and provide a forum for networking & communication to enable members to choose informed courses of action on professional issues facing CPAs”  Our Values:  Leadership  Integrity  Collaboration  Exploration
  8. CPA-SEA Leadership  Betsy Adrian - MN  Dennis Tomorsky - WI  Kathy Anderson - FL  Loretta Doon - CA  Rich Jones - WA  Deb Riley - VT  Tom Hood – MD  Jeanine Birmingham –  Erin Hardwick - SC AL  Jane Egan - MT
  9. Making It Real 10
  10. What the world would miss if we were gone? • We keep the CPA Profession up with the rapidly changing environment • We are bridge builders – taking care of the CPA Profession’s infrastructure • We are the leadership development pipeline for the CPA Profession • We protect the CPA reputation & image • We are the connectors of the Profession – connecting to key resources • We mobilize the Profession to do the things you cannot do alone!
  11. Mega-trends 1. Regulations & Standards 2. Globalization 3. Workforce 4. Technology
  12. Top 10 Issues Facing CPAs  1. Economic Outlook   2. Tax   3. Business Operations   4. Implementation and Execution  of Plans   5. New Business Development   6. Personal/Professional  Development   7. Management and Leadership   8. Financial Regulatory Reform   9. Access to Financing and Credit   10 New Accounting Standards,  IFRS  Source: CPA Trendlines for AICPA Feb, 2010
  13. Top Ten Issues for MFG  1. Regulatory/Legislative (56)  2. Private Company Leadership (47)  3. Capital Markets Awareness / Recognition (34)  4. Rethinking Business Model (25)  5. Protect Audit/CPA Franchise (20)  6. Risk Management (Audit efficiencies) (20)  7. Leadership Development / Succession  Planning (19)  8. Global / International (Clients / IFRS /  Branding) (17)  9. Leveraging Technology & Social Media (17)  10. MFG Issues specific forums / focus groups (8)  14
  14. PCPS/TSCPA MAP Survey 2009  Top Five Issues Facing Firms <21  1. Client Retention  2. Marketing / Practice Growth  3. Tax Law Changes & Complexity  4. Keeping up with Regulations &  Standards  5. Retaining Qualified Staff /  Work/Life Balance  For larger firms add Partner Accountability & Succession Planning Mark Koziel, CPA AICPA PCPS 15
  15. CPA Firms: Most Profitable Small Business <$10 million CPA Firms ranked number one by Forbes Surveyed 300,000 Outrank: • Chiropractors, Dentists, Optometrists • Sales Financing • Insurance Agencies and Brokerages • Physicians, General/Family Practitioners • Consumer Lending • Diagnostic Imaging Centers 16 American Institute of CPAs Source: Forbes
  16. They have you in their sights!
  17. Seven Keys to Success in CPA Firm Management 1. Leadership 2. Technology 3. Learning Organization 4. Marketing and Business Development 5. A Great Place to Work 6. Client Service and Satisfaction 7. Strategy Execution
  18. So what? Top 10 Things You Need to Know about State CPA Societies 1. Maintain CPA Infrastructure – Legislative & Regulatory 2. Support the Highest Standards of Professionalism – Peer Review & Ethics 3. Build and Maintain the CPA Pipeline – Students – Young Professionals 4. Leadership Experience & Training 5. Protect & Promote the CPA Image & Reputation 6. Serve the public – Financial Literacy 7. Connect you to resources 8. Training & Learning – Technical & Soft Skills 9. Developed a Vision for the Future 10.Creating a Learning & Performance Management System for CPAs
  19. Meet Bill… Managing Partner • Bill’s firm files tax returns in 9 states + Maryland • Last year he would have required additional state licenses in all states (except OH, VA, MO, WI) • He would have had to register all of his tax CPAs and staff as a tax advisor (est $250 apiece) • He would have to report to two state boards with different CPE requirements What would this cost you? • He would have had to charge & collect sales taxes on his accounting & tax services •He would be subject to two new federal agencies – FTC and the new CFPA
  20. Where do major changes come from? Us – MACPA & AICPA Them OR
  21. State CPA Statutes police power of the states to protect their citizens vs commerce clause
  22. Financial Regulatory Reform 24 American Institute of CPAs
  23. CPA Mobility Legislation - 2010 WA AK VT MT ME ND OR MN NH ID SD WI WY NY *MA MI *PA CT RI NE IA NV OH UT IL IN DE NJ CA CO WV VA KS MO KY MD HI NC TN DC AZ OK NM AR SC MS AL *GA TX LA FL Awaiting Governor Signature - 1 CPA Mobility Legislation Pending - 2 PR CPA Mobility Enacted 46 GU U.S. VIRGIN ISLANDS * CPA Mobility Enacted Only for Other Mobility States – GA, PA, MA In Process 25 American Institute of CPAs
  24. 2. Maintain the Highest Professional Standards – Peer Review & Ethics - Your firm license depends on it
  25. # 3 Promoting the CPA Career – Maryland example New/Young Tomorrows Professionals MACPA Network Most state societies have similar programs to onboard students into the Profession
  26. Biggest Issue Facing NYPNs • Bridging the Gap between college & real world • Under-Developed Skill Sets – Leadership & Communication – Time Management & Organization – Analytical Skills – Technical Skills • Work-Life Balance • Limited Networking Opportunities • Intimidation • CPA Exam • Lack of a Voice in Profession
  27. # 4 Leadership Pipeline Ernie Almonte – AICPA Past-Chair came from Rhode Island as past president – most AICPA Chairs, Board members, and Council members had their start in State CPA Societies
  28. Meet the New Young Professionals Remember when you were ‘made’ to be a member of your State Society & AICPA? According to the William E. Smith study of Association value: Benefits to the professionals and their employers include higher morale, increased employer loyalty, networking, professional development, leadership experience, professional community and big-picture thinking.
  29. # 5 Protecting the CPA Image & Reputation • Remember Enron & WorldCom? Public Relations and Image protection are both a major focus and great example of State CPA Societies and the AICPA working together for the benefit of the entire CPA Profession
  30. # 6 Financial Literacy
  31. # 7 Connectors to Resources
  32. # 8 Training & Learning Critical Turning Point Courtesy of the Business Learning Institute © 2000
  33. # 9 Developed a Vision for the Future Another example of the power of the AICPA & State CPA Societies working together – the CPA Vision identified these critical competencies for 2011 • Communication & Leadership • Strategic & Critical Thinking • Focus on the Customer, Client, and Market • Interpretation of Converging Information • Technologically adept
  34. # 10 New Learning Management System (LMS) Course Search Recordkeeping Single Sign-On CPA2Biz Administration Web-Based Web Delivery Learning Management Competency System Compliance Integrated Learning Integrated Curriculums Developed CPE Tracking Around Individual Linked to Career Paths CPE Requirements Content Library AICPA, State CPA Societies, 3rd Parties State Society AICPA Firm or Company Branded Branded Learning Center Learning Center Branded Learning Center American Institute of CPAs
  35. Tom Hood, CPA.CITP Betsy Adrian CEO President Maryland Association of CPAs Minnesota Society of CPAs Business Learning Institute (443) 632-2301 (952) 831-2707 E-mail E-mail