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MACPA - BLI Spring 2017 Town Hall - Business & Industry Edition

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This interactive and engaging update of the trends and issues facing the CPA Profession is designed to help our members be ‘future ready’. We will cover the latest hard trends of technology, demographics and standards/regulations and how you can learn to use these to anticipate the future. Come learn about the new President and Congress to the Maryland State House and our State Board of Accountancy.

This special Business & Industry edition focused on the issues facing our members in business, industry, non-profits and government. Special emphasis on the issues facing CFOs, Controllers and staff in the corporate community.

Our road show of professional issues updates covers the state of Maryland reaching close to 2,000 CPAs annually. Given by MACPA-BLI CEO, Tom Hood with extensive polling and Q&A to track the issues CPAs are most concerned about and to inform what MACPA-BLI are doing about it. Each session provides four hours of free CPE and is offered twice a year.

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MACPA - BLI Spring 2017 Town Hall - Business & Industry Edition

  1. Making History, Anticipating the Future
  2. Download today’s slides at … @tomhood @macpa
  3. Vote for a question Respond to Poll Ask a Question MACPAPIU.CNF.IO Select your session and join the conversation:
  4. Senator Brian Feldman, Esq., CPA (D-Montgomery County) Presents a Proclama@on from Governor Hogan to Kimberly Ellison-Taylor that says it is a “well-deserved tribute” in honor of the “leadership, success and outstanding service”
  5. 5 T’s 1.  TAXES, Standards, and Regulations 2.  TECHNOLOGY – SMAC Social, Mobile, Analytics, Cloud 3.  TALENT – The war for talent 4.  TIME - #1 Challenge 5.  TRANSFORMATION
  6. Taxes, Standards, and Regulations
  7. Title Subtitle Poli%cs & Implica%ons of Tax Reform
  8. American Ins@tute of CPAs® Busy Season Headlines ACA Executive Order Executive order IRS response created confusion •  Will process incomplete returns •  But will contact taxpayers later Does not change law •  CPAs must still comply
  9. American Ins@tute of CPAs® New Due Diligence Requirements Applied to EITC for several years •  CPAs don’t prepare EITC returns 2015 “PATH Act” extended requirements Reinforced member awareness Busy Season Headlines
  10. American Ins@tute of CPAs® Late/Amended Forms 1099 Concerns with brokerage house extensions in ’16 Achieved “PATH Act” fix to de minimis 1099 changes •  Errors of $100 or less •  Possible impact on extensions Monitoring ‘17 situation Busy Season Headlines
  11. American Ins@tute of CPAs® IRS Services Top-of-mind for members 2015 Council resolution Strong advocacy effort Preparing third survey iteration Busy Season Headlines
  12. American Ins@tute of CPAs® Identity Theft Still a pervasive threat Targets include •  Tax professionals IRS Security Summit •  Broad partnership Resources for members Busy Season Headlines
  13. American Ins@tute of CPAs® Revised Due Dates Realignment of due dates •  Corporate and partnership swap •  Advocating for state conformity Information return changes •  W-2s and 1099s •  Now due January 31 •  Information return changes related to combatting ID theft Busy Season Headlines
  14. American Ins@tute of CPAs® ITIN Expiration and Renewal ITIN used in place of SSN “PATH Act” change created expiration •  Difficult to renew Drove awareness & pushed resources to members Busy Season Headlines
  15. The trends of bills in Maryland Genera; Assembly follow the hard trends research from Burrus Research. Trends in Legislative Activity in Maryland
  16. Offense •  Appeal Bond Reform - Small Caps (Firm liability) - Not introduced •  Support Taxpayer Protec@on Act - Comptroller’s Bill with amendments from MACPA - Passed Senate Defense •  Stop Sales Taxes on Services - Defeated issue related to engineering services •  Stop Compara@ve Fault (overturning Contributory Negligence) - Not introduced •  Stop legisla@on to nullify NDAs and Non-Compete agreements - amended $15/hour - Defeated •  Stop legisla@on to enact onerous mandatory sick leave requirements - Passed - Gov Veto announced •  Monitor 2,500 ac@ve bills in MD Legislature for CPA issues and unintended consequences
  17. *Defense addi@onal bills introduced in 2017 Session •  Over@me requirement (based on Federal DOL legisla@on) - Defeated •  Filing Fees increase to $4,000 - Defeated •  Removing audit requirement from cemeteries - Defeated •  Equal Pay and Salary History and Disclosures - Defeated •  Supervision of Occupa@onal and Professions under DLLR (NC Dental Board Issue) - passed House amended - we were ok with changes *Offense addi@onal bills introduced in 2017 Session •  Interest rate on tax deficiencies •  Deprecia@on recoupling •  Estate Tax
  18. State Board of Public Accountancy (Licensing Issues) •  Audit deficiencies as reported to us by the DOL •  Con@nuing educa@on problems •  Other Regulatory Agencies •  Pass rate on CPA exam in Maryland •  Peer Review issues
  19. Regulations & Standards 1.  FASB Trifecta •  ASU 2014-09 Revenue from Contracts •  ASU 2016-02 Leases •  ASU 2016-13 Fin Instruments – Credit Losses 2.  SEC 3.  PCAOB 4.  DOL 5.  IRS + more…
  20. Technology - SMAC Social, Mobile, Analytics, Cloud
  21. Technology •  World’s Largest Movie Company •  World’s Largest Taxi Co •  World’s Largest ‘Hotel’ Company •  World’s Largest Camera Company •  World’s Largest Retailer •  World’s Largest Media Outlet •  Etc…
  22. Top Technology Trends impacting the Profession in next three years 1.  Big Data Analy@cs 2.  Adap@ve & predic@ve cyber-security 3.  Ar@ficial intelligence, cogni@ve compu@ng in audit and tax 4.  Virtualiza@on and automa@on of processes and services 5.  Blockchains 6.  Mobile apps, smartphones, tablets for business 7.  Augmented and virtual reality applica@ons 8.  Internet of Things, 9.  Visual communica@ons 10.  Social business applica@ons Source: 2017 Top technology Trends – Burrus Research MACPA Major Firms Group Mee@ng 3-6-17
  23. American Ins@tute of CPAs® Innova%on Trigger Peak of Inflated Expecta%ons Trough of Disillusionment Slope of Enlightenment Plateau of Produc%vity Time Expecta%ons Sojware as a Service Blockchain Cogni@ve Expert Advisors & Machine Learning more than 10 years obsolete before plateau Years to mainstream adop%on: less than 2 years 5 to 10 years 2 to 5 years Big Data & Analy@cs* * Big data removed as a category by Gartner in 2015 Source: Gartner (2016) Key Technologies To Watch, 2016
  24. Disrup@ve compu@ng paradigms: Mainframe, PC, Internet, Social-Mobile, Blockchain You say you want a revolu@on? In the next five years we will TRANSFORM how we market, sell, communicate, collaborate, innovate and educate (due to these hard trends coming at an exponen@al pace). – Daniel Burrus, futurist and author of Flash Foresight
  25. The Profession must address cybersecurity risk management in a meaningful way 70% connected devices contain vulnerabilities Business leaders: “wouldn’t be able to detect attack” 56% 87% rate reputation risk among biggest strategic risks Sources: World Economic Forum: “The Future of Financial Infrastructure”, August 2016 IBM and Ponemon Institute, 2016 Cost of Data Breach Study: Global Analysis $4 millionAverage total cost of data breach:
  26. Blockchain Can Alter the Technology Landscape and Change the Manner in Which Business Transac:ons Are Conducted Sources: AICPA research, h1p:// Blockchain: A decentralized transparent ledger of all transac:ons across a peer-to-peer (P2P) network. Someone requests a transac:on. How Does Blockchain Work? The transac:on is broadcast to a peer-to-peer (P2P) network of computers, called nodes. Using algorithms, the network of nodes validates the transac:on and user’s status. AQer verifica:on, the transac:on is combined with other transac:ons to create a new block of data for the ledger. The new block is then added to the exis:ng blockchain, in a way that is permanent and unalterable. The transac:on is complete. Technology and cyber issues
  27. ‘Accountants do a lot of transac@on processing, reconcilia@on and control, and that could change significantly if this technology gets adopted on a widespread basis. The cost savings that the banks are looking at are huge, and most of that saving is people who do the back office, so whether you view those as accountants or ledgers, there’s a degree of challenge to those in the accoun@ng profession who work in finance func@ons.’ Why should you care?
  28. When Platforms Change, the Old Leaders Are Seldom the New Ones – Daniel Burrus
  29. IsYour Accounting Platform Relevant? •  Who are my strategic partners? •  Who are my strategic vendors? •  Who are the companies that I rely on? •  Are they the leaders of the old platform, or are they competent leaders of the new platform? •  Does it look like the leaders of the old platform will be the leaders of the new platform? Source: When Platforms Change, the Old Leaders Are Seldom the New Ones – Daniel Burrus
  30. Thank You, MACPA Sponsors! We are actively ‘curating’ the new and emerging platforms of innovators and disruptors for our Profession.
  31. Talent – The War for Talent
  32. Building Your Pipeline
  33. Taskforce on Equality, Diversity & Inclusion MACPA Mentorship Pilot Program 9/29/2017
  34. Future of Work Task Force
  35. We had three alums from our inaugural class (2010) who helped craj the first whitepaper and we iden@fied elements from that we wanted to bring forward.
  36. June 1-3, 2017 Firm Sponsorships Available
  37. “College will help me get in the door for my career, but I felt that this program has helped me go further and that is extremely important because I don’t want to stay the same, I want to grow.” “MACPA is an amazing organization, but you have managed to bring it to another level. I know it must have been a lot of hard work, but it was one of the best experiences of my college career.” “Much of my passion for accounting and drive to succeeding within the field, is a direct result of the relationships I have formed as an MACPA student member and participating in events such as the Student Leadership Academy and Mentorship program.”
  38. Scholarship Application Deadline - April 15th Donate to the Education Foundation at
  39. Time - #1 Challenge
  40. 70% of the workforce is disengaged according to Gallup research
  41. Source: Deloitte Human Capital Trends 2014 and 2015 The Overwhelmed Employee The “average” US Worker works 47 hours, 49% work 50 hours or more per week & 20% work 60+ hours per week 31 Hours per month in unproductive and unnecessary meetings The average US worker now spends 25% of their day reading or answering emails25% More than 80% of all companies rate their business “highly complex” or “complex” for employees. of the US population believes it is impossible to succeed at work and have a balanced family life.40% of companies have a program to “simplify work” or help employees deal with stress.16% The average mobile phone user checks their device times a day. 150Source: Deloitte Human Capital Trends 2014 and 2015
  42. HardTrends Four HardTrends: 1. Government Regulation 2. Technology 3. Demographics
  44. Transformation
  45. American Ins@tute of CPAs® Companies around the world are initiating change transformation! Sources: KPMG survey of 400 CEOs 4 in 10 transforming their companies into significantly different entities in next 3 years 65% will pursue growth through partnerships and alliances 62% using disruptive technologies to improve products and services CEOs: Next 3 years more critical than past 50 What about the CPA Profession? “We won’t recognize the vast majority of CPA firms in five or 10 years.” – Barry Melancon – CEO of the AICPA
  46. Disrupt yourself before someone else does. - Marc Randolph, Netflix
  47. 1.  Tune in to changes in the external environment 2.  Use this intelligence effectively in decision making and strategy development 3.  Focus on a longer time horizon, and 4.  Make sure this thinking flows through into the implementation of their business model and their reporting What is needed is a forward looking and external orientation by CFOs Source:
  48. The Integrated Reporting Model ‒ http://www.theIIRC.ORG
  49. CPA VISION CORE PURPOSE CPAs: Making sense of a changing and complex world CORE VALUES The essential and enduring beliefs that we uphold over time. Core values enable us to retain our unique character and value as we embrace the changing dynamics of a global economy. •  Integrity •  Competence •  Lifelong Learning •  Objectivity •  Commitment to Excellence •  Relevance in the Global Marketplace CORE PURPOSE & VALUES
  50. Business Events Data Information Knowledge Decisions 1. Communicating with clarity and objectivityCPAs are trusted advisors who enable people and organizations shape their future, Combining insight with integrity, CPAs deliver value by: ENVISIONED FUTURE 2025 2. Translating information into knowledge 3. Anticipating and creating opportunities 4. Designing pathways to transform vision to reality
  51. A unique combination of human skills, knowledge and technology that provides value and results to the user. Enhancing our core competencies is key to sustaining a competitive and differential advantage in the marketplace. • Communications Skills • Leadership Skills • Critical-Thinking and Problem-Solving Skills • Anticipating and Serving Evolving Needs • Synthesizing Intelligence to Insight • Integration and Collaboration
  52. Top Skills Needed for Accounting and Finance Professionals BLI Research in 2015 with over 1,000 responses from all segments of the CPA Profession identified these top skill needed to be successful in these rapidly changing times.This confirms and reinforces the research from the Conference Board, AICPA CPA Horizons 2025 report, Bersin, and Burrus Research.. 75% covered by theseTop 5 Skills
  54. 28 lessons – 4 modules – 1 hour/week •  Very short single-concept videos •  Rapid applica@on exercises •  Visual job aids to reinforce learning
  55. E-learning versus Traditional Learning •  $1 invested in e-learning = $30 increase in productivity •  18% increase in employee engagement •  Reduces learning time 25 to 60 percent •  Increases retention •  More productive and able to self-pace around busy schedules
  56. #FutureReady! Is the capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry. Source: CPA.COM Insight into the CPA of the Future Study 2014 92% of CPAs Not #futureready
  57. Connect the dots “They used to say knowledge is power, but now there’s google…” Illustration by David Somerville based on original by Hugh McLeod @gapingvoid
  58. Poll: What are the most valuable benefits of MACPA membership to you? 1.  Advocacy – Protec@ng my CPA license 2.  Helping my career – Learning 3.  Helping me stay future ready 4.  Future scout – Watching future trends 5.  Connec@ng and networking NEW! NEW!
  59. 1.  Advocacy 2.  Lookout Post 3.  Accelerate Future Readiness a.  Connect to Innovators b.  Develop Success Skills for Future c.  Connect firms and employers Our Priorities
  60. Future Ready CPA The next five years will bring significant changes to our Profession. What one thing does the Profession have to get right to support the evolution in CULTURE, TALENT, TECHNOLOGY, and CLIENTS/ EMPLOYERS? What can MACPA and BLI do to facilitate the changes needed? What is your biggest insight or takeaway from today’s session?
  61. …the group of people best positioned to thrive in today's era of high-velocity change. Fluxers are defined not by their chronological age but by their willingness and ability to adapt. These are the people who are defining where business and culture are moving. And purpose is at the heart of their actions. ! – Robert Safian FastCompany!
  62. The Future is about Relationships & Collaboration
  63. The easiest thing is to react. The second easiest is to respond. But the hardest is to initiate. Seth Godin Author and Agent of Change
  64. Thank You, MACPA Sponsors! We are actively ‘curating’ the new and emerging platforms of innovators and disruptors for our Profession.
  65. BID ENGAGE OpHaus Business Model MATCH Hiring Company
  66. The XCM Productivity Enablement Platform is a solution that’s indispensable for Tax, Accounting & Finance Executives. Visit XCM at: or From Overwhelmed to Energized •  Organizes the Chaos •  Creates a single thread of the truth for ownership •  Manages tasks, resources & deadlines •  Centralizes information across systems, functions & tasks •  Absorbs existing technology, without disrupting your cultureWhat does Productivity Enablement look like for you? Find out how this looks for you—contact: Mike Sabbatis
  67. XCM Has: •  Global Presence with 350+ Employees •  500+ Customers •  25,000+ Users •  35% of the Top 100 CPA Firms •  More Than 2,000 Client Accounting Businesses XCM Solutions: •  Focus on Tax, Accounting, Finance & Operations Productivity •  For Businesses & Firms •  Browser & Device Agnostic •  Scalable Technology &Resources XCM’s Productivity Platform: •  1,000,000+ Processes Annually •  Customers Report ~30% Productivity Gains •  Over 140,000 Tax Returns Processed •  Largest Tax Return Was More Than 2,600 pages Productivity, Simply Enabled with Offices in Boston, Bangalore & Chennai
  68. What we do for you: •10% premium discount on Disability Income Insurance* •10% premium discount on Long Term Care Insurance (for member, and members family)** •Post 65 planning •Individual Health Insurance Review •Insurance Planning What we do for your company: •Guaranteed Standard Issue Disability Income Insurance Offer* •Executive Benefit Planning •Compliance Audits •Affordable Care Act Seminars •Health Insurance •Etc… What we can do for your clients: •Individual Insurance Planning •Estate Planning •Pension and Retirement Planning Services •Group Health Benefits *Offer with MassMutual Disability Income Insurance **Offer with MassMutual Long Term Care Insurance Securities, investment advisory and financial planning services are offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. Supervisory office: 11350 McCormick Rd., Executive Plaza IV, Ste 200, Hunt Valley, MD 21031 Phone: 410.785.7654. TriBridge Partners, LLC is not an affiliate or subsidiary of MML Investors Services, LLC or its affiliated companies.
  69. Sage Live Sage Live combines the performance of a revolu@onary new real- @me accoun@ng engine on the market-leading Salesforce1 cloud plarorm. Improve collabora@on in your company with live newsfeed Stay on top of your finances with real-@me metrics Analyze your business with customizable scoreboards Track the performance of your clients and teams at a glance Make decisions at the right moment with live no@fica@ons you can receive even on your Apple Watch!
  70. 10 2 How Sage Live is changing accoun%ng? A single view of the business Real-time decision making Mul@-dimensional general ledger Personalize to suit your business New way of working Global accounting •  Access all key data in one place. •  Receive live newsfeeds and no@fica@ons. •  Track and see the financial performance of a business the way you want. •  Customize reports and dashboards / scoreboards to track key performance indicators that are important to you. •  Share and receive business informa@on with teams from any device. •  Benefit a mul@- lingual solu@on that meets your country legal requirements. A mobile, social and collaborative business solution that’s the ‘office of the future’ Sage Live is an integrated cloud accounting solution that gives businesses a single real-time source of information so they can look ahead and more efficiently manage their business
  71. Who is Sage Live for? Services based industry love Sage Live! Fast growing small and medium sized businesses (1-200 employees ) Technology and automa@on enthusiasts Looking for an integrated front and back office solu@on Value working from mul@ple loca@ons and stay connected with their business Sage Live solves for all Small and Medium Businesses that want to leverage the cloud revolu@on and manage more efficiently their business. Sage Live is a perfect fit to outgrowing QBO, Xero and Sage customers willing to use a solu@on fully integrated with Salesforce Sales Cloud (CRM) or thousands of other apps in Sage Marketplace and the Salesforce AppExchange. Business owners, CEOs, CFOs, Accountants and CPAs that try to solve their two main challenges: saving more %me and geTng the informa%on they need to manage the business the most efficiently.
  72. Books These are among the resources that were discussed during the our “Future-Ready CPA” programs. The Future of the Professions: How Technology Will Transform the Work of Human Experts By Richard and Daniel Susskind The Fourth Industrial Revolution By Klaus Schwab Flash Foresight: How To See The Invisible And Do The Impossible By Daniel Burrus The Second Machine Age: Work, Progress And Prosperity In A Time of Brilliant Technologies By Erik Brynjolfsson and Andrew McAfee The Industries Of The Future By Alec Ross The End of Accounting, and the Path Forward for Investors and Managers By Baruch Lev and Feng Gu
  73. Resources These are among the resources that were discussed during the our “Future-Ready CPA” programs. The Future of the Professions: How Technology Will Transform the Work of Human Experts By Richard and Daniel Susskind What SMBs Want From Their Accountant From The Sleeter Group Welcome to the Fast Future From The Fourth Industrial Revolution By Klaus Schwab Flash Foresight: How To See The Invisible And Do The Impossible By Daniel Burrus The Future of Employment: How Susceptible Are Jobs To Computerization? By Carl Benedikt Frey and Michael Osborne
  74. What SMBs Want From Their Accountant From The Sleeter Group Welcome to the Fast Future From The Future of Employment: How Susceptible Are Jobs To Computerization? By Carl Benedikt Frey and Michael Osborne CPA Horizons 2025 From the American Institute of CPAs Innovation Killers: How Financial Tools Destroy Your Capacity To Do New Things By Clayton Christensen, Stephen P. Kaufman and Willy Shih Ready-Now Leaders: Meeting Tomorrow’s Business Challenges From DDI Whitepapers These are among the resources that were discussed during the our “Future-Ready CPA” programs.