June Leadership Forum
Vol. 3 No. 6, June 2011
The Leadership Forum is a panel of the most prominent thought leaders in the profession. Each month we ask them to respond to a question dealing with CPA firm management and leadership.
This month's question is: How will technological advances in the accounting profession affect staffing needs and staff training?
Consultants and Other Prominent Observers
| L. Gary Boomer | Boomer Consulting, Inc. | www.boomer.com [email protected] |
| The biggest difference today is the speed at which technology is being introduced. New services require different skills. People and skills can and do become obsolete without a training/learning culture. 40 hours of NASBA and State Board approved CPE is only part of the solution as those hours tend to only focus on the technical aspects. The need is for a more integrated approach incorporating technology, management, and leadership skills in the learning process. Hours in a seat is a flawed method of providing continuous learning and generally in conflict with learning objectives. Business analysts, people who know accounting, processes and technology are in great demand. Just as the 13 column worksheet was replaced by the electronic spreadsheet 30 years ago, much of the time spent in aggregation of data is being automated through portals and other technology. The "Cloud" provides great opportunities for CPAs to move up the value chain in providing knowledge and wisdom. The big question is whether CPAs will leverage this technology advancement due to the existing hourly billing strategy and resistance to change. The new skills required will be improved planning, project management and change management. Demand for new services currently exists, it is simply a matter of listening and then packaging, pricing, naming and delivering those services. The concept of "meshing" in a "pull economy" will serve firms well with the primary metric on increasing revenue per FTE. The internet platform allows firms to "mesh" or source resources rather than owning them. It is a great time for those CPAs who are lifelong learners and accepting of change. | ||
| Rita Keller | Keller Advisors, LLC | www.ritakeller.com [email protected] |
| There will be a people shortage in the accounting profession. Futurists and other highly skilled advisors keep reminding us of this fact. I am a believer. As a CPA practitioner, one of your very highest priorities is to find, develop and RETAIN star performers. That is, unless you want to be a mediocre firm. This is the year to turn your focus back on hiring right, training thoroughly and continually, and building strong relationships with your people. Your goal is to have them stay at your firm and build their career in public accounting. It should be part of your strategic initiatives and you should have a documented action plan that designates responsibility for this important initiative. The bigger question here is, how will technology affect staff training? Younger people "get it" and will continue to get it. They bring technology skills with them as they enter your firm. They will need focused and intense training on specific software packages used in the accounting profession. Make it a high priority when they first join the firm and they will take the ball and run with it. The bigger challenge I see inside firms is when a firm brings in lateral hires (experienced people and partners from other firms) and when they try to persuade long-time partners of the advantages of enhanced technology - - including social media. The world is changing rapidly and technology (and social media) is changing how we manage, market and sell. Communication is key. Be sure everyone, including all partners, know what is happening with technology, why it is happening and what role they play in taking advantage of the wonderful technology available to today's progressive CPA firm. Some people will actually need one-on-one technology training and education. Most firms are realizing that there is an increased need for staff and management training. Does you firm have the infrastructure in place to educate, train and support your client service professionals? Most firms do not. Are you fully aware of all of the outside resources that can assist you with these challenges? Start planning now so that your firm will have the resources available to support the intense training that will be needed now and in the future. | ||
| August Aquila | Aquila Global Advisor Group, LLC | www.aquilaadvisors.com [email protected] |
| ...current and future technological advances will definitely affect staffing needs and staff training. All firms are doing more today with less people... More | ||
| Bob Lewis | Visionary Marketing | www.thinkvisionary.com [email protected] |
| .... A percentage of the accounting population probably will be incapable of adapting, which will either force their termination or accelerate retirement... More | ||
| Marc Rosenberg | The Rosenberg Associates | www.rosenbergassoc.com [email protected] |
| ... Most firms devote almost no time to formal IT training for their staff. This may be the biggest oversight in the way CPA firms use technology. This has got to change.... More | ||
| Joel Sinkin | Accounting Transition Advisors | www.transitionadvisors.com [email protected] |
| ...Firms, especially those who have created satellite offices, are able to use labor across a network of locations to produce the work... More | ||
| Rick Telberg | Bay Street Group LLC | www.cpatrendlines.com [email protected] |
| ... It's essential for the smart firms, the ones who would like to get paid what they're worth, to design services, service delivery and positioning strategies that distinguish themselves from the competition... More | ||
| Lisa Tierney | TIERNEY Coaching & Consulting | www.TIERNEYCoaching-Consulting.com [email protected] |
| ... Geographical boundaries will be lifted as webinars replace in-house seminars, increasing the timeliness and convenience for continuing education for professional staff... More | ||
| Jennifer Wilson | ConvergenceCoaching LLC | www.convergencecoaching.com [email protected] |
| ... Firms who invest in, and truly deploy IT will have a leg up on others in the recruiting and retention areas. Social media is and will be a BOON... More | ||
Firm Leaders
| Bob Knight | Lane Gorman Trubitt, PLLC | |
| Staffing needs, technological advances will allow more flexibility both from a headcount and location standpoint. Staff training will necessarily be more robust in order to get the necessary ROI on the investment in the hardware and software. | ||