Futurist: CPA Vision a great start, but more work must be done

By Bill Sheridan
MACPA Electronic Communications Manager

As CPAs map the future of their profession, there are many programs available to help them get there. The CPA Vision Project, the image enhancement campaign, the CPA2Biz.com portal and the proposed global designation are a few examples. Whatever the next step might be, says renowned author and futurist Watts Wacker, the important thing is not to settle for the status quo.

Co-author of The Visionary's Handbook and The 500-Year Delta, Wacker recently delivered the keynote address at the 100th anniversary celebration of the Maryland Association of CPAs. Speaking to a crowd of more than 400, Wacker shared his thoughts about a report he had reviewed written by the National CPA Vision Team. The report outlined the core values and competencies defined by the Vision Project as well as the technology and branding issues currently affecting the profession.

His conclusion? The Vision Project is a great place to start, but there's still work to do.

"If you were to stop right here, I think the biggest sin of omission you'd be making is that it's still too focused on what you do," he said. "Visions have to be built around what you believe, because what you do changes dramatically over time."

Wacker highlights one of the profession's most enduring challenges: balancing long-held and highly respected standards with the demands of the shifting economic marketplace. This is what the Vision Project was created to address. AICPA President and CEO Barry Melancon explains, "The visioning process gave us an opportunity as a profession to identify our core values. We always knew that these values were the foundation from which we could build new opportunities. Looking to an ever-changing marketplace, we need to chart clear paths that open up opportunities and create a very successful future for all CPAs. That's what the core competencies and services are all about-they are aspirational in nature rather than fixed."

As examples of corporations that have looked to the future to transform their core services to address market needs and technological innovation, Wacker shared case studies of three companies. General Electric, he noted, was once strictly a power company but has added financial services to its mission. Nokia, a 145-year-old paper manufacturer, is now a top-rated mobile communications company. And Owens Corning has shifted its focus from cookware to fiber optics. Wacker believes, "The best criteria for the evaluation of the success of any business is simply being in business, simply being in operation, simply surviving. Great organizations migrate dramatically from the 'do.' The constant is the 'be.'"

With more than 100 years as professionals, CPAs have mastered survival. Now, with issues such as decreasing student interest in the profession, shortages in qualified employees and market forces affecting the profession, CPAs are recognizing significant pressures on their ability to perform their core services and thrive. "The reason that I feel passionate about the CPA Vision," states Tom Hood, executive director of the Maryland Association of CPAs and chair of the Vision Project, "is that it was designed to affect real change for the profession. This change comes uniquely from identifying who CPAs are — for organizations, for business, for the marketplace — rather than what we do or have done."

Wacker cited Gateway as an example of a company that identified what it wanted to be then shifted services to create innovation. Out of its vision of "humanizing the digital revolution," the computer giant began manufacturing PCs but soon explored new product lines. First, it added Internet access. Second, it leased computers, generating most of its profits today from this enterprise. In fact, Gateway has changed so much in recent years that it has eliminated research and development — a $100 million item — from its budget.

"The first journey (for Gateway) was learning how to use a computer. The second was connecting it to the Internet. The third is making sure it's not obsolete," said Wacker. "All of what they decide to do is based on the next step in the journey."

What is the next step for CPAs? Jeannie Patton, executive director of the Utah Association of CPAs and former chair of the Vision Team, explains it this way: "The challenge for the profession will be to shift from a 'no-risk' reporting of verifiable facts to decision-making and knowledge creation services. It's a bit like flying a plane — once in the air, course adjustments must continually be made with the final destination as the target. Those adjustments must be made in flight — they can't be programmed before the journey begins. The pilot is well paid for those 30 seconds when a difficult or life-threatening decision has to be made. The analogy for the profession is the same — the financial rewards await those willing to take on the responsibility of difficult and meaningful decisions."

Taking on such a responsibility means applying the principles of the Vision Project, the "blueprint" for the future of the profession. Wacker praised the potential of the core competencies identified by the Vision Team, including communication and leadership; strategic and critical thinking; focus on the customer, client and market; interpretation of converging information; and being technologically adept.

"The most interesting thing about this profession," Wacker said, "is that, historically, it is a past-tense discipline. You account for something after it happens. The challenge to the profession and the discipline is to make it a future-tense application." Particularly impressive, Wacker said, are the branding opportunities offered by the proposed interdisciplinary global designation. These opportunities, Wacker noted, can forge the future of the profession.

"All in all, I'd give you an 'A,'" Wacker said. "You've done far more than most professions have done." But he warned: "The next step is taking your vision to another dimension."

"In this complex and borderless marketplace," concurs Barry Melancon, "CPAs who are willing to step up to change will find almost unlimited opportunities to expand their skills, competencies and services while preserving their commitment to the public interest. That message rings out loud and clear."

This content has not yet been Rated.

To Rate content, please Login.