What are the top challenges facing CFOs, controllers, and CPAs in business and industry?
More than 300 CPAs in business and industry attended our Spring Business and Industry Town Hall Meeting / Professional Issues Update, both live and via webcast. The group had an average of 23 years as CPAs, and 53 percent of those who answered the polls hold the CGMA credential.
Here are their top 10 challenges:
- Doing more with less
- Information overload (changing standards and regulations)
- Not enough time
- Bring reactive vs. proactive
- Changing accounting and technology systems
- Finding and retaining talent
- Business model changes
- Disruption in my indistry / business
- Health care reform
- Succession planning
Despite these challenges, 60 percent of them have an optimistic business outlook.
A solid 61 percent are in the process of migrating to the cloud or planning to migrate in the next twelve months. And 14 percent are already in the cloud.
As for being “future ready,” slightly more than 5 percent said they are future ready, with another 42 percent saying that they are “somewhat future ready” and spending more time in future and strategic work.
You can watch the entire Professional Issues Update here. The slidedeck is featured below.
Our Professional Issues Update / Town Hall Meetings are brought to you by our sponsors, BB&T Bank, AON, Sage, Citrix Sharefile, XERO, Wolters Kluwer, Kelly, TriBridge Partners, Avalara, USB Payment PRocessing, and the Anthony Corrao Team of Long And Foster.
MACPA Spring 2016 Professional Issues Update – Business & Industry Edition from Tom Hood, CPA,CITP,CGMA
- State of Accounting: Why Accountants Must Learn to Ride These Big Waves of Change
- The Future of Finance is Strategy
- CPA Horizons 2025 Report
- Integrated Reporting and Business Model
- CGMA Joining the Dots (Integrated Thinking)
- KPMG Recruits IBM Watson for Cognitive Tech Audits and Insights
- How an accounting firm convinced its employees they could change the world
- #AOAF: The Anticipatory Organization, Accounting and Finance Edition, designed by leading futurist Daniel Burrus, customized for the accounting and finance profession http://bit.ly/BLI-AOAF
Here are links to articles and resources mentioned in the update:
- CPAs voice strong support for AICPA-CIMA joint venture http://bit.ly/AICPA-CIMA-joint-venture
- Proposed bill seeks to delay new DOL overtime rules http://bit.ly/MACPA-delay-new-DOL-ove…
- H&R Block’s ads do more than dis CPAs; they deceive the public http://bit.ly/HR-Block-ads
- Sample letter designed by the AICPA which practitioners are encouraged to send to H&R Block http://bit.ly/HR-Block-Sample-Letter
- MACPA testifies as tax legislation advances http://bit.ly/MACPA-testifies-as-tax-…
- FASB faces challenge on credit loss standard; announces advisory group http://bit.ly/FASB-faces-challenge
- SEC cracks down on accounting, internal control http://bit.ly/SEC-cracks-down
MACPA Upcoming Events and Resources:
- Forensic Valuation Conference, April 25, Martin’s West http://bit.ly/Forensic-Val-Conference
- Government and Not-for-Profit Conference, April 29, Univ. of MD University College http://bit.ly/GNFPConf
- Employee Benefit Plan Conference, May 16, Columbia, MD http://bit.ly/Emp-Benefits-Conf
- Business and Industry Conference, May 13 at Hilton Baltimore BWI Airport http://bit.ly/BnIConf
- Beach Retreat: July 6,7,8 http://bit.ly/MACPA-Beach