"Transformation" has been the talk of the accounting profession for a while now – becoming a bit of a buzzword that leaves many feeling overwhelmed.
There’s a good reason for that. While the profession has continued to adapt to change for more than a century, the breadth and pace of technological innovation and adoption is unlike anything firms have ever faced. Cloud computing, data analytics, and artificial intelligence have already changed what’s possible in firms, and there’s a lot more change on the way – fast.
It's an incredibly exciting time for the profession, but it can also be incredibly daunting for many organizations. It’s not that leaders don’t recognize the opportunity before them – they want to evolve, innovate and grow. But it requires a full-scale transformation that begins with a shift in mindset and a dedication to becoming a highly-aligned organization.
Our goal at CPA.com is to empower firms with the knowledge, insights and solutions to take the first step and support them along their journeys. Each year, we bring together leaders and technology innovators from across the accounting and finance ecosystem to find out what’s working when it comes to emerging technologies, and what’s on the way. Here are some of the top transformation insights and best practices from our latest executive roundtable:
Automate, Automate, Automate
Automation and other tools can drive efficiency and free people from mundane, repetitive work. "If you aren’t spending time migrating data from one form to another, you are able to be more analytical," said Zac Charnecki, CPA, Director, Innovation and Transformation at Wipfli, a top firm providing assurance, tax and consulting services to more than 100,000 clients. "If a task makes you feel like a robot, let a robot do it," he said. Having delegated lower-level work to technology tools, the firm has shifted its recruiting emphasis to focus on people with a more entrepreneurial outlook.
Encourage deep expertise in staff
In hiring for CAS, firm leaders talk about seeking the "unicorn" – a professional with what may seem like an impossible blend of technical acumen and technology-based skills, plus the ability to think strategically and build close and lasting client relationships. Given the talent gap, firms should focus on building a multifaceted team with deep expertise in core areas, then upskilling them to enable them to deliver higher-value knowledge and insights.
Nurture innovation
With new technologies upending established practices and processes on a regular basis, organizations can benefit from seeking people with digital ambition, those who are excited to understand and apply new tools to simplify and automate. Because of their agility and passion, they will find it easier to continuously adapt to and make the best use of new resources. "We acknowledge, recognize and reward digital ambition," said Shifra Kolsky, Senior Vice President and Chief Accounting Officer, Discover Financial Services.
Change internal perceptions and mindsets
Will automation and other new technologies cause people to lose their jobs? If the people on your team don’t know the answer to that question, they may be reluctant to embrace new tools or ways of working. Or they may simply feel more comfortable with the old procedures and (at least initially) question the point of new practices. There are two ways to overcome this obstacle:
- First, focus on upskilling your teams. When staff see that the organization is investing in their development, they tend to have greater confidence in the security of their jobs.
- Second, communicate frequently and directly. Address your people’s concerns about job security – as well as new career and training opportunities – and you can make them more confident and excited about the direction ahead.
You can find a more detailed examination of these findings – including a closer look at the services that are likely to be affected most by transformation – in the AICPA and CPA.com Executive Roundtable special report, Tech-Driven Transformation. This is the moment to stay a step ahead of disruption rather than chasing behind it – make sure you take advantage of it!
