This week, we're diving into a well known, critical issue gripping our profession: the shortage of CPAs. It's a widespread challenge impacting businesses, causing staffing gaps, burnout, and compromised client service. The scarcity of expertise has escalated workloads, hindered recruitment and retention, and even led some firms to decline work due to insufficient manpower. To combat this, many organizations are resorting to measures like increasing compensation and offering more flexible work arrangements. The profession is undergoing a transformation to adapt and survive.The ramifications extend beyond the accounting realm, influencing how businesses operate at large. Solutions are being sought across various fronts, including regulation, education, and cultural shifts. At the forefront of these discussions is our guest, Lexy Kessler, Mid-Atlantic Regional Leader and Partner at Aprio as well as a former chair of MACPA Board of Directors, who now chairs the National Pipeline Advisory Group. This group is spearheading efforts to formulate a unified strategy to address the talent shortage, leveraging unbiased research and stakeholder input. They've launched a national survey to gather insights and ideas for tackling this issue head-on. In our conversation, we delve into the progress of this initiative, its timeline, potential outcomes, and the individual CPA's role in bolstering the pipelineResources:Financial Executive International article, "Navigating the Accounting Talent Shortage: Strategies for Business Growth and Efficiency" by Justin SmithForbes article, "Accountants Are Turning Away Work—Hurting Firms And Small Businesses" by Hitendra PatilCFO Dive article, "Auditors say accountant shortage ramps up work pressure: CAQ" by Jim TysonLexy Kessler, CPA, CGMA, Mid-Atlantic Regional Leader & Partner at AprioLexy Kessler LinkedIn ProfileNational Pipeline Advisory Group: Pipeline Survey

We've spent a good amount of time discussing new technology (A.I. in particular) and what it all means for CPAs and our profession. However, amidst these discussions, we've overlooked the strategies for implementing broader changes, including new technology, ideas, mindsets, and work processes.After browsing numerous articles, I came across a resonating approach: asking our organization, "What do we need? What problems are we trying to solve?" Then, we develop a plan, train others, and launch. This problem-focused strategy prioritizes identifying our challenges and leveraging new technologies to address them.My guest is believes in this same approach: Will Hill, founder and owner of Will Hill Consults, a coaching and consulting firm serving the tax and accounting profession. Will emphasizes that understanding the problems we aim to solve can lead us to realize that the solution may not be what we thought (i.e. A.I.). The journey begins with identifying the problem, not the technology. Listen as we discuss the questions critical for our internal teams and clients.Resources:Will Hill ConsultsCalculated Research & Technology (CR-T) article, "How to Implement New Technology in Your Organization"Big Think article, "7 Essential Strategies for Adopting New Technologies"Information Week article, "4 Tips for C-Suite Leaders to Accelerate Tech Wealth", by Andy Tay

My guest this week is Dr. Britt Andreatta, who has been a guest of this podcast before (check out ep. 163). Dr. Andreatta is a internationally-recognized thought leader and author who creates brain science-based solutions for today's challenges. Her most recent book is called, "Wired to Become: The Brain Science of Finding Your Purpose, Creating Meaningful Work, and Achieving Your Potential". Her work relates directly to the "why" behind accounting - our purpose as CPAs. When it comes to the talent shortage, we believe connecting students and young professionals to that purpose will help grow our profession and secure our future. By re-centering on our core values and making our work engaging and meaningful, we can attract individuals who are eager to make a real difference. Join me in a conversation with Dr. Andreatta, an expert in the research on the significance of discovering one's purpose. We'll explore how our profession stands to gain from a renewed emphasis on the purpose behind our work.ResourcesBritt Andreatta website"Wired to Become: The Brain Science of Finding Your Purpose, Creating Meaningful Work, and Achieving Your Potential" by Britt AndreattaCPA Practice Advisory article, "Where Have All The Accountants Gone?" by Garrett Wagner

We've had some great conversations recently about A.I.; what it means for our profession and how to integrate it into our work. This week, I talk to Jason Staats, who has been on the leading edge of A.I. and has a wealth of knowledge to share with CPAs about this new technology. Jason's main message about A.I. is that as groundbreaking and game-changing as A.I. is, it doesn't necessarily mean our profession will change radically at it's core. A.I. is a tool we can use in service of what our profession is charged to do. CPAs do what we're trained to do - that will not change. What we do need to do is ramp up our curiosity about these new tools and how they will allow us to better serve our customers. Instead of trying to force A.I into every aspect of our work, a better approach comes by asking what problem we are trying to solve and how at all can A.I. can help. Resources:CPA Australian article, "Generative AI in business: how to navigate the ethics" by Susan MuldowneyJason Staats LinkedIn ProfileJason Daily PodcastJason Daily YouTube Channel

In this episode, we welcome another longtime friend of MACPA, leadership expert and author of the new book, "This is NOT a Leadership Book: 20 Rules for Success", Emmanuel Gobillot. Emmanuel has been my go to source for all things leadership for many years. I speak to him about leadership as it relates to recruitment and retention, which is top of mind for everyone these days. Where do we find new CPAs? How can we get students interested in accounting again? It's important for leaders to express why our profession is important and why our work matters - that "why" is what is going to get young people excited about a future career in accounting. The focus of many employees entering the workforce is their role in society, their purpose, and finding institutions that match their outlook. Those in leadership need to personify that "why" and start changing the narrative about this profession. Begin by understanding your organization's higher purpose; it should be aspirational and authentic.Emmanuel spends a lot of time in his latest book speaking to authenticity, why it actually might be overrated UNLESS it's inline with your intent, your purpose, and the needs of your team. Listen in as we dive deep into his 20 rules to success and more. Resources:Emmanuel Gobillot website | LinkedIn | XThis is NOT a Leadership Book, by Emmanuel GobillotForbes article, How To Attract And Retain Top Executive Talent Through Purpose, by Karen Greenbaum

We're once again joined by Pascal Finnette, co-founder and chief heretic of be radical. Be radical is a guiding force for organizations seeking to restructure in anticipation of future challenges, and it inspires individuals to evolve into leaders prepared for the demands of tomorrow's world. I've engaged in numerous discussions with Pascal about shifting mindsets and embracing disruption. In this episode, we delve deeper into the realm of artificial intelligence, seamlessly continuing our exploration from the previous episode featuring Don Tomoff on how CPAs can initiate their journey with A.I.Pascal recently delivered a thought-provoking address at the digital CPA conference, asserting, "Companies and individuals leveraging A.I. won't just outperform those who refrain from its use; they will exponentially surpass them." Similar sentiments have echoed lately, urging us to harness the power of A.I. to our professional advantage. The expectations surrounding the transformative impact of this technology on our work, lives, and the world are immense.While most c-suite executives anticipate cost savings this year through A.I.'s contributions to increased productivity, streamlined operations, improved customer service, and enhanced I.T., it's essential to recognize that A.I. cannot entirely replace human expertise in addressing the intricacies of tax and financial assessment problems. Many of the cutting-edge technologies developed by vendors are still works in progress.Despite ongoing refinement needs, the utilization and potential of A.I. are experiencing rapid growth, making it an undeniable game changer. In my conversation with Pascal, we explore how A.I. has already reshaped our work and lifestyles. We discuss the challenge of regulating A.I., the first steps CPAs should consider when integrating A.I. into their business, and focus on what isn't going to change. Resources:Pascal Finette websitebe radical. websiteBoston Consulting Group article, "From Potential to Profit with GenAI" by Jessica Apotheker, Sylvain Duranton, Vladimir Lukic, Nicolas de Bellefonds, Sesh Iyer, Olivier Bouffault, and Romain de LaubierZDNet article, "Using ChatGPT for Accounting? You May Want to Think Again" by Rajiv Rao

It's great time to talk about A.I. - the 1 year anniversary of ChatGPT just passed which set this whole artificial intelligence ride in motion. While A.I. has been around since the 1950s, it's exponential growth is really marked this past year both with the release of ChatGPT and Google's announcement of their own A.I. model, Gemini. Not long after, lawmakers in the European Union approved the A.I. Act which sets a new global benchmark for countries seeking to harness the benefits of A.I. while trying to protect against it's possible risks such as automating jobs, speaking misinformation, and endangering national security. While I was at the 2023 Digital CPA Conference, I gained some great tips from sources about how A.I. "newbies" can get started in meaningful and productive ways. Here are some simple steps from keynote speaker, Pascal Finette:Learn about it - simple enough but important to fill the gap between what we know and what we should know (listening to this episode is a great start)Start small and build projects quickly - learn firsthand what is possible with this technologyApply your experience to larger projects - use those smaller projects to inform what you can do with larger projects (crawl. walk. run.)Another step-by-step resource to get you started is the "Generative A.I. Toolkit" for CPAs, recently released by CPA.com, which includes 7 steps for building your A.I. strategy: Experiment Focus on the near term Consider client expectations Research what solution providers are buildingDefine acceptable usePut the technology's best feature to workEnsure that humans maintain a key role in the processThese tips are a great foundation for our episode this week as I speak with Don Tomoff, Director at Invenio Advisors, LLC and longtime friend of MACPA. Don shares his wealth of knowledge and experience in the field of A.I. and explains which steps CPAs should take right from the outset.ResourcesWired article, "Google’s Gemini Is the Real Start of the Generative AI Boom" by Will KnightGenerative A.I. Toolkit from CPA.comDon Tomoff, LinkedIn Profile

This week, we have a longtime friend on the show, Jack Ciesielski, CFA, CPA, MACPA member and owner of investment research firm R.G. Associates. Jack was recently quoted in a Wall Street Journal article about former inspectors who are calling for updates in the U.S. public-company auditing process. There are claims that while inspections are a useful tool to detect potential deficiencies in public companies, the reports are limited in scope, lacking details, and not released in a timely process. I speak to Jack about the PCAOB's investor advisory group - what it is and what it does, along with some of the biggest issues related to auditing that investors are concerned about. He also shares his thoughts about the issues presented in the WSJ article and what should be done to better help investors. Listen in to this timely conversation! Resources: R.G. Associates, Inc. Jack Ciesielski LinkedIn ProfileWall Street Journal article, "Former Inspectors of Public-Company Audits Say Process Needs Retooling", by Mark MaurerPCAOB SPOTLIGHT, Staff Update and Preview of 2022 Inspection Observations

This week's conversation is all about leadership, or more exactly "reality-based leadership". As we know, there's always drama in the workplace between management and other team members which can lead to a loss of enthusiasm for work and trust. I speak to Alex Dorr, VP of People Evolution about the most comment causes of workplace drama, the role leaders play in alleviating these issues, and what CPA leaders should be doing to get past this drama. Listen as we talk about all the stuff that goes beyond the water cooler. ResourcesReality-Based Leadership WebsiteAlex Dorr LinkedIn ProfileFast Company article, "These are the most common roots of workplace drama" by Patti Perez

This week, we meet a new leader for new times: Okorie Ramsey, the new chair of AICPA. He's a CPA, CGMA, and currently the VP of SOX at Kaiser Foundation Health Plan, Inc. and Hospitals. Okorie plans to continue to build upon the platform of the most recent past chair of AICPA, Anoop Mehta, by helping others grow personally and professionally, driving DE&I initiatives and preserving trust in the profession. In addition, he plans to face our newest challenges, namely the rapid advancement of technology and our continuing challenge of filling our talent pipeline - making sure our profession remains viable. With these challenges in mind, Okorie has a 3-pronged agenda:Innovation to advance the professionInstilling integrity and trust into sustainabilitySupporting the next generation and giving them advanced opportunities to succeedI was fortunate enough to dive into these 3 priorities in depth with Okorie, discussing what the future holds for accounting & finance professionals. ResourcesOkorie Ramsey, CPA, CGMA, PMP, NACD.DC Linkedin ProfileAICPA-CIMA news article, "New AICPA Chair Looks to Foster Innovation and the Next Generation"

Episode 200! Thanks to all the listeners here to celebrate this milestone. In this episode we're talking about the coming tax season (never too early right?). A lot of tax headlines to discuss this episode:IRS announces that this coming filing season, taxpayers may be able to file most documents and returns electronically and by 2025 the IRS will digitize all paper file returns when they are receivedIRS might push for an early end to the employee retention tax credit as the number of "legitimate claims" declinesTreasury Inspector General for Tax Administration says that while the IRS has done a good job of addressing cyberthreats, it needs to do a better job with documentation New tech being built called IVIX, the first AI powered platform to help governments address financial crimes and tax evasionTax prep companies like H&R Block and TaxSlayer have for years been sharing Americans sensitive financial data with tech giants like Meta and Google in a potential of violation of federal lawI speak with Steven Lyon, Senior Manager, Product Specialists with SafeSend to discuss all these updates and how to meet challenges as practitioners. ResourcesSteven Lyon LinkedIn ProfileAP News article, "IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperwork", by Fatima Hussein Accounting Today article, "IRS good at addressing cyberthreats, but not documenting them" by Chris GaetanoIVIX websiteCNN article, "Tax prep companies shared private taxpayer data with Google and Meta for years, congressional probe finds", by Brian Fung

Talking about Client Advisory Services, widely known as "CAS", this week; specifically spend management. Spend management goes beyond expense management in that all company funds are brought together in one centralized location so finance leaders have full visibility to set, track, and control spend before it occurs. These spend management capabilities provide a better understanding about spending patterns, leading to more valuable client interactions and growth for firms. To find our more about spend management trends and how firms can get started with these services, I speak to Jyson Brannon, VP of Sales & Partner Services at CPA.com and Dan Luthi, Partner at Ignite Spark Accounting. ResourcesAccounting Today article by Kalil Merhib, "Voices Spend management: An approachable CAS opportunity"CPA.com Expense & Spend Management Survey ReportJyson Brannon, LinkedIn ProfileDan Luthi, LinkedIn Profile

Today's show we talk about remote work, hybrid work, talent shortage, and everything in between. Since COVID, many futurists felt remote work was here to stay as "the new normal" and many employees felt a certain power in being able to request working from home. However, there were some large organizations that began to require employees come back to the office full time even though studies showed employees not only preferred remote work but were just as productive working from home. Now, we're seeing that there can be a balance between the extreme of employers demanding working in the office and employees demanding they work from home full time. Hybrid work arrangements are now offered by the majority of companies which offers a sort of "truce" between employers and employees. My guests this week are seeing this same harmony in hybrid work; Alex Kirillov and Jim Brady are executives who have noticed better collaboration, stronger culture, and clearer communication when companies strike the balance between coming into the office and working from home. Here's our conversation about how to make room for both.Resources:Business Insider article, "Here's a list of major companies requiring employees to return to the office" by Shana Lebowitz, Marguerite Ward, Emily Canal, Rebecca Knight, and Alexandra York Fortune article, "Bosses and workers are finally reaching a ‘truce’ on remote work" by Alicia Adamczyk Flex Report by Scoop, Companies by Office RequirementAlliant Group

In this episode, I get a chance to talk with Christine Aspell, the newly appointed chair of MACPA's Board of Directors. MACPA has a long history of pulling in leaders with some of the best diversity of thought in their profession. We lean on these leaders not only to help MACPA serve members but also help our profession flourish as a whole. Christine is Managing Partner and Audit Partner at KPMG's Baltimore office, with 25+ years of experience providing assurance services to clients. She is passionate about the future of this profession, particularly when it comes to diversity & inclusion, advancing women in the profession, and helping the talent pipeline leading to profession. The pipeline is a huge concern as of late and multiple solutions have been proposed centering around education and regulatory requirements. Christine is taking a different tact; she wants to reconnect CPAs with a purpose behind their work and to share that purpose with students and young professionals who are hungry for work with meaning. "Our profession continues to change rapidly as technological advancements and regulatory changes and demographic trends reshape what we do and how we do it, but even amid that change, one thing remains constant: our purpose. The what, how, and even who of our great profession will adapt and change, but what won't change is our why." says Christine. Christine is hoping to collect and share stories about how CPAs help their clients who in turn help their communities; how CPAs help people lead better lives. These are the stories that will inspire others to become a part of this profession. Listen to learn more about this initiative and to hear Christine's own inspirational story. ResourcesChristine Aspell, MACPA Chair of Board of Directors, AnnouncementChristine Aspell LinkedIn Profile

This week I speak with my friend, Joey Havens, Partner for Strategic Growth and previously Executive Partner at HORNE LLP. Joey runs an executive blog, Be Better, filled with advice about being a better leader, better person, be future-ready, and how to flourish in a changing world. Recently, he became a best selling author with his book, "Leading with Significance: How to Create a Magnetic, People-First Culture". People-first is the right tactic to take these days given issues with burnout and retention. It's also been noted that customer satisfaction is intrinsically tired to employee satisfaction; you'll see more success in your business if you consider the professional fulfillment of your team. Keep in mind, it's not just about caring for your employees, it's about helping them forge a meaningful, purposeful career path. By "them" we're being inclusive of gender, races, identities, and backgrounds. I speak with Joey about his book and what it really means to "lead with significance"; what this adds to conversation about putting people first and how so-called soft concepts like love, caring, service can actually be some of the most powerful leadership strategies around. ResourcesJoey Havens Website"Leading with Significance" by Joey Havens, available on AmazonJoey Havens LinkedIn

We're talking about advisory today, something on everyone's mind; how do we incorporate more value added advisory services? What types of advisory services should we offer? What technology do we need? How do we price these services? How do we staff them? The profession has been laser focused on CAS for awhile and still, there are so many questions to answer. When it comes to CAS, top-performing firms showed a median growth rate of 16% just last year and are optimistic about continued growth. These top firms implicate key strategies for success:Dedicated CAS staffUsing technologies to drive efficiencies Standardize processes Raise fees to reflect the value providedExplore creative staffing and capacity building measuresEducate clients and staff on CASMy guest this week, Jasen Stine, Tax & Accounting Education Leader at Intuit, speaks with me about what tax advisory really looks like; what types of services that are most in demand, what type of clients we should look for, what pricing looks like and possible first steps for those who are looking to explore this area. ResourcesJasen Stine LinkedIn ProfileCPA.com CAS Benchmark surveyIntuit Podcast: Account Trends

This week we're talking about the pipeline: the talent crisis that's on everyone's radar in our profession. The most recent AICPA trends report found that accountants are leaving their jobs in unprecedented numbers and fewer students are opting to go into accounting. Now that we've recognized this problem, a number of solutions have been presented such as adjusting certain requirements and regulations for CPA candidates. One major point we need to address is making sure the accounting career path is accessible to those of all backgrounds, allowing our profession to be more diverse and inclusive. Center for Audit Quality (CAQ) has launched a campaign, Accounting+, designed to strengthen the accounting pipeline and reach Black & Latinx students at the high school level. In this episode, I speak with Liz Barentzen, VP of Operations & Talent Initiatives at CAQ, where she oversees strategies to attract and retain talent. Liz breaks down what Accounting+ is, what the response has been, and what roles CPAs can play in all of this. ResourcesLiz Barentzen LinkedIn ProfileBusiness Insider article by Erica Sweeney,"Why There's a Shortage of Accountants and We Should Be Worried"CAQ Accounting+ website

I want to talk about engagement this week - according to a 2023 Gallup report, fewer than 1/3 of employees are engaged in their work. Study after study shows that employee engagement is directly linked to business performance. The secret sauce for engagement is part strength and part passion; things that we enjoy doing not just what we're good at. In this episode, I speak to Marcus Buckingham about identifying how we truly enjoy spending our time, aka "red threads", that you should weave into your daily activities in order to build your engagement. ResourcesMarcus Buckingham websiteLove and Work: How to Find What You Love, Love What You Do, and Do It for the Rest of Your Life

In this episode I speak with Christina Ho, a board member of the PCAOB, about the two most significant audit quality challenges we face today, in her opinion: technology and talent. "Talent is the cornerstone to audit quality. Without well trained talent, there is no audit quality." - Christina HoResources:Christina Ho LinkedIn ProfilePublic Company Accounting Oversight Board (PCAOB) - Christina Ho Board Member ProfileBloomberg article, "The Accountant Shortage Threatens Capitalism's Future" by Adrian Wooldridge

A good conversation with a good friend; this week I speak with Tom Hood, CPA, CGMA, CITP, founding CEO of BLI, Executive Vice President of Business Engagement & Growth for AICPA-CIMA.We talked about the trends that are impacting finance professionals, the opportunities that exist in this post pandemic world, and ideas emerging from the Future of Finance Leadership Advisory Group - a group of senior finance executives who's initial meetings resulted in a crowdsourced vision of what the future of finance looks like. Resources:Journal of Accountancy article, "The changing role of the CFO", by Anita DennisBusiness Learning Institute powered by AICPA-CIMATom Hood LinkedIn Profile