Posts Tagged ‘coping with change’
In the short-term, looks like a shortage is emerging for experience accountants. In the longer term, the massive change surrounding us means we need to keep learning and adapting.
As CPAs, we need to keep learning new skills and focus on things computers can’t do.
1/30/17 – Bill Sheridan at Business Learning Institute of MACPA – Want to beat the machines? Learn to do what they can’t do – Here is a way to think about automation that you might be able to wrap your brain around – How will you adapt then 30% of the work you do is automated, done faster, quicker, cheaper, and more accurately than you can do? Not 99% of what you do, not 10%, but 30%?
I can’t get my arms around audit or tax or consulting completely going away. I just can’t picture that. However, I can imagine 30% or 40% of my work as an auditor becoming completely automated. Actually, I sort of like that idea.
Computers don’t do well at applying professional judgment, courage, empathy, flexibility, and reacting to body language.
Point of article is learn to do those things better.
1/31/17 – Bill Sheridan at Business Learning Institute of MACPA – Change is a choice. So are relevance … and your future – Each of us has a choice. We can keep doing what we are doing. Or we can decide to change and grow and learn new things.
Look at music and newspapers as hint of what could happen in accounting. Then consider how ripe Hollywood is for the same disruption. In your accounting job what are you doing to get ready?
The music and newspaper industries have revenue trends that look vaguely comparable to the graph above. The IT revolution caused that severe disruption.
Hollywood is facing the same disruption.
Here is the question for accountants:
- What are you going to do before that type of disrupting change overruns your firm and your career?
I’ll be quite upfront with my challenge: I can see the impact of massive change in other industries, but I am not quite able to see what disruption would look like in my world. I’m struggling with how to get ready. Maybe you are too.
The massive volumes of change you see surrounding you everywhere you look isn’t going to stop. In fact the pace of change is going to increase.
Each of us have a choice. Either figure out how to cope with and embrace the change or ignore it.
The cost of ignoring massive change is that you and your organization will get left behind. That doesn’t just mean you will be a laggard as you continue doing next month what you did last year. Instead that means your organization will radically shrink and before you know it, will disappear.
The downsides are serious. There is an upside and it is exciting.
Four articles I’ve seen lately focus the mind. While these articles are written in either the accounting or church context, they also fully apply in the church and accounting context. They also apply to every individual and organization.
This article will be posted across all my blogs because it applies to all of them.
7/7 – Bill Sheridan at LinkedIn – Embrace change or resist it: Only one option is viable.
The odds are really high that tax preparation will be completely automated in the next two decades. Estimated odds are almost as high that both accounting and auditing will be fully automated.
Consider my business and my core tasks of auditing charities. There is a real possibility those types of audits could be heavily automated in 10 or 15 or 20 years. I am not old enough to bank on retiring before that massive change starts eating away the entire audit profession.
Automation will take over an increasing number of tasks. The world of tax, accounting, and audit will be affected. Mr. Sheridan explains the shelf life of education and experience we have is shrinking.
As the Maryland Association of CPAs routinely points out our learning needs to be greater than the rate of change; L>C is their formula.
(Cross-posted from my other blog, Outrun Change.)
1/19 – Mark Mills at Forbes – The Mobile Revolution Has Only Just Begun – Look again at the radical change in the last century:
Not only have radios become cheap but they’ve collapsed in size while rising in capability. A trailer-pulled radio that weighed one ton in WWI is now a chipset weighing a fraction of an ounce buried inside a smartphone that can handle one million-fold more traffic than those first Marconis.
Combine that with a computer the size of a phone and you have a smart phone.
I get the concept of radical changes in our near future. I am blind to see how it will affect my firm. (Radical change #1)
We are in the midst of radical change. I’m writing this blog (Outrun Change) to sort out the change around us. (cross-posted from Outrun Change, obviously.)
I get it in terms of tech change obliterating newspaper want ads, count of first class mail pieces for the Post Office, and devastation to bookstores (remember Borders?).
I totally get the concept that you can be your own book publisher with a cost of under $200 per title if you have the skill to use Adobe Acrobat along with Microsoft Excel and Word. Major publishers are dinosaurs.
A few links and comments of interest to auditors. The Andersen name is back, how to classify ‘trapped cash’, government assigning audits, and The F Student (twice). Wow, am I confused. The Andersen name resurfaces, and vinyl record sales are surging. What’s next, disco?
August 2014 – The CPA Journal – Meet the Future of the Profession – Rumbi Bwerinofa-Petrozzello is one of the bloggers I follow. She writes on fraud at Figuring Financial Forensics.
She and three other young professionals were featured in the linked article in the NY state society. The four discussed their perspectives. Well worth a read.
In particular, I enjoyed the following comment from Ms. Bwerinofa:
The overall rate of change today is increasing. This carries over to the business world. Commerce is getting more complex with every quarter that passes.
That will carry over to us as practitioners.
That’s the comment from a speaker at a recent conference.