The Top 100 People: Preparing for an uncertain future

December 23, 2020 9:01 AM

The only constant is the need for change, according to 2020’s Top 100 Most Influential People.

As part of this year’s survey, Accounting Today asked, “What one thing would you recommend accountants do to prepare for the future?”

The T100 identified many areas in need of transformation, while acknowledging that the coronavirus pandemic has only heightened this urgency. Learning new skills, rethinking old business models, and adopting a greater awareness of all the ways the profession and the world at large is evolving were common themes.

(To see the full responses of all the candidates for the Top 100, click here.)

Embrace technology, stay on top of trends and always be recruiting for talent.

— Joel Sinkin, president, Transition Advisors LLC

Culture is a strategic advantage. A diverse culture that accepts change, learns rapidly and listens to the clients will thrive. Clients want and need a team approach.This can only happen with great leadership, a shared vision and a plan.

— L. Gary Boomer, founder, visionary & strategist, Boomer Consulting Inc.

Shimamoto-Donny-IntrapriseTechKnowlogies 2018

Revisit everything that they do through the lens of “do we really need to do this?” and if yes, “if I was starting to do this now, would I approach it differently?”

— Donny Shimamoto, managing director, IntrapriseTechKnowlogies LLC

Learn as much as you can about automation and evolving your firm’s business model. As private equity money comes into the space and begins to buy and evolve firms, those who chose not to evolve will most surely be left behind. The equity firms have the cash to invest to update both the technology and business models of these new acquired firms for the long term. Something old school firm owners have failed to do in the past.

— Jody Padar, vice president of strategy, Botkeeper

Johnson-Dobek-Sarah-Innovautus Consulting

Keep learning from the past and current environments. Keep evolving by continuing to invest in your own development.

— Sarah Dobek, president and founder, Inovautus Consulting

The new remote reality can positively influence everything from recruiting to retention, succession planning, growth and more, if you allow it to!

— Art Kuesel, president and founder, Kuesel Consulting Inc.

Be curious and open-minded about new ways of operating, whether that’s changing technology, billing methods, service offerings or staffing models.

— Lisa Simpson, director, firm services, Association of International Certified Professional Accountants

It’s a brave new world and they need to get on board with it. Being trusted advisors won’t win the day anymore. It’s time to become an impact player and become the client’s most valuable advisor.

— Allan Koltin, CEO, Koltin Consulting Group Inc.

My advice to accountants is to be flexible. If nothing else, this year has taught us the importance of flexibility. Accountants need to think outside the box, be creative and adjust to the changing environment. So much is possible if you look around and see what is needed.

— Diane Yetter, president and founder, Yetter Consulting Services & Sales Tax Institute

Jennifer Wilson

Take a class on unconscious bias.

— Jennifer Wilson, co-founder and partner, ConvergenceCoaching LLC

To prepare for the future, accountants must begin to think outside traditional roles. The essential skill sets that all professional accountants have – monitoring risks, measuring impacts, planning for future events, advising on business decisions – are well-suited for current and future challenges. The COVID-19 pandemic has made this all the more apparent. I encourage accountants to find new ways to deploy their skills in areas such as data governance, cybersecurity, change management, and sustainability.

— Kevin Dancey, CEO, International Federation of Accountants

Maintain a flexible, open mindset - one that embraces change as an opportunity to grow and innovate.

— Anthony Pugliese, president and CEO, California Association of CPAs

I recommend practitioners and firms of all sizes prioritize strategy sessions at least once or twice a year to align their business, technology, innovation and service lines. Talking to clients beforehand is critical to have more perspectives, and include team members from all departments and at a range of levels to ensure you have diversity of thought – this will lead to a more creative session and new opportunities identified. The world is moving far too fast to not have frequent strategic assessments.

— Kacee Johnson, strategic advisor, CPA.com

Promote use of digital tools and collaboration with clients now so it becomes the new normal for data collection, engagement inquiry, delivery, and signature. This will allow the rote/administrative components to be optimized and client interactions to be focused on advisory assistance instead of processing busy work.

— Roman Kepczyk, director, firm technology strategy, Right Networks

Learn a new skill. Get more information about emerging technologies and trends. Adapt and be agile and flexible.

— Tracey Golden, Chair, AICPA and Association of International Certified Professional Accountants

Now more than ever during the pandemic, accountants need to be trusted advisors for their clients and part of that means identifying which of their processes should be automated to ease pain points. Incorporating automation and solving challenges for clients is a significant growth opportunity for accountants, especially as we all continue to work remotely.

— René Lacerte, CEO and founder, Bill.com

Jeffrey Hales

Learn more about sustainability and what it means for the businesses you are involved with. Business is evolving in response to shifting capital market pressures, capital flows, and regulation. Accountants should be at the center of these changes, not standing on the outside looking in.

— Jeffrey Hales, chair, Sustainability Accounting Standards Board

Terri Keefer

One very big thing: look outside the accounting profession for ideas, inspiration, and role models. Our profession tends to be very myopic—much to our detriment. It’s said: your competitors will not look like you and this is certainly playing itself out. If we keep navel gazing, we’ll never even see them coming, much less outstrategize those who can and likely will make us irrelevant.

— Michelle Golden River, President, Fore LLC

Kevin Cumley

Kevin Hudson

Develop a solid strategy and a written plan for change that addresses new technology and the next generation of people entering the workforce – both at their firms and related to their clients. You would be amazed by how many firms don’t have any kind of formal, written plan to address this critical need. More importantly once the plan is in place then execute and review results on a regular ongoing basis, then repeat every year forever.

— Kevin Cumley, senior director, Sage Intacct Accountants Program, Sage

Lisa Fitzpatrick

Build your network, leverage mentors, and think globally. With the growth of the digital economy, companies from small to large are now doing business across the world. Now it’s more important than ever to understand financial and tax impacts of doing business in multiple jurisdictions including those outside of the US.

— Lisa Fitzpatrick, president, Bloomberg Tax & Accounting

Key in preparing for the future is continuing to advance and rethink your business strategies and services based on the continued acceleration in capabilities. The key is to not just focus on the new technology capability but to focus on how you leverage it to advance your business.

— Erik Asgeirsson, president and CEO, CPA.com

Joanne Barry

Evolve. The CPA profession is changing, and professionals must change with it lest they be swept away in the flood. This means not only embracing new technologies but new mindsets. The firms of today are more forward-thinking and people-oriented than before, which means those that are successful will be the ones that embrace employee wellness, corporate sustainability and a diverse, inclusive workforce. A 21st century firm literally cannot afford a 20th century mindset. Those that fail to adapt will soon find themselves losing both staff and clients to those who did. CPAs must take bold and deliberate steps into the future.

— Joanne Barry, executive director and CEO, New York State Society of CPAs