CPAs: Ten Core Values Which Will Direct Your Future

Filed under: The Advisor's Blog

Accounting Series - Senior FinancesIn 2011, the AICPA released an in-depth report on the CPA profession. The CPA Horizons 2025 Report compiled input from over 75,000 CPAs, regulators, and thought leaders to create a detailed road map for the future. The report concluded that CPAs should keep their eyes on ten key themes which will direct your career from now through the year 2025. Integrate these core values into your practice, in order to safeguard your career and expand your role in the future.

Technology. Embrace technology in order to increase efficiency and expand your services. This includes mobile technology and social media. Technology offers methods to increase your transparency and provide real-time updates to investors and stakeholders. However, it also creates opportunities for fraud, so be vigilant in learning and utilizing safe data management strategies.

Continued education. The ever-evolving dynamics of business and government demand more attention to detail. Devote yourself to staying current on social, economic, technological, and social trends both at home and abroad. Stay up to date on quickly-changing industry regulations and standards, and develop interpersonal skills which will enhance your relationships with clients, coworkers, and employers.

Global awareness. Educate yourself on international business trends, and create opportunities to expand abroad into other markets.

Pride in your profession. Continue to uphold the integrity of the profession. Maintain high standards of conduct even in foreign cultures where business practices differ from those at home.

Trusted Attester. CPAs benefit from the trust which is instilled in their role as provider of audit and assurance services. Stay vigilant in defending this role, and evolve your practice to meet changing regulatory demands as well as client needs.

Trusted Advisor. In addition to providing core CPA services, embrace your role as a Trusted Advisor. Utilize multidisciplinary and integrated problem solving in order to better meet client and business needs, and to better position yourself as an indispensable resource for the future.

Expand market permissions. Take advantage of opportunities to specialize, so that you can strengthen your expertise and provide increased value to clients. Continue to evaluate the services you offer, both locally and globally, and how you will deliver those services to meet the needs of clients.

Awareness of the marketplace. Respond to shifts in business, society, and technology, and evolve your practice accordingly. Learning to adapt will better position you as a leader who can help clients adapt to change themselves.

Demonstrate value. Listening to, and seek to understand, the needs and challenges of your clients. Spend more time demonstrating your value to clients, businesses, and society in order to thrive amid competition and economic pressures.

Preparation for demographic shifts. The profession as a whole should continue to enhance its appeal by seeking to understand and respond to demographic shifts. Firms should offer programs to support women and minorities in the field, older CPAs should continue to mentor young CPAs, and employers should create flexible and work-at-home employment opportunities to meet the needs of the younger generation.

Investment Advisory Services offered through John P. Dubots Capital Management, LLC, CA License # 0822926