By Maureen Renzi, vice president - communications
At PICPA’s fall Council meeting, attendees agreed that technology is going to have a huge impact on the future of the profession; and that future is right now. The time has passed when CPAs could mull over the potential of using historical financial data to help map future growth. It’s time to start digging into the data to uncover opportunities.
Last year, AICPA president Barry Melancon, CPA, summed up the CPA profession’s view of the importance of technology and the future of the CPA profession in “Technology and International Opportunities Key to Future, Say AICPA Members.” He said, “When asked where our profession needed to be on the technology adoption curve by 2020, two-thirds (65 percent) of those polled said CPAs needed to be either early adopters or innovators of new technology. Another 30 percent said we must be in the early majority. Combined, 95 percent of respondents believe CPAs must be quick to embrace new technology and the capabilities that come with it.”
As 2016 draws to a close, the PICPA is working hard to heighten members’ awareness of the need to focus on this critical area. Here are a few of the tools we’ve provided to help you succeed:
In addition, watch for the introduction of a new column on technology in the winter 2017 issue of the Pennsylvania CPA Journal. This regularly occurring section will explore the use of technology to enhance the audit process. There’s also an interesting feature article coming up on the “Internet of Things” and how that will open new opportunities for CPAs.
No one denies that the rapid rate of change is unprecedented. The window of time between innovation and irrelevancy has compressed greatly. As 2020 approaches, you need to decide if you want to be an innovator and early adopter, or take a chance that the window of opportunity slams shut before you have a chance to join in.
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