What’s on the horizon? How are changes in the business marketplace creating new opportunities for the accounting profession? What are the implications of up-and-coming technologies like blockchain? These, among a host of other emerging trends were discussed recently at the AICPA’s Assurance Services Executive Committee (ASEC) meeting. The committee, composed of the profession’s leaders in assurance and advisory services, engaged in an insightful discussion about issues that are gaining traction internationally and in the United States.
In addition to discussing ideas for potential future projects, the committee also spoke about the projects they have currently underway that facilitate new opportunities for practitioners to provide value-added services to clients. These include five emerging service opportunities:
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Innovation and Accounting may sound like an odd pairing. But they don’t have to be!
Innovation is often used to describe the act of doing something new, creative and risky. This definition - especially the part about risk - may not align with traditional accounting ideals. But consider this, if you are not the disruptor, you will likely get disrupted. Innovation may seem risky, but ignoring it could prove fatal. Given the magnitude and speed of change throughout the world, innovation is a necessity for your career, your clients and the profession. Done well, embracing innovation can help reduce risk as you cast a keen eye on what lies ahead rather than hold on to the past. Let’s explore three simple steps (plus a bonus step) to get started with innovation.
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New federal regulations mean CPA firms will have easier access to an unexpected tool for audits and inspections: flying robots.
Unmanned aircraft systems, commonly referred to as drones, have a wide range of commercial applications, including law enforcement and rescue operations. CPA firms are finding ways to use drones to audit and inspect land, agriculture and facilities as a safer and more cost effective alternative to manual inspections.
For the past several years, commercial drone use has been mostly limited to larger firms because of a burdensome and costly Federal Aviation Administration (FAA) approval process. But on August 29, a new FAA rule took effect that broadly authorizes commercial drone operations in the United States, giving CPA firms of all sizes an easier path to incorporating drones into their operations. For example, the new rule allows the commercial operation of drones under 35 pounds, whereas previous regulations mandated that commercial drone operators had to apply for a special license from the FAA.
Continue reading "Drones on the Horizon for CPA Firms in 2017" »
By 2020, my house will have a smart refrigerator that will alert me when I am out of eggs or cheese. It will 'talk’ to my phone and ping me a list of items that I still need to buy as I'm leaving work and headed to the grocery store. On a macro level, cities will collect data on pedestrian flows and use big data to optimize energy use and traffic patterns. These are just a few of the 50 billion smart devices that we'll have by 2020.
AICPA staff recently gathered over coffee and discussed ideas and insights on the Internet of Things (IoT), a term you may start to hear being used more frequently. It refers to everyday wireless objects that communicate with each other over the internet and send useful information to consumers and businesses.
Truth is, many of these smart devices are already everywhere– and they are not just for the tech-savvy. You may already benefit from this technology without realizing it, like when you receive your online shopping purchases ahead of schedule. Retailers and distributors are employing smarter freight management systems that improve the efficiency of the shipping process.
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A vast, open office space without doors or interior walls. Sleek, floor-to-ceiling glass windows. An office dog, unlimited free snacks, and maybe some music. Sounds fun, right? For years, spurred by the second tech revolution (Facebook, Google and their ilk of Silicon Valley giants), open-office floor plans — and some of the above-mentioned perks — grew in popularity. But if you actually talk to the employees who have to work in these offices, you might find they aren’t the halcyon spaces that were intended.
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While companies that most effectively use disruptive technology continue to make headlines -- and profit -- many organizations have a heightened interest in innovation. Their staff are being asked to focus on future growth opportunities rather than defending the status quo; embrace failure through small and quick learning experiments; and reinvent business models to create value for their customers and themselves.
My colleagues and I on the AICPA’s Innovation team seek to drive member value by encouraging staff to work collaboratively to convert ideas into new services. We’re here to help foster a culture of innovation across the profession.
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Ever heard of Chicken & Waffles potato chips? What about Dulce Almond ice cream? Frito-Lay and Ben & Jerry’s came up with these unique flavor ideas by soliciting opinions and contributions from large groups of individuals, a process known as idea crowdsourcing. Idea crowdsourcing is an excellent method to gather collective knowledge and gauge market interest.
Future-focused companies are increasingly turning to idea crowdsourcing to gain insights, gauge market interest and ignite innovation. They see organizational enhancements as well as external benefits like improved customer satisfaction. Here are a few more:
1. Foster knowledge and solutions
Two heads are better than one, right? What about 20 heads? Or 200? Idea crowdsourcing taps into collective knowledge -- the wisdom of many individuals, teams, and communities -- to create a deeper understanding of issues while gathering tremendous insights. It diversifies cognitive and creative talent, providing better ways to solve problems.
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