New AICPA Chair shares her vision for our new normal

True story: In high school, I was voted “Most Likely to Become President.” As a part of a military service family, this plan made total sense to me — until I arrived at college in Washington D.C. and realized I wasn’t really interested in the “D.C. scene.” So, I needed to rethink my plan. I did like business classes, however, so I changed my major. I contemplated every area of business — finance, marketing, management — and landed on accounting because it encompassed all of those things and more.

Now, as we embark on the new normal in response to COVID-19, I know that my choice is more relevant than ever. Accounting is the core of business. It’s the starting point as we envision a new venture. It’s the map we follow as a business grows and evolves. And it’s the guide to resilience for overcoming unexpected financial events. As accountants, we understand that businesses rely on us to serve as trusted advisers every step of the way.

Learning from disruption: Reflections from AICPA Chair

Over this past year, while I’ve been Chair of the American Institute of CPAs (AICPA) and Vice Chair of the Association of International Certified Professional Accountants, I’ve often talked with members about how technology is driving an unprecedented pace of change and how we need to disrupt ourselves as a profession.

What I couldn’t know in 2019 is the shape and extent of disruption we are experiencing in 2020. The entire professional ecosystem has been impacted by the fallout from the COVID-19 pandemic. In all areas of practice, members are having to adapt. Some are identifying solutions for business continuity, while others are addressing clients’ tax concerns and liquidity needs. Many members are trying to mitigate economic harm to their own small businesses and their employees.

And, as I’m sure you know first-hand, the disruption caused by the pandemic has upended many of our professional routines. We’ve had to figure out new ways to work remotely and employ technology on an accelerated timeline.

New AICPA Chair focuses on the profession’s leap into the future

In May 2019, Bill Reeb, CPA/CITP, CGMA, assumed the role of Chair of the American Institute of CPAs (AICPA). He also serves as the Vice Chair of the Association of International Certified Professional Accountants (the Association). We asked him a few questions to help you get to know him and his vision for the future of the profession.

You can also watch the video of his AICPA inaugural address.

1. Congratulations on becoming the 106th chair of the AICPA! As you look ahead, what do you see as the biggest opportunity for the accounting profession?

The digital era has swept in a blistering pace of change that’s transforming the world around us. The change is not incremental — it’s exponential. And in these rapidly changing times, we find our greatest opportunity.

Our clients and employers need us more than ever to help them navigate increasing uncertainty and complexity. To seize the potential, we must take leaps, not steps. We must race to the horizon of possibility. Go where there has been no footpath before us to follow. Become comfortable with being uncomfortable.

Rising to the challenge of a digital era: Reflections from AICPA chair

When I stepped into the role of Chair of the American Institute of CPAs (AICPA) in February 2018, we were — and continue to be — facing an unprecedented pace of change that’s transforming our profession. And I put forward a challenge:

Be early to be on time. Take bold steps and initiate change today so that we will not just be prepared for tomorrow — we will be even stronger than we are today.

You have risen to that challenge. As I’ve spoken with members and leaders across the U.S. and around the world, I’ve been energized and inspired by the progress our profession is making. We’re not just imagining the possibilities. We’re seizing them to create an even stronger tomorrow for ourselves and the next generation.

Here are some of the ways we’re doing it.

Delivering more value

We’re pushing our own boundaries by adopting new technologies, competencies and service areas to become even more indispensable.

It’s a Great Day to Be a CPA!

As someone who grew up in the small farming town of Belmont, Wisconsin, the past year has been remarkable for me. I’ve visited more than half the states and met thousands of CPAs working in every professional accounting role you can imagine. And I’ve learned something from every one of them.

There’s nothing like talking with CPAs working with or in real businesses facing complex accounting and tax issues to understand what is important to the future of our profession. They understand we need to evolve to maintain our relevance. The confluence of complexity and rapidly evolving technology has accentuated the imperative for change.

We often discuss the four areas I spoke about at my inaugural address last October. CPAs want to modernize their services, which means adopting new technologies and being a step ahead of what the marketplace demands. They’re asking about everything from how auditors can leverage data analytics, to the latest standards from the Financial Accounting Standards Board and the impact Brexit will have on the work they do.

Something else they want to talk about, and the second area where we can shape our own future and ensure relevance, involves the speed in which we are developing new fields of expertise. These efforts are in response to the changing needs and requirements of our clients and employers. Today the world moves too fast to wait.