Lessons for Accountants from Self-Driving Cars

How to make the leap from sci-fi fantasy to business reality in six steps.

By Hitendra Patil
Accountaneur

The Uberization of Accounting has already begun, and disruption is creating a “no-choice future” for some firms.

But, historically, every successful technology has only enriched human lives. Technology has always been making it possible for humanity to experience new possibilities that were once unimaginable. And enriching human life is the accounting profession's inherent responsibility, stated or otherwise. As Ron Baker says, "We make transformations. We change people's lives."

MORE ACCOUNTANEUR:  Rotten Tomatoes: What Do Your Clients Really Think of You?  |  Targeting the Top 50 Highest-Paid Client Categories  |  SURVEY RESULTS: Decide to be Decisive  |   The Curious Case of ‘The Irreplaceable Accountant’  | The Three Gears that Drive Success in the Accounting Business  |  Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?  |  Do You Want a Practice … or a Business?  |  ‘Decisiveness’ Rated Top Trait for   Success in Accounting Business  |  Tax Season Management: Multi-Tasking Is a Myth  |  3 Apps to Automate Business Networking  |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Self-driving cars are meant to enrich human life. And therein are the hints of the future of the accounting profession. Here's how: READ MORE →

Rotten Tomatoes: What Do Your Clients Really Think of You?

Biological tomatoesThe tell-tale signs of trouble.

By Hitendra Patil
Accountaneur

The Urban Dictionary defines “Tomatoed” as the state of a relationship when you're not quite dating but not just friends. Neither party is sure if they like the other enough to date, yet continue to do most of the same things as people in committed relationships. If they get tired of one another, they can simply return to "just friends" status without social upheaval. So named because of the tomato's role as not quite a fruit and not quite a vegetable.

MORE ACCOUNTANEUR:  The Three Gears that Drive Success in the Accounting Business  |  Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?  |  Do You Want a Practice … or a Business?  |  ‘Decisiveness’ Rated Top Trait for   Success in Accounting Business  |  Tax Season Management: Multi-Tasking Is a Myth  |  3 Apps to Automate Business Networking  |

 

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

How can you tell if you're getting "tomatoed" by your clients? How to make it stop? And what does it all mean? Read on...

READ MORE →

SURVEY RESULTS: Decide to be Decisive

Clockwise from top left: Hood, Bleacher, Eckelkamp, Middleton
Lessons in decisiveness from (clockwise from top left) Hood, Bleacher, Eckelkamp, Middleton

Decisiveness defines success in accounting: Firms of all sizes agree.

Success Traits for Accountants
Join the survey. get the answers.

By Hitendra Patil
Accountaneur

CPA Trendlines Research into  “The Essential Success Traits of Entrepreneurial Accountants” shows that accountants rate decisiveness as the single most important personality trait for achieving success.

MORE ACCOUNTANEUR:  The Curious Case of ‘The Irreplaceable Accountant’ |  $26 Billion Worth of Strategic Insights for Accountants  |  The Three Gears that Drive Success in the Accounting Business  |  Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?  |  Do You Want a Practice … or a Business?  |  ‘Decisiveness’ Rated Top Trait for   Success in Accounting Business  |  Tax Season Management: Multi-Tasking Is a Myth  |  3 Apps to Automate Business Networking  |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

“Being proactive and anticipatory is showing up in our work more and more and, in fact, is what both clients and employers are looking for – anticipation and decision-making in uncertainty combined with a strong future view," says Tom Hood, President and CEO, Maryland Association of CPAs.

READ MORE →

The Curious Case of ‘The Irreplaceable Accountant’

Frustrated businessmanThe real reason clients change accountants.

By Hitendra Patil
Accountaneur

Why do people change their accountants? A Google search lists a ton of reasons: Not approachable. Not available. Not enough business understanding. Not responsive. Not tech-savvy. Not predictable in changing fees. And some more…

MORE ACCOUNTANEUR:  The Three Gears that Drive Success in the Accounting Business  |  Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?  |  Do You Want a Practice … or a Business?  |  ‘Decisiveness’ Rated Top Trait for   Success in Accounting Business  |  Tax Season Management: Multi-Tasking Is a Myth  |  3 Apps to Automate Business Networking  |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Is technological advancement adding one more reason hardly anyone wants to ever talk about? Perhaps we should add to the list “accountant not required.” To me, that sounds like an outrageous inference to draw. But several accountants tell me that they lose clients regularly. They tell me they got “replaced.” Technology could be part of the problem. But it's not necessarily the solution.

READ MORE →

$26 Billion Worth of Strategic Insights for Accountants

https://4f2bur4nuye2cgakm2rm61qk-wpengine.netdna-ssl.com/wp-content/uploads/2016/09/Microsoft-Linkedin-Conference-Call-Announcement-2016-06-13.pdf
Download Microsoft's pitch deck on the Linkedin deal (PDF)

This isn’t just news. It’s a business lesson in three parts. 

By Hitendra Patil
Accountaneur

Microsoft announced that it is buying LinkedIn for a colossal $26.2 billion—cash. What’s the message to the accounting profession? The value of the “professional network” isn’t in the number of its members, but the combination of the buying and the influencing power of Linkedin members. The whole is greater than the sum of its parts.

MORE for the ENTREPRENEURIAL ACCOUNTANT: The Three Gears that Drive Success in the Accounting Business   |  The Words That Will Change Your Future  |  A Declaration of Independence for Accountants  |  Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Take a look at how MicroSoft and LinkedIn look at the deal (PDF). While Microsoft is paying $26.2 billion (including net cash) to buy LinkedIn, it believes the total addressable market of its LinkedIn purchase is $315 billion. READ MORE →

NEW FINDINGS: The Three Gears that Drive Success in the Accounting Business

gears-in-head
Essential Success Traits: Join the survey; get the results

Top drivers found in new CPA Trendlines research.

By Hitendra Patil
Accountaneur

A new study of CPA Trendlines survey research shows that the most successful accountants in the business share three particular personality traits that, when combined, create a powerful force for growth and profits.

CPA Trendlines is studying “The Essential Traits for Success as an Entrepreneurial Accountant.” Nearly 400 accountants have participated in the survey and about 80 percent of the respondents are managing partners, owners or CEOs of their firms.  Join the survey, get all the updates.

Findings from the survey have already shown that “decisiveness” is the top trait for success in accounting business. But when matched with two other traits, the three together form a powerful and integrated success-cycle for accountants.

The research is finding answers for questions like:

  • Which traits separate successful firms from others?
  • How do high-performing firms thinking differently from others?
  • Which traits determine how big your firm can grow?

READ MORE →

The Words That Will Change Your Future

Future informationDistilling the thoughts of thought leaders for emerging trends.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

With Accounting Today's new directory of the "Top 100 Most Influential People in Accounting," we can glean a few clues about the future of the accounting profession.

MORE ACCOUNTANEUR: Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?  |  Do You Want a Practice … or a Business?  |  ‘Decisiveness’ Rated Top Trait for   Success in Accounting Business  |  Tax Season Management: Multi-Tasking Is a Myth  |  3 Apps to Automate Business Networking  |

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

But before going further, take a moment to jot down a few words that come to mind when you think about your own future and the future of your business.

READ MORE →

A Declaration of Independence for Accountants

U.S. flagLife, liberty and the pursuit of happiness in work as in life.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

One of the most powerful expressions in the Declaration of Independence made on July 4, 1776, is: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”

MORE for the ACCOUNTANEUR: Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?  |  Do You Want a Practice … or a Business?  |  NEW SURVEY RESULTS: ‘Decisiveness’ Rated Top Trait for  |  Success in Accounting Business  |  Tax Season Management: Multi-Tasking Is a Myth  |  3 Apps to Automate Business Networking  |

If life, liberty and the pursuit of happiness were the unalienable rights in the accounting profession, what would they look like? READ MORE →

Brexit Worries?  Worry More about Cexits, Texits and Pexits

BrexitBrexit is the least of your potential problems. Here are three real issues to worry about.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

The world just changed overnight.

And there are always two distinct ways the human mind works.

  1. React: What just happened? Google searches for “What is the EU?” spiked!
  2. Respond: As is the human wont, the most debated question of the moment is “what next?”
  3. Google searches for ”How to emigrate” spiked too!

Will Brexit become precedence, with far-fetched unimaginable consequences? But, most importantly, how will it affect U.S. accountants?

READ MORE →

LinkedIn Launches Accountant-for-Hire Service

LinkIn ProFinder listing
LinkIn ProFinder listing

New buying service promises accountants projects and ongoing assignments.

By Hitendra Patil
Pransform

The shared economy, contingent workforce, millennials’ preference for work-life balance, the cloud, artificial intelligence, big data. Everything is converging to disrupt traditional business models of many industries and professions.

And accounting is not immune to disruption. On the contrary, accounting is ripe for disruption. Note carefully. It is all only “disruptive.” NOT “destructive.”

Riding the new reality, the undisputed leader of business social media – LinkedIn – is now leveraging its platform to help shared economy workers get new clients.

Meet ProFinder: Accountant’s New Opportunity  (and a New Threat?)

READ MORE →

4 Pillars of Future Firm Foundation

Illustration of gears turning in brainCPA firms can learn from Google.

By Hitendra Patil

In What CPA Firms Could Learn from Google’s Alphabet, we identified 13 lessons CPA firms can learn in strategy and innovation from Google's founders.

Ever since Google created Alphabet, researchers have been analyzing the possibilities. In a recent MIT Technology Review, author Joel Gertner discussed What Will Alphabet Be When It Grows Up?. In this discussion, in addition to identifying the most important key to Alphabet’s future success, reference is also made to the 11-year-old document that was part of Google’s IPO. The insights from the MIT review are applicable for not just technology businesses; the accounting profession can also draw parallels from them. Here they are:

MORE ON ENTREPRENEURIAL STRATEGY: ‘Uberizing’ Means More Than Technology | You Don’t Think Technology Helps Get New Clients? | Do You Want a Practice … or a Business? | Tax Season Management: Multi-Tasking Is a Myth | 3 Apps to Automate Business Networking | The 5 Most Common Marketing Blunders Accountants Make | LinkedIn Adds Messaging. Finally! | Re-Learning the Lingo of the Accounting Business | How the “1099 Economy” Will Transform Accounting | 10 Things That Accountants Didn’t Worry About 10 Years Ago | As Block and Liberty Add Accounting Services, Independents Face 3 Options

CPA firm success requires an effective commercialization strategy.
READ MORE →