GET TO KNOW DUSTIN WOOD

Why accounting? I did well in math in school and enjoyed tutoring other students on a volunteer basis. As I entered college at Utah State University, I chose to pursue a math secondary education degree (and also wanted to coach high school baseball). As I got into advanced calculus classes, I lost interest in math and realized there wasn’t much opportunity for real-life applications for what I was learning, unless I was going to become an engineer. This led to my transition to a new major.

During a two-year religious service mission, I met someone whose father was an accounting professor at USU, and she was my resource to find out what accounting was all about. I liked the concept of accounting and changed my major before even knowing what I was getting into. I’ve been grateful for that ever since. With 18 years of being in the public accounting profession with the same firm, I feel I made the right choice.

What would you tell someone interested in accounting? Don’t believe the stereotypes and negative narratives that are perpetuated about accounting and accountants. The majority of accountants are very social people — working in a service-oriented profession in being an advocate, problem solver, and most trusted business advisor for our clients and their businesses. For someone that is interested in any aspect of business, accounting is the field that leads to open doors, paths, and opportunities as it is the language of business.

What do you wish you knew as a student? How important communication and people skills are. In interacting with team members, clients, referral sources, and others, those skills are key to succeeding and thriving. I didn’t realize how important and useful such skills would be in accounting and all facets of life.

What are you passionate about? I put a concerted effort into being the best father and husband, team member, advocate, problem solver, and trusted business advisor that I can be by living the Platinum Rule — treat others as they would like to be treated — and meeting or exceeding deadlines and expectations whenever possible.

I’ve also really tried to add to the profession by giving back. I’ve served on non-profit boards of directors, as well as the Utah State School of Accountancy Advisory Board, and take every chance I can to discuss accounting with college students and others interested in pursuing and joining the profession.

How do you like to spend your days off? I enjoy attending Utah State University football and basketball games, going to musicals with my wife (and my children when they’re willing to join), and traveling to attend events or theme parks. I really enjoy watching and following sports, and my favorite sporting event is the NCAA tournament (March Madness).

What has been your favorite vacation or travel experience? I recently traveled to New York City with my wife and had a great time. We went primarily to catch “Phantom of the Opera” before it leaves Broadway. We also attended other musicals and did some sightseeing. The 9/11 Museum and Memorial was a highly rated and unforgettable experience as well as going to the 102nd Floor of the Empire State Building.

Compensation

The second area of focus, discussed frequently in AICPA Council meetings, is compensation. Compensation has been identified through studies and surveys as a consideration that steers college students to areas such as finance and information technology as opposed to accounting. From my perspective, this could come from a short-sighted view of starting compensation in those fields, which is not likely to increase at the same pace and potential as in accounting, but it seems to be influencing the direction students take as they study and work toward a career path. One point of discussion, related to compensation in accounting related fields, is that if you inflation-adjust a starting salary-from when you started your career, growth in compensation has not kept up with the pace of the inflation, especially when dealing with higher housing costs and interest rates in the current environment. It would take a group effort, but it’s time to re-examine compensation considerations and make sure accounting fields in general are competitive in this regard.

Stem Status

The third area of focus I’d like to touch on is getting accounting incorporated into STEM status and curriculum. The AICPA and UACPA are making efforts to move this initiative forward, and there likely isn’t much that most of us can do to help beyond support through membership. Seeing this through would bring additional attention and funding to accounting programs and help identify accounting as a vital field of study and expertise as we all know it to be.

The areas I’ve identified to focus on during the upcoming year are not the only considerations out there related to the pipeline. There is also the Experience, Learn, & Earn Program the AICPA is piloting to address firm culture and business model challenges. This includes the 120 credit hours vs.150 credit hours for licensure, and the CPA Exam time window to pass for credit (18 months vs. 24 months vs. 36 months).

We have to start somewhere, and it isn’t possible to address all of the considerations and areas of concern at one time.

If you have feedback on how the UACPA can best serve its members or how I can help in any way, please let me know, as we truly value input and strive to make the profession and people the best they can be. If you have compelling stories to share as to why you entered into accounting, or how you have been able to help and serve others, please let us know so we can share your experiences and inspire others. n

Dustin Wood, CPA, is an audit partner at CMP. He has been the president of the Cache Valley Chapter and serves on other non-profit boards. He can be reached at dwood@cmp.cpa

By The Numbers

ARTIFICIAL INTELLIGENCE AT WORK

268,200

85

Source: Zippia

15

PERCENTAGE OF JOBS WORLDWIDE THAT COULD BE DISPLACED BY 2030 DUE TO AI

Source: McKinsey

52

PERCENTAGE OF EXPERTS WHO BELIEVE AUTOMATION WILL INNOVATE MORE JOBS

Source: Pew Research Center

40

PERCENTAGE OF INCREASE IN BUSINESS

PRODUCTIVITY THANKS TO AI

Source: Accenture

NUMBER OF INDUSTRIAL ROBOTS CHINA INSTALLED IN 2021

Source: Zippia

PERCENTAGE OF JOBS THAT WILL EXIST IN 2030 THAT HAVEN’T BEEN INVENTED YET

77

PERCENTAGE OF DEVICES WE USE THAT FEATURE ONE FORM OF AI OR ANOTHER

Source: PEGA

61% Business owners who said they were unaware of the Employee Retention Tax Credit (ERTC) in a recent Paychex survey.

The ERTC could prove a key funding source and create savings that could be invested as your clients’ businesses work toward becoming fully operational.

What your clients should know:

• ERTC is a refundable credit that can be claimed on qualified wages paid to employees.

• The tax credit has been extended and can be claimed through Dec. 31, 2021.

• Businesses that took a Paycheck Protection Program loan now can claim the ERTC, including retroactively.

• Paychex clients who have claimed the ERTC have, on average, saved tens of thousands of dollars

Paychex offers the resources and tools to help you enhance your consultations with clients. payx.me/uacpa-ertc | payx.me/uacpa-spotify-podcast | payx.me/uacpa-apple-podcast