Empowering the workforce with a deliberate approach to culture
The cost of AI resistance in corporate finance
3 skills that require zero talent
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Discover how AI, ML, and RPA are reshaping corporate finance, pushing professionals towards analysis over routine tasks. 14 Empowering the workforce with a deliberate approach to culture
Learn how a deliberate culture strategy at KPMG is turning employees into ambassadors, boosting retention and innovation in a competitive field.
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Ohio leads the charge against the CPA shortage with new legislation allowing seamless work for out-of-state CPAs and offering modernized educational pathways for licensure. 6
Unlock your career potential with three no-talent-required skills: punctuality, positive body language, and being coachable. 8 Elevate your practice with
Discover how becoming a peer reviewer can boost your professional growth, expand your network, and enhance your firm's standing in the accounting community.
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CPA Voice is the official magazine of The Ohio Society of Certified Public Accountants. CPA Voice’s purpose is to serve as the primary news and information vehicle for more than 19,000 Ohio CPA members and related professionals. Articles are reviewed for technical accuracy. However, the materials and information contained within CPA Voice are offered as information only and not as practice, financial, accounting, legal or other professional advice. While we strive to present accurate and reliable information, The Ohio Society of CPAs makes no warranties regarding the accuracy of the information provided herein. Readers are strongly encouraged to conduct appropriate research to determine the accuracy of the information provided and to consult with an appropriate, competent professional adviser before acting on the information contained in this publication. The statements of fact, thoughts, advice and opinions expressed in CPA Voice are those of the authors alone and do not represent or imply the positions, opinions, nor endorsement of The Ohio Society of CPAs or of its publisher, editors, Board of Directors, or members. It is our policy not to knowingly accept advertising that discriminates on the basis of race, religion, gender, age or origin. The Ohio Society of CPAs reserves the right to reject paid advertising in its sole discretion. We do not necessarily endorse the resources, services or products unrelated to The Ohio Society of CPAs that may appear or be referenced within CPA Voice, and make no representation or warranties about those products or services or the accuracy and claims regarding those products and services. Advertisers and their agencies assume liability for all advertisement content and responsibility for all claims resulting from such advertisements made against The Ohio Society of CPAs.
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A WORD from our CEO
Tackling the talent gap head-on
Governor Mike DeWine’s recent signing of OSCPA-backed House Bill 238 marks a pivotal moment for the CPA profession in Ohio and beyond.
The ability to attract and retain a larger, more diverse pool of candidates is crucial as businesses struggle to find talent capable of navigating today’s complex regulatory and financial landscapes. The new licensure pathways open doors for individuals with varied educational and professional backgrounds. More options mean more people who might have been discouraged by traditional requirements can now see a realistic path to becoming a CPA.
For professionals, this legislation underscores a broader shift in the industry. It recognizes that one size doesn’t fit all when it comes to career paths, signaling a profession more attuned to the needs of the next generation.
The enhanced interstate mobility provisions in the bill are significant for both employers and practitioners. By allowing qualified out-of-state CPAs to work in Ohio based on their individual credentials, the profession is taking a step toward greater flexibility and alignment with the realities of modern work.
This legislation also sends a clear message: Ohio is serious about being a leader. By streamlining mobility, the state makes itself more attractive not just to CPAs, but to firms and businesses looking for a CPA-friendly environment. In an increasingly remote and interconnected world, reducing bureaucratic hurdles is essential for maintaining competitiveness.
As of the date of writing this letter, six additional states have filed similar bills, with many more communicating their intent to do so. Together, we are opening the door to greater flexibility, while maintaining the rigor of the credential and the simplicity of the regulatory framework.
While legislative changes like House Bill 238 are essential for addressing structural challenges, the CPA profession also needs to change the way it tells its story. That’s where OSCPA’s Look Beyond campaign comes in. Designed to showcase the dynamic and impactful nature of the CPA profession, this initiative highlights how being a CPA is about so much more than crunching numbers.
The campaign uses authentic stories from real professionals to highlight the influence CPAs have in driving innovation, shaping businesses, and improving lives. These stories are critical for breaking stereotypes and inspiring the next generation to see the profession as vibrant, rewarding, and deeply connected to making a difference.
Better storytelling helps potential candidates—especially young people—see themselves in the profession.
Campaigns like Look Beyond demonstrate that CPAs are creative problem-solvers, strategic thinkers, and trusted advisors across all industries, helping candidates to consider it as a viable and fulfilling career option.
This intersection of OSCPA’s legislative advocacy and workforce development initiatives helps ensure that the CPA workforce of tomorrow is not only larger but also
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more engaged, inspired, and equipped to lead in an everchanging world.
So, here’s to a future where the CPA profession thrives, evolves, and continues to be the most trusted advisors to the business world. Ohio, you’re leading the charge!
Laura Hay, CPA, CAE President & CEO
The Ohio Society of CPAs
JANUARY | FEBRUARY 2025
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ADVOCACY in focus
DeWine signs CPA Pathways legislation
Gov. Mike DeWine signed House Bill 238 into law on Jan. 8, which includes OSCPA-backed legislation that will position Ohio as a national leader in addressing the dire CPA shortage.
The approaches to be adopted in Ohio will address the challenges the CPA profession is now facing: the shrinking population of CPAs caused by retirements and too few new licensees, and strengthening existing interstate mobility laws to protect current licensees in the future. Workforce challenges and the resulting negative impact on the ability of businesses, governments and others to
obtain the professional CPA services they need are the top issues we hear from OSCPA members.
Two primary solutions are contained in Sub. H.B. 238:
1. Removing Unnecessary Barriers
Our proposal ensures qualified CPAs from out-of-state can work in Ohio seamlessly. This approach provides
OSCPA staff report
businesses continued access to top-tier talent while maintaining essential guardrails to protect current licensees and the public. The legislation improves existing interstate mobility laws by evaluating candidates on their individual professional status rather than what state they are licensed in.
This is necessary as numerous states besides Ohio are currently working to enact additional education pathways, and a third-party national association has indicated it could – upon their decision – change its “substantial equivalency” status to restrict all licensed CPAs from a state adding a second educational pathway from continued interstate practice. As written, as long as an out-of-state CPA is licensed in good standing, has at least a bachelor’s degree, an accounting concentration and passed the CPA Exam, they are welcome to come into Ohio to provide occasional services to Ohio clients without notification or fees. Many states also are working to adopt similar language.
The call for automatic mobility is growing louder, with leading national firms recognizing its positive impact. As highlighted in a recent CFO Dive article , this initiative could open doors for CPAs nationwide, enhancing their careers and strengthening the profession.
2. Modernizing Educational Pathways
Antiquated requirements are discouraging many promising candidates, especially from underrepresented groups, from pursuing a CPA license. By introducing an alternative pathway to licensure that replaces a year of college education with a second year of experience, we aim to attract more talent while upholding the integrity of our profession. Starting January 1, 2026, Ohio candidates will have two different options for licensure:
i. A master’s degree, completing the required accounting concentration of coursework, one year of experience and passing the CPA Exam
ii. A bachelor’s degree, completing the required accounting concentration of coursework, two years of experience and passing the CPA Exam
The automatic provisions will take effect 90 days after signing the new law, and the pathways changes will take effect January 1, 2026.
• Gain confi dence in strategic thinking • Infl uence the future of your organization
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3 skills that require zero talent
By Heather Robinson, Marketing Manager for Boomer Consulting, Inc
The accounting profession is all about skills: technical skills, communication skills and leadership skills.
You’ve probably heard the advice that firms should hire for soft skills since technical skills are easier to teach. No matter your experience level, here are three skills that require zero talent and can help you become more valuable in your career.
Punctuality
Being late all the time has almost become a point of pride for some people. “Look at how important I am! Every second of my day is scheduled!” It’s not a big deal if you get to your desk a few minutes late because traffic is terrible. But perpetually running late for client meetings and missing deadlines doesn’t make you look important – it makes you look disorganized and careless at best. At worst, you’ll appear self-centered because you’ve kept people waiting for you.
Being on time is really an easy thing to get right. If you struggle with punctuality, try these tricks:
Set a goal to arrive ten minutes early. You can carry that business book you’ve been meaning to read with you, so you have something to do before the meeting starts and won’t feel like you’re wasting precious time.
Under promise, over deliver. When you agree to a deadline, you can almost guarantee that if you give yourself just enough time to finish the work, something unexpected will crop up. Build in a bit of slack. If a project will take four days to complete, ask for five. If you need the extra time, you have it.
Set alarms. Set alarms and calendar notifications to pop up and remind you to stop working.
Body language
Perception is reality. How your boss, co-workers, clients, etc., perceive you shapes how successful your interactions with them will be. Numerous studies have shown that 60 to 80 percent of communication is non-verbal, so consider the body language you use to communicate.
Harvard Business Review offers the following tips for taking control of your nonverbal communication:
Become aware of your nonverbal behavior. Catch yourself in a mirror or take note of your posture next time you’re in a meeting. Are you hunched over when everyone else is sitting up tall? Realize how you may be unconsciously sending signals to others.
Focus on your emotional intent. The emotions you’re feeling show up in your body, and they are passed on to others. So consider the feelings you want to carry into your next meeting or interaction. Focus on those emotions before you engage in a conversation to ensure you’re sending out that passion, excitement, etc., when you talk to others.
Monitor yourself in important settings. Once you’ve identified the gap between how you present yourself and how you’d like to behave, monitor yourself during crucial interactions to make sure you’re showing up the way you want to show up.
Being coachable
Anyone who wants to grow, learn and operate at their peak performance must be coachable. Being coachable means you listen to feedback, receive constructive criticism without taking it personally and are willing to look at your performance to improve it.
When supervisors, managers or potential mentors perceive you as not open to coaching, many valuable conversations will shut down before they begin. Convey to others that you are receptive to coaching can be as simple as asking for feedback. Be sure to thank the giver for the feedback, even if it's tough to hear, and act on it.
Success requires a strong foundation of habits and characteristics that demonstrate your professionalism. Make these skills a priority in your career. Your dedication will give you a huge advantage over people who don’t take them seriously.
Heather Robinson is the marketing manager for Boomer Consulting, Inc., Her primary focus is on developing the firm’s marketing strategy and brand awareness to help drive business results and she is one of the leads of the Marketing & Business Development Circle.
Hear from the DOL and peer review experts on the latest updates and top audit issues through interactive learning focused on the EBP sector and enhancing audit quality.
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Elevate your practice with peer review
By Laura Hay, CPA, CAE, President & CEO, The Ohio Society of CPAs
Peer review plays a crucial role in the profession's comprehensive framework for safeguarding the public. This framework also encompasses ethical and professional standards, the CPA state licensing system, and the oversight and enforcement efforts of state and federal regulators.
Peer reviews are conducted under the Clarified AICPA Standards for Performing and Reporting on Peer Reviews, which are established by the AICPA Peer Review Board. The purpose of these standards is to improve the profession's effectiveness and ensure the delivery of highquality services that uphold the public's trust.
If you lead an accounting and auditing practice, your firm already has resources that can be scaled to develop a peer review practice, increasing your overall value and solutions provided. Is peer review a great fit for you and your firm?
Why become a peer reviewer?
Becoming a peer reviewer allows you to contribute to the quality of the accounting profession by evaluating other firms’ practices, enhancing your own knowledge and expertise, gaining recognition as a leader in the field, developing networks, and opening new business opportunities. Key reasons Ohio’s peer reviewers identified for why they appreciate being a peer reviewer include:
Professional development
Performing peer reviews deepens the reviewer’s own understanding of accounting and auditing standards, quality control practices, and firm best practices.
“Delving into the standards as part of peer review surely keeps me on my toes!” said Jodey Altier, CPA, Perry & Associates.
“This also addresses the development of managers in the firm as we put them on peer review teams,” said Chad Welty, CPA, Rea & Associates, Inc.
Reputation building
Reviewers gain respect and recognition in the accounting and auditing community as experts in the profession.
Contributing to the profession
Reviewers are often motivated by the vital role they play in upholding professional standards and ensuring the quality of professional services provided to the public.
“Helping firms improve processes, helping them find the right education to address deficiencies in their practice, and helping both them and us to gain confidence in practices and procedures,” were some of the benefits identified by Mark Welp, CPA, Holbrook & Manter, CPAs.
Networking opportunities
Peer reviewers can connect with other professionals through the peer review process, potentially leading to new business relationships.
“I especially enjoy the relationship building with peer review clients,” added Welty. “This provides a larger network for referrals, consultations, sharing more effective approaches, and generating ideas we can bring back to our firm to discuss.”
“The relationships with other peer reviewers I’ve developed by being involved in the peer review program are truly one of my professional life’s greatest gifts,” said Altier. “A number of peer review mentors I respected and adored helped shape my career.”
Business development potential
In addition to adding a profit center for the firm, peer reviews can lead to additional consulting engagements or firm collaboration opportunities.
Staying current with industry trends
By reviewing other firms’ work, peer reviewers stay informed about the latest accounting and auditing developments, as well as updates across various industries.
Enhancing the firm’s A&A practice
Knowledge gained through the peer review process helps firms meet their own business goals and enhance their A&A practice.
“It’s another great source of revenue for your firm without doing that much extra CPE training,” said Welp. “You are building upon a service that you already know how to do.”
Other
“Peer review adds additional variety to enhance the day-today/year-to-year work,” said Welty.
Dare we say it can be fun, in addition to being professionally rewarding?
How to become a peer reviewer
Qualifications to become a peer reviewer include:
• Active, non-suspended member of the AICPA
• Licensed to practice as a CPA
• Currently active in public practice in the accounting or auditing function of a firm enrolled in peer review, as a partner, manager or person with equivalent supervisory responsibilities
• Currently active means that a reviewer should supervise one or more of the firm’s accounting or auditing engagements or carry out a quality control function on the firm’s accounting or auditing engagements.
• If the firm’s most recent peer review was an engagement review, the reviewer is not eligible to serve as a team captain for system reviews.
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• Associated with a firm (or all firms if associated with more than one) that received a pass rating for its most recent peer review
• Knowledgeable on professional, peer review and quality control standards applicable to the kinds of practice to be reviewed
• Completed CPE of at least 8 hours per year and 48 hours every three years in accounting, auditing and quality control
• Have at least five years of recent experience in public practice in the accounting or auditing function in the industries and levels of service for which engagements are reviewed
• Have provided the administering entity with information that accurately reflects the qualifications of the reviewer including recent industry experience, updated annually
More information on the training requirements for peer reviewers can be found at:
Intrigued? Please reach out to peerreview@ohiocpa.com if you are interested in becoming a reviewer in Ohio, and we’ll be happy to assist you.
THREE THINGS
1. Peer review plays a crucial role in the profession's comprehensive framework for safeguarding the public.
2. In addition to adding a profit center for the firm, peer reviews can lead to additional consulting engagements or firm collaboration opportunities.
OSCPA President & CEO Laura Hay, CPA, CAE, is the staff liaison to the Accounting, Auditing, Professional Ethics Committee and the Peer Review Ethics Committee. She can be reached at Lhay@ohiocpa.com or 614.321.2241
3. Knowledge gained through the peer review process helps firms meet their own business goals and enhance their A&A practice.
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Employers:
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• Explore our recruitment and retention resources
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EMPOWERING THE WORKFORCE
with a deliberate approach to culture
By Bill Miller, KPMG National Partner in Charge of Culture
As the accounting profession continues to face challenges with fewer graduates and an aging workforce, attracting and retaining top talent is critical for firms aiming to maintain a competitive edge.
In fact, nearly 45% of registered CPAs in Ohio are aged 60 or older, and more than 65% are over the age of 50, according to Accountancy Board of Ohio data. As retiring professionals outpace the rate of new entrants to the profession, firms need to highlight how their culture empowers employees to advance their careers and contribute meaningfully to the firm’s growth.
While business leaders all agree on the need for a healthy company culture, exactly how to build that culture continues to prove challenging. Instead of letting a firm’s culture happen by accident, a deliberate approach to culture is essential because it creates a meaningful and engaging work environment that empowers professionals and employees. By prioritizing empathy, authenticity, and a genuine commitment to employee well-being, firms
can foster a culture that not only attracts prospective candidates but also grows and develops existing talent. This approach empowers employees to become proactive culture ambassadors, contributing to a supportive workplace that nurtures both professional growth and personal well-being. As a result, firms can transform their culture into a true competitive differentiator, ensuring longterm success and sustainability in the industry.
A systemic approach to culture
In 2019, KPMG realized there needed to be a platform to amplify employee voices and give them more influence in the firm’s future. This initiative led to the creation of the Culture Champions Network. Through this program, employees are empowered to act as culture ambassadors,
fostering community, participating in skill-building opportunities, and monitoring the firm’s cultural health.
Achieving buy-in from employees can be challenging under the best of circumstances, but when the pandemic prompted a shift to a remote/hybrid work model in Spring 2020, firm leadership recognized the need to evolve the program to better engage employees and professionals. KPMG developed a step-by-step program, accessed on a virtual learning platform, that features achievement tiers employees can strive for, with recognition and rewards built into each level to inspire and drive progress.
Like a video game that challenges players to complete levels, the platform motivates employees to achieve each tier through a blend of actions and learning – from formal training around topics including innovation, inclusion, and environmental sustainability; to informal training such as coffee chats or working with non-profits.
To date, nearly a quarter of the firm participates in the program, with the majority – 89% – saying they
would recommend that others join. As of this year, 270 professionals have achieved the top status of “Culture Legend.” This achievement comes with unique opportunities like access to leadership, community-building platforms, and skill-building opportunities.
Making culture a measurable result
A purpose-driven culture empowers professionals to be role models of values-led behavior by providing the training and upskilling opportunities necessary to thrive. In turn, professionals become culture ambassadors who help drive firmwide impact and change through leadership support and increased visibility. By fostering a sense of belonging and promoting psychological safety, equity, and inclusion, culture ambassadors help create a supportive community within the firm.
At KPMG, the impact of the Culture Champions Network on talent retention is notable. According to firm data, participants are more likely to stay with the firm longterm, as they find their work meaningful and see the
positive impact of their roles. The network also provides opportunities for personal and professional growth, which contributes to job satisfaction and retention. Additionally, the program’s efforts in promoting well-being, recognition, and community impact further enhance the work environment, making it more attractive for employees to remain with the Firm.
Cultivating success through culture
A deliberate approach to culture is essential for public accounting firms aiming to attract and retain top talent. This approach focuses on fostering empathy, authenticity, trust, and employee well-being, which are essential in a sector experiencing a decline in accounting graduates. By creating a workplace that promotes collaboration, innovation, flexibility, and equitable growth opportunities, firms can support both professional and personal development while creating culture ambassadors.
Empowering employees as culture ambassadors not only enhances their engagement and loyalty but also creates a thriving workplace that supports both professional and
personal growth. By implementing a systematic approach to culture development, a company can effectively weave shared values throughout the entire employee experience. This enables the firm to fully utilize the talents of its employees and professionals, serve clients well, and adapt to external market dynamics. Ultimately, a supportive and empowering culture does more than just improve the workplace; it ensures a resilient workforce while transforming the firm into a leader in innovation and inclusivity.
Bill Miller is the National Partner in Charge of Culture and an Audit Partner at KPMG US. He has worked in the KPMG Columbus office with life insurance and P&C organizations, including public and mutual insurance companies, for over 25 years. Bill holds a bachelor's degree in business administration and accounting from The Ohio State University and serves on its Accounting Advisory Board.
1. A deliberate approach to culture is essential because it creates a meaningful and engaging work environment that empowers professionals and employees.
2. A purpose-driven culture empowers professionals to be role models of valuesled behavior by providing the training and upskilling opportunities necessary to thrive.
3. Empowering employees as culture ambassadors not only enhances their engagement and loyalty but also creates a thriving workplace.
PIPELINE
VITA – A way to introduce the accounting profession to high school students
By Ian Chang, Annette Hoelzer, Tracie Miller
Franklin University, located in Columbus, established its Volunteer Income Tax Assistance (VITA) program in 2013, with the goal of providing accounting and finance majors with experiential and service-learning opportunities through preparing tax returns at no charge for those in need in the Central Ohio community.
Over the past 10 years, Franklin’s VITA program has grown into a strong program with 27 volunteers serving 415 clients in 2024.
During my eighth-grade year, I volunteered through Franklin University’s VITA program. On the first day of training, I pored over the handbook and became engrossed with the plethora of guidelines that made up tax returns. For the past three tax seasons, I was actively involved in the VITA program as a greeter in the first two years and I became an intake specialist in my third year. In completing the IRS training and helping clients, I developed basic tax knowledge such as knowing the different filing statuses, types of income, expenses, retirement accounts, and deductions. The work with clients taught me how to explain complicated terms and documents in such a way that each client from every walk of life understands, including the elders, refugees, international students, and people with limited English or education who struggle with their tax documents.
The VITA program is where I first discovered my passion for the accounting profession. Through volunteering in the
VITA program, I also learned that accounting extends beyond just working with numbers; it involves engaging with various clients, understanding their needs, and applying strong accounting knowledge to deliver highquality service.
In my first year of volunteering as a greeter, interacting with clients was a challenge. I felt uncertain about how to start conversations with people I had never met before. However, I made a conscious effort to step out of my comfort zone, ensuring clients were warmly welcomed and had a positive tax preparation experience. By the end of my first tax season, I became much more confident in communicating with clients and was able to provide clear instructions on completing the intake forms.
As an intake specialist, my responsibility was to review clients’ intake forms and answer their questions to make sure all information and documents were ready for the tax preparers to prepare for the return. I also helped upload the tax documents to the system so that the preparers could prepare the returns. I played an important role in ensuring the entire process ran efficiently.
VITA introduced me to accounting and community service. This experience sparked my interest in studying accounting in college. This experience not only helped me but also my sister, Anna, who is currently a student at the Mendoza College of Business at the University of Notre Dame. Anna volunteered at VITA during her four years of high school. Before joining VITA, she had little understanding of accounting and never considered it as a potential college major. However, after four years of volunteering, she developed a keen interest in the field and ultimately chose to major in accounting. Anna's life is an example of how a bottom-up approach to relevant skills and exposure to community service at tender ages can shape the choice of academic and career life. Her dedication to her studies and the impact of VITA continue to inspire me in my own pursuit of a career in accounting. During her freshman summer, Anna secured a paid internship with an accounting firm in auditing, where she discovered the vast array of career opportunities and growth potential within the field. Reflecting on her experience, she feels grateful for her involvement in the VITA program, which opened the door to accounting - an avenue she may not have considered otherwise.
Many high schools require students to complete a certain number of service hours; for instance, my high school mandates at least 45 hours of volunteering outside the campus. Community service has also become a significant
factor in college applications. However, despite the availability of multiple VITA sites in most cities, many high school students are unaware of the opportunity to volunteer with the VITA program. Additionally, there is often a lack of awareness among high school students about the accounting profession and its various career paths.
I believe that if high school students had the chance to volunteer at VITA programs in their cities, it would provide them with valuable insights into the accounting profession and encourage them to consider accounting as a major in college. I recommend that VITA program coordinators reach out to high school service boards to introduce these opportunities to students from the freshman year onward. Collaborating with high school counselors to promote the VITA program as a community service option would also be beneficial.
As high school students start participating in the VITA program, the coordinators can encourage current volunteers to start a VITA or accounting club at their high schools to further promote the volunteer opportunities and also invite accounting professionals to talk about the accounting profession and share their journeys. This approach would not only help students learn about accounting but also develop their interpersonal skills and potentially inspire them to pursue accounting as a future career.
Participating in the VITA program has been a transformative experience for me as a high school student. I have gained invaluable skills in communication, basic tax knowledge, and client interaction, which have deepened my understanding of the accounting profession. Volunteering has also fostered a passion for serving my community. I have witnessed firsthand how impactful this program can be, both for volunteers and the clients we assist.
I strongly encourage other students to consider volunteering with VITA. This experience offers a unique opportunity to learn about accounting while making a meaningful difference in the lives of those in need. By stepping outside of your comfort zone and engaging with diverse clients, you will not only gain practical skills but also enhance your personal growth and confidence.
For accounting professionals, I urge you to advocate for the VITA program within your networks and organizations.
Consider reaching out to local high schools to promote these volunteer opportunities and inspire young students to volunteer at VITA. Your support can encourage the next generation of accountants to learn how great the profession is and get involved early. By investing in the future of the profession, we can help create a passionate workforce that will make a real difference on our communities.
Ian Chang is a junior at Columbus Academy High School in Columbus. Annette Hoelzer, MT, CPA, CFE is a lead faculty member in forensic accounting and business forensics at Franklin University. Tracie Miller is the program chair, MS and BS Accounting at Franklin University.
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The cost of AI resistance in corporate finance
By Claire Burke, CPACFO and Treasurer, Dearborn Group
New technology solutions are opening the door for accounting and finance professionals to become the analytical thinkers and problem-solvers of the future. Don’t get left behind.
In the accounting and finance world, the adoption of new technology is gaining speed, providing both opportunities and challenges for organizations. As corporate finance professionals strive to drive greater efficiencies and value by implementing the tools available today, I wonder just how far we’ll be able to go with the technologies of tomorrow.
Let’s first imagine a world where certain finance functions are performed automatically, like accounts payable and receivable processing, journal entry preparation, account reconciliations, daily system balancing, and compiling spreadsheets to create financial reports. Next, imagine accounting and finance professionals being able to focus more exclusively on value-added work, like analyzing data outputs, reviewing trends and flux analyses, and spending more time understanding the drivers impacting financial results to provide meaningful insights to business leaders. Fortunately, this is becoming less of a “what-if scenario” thanks to artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA).
As a reminder:
• AI is essentially a collection of technologies that use ML and other techniques to help a business perform tasks that typically require human intelligence. It’s a computer’s ability to learn and mimic human thinking, like judgement-based decisions, reasoning, and cognition.
• ML is the use of algorithms and data to enable a computer to learn from data and make decisions or predictions without being explicitly programmed to do so.
• RPA uses software to automate repetitive production tasks to streamline business processes. It also mimics human behavior to automate consistent, routine workflows in an effort to boost productivity (think bots). It’s a great tool for processes that involve a hightransaction rate of repetitive tasks. Notably, the use of bots in the business world has become so pervasive that they’re now more frequently referred to as “digital workers.”
When you put all three of these together, you get intelligent automation, which is a scalable, cognitive automation technology that can automate processes and increase efficiency and accuracy.
Real-World Cases
While we’re not yet at a point where we can automate all accounting and finance functions, there are several workflows that are good candidates for what can be automated now. For example, accounts payable can use RPA to streamline the workflow of approving invoices, matching invoices to purchase orders, and issuing payments. Another use case is financial reporting, where RPA can automate the process of data collection, analysis, and report generation. Many of us still use spreadsheets for more customized financial reporting and analysis, which entails compiling data from multiple files, editing links to these files, or worse, inputting data directly in the spreadsheet from other sources. By teaching software that uses RPA to do this work, the process can be automated
and completed with a few mouse clicks, cutting the time needed to perform a task from hours to minutes. It also improves the quality of the financial reports by enhancing accuracy and reducing human error. AI can also assist with account reconciliations, turning a time-consuming, rote task into a more streamlined, real-time process.
Potential Challenges
While all of this fancy process automation likely sounds great, there are some challenges in making it a reality. One challenge, for example, is the resources needed to implement the technology, both the monetary and human capital kind. Not surprisingly, some technology solutions are expensive, and they take time and thorough planning to execute well. One of my favorite tools when considering an investment is a cost-benefit analysis, which allows you to lay out all the expected benefits to your organization. Ultimately, it helps justify the cost of either moving forward or not moving forward with the technology.
Also, process mapping the workflow to be automated can help you understand what challenges you’re solving, which can go a long way in ensuring you get what you need and remain within your budget and timeline. Of course, also bringing in the right people to provide input into the buildout helps mitigate missing a key element in the process.
Importantly, cybersecurity challenges can also come into play depending on the solution and your organization’s security policies. It’s best to get your IT team involved upfront when evaluating solutions to ensure they meet the security requirements of the organization.
Another challenge in implementing these technologies is the talent needed. With the changing landscape of the accounting and finance field, our talent needs are also changing. Today’s new technology solutions open the door for accounting and finance professionals to spend more time analyzing data and providing those valuable insights.
Of course, not everyone has the ability to be analytical, and this brings in another challenge. Having an analytical mindset is a difficult skill to teach if you want to upskill existing employees. There was a time when being detailoriented, organized, and possessing strong technical accounting knowledge (or at least having an aptitude to gain
this knowledge) was enough. However, today we also need folks to have critical-thinking and problem-solving abilities. The ideal accountant in this world of automation needs to be more of an accounting analyst versus a traditional staff accountant. They also need to be well-versed in multiple visualization tools, such as Tableau or Power BI, and capable of using them to extract accurate insights.
Admittedly, I can be dazzled by new technologies and envisioning all they can do. I’m also currently not in a position to implement everything I want since, as with any organization, there’s a prioritization process in place for corporate resources. But while there are costs to these technologies, there’s also a cost of not implementing them. In a world where organizations are striving for greater efficiencies to drive down costs and be more competitive, falling behind competitors by not addressing inefficiencies could cost your organization more in the long run.
THREE THINGS
1. In accounting and finance the adoption of new technology is gaining speed.
2. Intelligent automation is a scalable, cognitive automation technology that can automate processes and increase efficiency and accuracy.
Claire Burke, CPA, CFO is treasurer of the Dearborn Group.
Reprinted with permission of the Illinois Society of CPAs.
3. Limited resources and cybersecurity can be challenges in implementing the latest technology.
LEARNING events at a glance
MEMBERS in motion
Anderson, CPA
BEACHWOOD
Zinner & Co. promoted Laura B. Haines, CPA to partner.
CINCINNATI
MMB CPAs & Advisors promoted Hanna Hauer, CPA to manager.
COLUMBUS
GBQ Partners LLC (GBQ) promoted the following team members to partner.
• Steve Boston, CPA, CISA, CITP, director, IT assurance and business advisory services
• Tobin Perrill, CPA, director, assurance and business advisory services
HBK expands service offerings with their acquisition of Acuity Human Resources.
HW&Co. promoted Susan Kornatowski, CPA, JD to principal.
HW&Co. has won the following workplace-related awards:
• Best Accounting Firm in Ohio for the 5th consecutive year by the readers of Ohio Business Magazine
• Best Accounting Firm (with fewer than 20 CPAs) in Columbus by the readers of Columbus CEO Magazine
Brandon Miller, CPA, CGMA , president and CEO of HW&Co., was named a Smart 50 Award Honoree by
Smart Business News Magazine
The following HW&Co. team members were included on Ohio Business Magazine’s Ohio 500 list:
• Steve Anderson, CPA
• John Krizansky, CPA
• Tony LaNasa, CPA, CFE
• Brandon Miller, CPA, CGMA
Kaiser Consulting was named a Best Place to Work in Central Ohio by Columbus Business First after receiving the third-place spot in the medium-sized company category. This is the ninth year the company has received this recognition.
ST. MARYS
Shultz Huber & Associates, Inc.
• Josh Ford was promoted to supervisor.
• Ryan Nunn was promoted to director of information technology.
Steve
Tony LaNasa, CPA, CFE
Laura B. Haines, CPA
Brandon Miller, CPA, CGMA
Susan Kornatowski, CPA, JD
John Krizansky, CPA
THE OHIO SOCIETY OF CPAs 2024–2025 BOARD OF DIRECTORS
CHAIR OF THE BOARD
Rick Fedorovich, CPA
Bober Markey Fedorovich Cleveland
PAST CHAIR
Libby Cullins, CPA, MBA JP Morgan Chase Columbus
Brandi Carson, CPA La-Z-Boy Inc. Toledo
Angela Lewis, CPA Crowe, LLP Columbus
Mark McKinley, CPA Reas & Associates, Inc. Columbus
CLASSIFIED
CHAIR-ELECT
Courtney Clark, CPA Deloitte Columbus
VICE CHAIR, FINANCE
Gregory J. Jonovich, CPA, MBA Materion Mayfield Heights
DIRECTORS
Jake Nix, CPA RISCPoint Cleveland
Kerry Roe, CPA Clark Schaeffer Hackett & Co. Cincinnati
Jon Ruple, CPA Maloney + Novotny Cleveland
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