President’s Perspective

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disclosures

disclosures.vscpa.com disclosures@vscpa.com

JULY/AUGUST 2018 Volume 31, No. 4

Managing Editor Jill Edmonds disclosures@vscpa.com

Contributing Editor Chip Knighton cknighton@vscpa.com

Public Affairs & Communications Director David Bass dbass@vscpa.com

Editorial Task Force

Olaf Barthelmai, CPA Cheri David, CPA Mike DellaRipa, CPA Melisa Galasso, CPA Genevieve Hancock Karen Helderman, CPA Alesia Lewis, CPA Gabriele Lingenfelter, CPA Harold Martin Jr., CPA David Peters, CPA Mark Plostock, CPA Barbara Sukramani, CPA

Disclosures is published six times a year by the Virginia Society of Certifi ed Public Accountants (VSCPA). The magazine’s mission is to communicate information of value to VSCPA members, including professional issues and VSCPA initiatives. The materials and information in Disclosures are offered as material only and not as practice, fi nancial, accounting, legal or other professional advice. Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of VSCPA offi cers, members or editorial staff. Publication of an advertisement in Disclosures does not constitute a VSCPA endorsement of the product or service. Copyright © 2018 Virginia Society of CPAs.

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president’s perspective

Where learning and tech collide

Intel cofounder Gordon Moore noted in 1965 that the number of transistors per square inch on integrated circuits had doubled every year since the technology was implemented. That observation, now known as Moore’s Law, has become a kind of shorthand for a general exponential rise in computing power and, even more generally, technological advances in total. It’s a prediction we try to take to heart at the VSCPA as we work to keep our members abreast of the trends and technology that will determine their future success.

American Institute of CPAs (AICPA) President Barry Melancon, CPA, uses the phrase “Learn, unlearn, relearn.” The skills CPAs learn at the beginning of their careers will be irrelevant by the time they approach retirement, if not long before. That’s part of what drove us to strive for a culture of learning as part of our VSCPA2025 strategic framework that we launched last year. Constant learning is necessary for CPAs to maintain their status as trusted advisors to the business community.

That means we must continuously learn in areas we didn’t know we had to. Technologies like robotics, artificial intelligence and blockchain are now a reality at today’s firms and companies. CPAs must reckon with what those technologies mean for their own jobs, but they must also lead the way to help clients, customers and coworkers embrace them.

CPAs must use technology to provide value or be left behind. Robotics and artificial intelligence are predicted to automate or eliminate up to 40 percent of basic accounting work by 2020, according to a Deloitte report. The members who thrive despite that threat will be the ones who embrace technology to enhance their advisory services. We encourage our members to explore technology through our seminars and conferences, including the new Technology Showcase in October. Our Center for Innovation, coming this fall, will be an effort to help members learn about resources and other tools related to technology and talent.

Technology is going to be a huge part of your job, and your clients’ jobs, moving forward. We want to help our members interact, talk and share ideas for how to remain vital in the face of automation. I urge you to take advantage of these opportunities and expose yourself to new technologies and processes that your VSCPA colleagues are using. It’s vital for your professional future. n

Stephanie Peters, CAE, has served as VSCPA president and CEO since 2007.

speters@vscpa.com @StephPeters connect.vscpa.com/StephaniePeters

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Stephanie Peters, CAE VSCPA, President & CEO

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Rachel Painter, AINS Senior Account Executive T: 800.652.1772 ext. 6773 E: rpainter@camico.com W: www.camico.com

Accountants Professional Liability Insurance may be underwritten by CAMICO Mutual Insurance Company or through CAMICO Insurance Services by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. ©CAMICO Services, Inc., dba CAMICO Insurance Services. License #0C09618. All Rights Reserved.