May/June 2020

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FORWARD THINKING: THE CPA 10 YEARS OUT By KATHLEEN HOFFELDER

NJCPA CONTENT EDITOR

Where will the accounting profession be 10 years from now? NJCPA members and noted experts in the profession weigh in.

Beyond advanced digital capabilities, applying analytical know-how will be one of the main skillsets of future CPAs. They will not be a new kind of data cruncher with advanced technological skills; they will have to proactively anticipate client needs, react to new business opportunities and perform daily routines with the mindset of putting clients first. So, how do CPAs get there from here? They need to work towards being the consummate client relationship manager and trusted advisor all rolled into one. Baby Boomers and Gen Xers naturally excel at relationship building, but they will have to mentor and inform the next generation of CPAs on how to better interact with clients, garner new business and retain customers. They will have to hone, relearn or, in some cases, learn for the first time, the use of data analytics. Though it may mean losing more control over certain functions, they will have to automate anything that can be automated. Similarly, newcomers

CONTRIBUTORS In order of appearance

BILL REEB, CPA, CITP, CGMA Co-Founder and CEO Succession Institute, LLC Chair, AICPA

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JAMES C. BOURKE, CPA, CITP, CFF, CGMA Managing Director of Advisory Services Withum

MAY/JUNE 2020 | NEW JERSEY CPA

ROBERT TRAPHAGEN, CPA, CGMA Managing Partner Traphagen CPAs & Wealth Advisors

JASON CULLARI, CPA, PSA, MBA Managing Member Cullari Carrico LLC