9 minute read
Vol. 18 No
OUTLOOK | CHAIR’S LETTER
Shaping and Protecting Our Profession Through Advocacy
By Steven A. Pullara, CPA, CGMA
Summer is sure flying by, just as it seems to do in Wisconsin every year. I hope you are all getting some time to vacation, rest, relax and recharge. I’m certainly enjoying time on the golf course and softball diamonds this summer and looking forward to more of those activities before fall arrives. Unfortunately, the end of summer seems to be the beginning of election season. I dislike the political ads (especially the negative ones) as much as you do. The reality is that the WICPA and each of us individually need to be involved in political advocacy to continue leading, shaping and controlling our profession’s destiny. Funding is critically necessary to continue and expand the great work the WICPA does to advocate for our profession and improve the business climate and fiscal responsibility of the state. The WICPA and its members are resources to our legislators. We share our expertise so that when public policy matters arise, we are proactively consulted and can provide input before potential legislation starts working its way through the legislative process. In this way, we can be involved on issues that impact our profession. Here are a few of the issues on which the WICPA represents our profession: • Extreme deregulation and elimination of licensing requirements for CPAs and other highly technical professions, which would harm Wisconsin businesses and residents. • Imposing sales tax on professional services would be detrimental to the well-being of the state’s residents and businesses, and the regressive nature of the tax would be unfair to low income-individuals. (The WICPA fights such legislation every year.) • Encouraging legislators to push for the state to adopt
GAAP accounting to measure and communicate its financial performance and budgeting has resulted in improved fiscal accountability and transparency. • The WICPA’s continued collaboration with the
Department of Revenue and leaders in the legislature to simplify tax statutes and conform to the federal tax code enables CPAs, taxpayers and businesses to benefit from clarity and avoid confusion. I encourage you to join me in contributing to the WICPA Political Action Committee (CPAC) and/or Legislative Involvement Fund (LIF). Contributions to CPAC help support political candidates who understand and support WICPA positions. The WICPA makes informed nonpartisan decisions about which candidates to support based on the political climate, candidates’ platforms and their track records. LIF funds are used only with your consent; you get to control where your money goes. You may be contacted for permission to use your LIF contribution for a particular candidate, or you may designate your funds to a specific state candidate on the contribution form. Both these forms of political contribution are critical to WICPA’s mission and success. Please visit www.wicpa.org/give/ cpac-lif for more information, or contribute by mailing your check* to the WICPA at W233N2080 Ridgeview Pkwy., Suite 201, Waukesha WI 53188. Thank you for all you do for our profession to support our political advocacy and help to control our professional destinies.
*Please make your check out to WICPA CPAC or WICPA LIF.
Steve Pullara, CPA, is a tax partner with BDO USA LLP in their Madison office. He leads the Wisconsin real estate and construction practice groups. Pullara also teaches financial management through UW–Madison’s School of Business, Small Business Development Center. Contact him at 608-828-3156 or spullara@bdo.com.
PROTECT YOUR FUTURE AS A CPA SUPPORT THE WICPA POLITICAL ADVOCACY EFFORTS
Legislators see WICPA members as trustworthy experts, who are knowledgeable and objective when it comes to business and economic issues that impact our state.
As the WICPA continues to navigate through the diverse political climate, we will need to build and invest in new relationships and maintain the current ones that are important to support, protect, defend and defeat policy impacting the accounting profession and Wisconsin businesses. Your financial resources are needed to contribute to election campaigns and sustain our voice in state government.
PROTECTING YOUR INTERESTS
We anticipate proposed legislation in the following areas: • Deregulation and elimination of licensing requirements for CPAs and other highly technical professions that would harm Wisconsin businesses and clients. • Imposing sales tax on professional services that are critical to the well-being of Wisconsin residents and businesses. • Continued simplification of statutes to conform to the federal tax code so CPAs, taxpayers and businesses benefit from clarification and avoid confusion. • Evaluation of interest rates on refunds and assessments.
STRENGTH IN NUMBERS
There is strength in numbers and unified voices of WICPA members across the state make the difference. Your voice and your financial participation are key. Contributions to participate in the legislative process to promote responsible law changes are a cost of doing business, similar to insurance.
CONTRIBUTE TO CPAC AND/OR LIF TODAY
What is the difference?
Contributions to the WICPA Political Action Committee (CPAC) are used to help get elected political candidates who understand and support our positions. Informed decisions by the WICPA are made about which candidates to support by closely monitoring the political climate, candidates’ platforms and their track records.
Contributions to the Legislative Involvement Fund (LIF) are used only with your consent to help get elected position candidates who understand and support our positions. We will contact you for permission to use your funds for a particular candidate OR you can designate the State Representative, Senator or Governor or preferred political party on the contribution form.
Both forms of contributions are important for success. Amounts needed to contribute to legislators are usually in excess of PAC limits. Contributions to LIF provide the additional financial funding needed to support legislators and our positions. We recommend larger contributions are better suited to LIF and smaller contributions to CPAC.
The CPA Credential is Currently Undervalued
Adeclining pipeline of new CPAs is the top longterm challenge that firms and companies are facing regarding the future of the profession. The WICPA board of directors took a deeper strategic dive into the pipeline challenge and pushed themselves to understand the future of the profession and the impact and realities of change. The group came to consensus on the core challenge: The CPA credential is currently undervalued. Although there are many factors to this issue that are out of our control (such as boomers retiring, a generally declining population and fewer students attending college), we need to focus on and address the issues that are within our control. The first of these is that we have a perception issue.
Perceptions and misperceptions
When college students consider their options, accounting does not stand out as an attractive career option. According to recent research, CPAs are viewed as boring and that they have to be good at math, sit behind a desk, work long and demanding hours and have no work-life balance. This is not to say that accounting is a bad choice; but it infers that the profession has not done its job of explaining to students why it is a good choice. Misperceptions about accounting as a career suggest that young people hold the profession in low regard — they do not understand what accountants do, and they do not appreciate the opportunities the profession offers.
Challenges and solutions
The primary influencers of careers are parents and educators. When casually polling some of our members, we asked, “How do you introduce yourself to others?” Most said they used the word “accountant” and not “CPA.” Why is that? CPAs work hard for this credential, but it isn’t their first response. It’s curious. We also know that firms are not able to find enough staff to fill demand, so hiring non-CPAs and nonaccounting staff with similar compensation has significantly increased, which also tends to undervalue the credential. We also have seen “CPA” removed from business cards and email signatures. How is this a good business or reputational decision? How are CPAs set aside as trusted advisors without using the credential? We also explored the following: How do we motivate students and staff to take (or finish) the CPA Exam? Have organizations adjusted to the new exam timelines? Are they allowing enough time for study? How do firms, companies, professors — and even you — talk about the profession? Do you talk about the variety of work, the many opportunities, the quality of life, the prestige, the advancement and the career salary potential? How do we help people see themselves on the path to CPA? How do we articulate the value of an accounting degree? These are all questions we need to embrace and take responsibility for at the WICPA and in our networks, homes and workplaces.
Our commitment
The WICPA and our board of directors are committed to promoting the value of the profession. Current initiatives include the following: • Enhance relationships with college educators through our Accounting Higher Education Committee. (A
member of the Accounting Examining Board is chair of the committee.) • Continue building relationships with high school educators through our High School Educator
Committee. o Seek more volunteers to speak at high schools. o Offer high school student memberships. o Send WICPA branded items to high school educators’ classrooms. • Create videos of the opportunities within the profession to dispel myths. o Level-up series/life-plan roadmap (to get to CPA). o “Change the perception” video series — myths/facts. o CPA career videos highlighting the different areas
CPAs work in. o “I’m a CPA” series encouraging members to use “CPA.” o “I am a CPA because …” and “Without my CPA I couldn’t ….” • Evaluate and update branding. o Create new marketing materials for students.
o Develop external ads promoting the profession and place them in publications and chambers of commerce across the state. o Design and purchase new WICPA branded items for giveaways at programs and events, including WICPA t-shirts for new members, students, and board and committee members. • Continue the “Note to Self” column in CPA2b, reflecting on a professional member’s journey to becoming a CPA. • Support federal legislation to include accounting in
STEM programs. • Collaborate with the Accounting Examining Board and
DSPS to accept foreign college credits. We all have the ability to influence the future of the profession. If you would like to volunteer to appear in a video, write an article for CPA2b or speak at a high school or college presentation, please contact me. I welcome and encourage your involvement.
Tammy J. Hofstede is president & CEO of the WICPA. Contact her at 262-785-0445, ext. 4518, or tammy@wicpa.org.
The Finance Committee of the WICPA Board has reviewed and approved the WICPA audited financial statements for the fiscal year ended April 30, 2022. The WICPA Educational Foundation Board has reviewed and approved the audited WICPA Educational Foundation financial statements for the fiscal year ended April 30, 2022.
