Ep. 23 | The Future of The CPA Profession

The Mr. R Show

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About the Guest: Bob Doyle
Bob is the President and CEO of the Michigan Association of CPAs (MICPA). Before entering the accounting field, Bob worked in marketing, communications, and advocacy within the robotics and automation industry. With a bachelor's degree in environmental engineering, he possesses a rich background that spans engineering roles in the automotive industry to leadership positions in associations. Since joining MICPA five years ago, Bob has been a pivotal figure in advocating for CPAs across Michigan, emphasizing education, collaboration, and advocacy to advance the profession's future.

Episode Summary:

In this enlightening episode, John Tripolsky and Chris Picciurro, CPA, engage in a vibrant discussion with Bob Doyle, the President and CEO of the Michigan Association of CPAs (MICPA). The episode navigates through Bob’s unique journey from engineering and marketing to leading a prominent association for CPAs, highlighting the dynamic changes and future trends in the accounting profession.

During the conversation, Bob sheds light on pivotal initiatives, including the evolution of CPA credentials and the strategic emphasis on talent pipelines. The dialogue dives into how the landscape is shifting towards more inclusive pathways for early-stage (interested) CPAs, enhancing flexibility in education and fostering community-driven practices. Bob's insights into the profession’s future paint a picture of an industry embracing technological advancements and innovative collaboration, ensuring that CPAs remain not just integral but indispensable to their clients' success.

Key Takeaways:

• Inclusive Pathways: The introduction of alternative pathways to CPA licensure aims to remove barriers for aspiring accountants, offering an option of a bachelor's degree plus two years of experience.
• Evolving CPA Role: The shift towards a more advisory role highlights CPAs as indispensable business partners, going beyond traditional tax preparation.
• Community-Based Practices: Emphasizing the importance of community-driven and small firm practices, which play essential roles in local economies and offer substantial career satisfaction.
• Technological Integration: The growing importance of embracing AI and other technologies as tools to augment, not replace, the value CPAs deliver.
• Leadership and Succession Planning: The need for proactive succession planning and cultivating workplace cultures that retain talent amid a generational shift.

Notable Quotes:

1. "Accounting is a great career not because you’re stuck in it, but because it offers a variety of pathways to exciting opportunities." - Bob Doyle
2. "The future of the CPA profession lies in being an indispensable business partner through advisory and client-centric services." - Bob Doyle
3. "AI will not replace accountants; it’s the accountants leveraging AI who will surpass those who don’t." - Bob Doyle
4. "It's not just about the numbers. Being an accountant means being a pivotal part of your client’s success story." - Bob Doyle
5. "Think of CPAs as the coolest profession around, integrating community impact with professional rigor." - Bob Doyle

Resources:

• Michigan Association of CPAs (MICPA)
• Connect with Bob Doyle on LinkedIn
• MRR Institute

• (00:00) - Exploring the Future of the Tax Profession with Bob Doyle
• (05:30) - From Engineering to Accounting: A Journey of Leadership
• (08:20) - Building a Collaborative Future for CPAs in Michigan
• (13:52) - New Pathway to CPA Licensure in Michigan
• (16:42) - The Evolving Role and Future Challenges of the CPA Profession
• (22:54) - Opportunities for CPAs in Michigan's Small Firms
• (24:20) - The Modern CPA: Passion Beyond Numbers
• (25:53) - The CPA Legacy and Nike's Phil Knight Connection
• (27:17) - Balancing Work Hours for a Positive Company Culture
• (28:15) - The Human Element in Accounting and Client Relationships
• (31:23) - Collaboration and Learning in Small Firm Leadership
• (32:50) - The Importance of Algebra Skills in Accounting Careers
• (35:14) - Opportunities for CPAs in Small Towns and Rural Areas
• (37:59) - Succession Planning and Networking for Small Firm Practitioners
• (41:45) - Young Professionals Prefer Office Work for Career Advancement
• (43:30) - The Future of Accounting and Firm Dynamics
• (47:58) - Embracing AI in Accounting for Future Success
• (49:27) - The Evolving Role and Opportunities for Small CPA Firms
• (51:29) - The Coolest Profession: Insights Into the CPA Journey
• (54:39) - Scaling Tax Practices and Investment Advisory Disclaimers