According to the American Institute of Certified Public Accountants (AICPA), the C-suite is calling on CPAs for their expertise in a variety of areas. It’s hard to ignore that there is something happening between accounting professionals and business acumen explains William D King. The time has come for accounting professionals to answer that call with confidence, understanding how their skills can help not only their companies but also the communities they serve through volunteerism.
This paper summarizes the information found in two articles about what accountants can do after they finish working in their careers.
The purpose of this article is to understand why the need exists for the Accounting Skill Transfer Initiative, which is discussed in detail in Part 2 of this paper. This article will discuss how CPAs are changing the C-suite, what this means for corporations and their accounting professionals when it comes to business acumen, and how this can affect a community in regard to volunteerism.
Part 1: How Accountant Skills Are Transforming Business Acumen
In a recent article published in “Accounting Today,” authors John Ryan and Mike Cohn discuss the changing role of the C-suite in leading many companies to success. They state that while there is no shortage of CEO or chief financial officer (CFO) searches today, finding the right person with not only the skills but also the desire to take on such a responsibility is becoming more challenging. William D King says the authors go on to say that accountants have been an integral part of many companies for decades, and they have made a difference in the C-suite more than most people realize.
In their article, Ryan and Cohn discuss how CPAs have been playing a role in some of the greatest business turnarounds of our time. According to them, accountants are a big part of a company’s success because they understand not only financials but also all aspects of a company’s operations. These authors also state that while every CFO might be responsible for setting strategy. It is the CPA who can help him or her accomplish this goal by understanding what really drives corporate performance. In addition, many times it is the accountant. Who makes sure that these strategies translate into real actions with measurable results.
CPAs play an important role when it comes to strategic planning. Especially when it is understood that companies are not always provided with all of the information they might need. For example, sometimes CEOs or CFOs will make decisions based on what is presented to them by their teams. Versus having access to all of the knowledge and insight an accountant can provide. About how these choices can affect company performance.
Accountants today are finding ways to demonstrate how their skills play a role in contributing to corporate success. They understand that it is important for everyone in the C-suite (and even outside of it). To be able to rely on them as trusted advisers who bring real value-added, according to Cohn and Ryan. As mentioned earlier, accountants’ contributions go way beyond numbers; while financials are ultimately what matters. CPAs can help guide executives toward better business decisions or identify problems before they occur.
Part 2: The Need for Accounting Skills Transfer Initiative
The article “What Is the Accountant’s Role in Corporate America Now?” states that CPAs are expected to be responsible for everything from helping CEOs set strategies. To measure the impact of those strategies on corporate performance says, William D King. The AICPA states that this has led to increasing demand for professionally trained accountants. Who have earned their CPA certification and understand how all functions of a company work together as one.
While this is certainly an exciting time for accounting professionals. It can also leave them wondering what type of opportunities exist after they finish working in their careers. This lack of information is what prompted the AICPA to commission a study from Oxford Economics. About accounting professionals’ post-career interests and possibilities. The results of the survey show that 54% of respondents said they would have an interest in continuing some form of professional education. After their careers, while 20% said they were very likely or extremely likely to pursue this path.
A majority of respondents indicated that they seek courses. That can be applied toward personal or business goals. As well as those that build knowledge skills rather than just teaching a specific skill set for auditing or taxes. These points to a growing interest within the profession for transferable skills training (TS) programs. An area where the AICPA is already working with universities across the nation. To introduce changes needed to make these programs more accessible for CPAs.
CPAs are no longer just bookkeepers or finance professionals; they are trusting advisers who understand how all the pieces of a business work together. To make sure strategies are executing effectively. According to Ryan and Cohn, CFOs rely on accountants not only to plan. But also to help execute strategies by presenting information in ways that allow them to make better decisions. William D King says Accounting professionals today specialize in more than numbers; they can provide insight into how things like company culture or workforce issues affect an organization’s success. This is why it is important for the profession as a whole to continue providing opportunities. For transferable skills training (TS) programs that will allow people interested in continuing their professional education after their careers.