Critical Areas for Accountants and CPAs in 2022 with Randy Johnston

Episode 5. In today's interview, prominent accounting influencer Randy Johnston brings 45 years of experience to share the critical areas for accounting firms and CPAs in the coming year. Randolph P. (Randy) Johnston, MCS has been a top-rated speaker in the technology industry for over 40 years. Inducted into the Accounting Hall of Fame in 2011, Randy is listed as a Top 25 Thought Leader in Accounting from 2011-2021. His influence throughout the accounting profession is highlighted once again this year by being a recipient of the 2021 Accounting Today Top 100 Most Influential People in Accounting award for the eighteenth consecutive year. Among his many other awards, he holds the honor of being one of nine technology stars in the U.S. by Accounting Technology Magazine. Randy writes a monthly column for The CPA Practice Advisor, features for the Journal of Accountancy, and creates articles for both accounting and technology publications, as well as being the author of numerous books. He has started and owns multiple businesses, including K2 Enterprises in Hammond, Louisiana, and Network Management Group, Inc. in Hutchinson, Kansas. NMGI has supported CPA firms for 30+ years and is the largest managed service provider serving the CPA profession in North America. Key takeaways from this episode include: ✓ why it's impossible now to separate accountancy from technology, and what this means for the profession ✓ why 2021 wasn't a stellar year for accounting, and that's not just because of the Covid pandemic ✓ how the contingency approach to running CPA firms is hindering growth and innovation in accounting ✓ why best practice is no longer easy to define for accountants ✓ how the sheer pace of change in technology has made it difficult for accountants to stay ahead of the game ✓ the two most critical areas for the accountancy profession that must be addressed in 2022 ✓ the conflicts arising from a lack of objectivity and independence within the software and fintech world serving accountants ✓ how advisory services are now catching on for accountants to their clients but a lack of expertise still holds them back ✓ the key difference between education and training for accountants that makes them more reactive and narrow in their focus ✓ what separates the good accounting firms/accountants from the great ones ✓ comparing the backward-looking compliance approach with a more proactive approach of an advisory, whole of client approach ✓ why client focus should always be a priority for accountants and CPAs, but why some have taken their eyes off their clients ✓ what made Randy's two favorite words/phrases in 2021 for accounting and fintech were 'client experience' and 'collaboration' ✓ the single biggest reason accounting professionals lose their client focus and become more internally than externally oriented ✓ the main reason accountancy practices get client experience wrong (hint - it's to do with leadership and culture) ✓ simple ideas to help accountants be more proactive, anticipatory and responsive with their clients ✓ where valuable commercial acumen and business awareness can come from for accountants and CPAs ✓ the two reasons why accountants fall short with their current clients that make those clients open to being poached by other professionals ✓ the two biggest challenges accounting firms face if they want to grow next year ✓ how accountants and CPAs can quickly decide their priorities to be more client and team focused ✓ 3 valuable pieces of advice for accounting leaders going into a new year and a new season When not working, Randy, his wife and four children enjoy many experiences together, including theatre, music, travel, golf, skiing, snorkeling, and model trains. His experience as a college instructor, management and technology consultant, and advisor to the profession will be evident to you in today’s interview. Contact Randy here: [email protected] or [email protected] Websites...