Written by
Chris Shipley, CPA
Past ISCPA Board Member
Chris Shipley CPA PLLC
Today is a great day to be a CPA. I am an optimist when it comes to being a CPA. Just think how much our world has changed since June 29, 2007, when Apple introduced the first iPhone. The iPhone and other technologies introduced more information and access into our systems over a shorter period of time than at any other time in history. Remember this rule; whenever a system has more information added to it the system tends to decentralize. Think of what the Uber and Lyft apps have done to transportation services. What used to be centralized in taxis is now decentralized across anyone with an app and a car.
Let me develop this idea further. People get richer as consumers as a result of economic productivity. There are more demands now being made on our profession. As the range of demands increases, it becomes more and more difficult for existing firms to keep up. The division of labor extends. Firms compete against each other to find customers. New practices appear to take away market share. Markets begin to narrow. Here is the key: success comes from meeting the demands of customers in increasingly narrow niche markets.
These narrow niche markets can now be more readily served by new firms. Consider just three years ago, Richmond Va. - based accountant Louise W. Reed, CPA, who knew little about blockchain, is now launching a blockchain-based marketplace for tax credit transfers and looking to transition out of her traditional tax practice. *
People who are equipped to improvise, adapt and overcome will have a rewarding future. That is why I am an optimist. As CPAs we are uniquely positioned to participate in the economy due to our access to information on emerging technologies gained from our reputation as being a trusted professional. This is why it is important to maintain our status as trusted professionals.
* Drew, Jeff as told from Reed, Louise W.,CPA. “A different approach to applying blockchain.” Journal of Accountancy Oct. 2019. Web. Oct 16, 2019 https://www.journalofaccountancy.com/issues/2019/oct/blockchain-marketplace-tax-credit-transfers.html