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This much is clear: technology is redefining the way we work. And while the digital society is making transactions easier, it compels the financial professional to provide a higher level of service to stay relevant.

The fact is, the role of CPAs has and will continue to change dramatically over the next 10 years. And playing by the old rules will not be enough to survive in the customer-driven new economy.

Say Good-Bye to the Finance Department
Dutifully reviewing balance sheets and accurately reporting historical information was the key to rising to the top of the accounting profession. Not any more. With pressure rising to own customer relationships and prove sustained growth to shareholders, companies are realizing that real-time financial information is key. There's no time to wait for the finance department to close its books. In fact, Microsoft closes its books in one day following month's end and it's still not fast enough.

Non-financial measures are becoming even more important to those in the executive suite. Historical facts and figures alone are meaningless. They have to be linked to the strategic plan taking competitive positioning, customer relationships, and shareholder value into account.

How will finance departments be able to develop these strategic plans while working on day-to-day transaction processing? According to KPMG, they won't. Finance Of The Future, a new study by the firm's U.K. Consulting Group, predicts the elimination of the finance department by 2010. Accounts payable and payroll will be outsourced. E-commerce will replace transaction processing. And financial professionals who are able to relate raw numbers to business results will be asked to partner with line managers, move into line positions, and educate non-finance people.

Say Hello to the All-Encompassing CFO
Just as the role of the finance department is changing, so are the expectations for today's Chief Financial Officer. They too, are being asked to take on a host of new responsibilities and have a broad business background with operational experience. According to a July 1999 CFO Magazine study, CEOs are not looking for candidates with top-notch financial skills. Those are a given. Today's CEOs are looking for CFOs with the know-how to lead their businesses into the future. High on their wish list are the skills that CFOs generally lack: leadership ability, strategic vision, and communication and interpersonal skills.

Character and communication skills are critical in order to present a strong image of the company to customers, stakeholders, employees and analysts. Pressure from the SEC and from stakeholders and corporate-governance advocates are prompting companies to keep their financials in only the most trustworthy hands.

What happens to the CPA?
The AICPA's Vision Project identified five core competencies that are essential in order for CPAs to survive in the next decade. They are Communications and Leaderships Skills; Strategic and Critical Thinking Skills; Focus on the Customer, Client and Market; Interpretation of Converging Information; and being Technologically Adept. Sound familiar? These are exactly the same skills that KPMG defined for finance professionals and that CEOs are looking for in their CFOs.

The message is clear. CPAs have to be able to analyze traditional historical data and be able to provide forward-looking insights that create value for their company, and ultimately for shareholders. Companies are in dire need of financial professionals to assume leadership roles and provide guidance and support. CPAs need to move out of the accounting functional area and into the strategic and operational areas of the business.

Getting started
It's a great time to position yourself for the future. Taking small steps now will start you on the right path and help you avoid playing catch-up later. Chances are it will help you reenergize your career and bring more value to your employer. Here are a few things you can do to get started:

1. Be a solution provider rather than a brick wall. Present positive solutions to every business issue. Not just yes or no.
2. Dedicate time each week to keeping yourself up-to-date on current business issues. Read FastCompany, CFO, Harvard Business Review and Wired magazine. Understand the challenges that other companies are facing. How are they solving them? What are best practices they are using? How can you apply those to your company? Your department? Your position?
3. Talk to a shareholder.
4. Develop cross-functional relationships-have lunch with a different colleague, from a different department, every week. Understand their issues and concerns and collaborate on a solution.
5. Develop technology skills. Become familiar with software besides word-processing and spreadsheet programs.
6. Become familiar with Activity Based Management methods and thinking.
7. Select professional development opportunities that will teach you new skills that are in demand in the marketplace.
8. Visit the CEFM Web site at www.aicpa.org
9. Install the CPA Vision CD-ROM on your computer. Use the self-assessment tools and models to gauge your current professional expertise, read pathfinder profiles to see what other CPAs are doing, and link to other online sites and resources. Visit www.cpavision.org

If not you — who? If not now — when?

Jimmy Williamson, CPA is a member of the CPA Vision Team. He is with McGriff, Dowdy & Associates, PC in Albertville, AL, and can be reached at jimmyw@mdacpa.com.