The Future of Finance: Embracing Technology and Shifting Roles with Tom Hood

This week on the Expert Voices podcast, Randy Wootton, CEO of Maxio, speaks with Tom Hood. Tom shares the myriad of challenges he's faced, victories achieved, and lessons learned throughout his career, which currently has him at the helm of AICPA's digital engagement and growth initiatives. Randy and Tom discuss the CPA Vision Project from 1999, which laid the groundwork for the accounting profession's future vision. This forward-thinking project has lasted well into the present, influencing the 2025 report and shaping the CPA's role in today's rapidly changing technological landscape. Listen this week as they touch on the breadth of opportunities that technology brings to the accounting field, the importance of adaptive learning, and the AICPA's role in upholding professional standards across the globe. Quotes“On top of our technical skills, CPAs and accountants have to have technical accounting skills. We have to have some data literacy and an understanding of technology. So there are deep technical skills that come with an accounting or finance degree. But across the top, we need what we call boundary-crossing competencies. Leadership and sense-making, anticipating and serving evolving needs, and synthesizing critical strategic thinking. The other one would be communication, storytelling, integration, and collaboration. And then you can add agility.” -Tom Hood [39:00]“Now you have access to incredible algorithms at large language. Also, it's generative versus predictive. But second gen and I think you're right, this idea of a fifth industrial revolution, in terms of how we think about engaging with augmented intelligence across every function of my company, we're talking about it, and I think for accounting in particular, it's going to be radically changed, and it's going to bump up against that natural tendency of accountants to not want to embrace technology.” -Randy Wootton [33:38]Expert Takeaways The CPA Vision Project catalyzed the accounting profession's future-oriented transformation, emphasizing the need for continued evolution and adoption of technology.The AICPA, in partnership with CIMA, is driving global standards in accounting, supporting 690,000 members in around 180 countries.The CGMA designation is a strategic credential for accountants that aligns closely with the needs of CFOs to embrace broader business strategy roles.Tom Hood stresses the significance of technologically savvy CFOs, particularly as industries face the dawn of the fifth industrial revolution characterized by generative AI advancements.CPA educational resources and certifications are crucial in preparing finance professionals for their evolving roles in strategy, risk management, and financial leadership.Timestamps(01:31) Importance of building a tribe and networking for professional growth(07:52) Trends that drove the CPA Vision Project and the impact of technology (14:02) Technology can do a lot of the work for us if we let it(19:11) The future CFO role is shifting from back office to front office, focusing on strategy(22:43) CPAs and CGMAs have continuing education requirements to stay current(27:26) The top issues in finance: digital transformation, Gen AI, and new skills(28:30) CFOs leading Gen AI initiatives due to their data knowledge and strategic role(35:16) Educating finance professionals on Gen AI and implementing it within organizations(36:32) Relationship-building and emotional intelligence (39:07) The importance of boundary-crossing competencies in accounting and finance(40:31) Inflection points in a career and the need for different skills at each...