redefining the accounting landscape.
accounting arc
with donny shimamoto and byron patrick
center for accounting transformation
integrating accounting and it expertise is becoming increasingly crucial in today’s rapidly evolving business landscape. in the latest episode of arc, hosts donny shimamoto, cpa, citp, cgma, and byron patrick, cpa, citp, cgma, explore the unique advantages of combining these two fields.
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their discussion highlights how professionals with dual expertise can navigate complex challenges, drive innovation, and achieve long-term success.
patrick, vice president of client success at the b3 method institute, began his career as a cpa before transitioning into it. he describes his journey as a “translator” between the accounting and technology worlds. “for me, it has just been an incredible unlock,” patrick says. he explains how understanding both perspectives enables him to mediate between departments and find solutions that meet the needs of accountants and technologists. this ability to bridge gaps and translate jargon is invaluable in today’s interconnected business environment.
shimamoto, founder and managing director of intraprisetechknowlogies llc and the center for accounting transformation echoes this sentiment, likening his role to a bridge. he assists cfos, controllers, and accounting firm partners in understanding and implementing technology. “what is more changing or more complex now than everything that’s going on in tech?” shimamoto asks, underscoring the importance of this translator’s role in navigating technological advancements.
the hosts discuss the transformative impact of technology on the accounting profession. patrick recalls his experience as an it director for a regional accounting firm, where his dual expertise allowed him to present it budgets that made financial sense. “it is so amazing having a cpa running the it department and getting a budget that makes sense,” he says. this unique blend of skills facilitates better decision-making and efficient project implementation, ultimately driving business success.
shimamoto adds that the focus should not solely be on cost reduction but on the overall investment in technology. “it’s really about effectiveness and that balancing,” he explains, highlighting how strategic technological investments can enhance efficiency and innovation.
shimamoto also emphasizes the importance of investing in cybersecurity measures despite the lack of direct financial return. “when you look at the fact that it reduces your risk of having malware, which could reduce the data breach risk, which could reduce your ransomware risk… some costs are offset,” he explains. this investment is crucial for protecting sensitive data and maintaining trust, especially for accountants who are custodians of critical information. patrick concludes that the accounting profession has made significant strides in cybersecurity awareness over the past five years. however, he stresses the need for ongoing vigilance and education to ensure that data protection practices remain robust.
the hosts emphasize the importance of understanding how various areas of expertise can enhance personal careers and organizational success. “multidisciplinary type thinking is the key to the future,” shimamoto says, highlighting the value of combining accounting expertise with other disciplines to address complex business challenges. he shares his experience in organizational development and psychology, explaining how these additional skills enhance his ability to drive change and ensure compliance with controls. the hosts’ stories illustrate how having expertise in both accounting and it offers long-term career benefits, encouraging young professionals to pursue dual specializations and citing the increased earning potential and diverse career opportunities. by maintaining expertise in both fields, professionals can navigate the complexities of modern business environments, drive innovation, and achieve long-term success. “we need to start renaming accounting into decision sciences,” shimamoto summarizes, reflecting the evolving role of accountants as critical decision-makers in a technology-driven world.
top 10 takeaways
- understanding accounting and it enables professionals to bridge gaps and translate technical jargon, facilitating better communication and collaboration.
- strategic investments in technology enhance efficiency and innovation, driving business success.
- investing in cybersecurity measures is crucial for protecting sensitive data and maintaining trust despite the lack of direct financial return.
- dual expertise in accounting and it offers increased earning potential and diverse career opportunities.
- the longstanding connection between accounting and technology highlights the evolving nature of the profession and the value of multidisciplinary skills.
- combining accounting expertise with other disciplines, such as organizational development and psychology, is key to addressing complex business challenges.
- balancing cost reduction with strategic investments in technology enhances both efficiency and effectiveness.
- accountants with it expertise can better understand and mitigate risks, ensuring robust data protection practices.
- the evolving role of accountants as critical decision-makers underscores the importance of integrating accounting with technology.
- pursuing dual specializations in accounting and it is a valuable path for young professionals, offering a competitive edge in the job market.