Episode 66 - Tom Hood: FP&A and Accounting: “The Great Join”
Show Notes
Tom Hood, CPA,CGMA,CITP Hood is one of the most influential leaders in accounting. The Executive Vice President, Business Growth and Engagement, at American Institute of Certified Public Accountants (AICPA). Tom has been named the Second Most Influential Person in Accounting since 2011 by @Accounting Today Magazine (only kept from the post by AICPA CEO Barry Melancon, CPA, CGMA). In giving him their award, the publication cited his “legendary energy, imagination and ability to foresee the future, and focusing them specifically on management accountants, helping them reimagine “the Future of Finance.”
On Linkedin Tom has 780,000 followers and the platform recruited the accounting leader as one of their Top Voices. His passion for technological innovation in accounting has been evident since the early days of VisiCalc to Excel and ChatGPT. This combines with his rigorous enforcement against bad actors in the profession, and optimism about the future.
In this episode Tom Hood describes one of the biggest shifts in accounting as “The Great Join between accounting and FP&A”. Hood says: “We need accounting to make sure the numbers are right and to maintain our stewardship and trust. But we also need the financial viewpoint, which we saw big time in the pandemic. This is needed to reimagine what’s next in the profession.”
Hood also reveals his passion by reflecting on accounting’s role as one of the most fundamental tenets of business - and wider society“Accounting is a language of business. It is a language that many people‒dare I say most people‒don’t truly understand. You become the value interpreter of everything about a business.”
In this episode discover:
Tom’s career trajectory from to CFO at to Maryland Association of CPAs (MACPA) to EVP at the (American Institute of Certified Public Accountants (AICPA)
The merger between the AICPA and CIMA (UK-based) and the global power base this provides the accounting profession
The Great Join between FP&A and Accounting
His passion for accounting tech as continuing to revolutionize business – from the dawn of VisiCalc to ChatGPT today
His role in stamping out unethical accounting practices
The changing up the CPA Exam and what it means for you
How AI has already changed the game for accountants and how companies are transforming accounting
How he got into accounting as a way of getting into the FBI and why that didn’t work out
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