Hartford Business Journal

www.HartfordBusiness.com January 9, 2017 • Hartford Business Journal 13 NOMINATIONS NOW OPEN take a moment to nominate a remarkable woman you know! 2017 15th Anniversary Celebrating 120 Outstanding WOmen in business! We are looking for eight REMARKABLE BUSINESS WOMEN in Greater Hartford! V I E W P A S T W I N N E R S A N D F I L L O U T N O M I N A T I O N F O R M O N L I N E A T WWW.hARTFORDbUSINESS.cOM AND cLIck ON "OUR EVENTS" This Spring, the Hartford Business Journal will recognize the achievements of 8 remarkable women who are making their mark in Greater Hartford. These women are senior-level executives, CEOs and/or entrepreneurs who have mastered their business. These are remarkable, noteworthy women who are admired in the business community. The celebration will include an awards luncheon on May 10th to honor the 8 Remarkable Women. Winners will be announced in a special issue of the Hartford Business Journal on April 3, 2017. Publishing This April In Print and Online as a Digital Edition! Contact AMY ORSINI at 860-236-9998 ext. 134 or email aorsini@HartfordBusiness.com with questions Nominations close: February 7, 2017 Issue Date: April 3, 2017 Event Date: May 10, 2017 Presented by: Media Partner: Event Partners: www.HartfordBusiness.com In Print. Online. In Person. Delivering Business. Changing of the Guard Top business lobbyist takes reins of CT CPA Society By Matthew Broderick Special to the Hartford Business Journal L ooking back on his 20 years at the helm of the Connecticut Society of CPAs, Art Renner realizes how much has changed in his industry. "When I got started [with the Soci- ety] in 1996, the inter- net was in its infan- cy," Renner recalled. "Today, the volume and speed of informa- tion in our industry is light years different than back then." And, like many business sectors, those new realities and increasing consumer expectations are driv- ing changes to an accounting industry — and a Connecticut CPA association — that's trying to keep up. They are challenges that Renner says his successor, longtime Connecticut Business and Industry Association (CBIA) lobbyist Bonnie Stewart who succeeds Renner this month, will need to address moving forward. Key among those challenges is technology. In fact, a recent report released by the American Institute of Certified Public Accountants noted the importance of the accounting industry stay- ing current with mobile technologies and social media to enhance interactions with clients and colleagues with real-time financial information. "Technology can help us work smarter, quicker and more efficiently," Stewart said. "And that's an important part of attracting today's Millennials [to the industry] who place a pre- mium on work/life balance and flexibility." But technology has also introduced a new layer of competition into the sector that makes it imperative for organizations — like the Society of CPAs — to demonstrate their value. "In the mid-1990s, our members might call each other to get insights," Renner said. "Today, they might start with a Google search for an answer." And the need for answers — even among CPAs — has grown significantly over the past 20 years as the tax code has ballooned to more than 77,000 pages. "The industry is as complex as it has ever been and demand for specialized knowledge, especially among more sophisti- cated clients, is increasing," said Renner. "It's important to find a niche today." And in a globally interconnected econo- my with multinational clients, Stewart said, it's not just U.S. tax laws CPAs may need to understand. "[In some cases], it's important to be aware of accounting rules and standards in other countries," she said. It is, in part, the complexity of the account- ing industry that attracted Stewart to the Connecticut Society of CPAs. "The organiza- tion, under Art's leadership, has a strong his- tory of advocacy, community, and education," Stewart said. "And those are three areas that are passions of mine." In a world of increased time pressures among CPAs, Stewart said she understands the need to continue to offer programming that has a strong return on investment. "I want to help our members expand leadership skills and strategic planning," she said. She also is look- ing for opportunities to groom the next genera- tion of public accountants. "There's a lot of out- reach [in the profession] to colleges," Stewart explained, "but I'd like to see that expanded to high schools like the manufacturing sector has done successfully in Connecticut." For his part, Renner is confident that the organization he is leaving behind and the accounting sector in general are well posi- tioned for future growth. "The Connecticut Society is one of the best in the country and I'm proud that over the course of my 20 years, we've removed some of the impediments to being a CPA in our state," he said. Two decades later, Renner is encouraged by the state of the accounting sector. "There is strong demand [for accounting services] and that's good for full employment [in the sector]," he said. "But Connecticut still has among the highest fees to license a CPA prac- tice in the country, so work remains." And he hopes that the state's Society of CPAs will play a lead role in that work. "The organization has to help people get back to basics, and help young people understand the value of a good network," he said. "It's more than just retweeting an original tweet." With nearly 35 years in the industry, Renner has some advice for the next generation of public accountants who will enter an indus- try vastly different than the one he started in. "Identify an area of accounting where you're happiest and most satisfied and be your best at that," he said. "If you're too broad [in your focus], it'll slow you down." n Art Renner, Connecticut Society of CPAs. Bonnie Stewart, incoming executive director of the Connecticut Society of CPAs. P H O T O | P A B L O R O B L E S

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