State CPA Societies in Action - The Rhode Island Society of CPAs

[State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S.]

The Rhode Island Society of Certified Public Accountants (RISCPA) is a leading advocate for economic development in the state. Founded in 1907, the society is committed to advancing the interests and prosperity of the business community, and fostering an environment conducive to innovation, opportunity, and shared success.

In 2019, Melissa Travis, the first woman to serve as president since the Society’s inception, launched the RI Business Forum, the state’s first multi-industry platform. Reflecting on her previous roles in business and industry leadership, Travis noted, “Although CPAs work in every industry, RISCPA events primarily included CPAs rather than industry partners. Launching the RI Business Forum has expanded our brand and presence across the state, giving our members a stronger voice at the State House.”

In addition to her role with RISCPA, Travis serves as Vice Chair of the 58-industry group RI Business Coalition and is a member of the Executive Board of the Rhode Island Manufacturers Association.

Future plans

The Society, which adopted a “RISCPA 2.0” mindset, is laser focused on the next decade and adopting to the next generation of CPAs and changes in the profession. Current Chair, Michele L. Forcino, takes her role as Chair of the Rhode Island Society of CPAs very seriously. “I am thrilled to be leading our organization during such an exciting time for the CPA profession. We are in the midst of implementing innovative programs that not only enhance the value of our membership but also ensure the continuing growth and evolution of our profession.

Despite being in the smallest state, our membership has a powerful voice. I am committed to building on the foundation laid by past chairs, driving change, and creating growth opportunities to ensure the continued success and influence of the Rhode Island Society of CPAs.”

Small State, Big Impact

Rhode Island may be the smallest state in the U.S., but we consistently exceed expectations and make a significant impact. The Society is thrilled to announce the recent election of Jacquelyn H. Tracy to the AICPA Board of Directors. Ms. Tracy’s appointment continues a proud tradition of leadership within our state, following in the footsteps of two legendary figures in the CPA profession: Ernie Almonte, CPA, CGMA, and William Pirolli, CPA/CFF/PFS, CGMA. All three distinguished individuals have not only held prestigious positions within the AICPA but have also served as past presidents of the Rhode Island Society of CPAs. Their contributions reflect the excellence and dedication that Rhode Island professionals bring to the national stage.

Planning for the future

The CPA profession is evolving – and like everyone else, digital technologies are changing the landscape in Rhode Island. Our members are proactively embracing AI-induced changes, and the Society recognized the importance of creating a pipeline of talent skilled in utilizing data analytics and AI to not only understand AI’s strengths and weaknesses, but to be proactive in preparing for the future.

RISCPA/RI Business Forum received funding to operate a first in the US Technology Innovation Center, known as Rhode Island Technology and Innovation Center.

This initiative is supported by funding from President Biden’s Infrastructure Package and collaborates closely with leading Rhode Island higher education institutions, such as Rhode Island College and the University of Rhode Island, among others. This unparalleled support mechanism for small businesses aims to equip Rhode Island’s business sector with deep insights into prevailing challenges, such as supply chain and logistics issues, and to uncover new market opportunities. Additionally, the program aligns with the U.S. Small Business Administration, leveraging the STEP trade program to assist small businesses in reaching global markets with their products. This collaborative effort marks a significant step forward in providing Rhode Island businesses with the resources and support needed to thrive in today’s competitive landscape.

Target industries for the grant include defense and the blue economy, but all Rhode Island businesses will be considered. RIMA (RI Manufacturers Association) and RISCPA/RI Business Forum are founding members.

Society goals and long-term objectives

1. Enhance Member Value and Engagement by updating and expanding continuing education programs to include emerging areas such as data analytics, cybersecurity, and artificial intelligence, fostering networking opportunities and continuing to provide exclusive resources like the ICON Benefits Platform.

2. Advocate for the Profession and Promote CPA Value – The Society is a lead voice promoting sound economic policy and favorable legislation. We will continue to actively engage with state and federal legislators to advocate for policies that benefit the CPA profession and the business community at large.

3. Embrace Technological Advancements: The recent technology changes incorporated into the CPA Exam highlight the need to embrace and adopt innovative technologies:

4. Expand Membership and Diversity – President Travis has been laser focused on the importance of increasing membership diversity and actively partners with organizations and resources to attract and retain a diverse membership, including underrepresented groups, to ensure the profession reflects the broader community. We are committed to engaging with students and early-career professionals through campus outreach, mentorship programs, and scholarships to build a strong pipeline of future CPAs.

5. Ensure Organizational Sustainability: A priority for Chair Forcino is maintaining financial health of the organization and creating a plan for leadership succession and future viability.

Here’s to the next 100 years – Rhode Island Society of CPAs/ RI Business Forum is ready.