Future-Proof Finance: Navigating Accounting’s Evolution

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Hi, I'm Rob brown and welcome you.

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Accounting finance professionals,

tech enthusiasts to the

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accounting answers podcast.

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We've embarked on a captivating

exploration of the future of accounting

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and its profound connection to the

ever-changing technology ecosystem.

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I think for a moment, how access to the

minds of a range of accounting experts,

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influencers, vendors, and leaders would

keep you super informed about what's

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going on in this wonderful profession.

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You'd stay relevant and future focused.

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You'd make better strategic

and career decisions.

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If you know what forces are in play

and what factors are driving change.

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To unravel the complexities

unenviable future of accounting.

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I've personally interviewed 111

leading accounting professionals, tech

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leaders, and industry influencers,

each bring in their unique.

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Expertise and insights to the

table and together we'll delve into

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the five critical questions that

will shape the accounting world.

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Through the eyes and minds of people

living their accounts in life.

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I'll talk into accountants every day.

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We'll talk about five critical topics

that ignite in passionate debates

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and stimulate minds across the globe.

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We're mapping the transformative

trajectory of the accounting profession

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and its symbiotic relationship

with the technological revolution.

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We'll be asking about the next

gen accountants, how far down

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the advisory line firms are.

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What's going to change

the accounting world.

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What their software vendors

and tech providers could do

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better to serve accountants.

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And what's coming up in the future.

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Let's get straight into the

answers for today's topic.

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We've been focusing this week on

the question, what significant

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changes are on the horizon for the

accounting profession in coming years?

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Getting future-focused is top

of the agenda for accounting

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firms, professional associations.

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So titers governing bodies, her walls

shaped the reputation of the profession.

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So let's get ahead of these disruptive

forces as another five of our 111

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accounting influencers and experts

share their very best analysis.

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Shaman the thoughts now he's, GENI

Whitehouse a keynote presenter, CPA

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winery, consultant, and president of

the information technology Alliance.

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She combines her accounting expertise

with a passion for technology and wine.

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Geni Whitehouse: Well, I think we all

know that AI is going to have an impact.

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we can't help but apply it.

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I mean, it's so easy to use.

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It's so already taken over the space.

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Everybody's doing it.

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Whether we accept that or not at the top

levels of existing firms, our young people

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are going to new sources of learning.

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They're getting educated

by people on YouTube.

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That are teaching them about AI

and what they can do with it.

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And they're going outside of

firms to leverage these tools.

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So whether we like it or not, it's

already changing our profession.

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And that means we have finally the

chance to build the capacity to do

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services that our clients really

need and want and will pay for.

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Next we welcome grid counts, a finance

and technology executive at a lease

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accounting software company, leading

the way and simplifying complex

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leasing transactions for better

financial transparency and compliance.

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Greg Kautz: I think number one

thing is shortage of qualified

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accountants and corresponding auditors.

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I see a shortage in Canada, United

States heading the rest of the world.

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I think that's going to be

our biggest challenge ahead.

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So some of the challenges and problems

we're going to see what this is.

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first of all, we're going to see higher

audit fees, so that's going to result in

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companies have to be much more efficient

in the way they, prepare their numbers,

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analyze their numbers and have backup.

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So, again, it's going to be, you know, one

of the things is leveraging technology,

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finding ways to do more with less is what

the consequences of the shortages will be.

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Let's hear the perspective of Harriet

Folbigg, founder of below the line

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finance, the holistic C F O and

purpose led business advisor, who

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brings a comprehensive approach to

financial leadership focusing on

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the impact beyond the bottom line.

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Harriet Formby: So I believe that

we're going to move completely

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away from this focus on deadlines,

tax due dates, reporting cycles.

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And we are going to be moving into

actually sort of helping our clients

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create and build the businesses of the

future that are solving the big problems

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we've got with society and the world.

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I think we're going to

be bringing in as well.

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more non financial metrics, so it's not

going to be just about profit and revenues

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and targets and shareholder value.

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We're going to be bringing in more

diverse metrics where we're talking

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more about actually, you know, the

impact we're having and that might not

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be fully tangible and we're going to

have to work out how we measure these

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things and actually bring them in so

that they have a value and they're

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just as important as the financial rule

kind of pointing to the numbers data.

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I think we're also going to see

a shift because we run on this

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cycle as accountants of dealing

with deadlines and due dates.

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I think we're going to

make space for ourselves.

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We're going to give technology

the burden of sorting out all

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the deadlines and dates for us.

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And we're actually going to focus on

doing things in the moment that really

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matter based on like value creation

rather than like billable time.

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And I think we're going to take it as

an approach of kind of seeing business

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owners first and foremost, as humans

that have their own kind of world,

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their personal life, their ambitions.

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their past history with finance that

comes into it all, I think we're going

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to be approaching it in a more kind

of holistic, more trauma informed

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way when we talk about finance in the

way that we talk to clients in a way

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that embraces the fact that it may be

feeling shame about financial situations

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and the pressures of needing to make

the cash flow work and actually, you

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know, stepping back and seeing it

from a more sort of human perspective.

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Please welcome Heath Alloway director,

upstream academy, and a seventh leader

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for a career professionals dedicated

to developing the next generation of

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leaders in the accounting profession.

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Heath Alloway: this may be a

completely different path than

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what some others have answered.

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And I, I just, I've been thinking

about, you know, some, some common

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answers we could think about AI

technology, things along those lines.

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I'm going to take a little

different perspective.

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We, we have a lot of really

smart people in our profession.

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We have a lot of great

people in our profession.

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We have a lot of very hardworking

people in our profession.

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And.

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Whenever we set our minds to something,

I believe that we can get there.

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I believe we're better changed than

what we give ourselves credit for.

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And there have been a lot of things

over the past few years that are

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having firms rethink, you know, how

we work, where we work, you know, the

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type of work, the hours that we work.

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And I share all of that because

I believe that there are things

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changing in our profession.

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That will create a better future.

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I do.

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I strongly believe that

the best is yet to come.

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One of the biggest changes we

hear the doom and gloom, fewer

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people, people leaving, you know,

all the things that we continue to

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hear, I believe a different story.

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I think that it, this will

be a sought after profession.

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People will start to see the value

and start, you know, in a lot of

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ways, maybe directing their kids to

the opportunity in our profession.

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So that is one of the things

that I think will be different.

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And I think governance

structures will be different.

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We'll have to be more nimble

in how we make decisions and

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how we agree to be governed.

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It's just, things are changing

at a faster pace, so that will

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continue to evolve as well.

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Jumping into the conversation now.

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We've had tender PTL president, a

data Matic CPA outsource in a top 100

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influencer or the speaker who brings

innovative solutions and insights to

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the field of accounting outsourcing.

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Hitendra Patil: I think top of

the mind is client expectations.

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They're also aware that things

are changing technologically.

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Things are breaking and getting better.

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Things are getting, intelligence

driven data and information

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expectations that people had.

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They go, I need.

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my financial statement.

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I need to make sure my tax return

is done in time and all that.

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That information expectation will give way

to advice and intelligence expectation.

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More and more people will ask the

accountant, okay, tell me according

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to you what I should be doing.

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And that requires application

of mind on client situation.

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So that itself will change the business

model itself of accounting firms.

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To offer more real time, more

subscription based service models,

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where contents, intelligence expertise.

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advice will be in demand rather than

those just outputs and things like that.

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So client expectations will drive

the whole change in the profession.

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And technology will, of course,

evolve at a very warp speed.

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And again, because of AI, things will

be very, very different in terms of how

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technology evolves from here onwards.

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So those two are very significant

changes that I can see right now.

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Microphone (TONOR TC30 Audio Device)-1:

So they have five great

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answers to the question.

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What, if anything will significantly

change accounting in the next few

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years, every working day of the week,

Monday through Friday, we give you

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the insights of five top influencers

in the accounting world on this

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critical area of what is coming up.

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Change wise for accountants

that's 25 valuable perspectives.

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Viewpoints and best thinking every

week and with a fresh week comes the

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first question and more thoughts from

the best influencers and leaders we

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can find in the accounting world.

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Thanks for listening to the accounting

answers podcast and sharing this brand

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new show with your friends and colleagues.

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If you want to join the conversation.

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You can plug into our community of

influencers@accountinginfluences.com.

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And check out our virtual

speed networking events.

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These happen every few months

for the north American region

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and the UK Europe region.

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These are great opportunities

to raise your profile, build

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valuable connections and share your

thoughts with influential peers.

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Until next time, this is your host,

Rob brown, saying stay informed,

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stay relevant and stay connected.