ERIK ASGEIRSSON President, Chief Executive Officer CPA.com BUILDING A BRIDGE to the CPA Firm of the...
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Transcript of ERIK ASGEIRSSON President, Chief Executive Officer CPA.com BUILDING A BRIDGE to the CPA Firm of the...
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ERIK ASGEIRSSONPresident, Chief Executive OfficerCPA.com
BUILDING A BRIDGEto the CPA Firm of the Future.
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CPA.com an AICPA company• Empowering CPAs and Businesses for the Digital
Age
Erik Asgeirsson, President and CEO, CPA.com• Industry leader with over 20 years of experience
leading technology organizations• Consistently recognized as one of Accounting
Today’s “Top 100 Most Influential People”• BS Electrical Engineering, George Washington
University, and MBA in Finance, NYU Stern School of Business
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THE POWER OF SMART BUSINESSFuture readiness
Changing technology & regulatory landscape
Staying relevant
Capitalizing on opportunities ahead
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“In times of disruption the bridge builders win.”
- Nicholas Carr, author of “The Glass Cage”2014 Digital CPA Conference Keynote
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Today’s Discussion
Smart Business – the Digital Imperative Changing Era for Accounting Services Being Relevant Changing Technology Landscape Trends in the Digital World
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SMART BUSINESS – THE DIGITAL IMPERATIVE
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Client Perspective: Driving Firms• Business transformation key to future success (KPMG
CEO noted 75% of their clients are in some type of business transformation)
• Need to focus on relevance of services and value proposition. Many feel services they are providing today will not be relevant in 5 – 10 years.
• Evolving your business critical to future success. Firms need to play a key role.
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CLIENT BEHAVIORS& MARKET STRATEGY
WorkSmarter
BeSpecific Innovate
VERTICAL EXPERT
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Firm Service Lines
Audit Tax BPO
Impact of Technology to Major Firm Service Lines
• Efficiencies• Innovation
• Efficiencies• Innovation
• Transformative• Revenue Growth
New Opportunities EmergingDramatic Change
Past Few Years
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CHANGING ERA OF ACCOUNTING SERVICES
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Changing Firm Value Proposition
Valu
e
AutomationToday Tomorrow
Trus
ted
Advi
sor Tr
uste
d Ad
viso
r G
row
th
Specialization
Business Insights
Commoditization of low end
Higher Margin
Low margin/fee pressures
Automation Of Services
TransactionalDecline
Transactional Bookkeeping
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Virtual Controllership
Collaborative Advisory Services – Virtual CFO
Write-Up
Wide Spectrum of Service Levels for Client Accounting
Business Process Outsourcing
Advisory $
Transactional
Firm Service Spectrum
Specialize in Client Industry Verticals
Healthcare Not-For-Profit
Technology Professional Services
Property Management Charter Schools
Retail Franchises
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“If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted
accountancy principles.”
- Lawrence Summers LibraryofQuotes.com, Great-Quotes Web, 2013.
http://libraryofquotes.com/quote/775550
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New Era for Client Accounting Services
Most Significant Non Audit Standard Change of Past 35 years (SSARS 21):
• Creates a bright line between accounting (preparation) and reporting (compilation and review) services
• Adapts the older standards for the current electronic and cloud based environment
• Very significant change for Firm Client Accounting/BPO Practices
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Need to Review Positioning & Delivery of Client Accounting Services
Key Areas:• Revise Positioning and description
services• Write-up & Compilation Service • Client Accounting & BPO Services
• Value of CPA Firm
• Updating of Engagement Letters
• Updating of Service Delivery• Legend requirement is an
OPPORTUNITY to highlight firm value
Reposition
Reeducate
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Being Relevant
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Increasing Automation‣ Automation of “tacit” (psychomotor) skills: pilots, drivers,
soldiers ...
‣ Automation of intellectual skills: accounting, medicine, law, management ...
‣ Automation of creative work: architecture, design, teaching ...
‣ Efficient orchestration of commerce
‣ Concentration of profit
Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
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Dangers Ahead
Complacency, Bias, Deskilling: “The Glass Cage”
Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
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Trusted Advisors Role ‣ Transcend the routine
‣ Develop specialized knowledge
‣ Stay ahead of automation wave
‣ Be valued for expertise and insight
‣ Translate data into wisdom
Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
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Effectively Communicate
Link to video
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CHANGING TECHNOLOGY LANDSCAPE
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Top 10 Tech Initiatives1. Securing the IT environment2. Managing and retaining data3. Ensuring privacy4. Managing IT risks and compliance5. Preventing and responding to computer fraud6. Enabling decision support and analytics7. Managing system implementations8. Governing and managing IT investment/spending9. Managing vendors and service providers10. Leveraging emerging technologies
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The Cloud is the Computer‣Next stage of IT democratization‣User-friendly online interfaces: easy buying,
easy configuring, easy monitoring‣New applications
(what is the cloud’s spreadsheet?)‣ IT as enabler, not gatekeeper
Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
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Source: “20/20 Vision for 2020: The New Small Business Application Market” – Bob Anderson, Gartner, Inc. 2014
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262020 Vision for Small Business Applications Suites replaced by loosely coupled applications Cloud deployment for almost everything Embedded Social - User-centric screens, collaborative workflows (internal and external) Mobility first – Everywhere, in every application, on every device, most transactions.. Embedded and Predictive Analytics (aided by in-memory), Big Data Streams Extended applications by industry addressing the “Internet of Things” (IoT). Integration, Open API’s as we move from suites to federated apps Security takes on new meaning for you and your clients. Application Marketplaces
Source: “20/20 Vision for 2020: The New Small Business Application Market” – Bob Anderson, Gartner, Inc. 2014
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Key to firm adoption is finding pain (value) points…
Inno
vato
rsEar
ly A
dopt
ers
(Visi
onar
ies)
Early
Maj
ority
(Pra
gmat
ists)
Late
Maj
ority
(Con
serv
ative
s)
Lagg
ards
CHASM
Helping Firms With Adoption Curve
Firm Solutions
CPA Profession
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Top 100 Top 500
Small Firms*
Widespread Adoption: The Great Equalizer
(CPA firms and outsourced F&A firms)
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LET’S HEAR FROM PRACTITIONERS
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Find a copy of this presentation at:
Slideshare.net/CPAcom
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