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ARIA Resort & CasinoLas Vegas, NVSession 97 -How to Harness Disruptive Technology to make Accounting Services Thrive

June 8, 2016, 9:30AM-10:45AM

Dixie McCurley, Trusted CFO SolutionsKalil Merhib, CPA.com

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Dixie McCurley

Trusted CFO Solutions, Co-founder & PartnerHeadquartered in Atlanta, GA (14 Staff)Certified Intacct BPO Partner & Bill.comQuickBooks ProAdvisor, Member of Mindshop InternationalNationally recognized thought leader in cloud-based accounting.As a self-proclaimed foodie, Dixie spends her free time dining at the hundreds of restaurants Atlanta has to offer.

Introductions

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Kalil Merhib

CPA.com, Enterprise Business Development7+ years in accounting technologyHolistic approach to firm strategy and change managementSpecialization in BPO strategies, technology adoption, and firm learning and developmentHobbies: golf, hockey, and guitar

Introductions

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AGENDADisruption, Innovation & Transformation

Communicate & Support your Value Proposition

Distinguish Yourself

Be a Trusted Advisor

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Disruption, Innovation & Transformation

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Disintermediation A popular buzzword used to describe how Internet-based businesses are using cloud and mobile technologies to reach customers directly. These companies provide products and services cheaper and faster and aim to eliminate the middleman.

These technologies are revolutionizing the way products and services are bought and sold, and are disrupting the way traditional services are being delivered.

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Samantha Mansfield, Director of Corporate CommunicationsMay 14, 20152015 NEW JERSEY ACCOUNTING SHOW & CONFERENCE8

Digital Disruption in AccountingDr. Geoffrey Moore, Accounting Services Harness the Power of the Cloud whitepaperVirtualizationFrom Physically Present to Digitally PresentSystems of EngagementOvercoming barriers of locationDigitizationFrom Paper to PaperlessCloud ComputingOvercoming barriers of productivityTransformationFrom compliance vendor to trusted advisorBusiness IntelligenceOvercoming barriers of commoditization

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3 Key Strategic DecisionsOrganize Change Management around Specific Business Practice Transformations and Technology DeploymentsDr. Geoffrey Moore, Accounting Services Harness the Power of the Cloud whitepaperDetermine your Current and Desired Future State of your CAS PracticeIdentify Technology Investments Appropriate to Stages of Transition UnderwayDigitize:

Virtualize:

Transform:

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3 Key Areas of InvestmentDigitize:

Virtualize:

Transform:Dr. Geoffrey Moore, Accounting Services Harness the Power of the Cloud whitepaperMigrate SMB Systems of Record from PCs to the CloudAdopt Systems of Engagement to Conduct Business Interactions OnlineAdopt Enterprise Business Intelligence Approaches to address SMB client needs

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Communicating & Supporting Your Value Proposition(Start with Why)

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Sinek, S. (2011).Start with why: How great leaders inspire everyone to take action. Portfolio/PenguinWhatEvery organization on the planet knows WHAT they do. These are the products they sell or the services they offer

HowSome organizations know HOW they do it. These are the things that make them special or set them apart from their competition

WhyVery few organizations know WHY they do what they do. WHY is not about making money. Thats a result. Its a purpose, cause, or belief. Its the very reason your organization exists

Start With Why

WHYHOWWHAT

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We Use

Sinek, S. (2011).Start with why: How great leaders inspire everyone to take action. Portfolio/Penguin

WHYHOWWHAT

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We aim to provide growing companies with unrivaled insight and control over their businessesSinek, S. (2011).Start with why: How great leaders inspire everyone to take action. Portfolio/Penguin

WHYHOWWHAT

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Sinek, S. (2011).Start with why: How great leaders inspire everyone to take action. Portfolio/Penguin

WHYHOWWHAT

We do this by leveraging technologies that eliminate inefficiencies & promote collaboration

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Sinek, S. (2011).Start with why: How great leaders inspire everyone to take action. Portfolio/Penguin

WHYHOWWHAT

Our Firm Technology Solution includes

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Compliance

Means to an End

Because we canPassion to help clients succeed & grow

Commitment to providing high-value

Belief that all companies should have control over operationsWHY ThenWHY NowVS

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Keep your books in balance

Know who your best customers areShorten the lead -> Cash cycleQuickly recognize cross-selling opportunities

Departmental Reporting & AnalysisBudget/Actual AnalysisGet notified of business risks when they happenSimplify expense capture, and approval processesExpense Analysis ReportingControl expenses to maintain profitabilityManage ReceivablesTrack expensesLegacy HowValue Added HowVS

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Merhib, Kalil (MK) - Are these the correct "hows" or are there others that would resonate more?What WHAT Used to BeMonthly Financial StatementsBank ReconciliationClean up/Write UpAccounting Software SetupQuarterly FS Review meetingReactive responses to requests

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Evolving Client Needs WHAT Clients Want Top 3 for How SMBs Selected AccountantExpertiseResponsivenessProactive Strategic Advice

Top 3 for Services Desired Outside of Services Already Received: Business planningBusiness strategyCreate Dashboards to monitor business

21*The Sleeter Group research published April 9th, 2014 http://www.sleeter.com/blog/2014/04/smbs-want-accountant-2014-update/Why SMBs leave accountants: #1 Does not give proactive advice, only reactive

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WHAT is the DisconnectMonthly Financial StatementsBank ReconciliationClean up/Write UpAccounting Software SetupQuarterly FS Review meetingReactive responses to requestsExpertiseResponsivenessProactive Strategic AdviceBusiness planningBusiness strategyCreate Dashboards to monitor business

Why SMBs leave accountants: #1 Does not give proactive advice, only reactive

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Present Insightful, Valuable Information in Easy to Understand Terms

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Source: 2010 Purchasing Card Benchmark Survey, RPMG Research$65 Total per invoice$13 - Pay$18 - Reconcile$5 - Error Handling$11 - Invoice$18 - Approval

Anticipate Your Clients Pain Points, and Present a Solution to their ProblemsBusiness Payments: Time-consuming and Expensive

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Rethink Client Communication

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Stay Knowledgeable of Technology Available for your Clients Industries

TIME & EXPENSEManufacturingBudgeting &planningHR/payrollSUBSCRIPTION BillingPayment ProcessingAP AUTOMATIONDocumentmanagementAsset ManagementTax MANAGEMENTCRM

EDI &eCommerce / POS

CHECKS & SUPPLIESPROJECT MANAGEMENT

INVENTORYMANAGEMENT

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Distinguish Yourself & Your Firm

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CLIENTS

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WHATWANT

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HELP

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$

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MEANING

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BLAHBLAHBLAHBLAHBLAHBLAHBLAH

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ANOTHERMEETING

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KNOWLEDGE

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HELPSEEWHATYOUSAYINGTHEMARE

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ExpertiseShow them IndustryHow is Rent compared?Where are they over?

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HELP

MEANINGKNOWLEDGE

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Wrap Up

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Strong FoundationWHAT?WHY?WHERE?WHEN?

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Additional ResourcesAccounting Services Harness the Power of the Cloud whitepaperBy Geoffrey Moorehttp://www.cpa.com/whitepapers/accounting-services-harness-power-cloud

Digital CPA Webcasts

Will Your Firm Thrive or Survive? The Critical Competency for Todays PractitionerJuly 20, 2016

How the Cloud Impacts Modern Day FinancialsSeptember 20, 2016

Case Studies: Client Accountinghttp://www.accountingtoday.com/ato_issues/28_12/accounting-technology/case-studies-client-accounting-72879-1.html

Client Advisory Services Workshopshttp://www.cpa.com/client-advisory-workshops

Slideshare.net/CPAcom

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Find a copy of this presentation at:Slideshare.net/CPAcom

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2016 American Institute of CPAs. All rights reserved.Thank You

@dixiemccurley@kalilmerhib#DigitalCPA

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