Maturing of the cloud for accountants world webcast 8 20-14
35
Maturing of the Cloud & How It will Impact You Erik Asgeirsson CPA.com President and CEO August 20, 2014
description
Cloud technologies available to the accounting profession have matured in sophistication as has the adoption by firms. The data is showing the influence on how practitioners are working, a rise in the service level of what they are producing and affecting the very vision owners have of their practice. Erik Asgeirsson, President, CEO, CPA.com, Inc., will discuss these trends and the impact they are having on firms and the client relationship.
Transcript of Maturing of the cloud for accountants world webcast 8 20-14
Maturing of the Cloud & How It will Impact You
Erik AsgeirssonCPA.com President and CEO
August 20, 2014
CPA.com is a subsidiary of the AICPA
• Empowering CPAs and Businesses For the Digital Age
• Provides marketing & technology services to the AICPA
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
Agenda• Pace of Change
• It Starts with WHY
• How to Work in the Cloud
• What are the New Deliverables
The Second Industrial Revolution - 2010
“The full implications of the new machine age are going to take at
least a century to play out.”
- Erik Brynjolfsson, MIT Professor,
co-author NY Times Bestseller
“The Second Machine Age”
Source: TED Talk (Feb. 2013)
Cloud
specialization
Smart Phones
24/7 connectivityintegration
SaaStechnology
Healthcare Reformtax code
regulations
mandates
Big Data onlineportals
innovation
client collaboration
Practicemanagement
streamlined
paperless
processsecurity
marketing
branding
real time
growth
web-base
B2B
culture revolutionary
staff
sales
consulting
training
research
software
CPE
results
education
connectivitysoft phone
networking
outsourced CFO
clientsevents
information
creative
extended services
procedure
analytics trusted advisor
mobile
right clients
niche
solutions
Growth of Cloud Computing
And Many Others
Small BusinessHas Moved to the Cloud
Network growth: >150% last year
$150M recentlyraised
QuickBooks® Online 500K users
Paychex Equity Investment
Efficiencies saving 90 minutes per employee per day
$45M recently raised
Providing cloud-based solutions for accountants since 1999
What does this mean
for your practice?
Simon Sinek’s Golden CircleTop Ten Most Viewed Ted Talk:
What is your WHY?
Key to defining your value in these
disruptive times
Simon Sinek’s Golden CircleTop Ten Most Viewed Ted Talk:
CPA.com’s Why
Empowering CPAs and Businesses for
the Digital Age
What is your purpose?
Trusted Business Advisor
compliancepartnershipsupport
trust
information exchange
BIG data
business insight
innovation
technology
reporting
growth
security
Hype Cycle for Emerging Technologies - 2013
Source: Gartner’s 2013 Emerging Technology Hype Cycle
Cloud Computing
Technology Trigger
TIME
VIS
IBIL
ITY
Peak of Inflated Expectations
Slope of Enlightenment
Trough of Disillusionment
Plateau of Productivity
Big Data
Moore indicates that we have crossed to early majority…
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
How are you working?
Samantha Mansfield
can we change the text on this slide:find new bullets or no bullets
Focus on what they do best
Increased speed to market innovation
Solutions designed in open API formats
Multi-platform support problematic
Focus on one vendor eco-system
Innovation is tied to building a better integrated eco-system
Closed loop systems
Integrated approach makes support easier
Best of Breed vs. Suite
Best of Breed Suite
Widespread Adoption: The Great Equalizer
Top 100 Top 500
Small Firms
17
Copyright © 2013 American Institute of CPAs. All rights reserved.
Challenges for a digital practiceMaribel Torres-Pinero, CEO & Director of Client Accounting Services at Lumix CPAs and Advisors
Strategies for getting started and furthering a digital practice Victor D. Puchi, CPA, CGMA Partner, Director of Accounting Services, Eide Bailly, LLP
Opportunities for a clients and the firmNicole M. Ksiazek, CPA, Senior Manager, Fesnak & Associates, LLP
Trends and Strategies for Today’s Digital CPAs from Successful Practitioners
Strategy for Getting Started
• Develop service offering • Differentiation from your current offerings• Same service, different platform is not likely to work long-term• Be more consultative in nature• Secure Key Stakeholder Buy In
- Need executive leadership completely behind the plan- Develop communication strategy to entire firm
• Identify Transition Plan- Personnel- Training- Timing
• Develop Pricing Model
Victor Puchi, CPA, CGMA, Eide Bailey
Strategy for an Established Digital Practice
• Refine your Approach• Vertical Specialty?• Sales/Consulting Approach
- Improve your inquiry techniques- Align offerings with pain points
• Grow Your Services• Incorporate other cloud vendors to improve efficiencies• Customization/Integration
• Grow Your Talent• Business consultants• Project managers• Developers
Victor Puchi, CPA, CGMA, Eide Bailey
Repurposing clients• Do my clients fit the new
model?• Will this client appreciate
the value?
• Recommendations:• Inventory clients• Setup demos for clients
Repurposing staff• Performing different tasks• Communicating the value
Challenge for Getting Started
• Recommendations:• Understand each staff’s
strengths and weaknesses• Leverage staff strengths• Continuous training for staff
- Identify the trailblazers
Maribel Torres-Pinero, CPA, Lumix
Challenge for an Established Digital Practice
Technology Adoption Client Adoption of Technology:• Lack of understanding
• Accept not all clients will fit the new model
• Unable to use it• Offer training on WebEx and
YouTube• Clients need continued presence• Be patient
Maribel Torres-Pinero, CPA, Lumix
Challenge for an Established Digital Practice
Technology Adoption Staff Adoption of Technology:• Resisting the adoption of the
technology• Coaching from trailblazers• Address tendency to pace the
cow path
• Needs of the firm changing and the staff are not progressing• Maintain a culture of excitement &
challenge• Accept not all stall will fit• Best fit: flexible, curious,
innovative
Maribel Torres-Pinero, CPA, Lumix
23
External• Better client experience• Giving clients what they
need, not teaching them accounting
• Deepens relationship with the client
How to Make the Most of the Opportunity• Ask clients:
• What they want to see• What will help them
• Minimize client interaction with the technology systems
Opportunities for Digital PracticeNicole Ksiazek, CPA, Fesnak Outsourcing, LLC
24
Internal• Consolidate to 1
platform• Ease of working on multiple
clients• Staff pushing to get clients
on 1 platform
• Senior management can work on higher level service• Able to push more work to
lower level staff
How to Make the Most of the Opportunity
• Train staff well on the new platform
• Involve staff in transitioning clients
• Equip staff with knowledge on transition process for proper expectation setting
Opportunities for Digital PracticeNicole Ksiazek, CPA, Fesnak Outsourcing, LLC
WHAT are you providing?
Client Expectations are Evolving
Digital CPA
Transactional
Workflow
Using technology to support transaction processing
Build digital workflow and standardization in processing
The operating model of theDIGITAL TRUSTED BUSINESS ADVISOR
It’s not just about technology!
What is your strategy?
Key Drivers of the Movement to the Cloud
A New Era of Capabilities:
• Collaboration
• Business Intelligence
• Anytime, Anywhere Access
• Scalable, More Efficient
New Compilation & Preparation Standard
• Exposure draft period ended May 2, 2014
• Key Driver: Cloud Computing has made it difficult to determine who has prepared financial statements
• New Compilation and Preparation Standard would provide a bright line between accounting services and reporting services
• New Financial Statement Preparation Standard• Would not require you to consider whether you are independent• Would not require a report – even when f/s are expected to be
used by 3rd parties
29
Copyright © 2013 American Institute of CPAs. All rights reserved.
Process & Change Management
Technology
Talent
Empowering CPA’s in a Digital World
“What globalization was to the economic debates of the late 20th century, technological change is to
the early 21st century.”
- Lawrence H. Summers, Charles W. Eliot University Professor at Harvard University
Source: Andrew McAfee’s Blog, The Business Impact of IT
Questions & Answers
#DigitalCPA
Available Resources“Roadmap to Profitability…” Workshop
• Atlanta; October 22-23, 2014
White Papers• “Harness the Power of the Cloud” by Geoffrey Moore
Case Studies on Key Verticals• Not for Profits, Franchises, etc.
Interviews with Thought Leaders• www.YouTube.com/user/CPA2BizVideo
Digital CPA Webcast• September 18, 2014 2-3pm ET
New Digital CPA Webcast Series
December 8-10, 2014Gaylord Resort & Convention Center Washington, D.C.
Digital Driven World For Firms & Clients
