strategies for innovating for the future ready cpa
TRANSCRIPT
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
Guest Panelists
Victoria Kosuda, CPA, CITP
Managing Consultant, Beyond Financials Consulting
• Diverse experience in Big 4, small firm, and corporate finance
• Project managed many software development, systems integration, and
business intelligence projects
• Current Chair of Technology Interest Group for New Jersey Society of CPA‘s
Mark Koziel, CPA, CGMA
Vice President – Firm Services &Global Alliances, AICPA
• Oversees development, ongoing improvement and delivery of services to
members in PCPS/Firm Practice Management as well as international
relations with various CPA related groups
• Founding member of Young CPAs committee and served as Chair of Buffalo
Chapter Board
Samantha MansfieldDirector of Corporate Communications, CPA.com
• 15 years in tax and accounting technology industry
• Consultant on workflow and web implementations
• Designed and instructed practice development events for accounting
profession for over 10 years
Digital CPA Webcast Series –Building a community of digital CPAs who embrace change and the transformational effects of technology on today’s practice
•Strategies for Innovating for the Future Ready CPAApril 30th
•July 16th
•September 22nd
Upcoming in 2015
Harness the Power
- Moore
Start with Why - Sinik
The Big Switch – Carr
Future Smart
- Canton
The Foundation
“In times of disruption the bridge
builders win.”
- Nicholas Carr, author of “The Glass Cage”
2014 Digital CPA Conference Keynote
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Hype Cycle for Emerging Technologies - 2014
Source: Gartner’s 2014 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
“Technology is moving to the front room and part of the
client experience.”
- Gale Crosley, CPA, CGMA
Consultant
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Changing Workforce
Largest population growth segment in U.S. is Hispanico Less than 5% in any one ethnic group entering the profession
Gen X’ers and Millienials are replacing Baby Boomers
o Millienials jumping to manager roles faster
Women out number men in the workforceo Women out number men in the professiono Only represent 19% in partner roleso Less than 10% of firm ownership is held by women
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80% of CPA’s Think their Role will Change Significantly in the Future
Requires professionals to be more intimate with clients
and the shifting marketplace
More aware of globalization
Better understand digital tools
Develop insights into business processes that create
value
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Source: “CPA of the Future 2015 Study” by Dr. James Canton and the Institute of Global Futures
Beyond Financial Consulting has a Different Vision
Work with small business owners only
Provide a deeper level of service than traditional CPA’s
– monthly/weekly contact, better information, help them
grow their business, go deeper than just financial
reporting and tax returns
I personally wanted to work differently – more flexible
schedule, less tied to a desk, be more creative
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Breaking it Down into Phases
Phase 1o Took on any new client that came my way – various industries and
requirements
o Became a member of various accounting/technology groups and online
forums to absorb as much information as possible and learn from others
o Discovered new accounting vendors in the cloud and started to
understand the value of how cloud tools can connect to each other
o Started testing out new tools – put my firm on Xero, connected Xero to a
new clients’ Freshbooks account, took time to get certified in the tools
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Strategies
Create a culture of innovation
o Experiment
o Join a group(s) that are also trying new things
o Failure is ok
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Phase 2
Developed a firm “toolset” through testing with clients and learning from other
accountants
When a new client comes on board, we assess their needs, and pull the solutions
from our toolset
Each client is using a combination of tools customized to them. We know what
works well
Have built efficiencies into our processes because we are using the same software
across the board
Have developed close relationships with clients because we can access their data in
real time and help them make decisions
Technology has enabled the “deeper level of service” I was looking to achieve
We are seeing great value and efficiencies focusing on specific industries
Learning their lingo and their vendors
Becoming familiar with the issues they face along with possible solutions
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Implementing Something New is Not All or Nothing
Doesn’t have to be a full fledged change across entire firm to start
Appoint a champion
Make a commitment to fully test theory
Perform in stages
Failure is ok
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Strategies
Create a culture of innovation
Embrace and navigate change
o Keep testing
o Adjust to individual needs while staying focused on vision
o Never stop learning
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Phase 3
Start to purge the outlier clients
Continue to expand knowledge of add-on solutions that are niche specific
Add new staff
Keep growing
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Strategies
Create a culture of innovation
Embrace and navigate change
Employ change management techniques
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“5 Dysfunctions of a Team”
Inattention to Results
Avoidance of Accountability
Lack of Commitment
Fear of Conflict
Absence of Trust
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Additional Reading
“Future Ready CPA Study”
o CPA.com and Dr. Canton
o www.CPA.com/future-ready-cpa
“Accounting Services - Harnessing the Power of the Cloud”
o Dr. Geoffrey Moore
o http://www.cpa.com/whitepapers/accounting-services-harness-power-cloud
“Model of Success”
o Jeff Drew, Journal of Accountancy
o http://www.journalofaccountancy.com/issues/2015/apr/accounting-firm-business-models.html
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DIGITAL CPA Conference 2015
December 7-9Red Rock Casino, Resort & Spa – Las Vegas
Additional Resources:
• CPA.com Blog
• Slideshare.net/CPAcom
• Client Advisory Services
Workshops