How Technology is Transforming Tax & Accounting
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The document discusses how technology will impact the future of tax and accounting. It focuses on how millennials, who now make up a significant portion of the workforce, expect to use new technologies like cloud computing, social media, and remote working options. The presentation also explores how adopting these technologies can help tax and accounting firms adapt to changes in how new generations of workers expect to do their jobs. It concludes by suggesting that businesses need to continually innovated and evolve their solutions to anticipate changing customer demands.
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How Technology is Transforming Tax & Accounting
- 1. TAX & ACCOUNTING TECHNOLOGY AND THE FUTURE TECHNOLOGY AND THE FUTURE GRAHAM TILBURY DIGITA BUSINESS DEVELOPMENT MANAGER THURSDAY 13 OCTOBER 2011
- 2. TAX & ACCOUNTING • MILLENIALS • CLOUD COMPUTING • SOCIAL MEDIA • REMOTE WORKING • ON LINE SOLUTIONS • PORTALS • THE FUTURE AGENDA
- 3. Baby Boomer (born 1940-59) Generation X (born 1960-79) Millennial (born 1980-2000) TAX & ACCOUNTING WHY MILLENIALS MATTER
- 4. • Switch jobs more frequently • Seek more feedback and engagement • Expect to work smarter, not harder • Expect mutual respect • Need fulfilment TAX & ACCOUNTING WHY MILLENIALS MATTER
- 5. • 65% think Millennials are ‘wet’ • 62% think Millennials don’t work hard • 55% think Millennials are too dependent on their parents YouGov survey, 2,464 adults, February 2011 TAX & ACCOUNTING WHY MILLENIALS MATTER
- 6. • Baby Boomers are retiring • Generation X choose technology • Millennials use technology • So be open to new ways of doing things • Digita technology can help TAX & ACCOUNTING WHY MILLENIALS MATTER
- 7. TAX & ACCOUNTING WHY MILLENIALS MATTER
- 8. TAX & ACCOUNTING Cloud computing is the delivery of computing as a service rather than a product, whereby shared resources, software, and information are provided to computers and other devices as a utility (like the electricity grid) over a network (typically the Internet). CLOUD COMPUTING
- 9. TAX & ACCOUNTING Wikimedia Commons CLOUD COMPUTING
- 10. TAX & ACCOUNTING Moving your accounting practice to the cloud Kevin Salter CLOUD COMPUTING
- 11. TAX & ACCOUNTING SOCIAL MEDIA
- 12. TAX & ACCOUNTING SOCIAL MEDIA
- 13. TAX & ACCOUNTING REMOTE WORKING
- 14. TAX & ACCOUNTING SaaS Solutions ONLINE SOLUTIONS
- 15. TAX & ACCOUNTING Innovative Solutions from Firms ONLINE SOLUTIONS
- 17. TAX & ACCOUNTING THE FUTURE OF THE DESKTOP
- 18. TAX & ACCOUNTING THE FUTURE OF THE DESKTOP
- 19. TAX & ACCOUNTING SPEAK TO OUR CONSULTANTS OR VISIT WWW.DIGITA.COM
- 20. TAX & ACCOUNTING CONTACT US • Dermot Hamblin 020 7375 6802 dermot.hamblin@thomsonreuters.com • Alan Bagnall 020 7375 6804 alan.bagnall@thomsonreuters.com • Will Lofthouse 01395 270 311 will.lofthouse@thomsonreuters.com
- 21. TAX & ACCOUNTING A PARTING THOUGHT “You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new” Steve Jobs 1955-2011
Editor's Notes
- So now let’s look at Millennials and other social groups and how they will influence accounting firms in the future. We have three basic social groups, Baby Boomers, X Generation and Millennials. CLICK What do we associate with people born between 1940 and 1959, the Baby Boomers? You reject traditional values You’re associated with the expansion of individual freedom and the civil rights movement You’re privileged, the healthiest, the wealthiest generation You invented rock and roll You believed jobs are for life You set the rules You grew up with 3 TV channels Today you hold 80% of UK’s wealth and buy 80% top range cars You are in denial of your own aging You’re leaving an uneconomic burden on your children for your retirement care How about Generation X, those born between 1960 and 1979 You like a tight work structure (but not in personal life) You created broadcasting and national culture You witnessed the rise and fall of disco, AIDS, Margaret Thatcher You are more focused on money than the arts You grew up with dozens of satellite TV channels You experienced Black Monday in 1987 - the stock market crash and subsequent redundancies You are deeply affected by the banking crisis and economic uncertainty You have a reduced expectation of the long term relationship between employers and employees And finally Millennials, born between 1980 and 2000 It’s all about the experience, the odyssey You’ve grown up around computers and the Internet Texting, instant messaging, social networking, you are the most social; it’s just you communicate and socialize much differently from the rest of us You grew up with hundreds of satellite TV channels but you don’t watch live TV – you stream it on demand through your laptop, smart phone or tablet You are the Peter Pan generation (never leave home, etc), You experienced the dot com bubble, the banking crisis, the market crash and subsequent redundancies 20% of your group is unemployed Baby Boomer parents coddled your generation by constantly telling you how special you were and that anything you sought was possible. You were rewarded for every little thing, receiving trophies and prizes simply for participating.
- So, a few tips for handling Millennials, because they are the workforce of your future: They switch jobs frequently as they have too great expectations from the workplace. They assertively seek more feedback, responsibility, and involvement in decision making. They have a strong work ethic — not just in a 9-5 sort of way. Millennials want work to be fun and flexible and follow a mantra of working smarter, not harder. Millennials have been raised to think critically and they’re not afraid to ask questions and challenge the status-quo. They admire their employers and want the same in return. Millennials, like Khaled Said have been taught the value of individuality and independent thinking. They see themselves as unique and, unlike previous generations, these workers do not plan to let their jobs define who they are. This generation has been raised in an age of unprecedented access to knowledge and communication. Millennial workers believe their work should have meaning. More than ever, these workers are seeking greater fulfilment and are only willing to work hard at jobs that provide it. Jamie Oliver has experience this, he recently described Millennials as ‘wet’ when it comes to hard work. He said “Physical graft and grunt is something this generation is struggling with”.
- Here are some of the findings of research conducted by YouGov on behalf of The Sunday Times following Jamie’s rant. 65% think Millennials are ‘wet’ 62% think Millennials don’t work hard 55% think Millennials are too dependent on their parents
- So, what conclusions can we draw from this and how will the rise of the Millennial affect us: Baby Boomers are retiring Generation X choose technology Millennials use technology So be open to new ways of doing things And Digita technology can help Millennials and Facebook can affect change in dramatic ways, like we have seen in Egypt, but we can see it in other ways too like this successful campaign on Facebook from BT…
- On Saturday 23rd April, Adam and Jane, the BT Millennial couple who have been on our screens since 2005, will finally wed. Hailed as the 2nd biggest wedding of the year; but with Jane busy with the new baby, BT’s Facebook gives people the opportunity to help plan the Big Day. What dress? What wedding song? What car? 500,000 Facebook friends votes in 3 weeks. You’ve made a great decision by coming to our conference, there’s lots of people here who can help you prepare for the Millennial, my Thomson Reuters colleagues, your fellow professionals, our thought-leading speakers and of course our revolutionary software. Let’s have an amusing look at how Apple has used the Millennial phoneme in its advertising:
- What is the Cloud Thomson Reuters has 29 definitions! For the purpose of this presentation, we are going to say that The Cloud is: The delivery of computing as a service, rather than a product, whereby share resources, software and information are provided to computers and other devices as a utility, over the network.
- So What is the Cloud? What does it mean to You? Show of Hands who is taking delivery of their software, via the cloud.
- What are the barriers - Resilience? - Robustness? - Reliability? 2 of the fly-ins in that pile directly affected me and took WebSites & telephony off-line for days! The cost of having fail-over plans of that scale are high, and the switch-over time is hours There is a high fear-factor over downtime, but it can be planned around. How many of our businesses have Electricity Generators? Where are the utilities in our BC plans. `The Cloud` is another utility and it is multi-access. If Broadband fails, use 3G!