What Lawyers Can Learn From Accountants and their Journey to the Cloud

3. 3September 19th 2016 | #ClioCloud9 | @DavidLeary To improve our customers’ financial lives so profoundly… they can’t imagine going back to the old way.

4. 4September 19th 2016 | #ClioCloud9 | @DavidLeary

5. Why am I here? https://www.sageworks.com/datareleases.aspx?article=329

6. We are in a once in a generation shift

7. 7September 19th 2016 | #ClioCloud9 | @DavidLeary Yesterday The previous 15 years ~25 million in North America How small business owners run their businesses. QuickBooks Desktop QuickBooks Online pen, paper, spreadsheet

8. 8September 19th 2016 | #ClioCloud9 | @DavidLeary Today Where we are currently Yesterday The previous 15 years ~25 million in North America How small business owners run their businesses. QuickBooks Desktop QuickBooks Desktop QuickBooks Online QuickBooks Online pen, paper, spreadsheet pen, paper, spreadsheet phones, apps, cloud

9. 9September 19th 2016 | #ClioCloud9 | @DavidLeary Tomorrow The next 15 years Today Where we are currently Yesterday The previous 15 years ~25 million in North America How small business owners run their businesses. QuickBooks Desktop QuickBooks Desktop QuickBooks Desktop QuickBooks Online QuickBooks Online QuickBooks Online pen, paper, spreadsheet Pen, paper, spreadsheet pen, paper, spreadsheet phones, apps, cloud phones, apps, cloud

10. 10September 19th 2016 | #ClioCloud9 | @DavidLeary Tomorrow The next 15 years Today Where we are currently Yesterday The previous 15 years ~25 million in North America How small business owners run their businesses. QuickBooks Desktop QuickBooks Desktop QuickBooks Desktop QuickBooks Online QuickBooks Online QuickBooks Online and Apps pen, paper, spreadsheet Pen, paper, spreadsheet pen, paper, spreadsheet phones, apps, cloud phones, apps, cloud

11. 11September 19th 2016 | #ClioCloud9 | @DavidLeary QuickBooks Online Growth 1,513,000 subscribers

12. 12September 19th 2016 | #ClioCloud9 | @DavidLeary Today (cloud) • Work from anywhere • Automated data entry • Freedom from zip code • Can focus on a niche • Real time data • Billing by the value created • Limitless client base Yesterday (no cloud) • Chained to desk • Manual data entry • Limited to zip code • Had to know every niche • Data historians • Billing by hour • Limited client base What the cloud brought accountants

13. 13September 19th 2016 | #ClioCloud9 | @DavidLeary Concept of accounting firm is changing Old “slow” companies may not transition well Outsourcing Hosting It is cheap to start an accounting practice Everything being reset or disrupted

14. 14September 19th 2016 | #ClioCloud9 | @DavidLeary Stopping commodity work Advising clients and charging for the value Value Billing Virtual CFO services Stopped writing off time e.g. 10% at many firms is like lighting a house on fire Teaching other accountants to move to cloud or re-invent their practice Business models changing

15. 15September 19th 2016 | #ClioCloud9 | @DavidLeary We stopped saying “cloud” Not taking on C, D, F clients Accountants have become a family, help each other …lots of hugs Accounting firms now have a vision, a purpose, a “why” Accountants are social media savvy Run experiments Left their comfort zone They market their firms Culture changes

16. 16September 19th 2016 | #ClioCloud9 | @DavidLeary Blockchain Bank disruption / evolution Regulatory (taxes, payroll, sales tax) Global landscape CPA accreditation Change isn’t done

17. Conclusion

18. 18September 19th 2016 | #ClioCloud9 | @DavidLeary Those of you that are at #ClioCloud9 have an advantage …you are years ahead of your colleagues. You can make a lot of money… …by re-inventing your practice before everyone else and… …before the market forces you to. Takeaway

19. You wont be a frim of the future if you aren’t a firm of now. – Rob Nixon Author/Speaker

20. Stuff you should check out

21. 21September 19th 2016 | #ClioCloud9 | @DavidLeary • The Cluetrain Manifesto • http://cluetrain.com/ • The Future of the Professions - How Technology Will Transform the Work of Human Experts • https://www.amazon.com/dp/0198713398 • Soul of the Enterprise • http://www.thesoulofenterprise.com/ • Remaining Relevant - The future of the accounting profession • https://www.amazon.com/dp/1925209636 • Firm of the Future • http://firmofthefuture.com/ • My newsletter  • http:://davidleary.com Read or Listen

22. 22September 19th 2016 | #ClioCloud9 | @DavidLeary QuickBooksConnect.com

23. Thank you

24. Questions

Editor's Notes

Scott Cook’s table 30 years ago
Totally a valid question Talk about Venn Diagram of Small Business Owners, Accountants, Developers …that’s me …it’s really allowed me to make some interesting observations and connect dots in ways other haven’t A few years back I somehow got involved with lawyers I started noticing that the workflows of accounting practices and law practices were very similar… get stuff form clients, prepare something to give back to clients …bill clients for work Then I wound up at CLIO 2014 … 1) Same keynotes I saw 5 years ago at accounting shows “skate to the puck” 2) I saw a chart how for last 30 years law firms were more profitable than accounting firms except last 6 to 8 years I did my best to track down chart but couldn’t, but I did find this CLICK Call out arrows In Summary this is why I am here …I have insights on why these guys are here and you guys are here On the airplain on way here …how come I know 100s of accountants and I don’t know any underemployed, but I know underemployed lawyers (don’t have to answer, just an observation)
No numbers on purpose … it’s about the concept of what’s happening For arguments sake lets say there are apx 25 million #SmallBiz in North America You could argue Intuit was pretty successful with QuickBooks Desktop over 5 million users But you could also argue that maybe we weren’t successful … 20 years of marketing (and we all know Intuit is good at marketing) …and we couldn’t get 75% of #SmallBiz to stop using manual solutions Mention someone doing payroll manually … follow me home
The previous generation was OK w/ pencils, Post It's, and Excel ...the next generation of business owners are mobile and SaaS first We are starting to see this in today’s numbers The average small business uses multiple cloud apps, and their phones to run their business This is replacing the pen, paper, spreadsheet businesses of the last 15 years Let’s jump into some more numbers about today’s world
What is going to happen when Intuit markets to all these SBO’s that are using phones, apps, and cloud?
I don’t know about you …but this is exciting to me … This is a huge wave of new clients, apps etc
And we are seeing this shift to the cloud in our subscriber numbers It took us 7 to 8 years to get our first 100k onto QuickBooks Online Now each quarter 100k new CLICK I think 2011, Lara Redmond maybe was one of the first accountant to go 100% cloud ..she realized that the entire game was changing because of cloud …stopped doing things the old way Now every week I talk to an accountant that has move their firm and clients 100% to the cloud …and all signs are that this velocity is increasing I’m suspect almost all of you here are Laura … or you wouldn’t be at this conference
From bespoked and full service to niche or virtual CFO Old companies may not be around … inventory … Clio versus LexisNexis Outsourcing labor is cheap …you can’t compete providing labor services ..e.g. data entry …or even doing your own work Virtual machine business models probably in trouble For under 2k … at Starbucks I can start an advising practice
Stop doing compliance work ..selling their tax businesses A whole set of accounting firm advisory companies have popped up
I have one of my own. How come accountants and lawyers don’t open a practice together?

What Lawyers Can Learn From Accountants and their Journey to the Cloud

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (9)

Similar to What Lawyers Can Learn From Accountants and their Journey to the Cloud

Similar to What Lawyers Can Learn From Accountants and their Journey to the Cloud (20)

More from Intuit Developer

More from Intuit Developer (6)

Recently uploaded

Recently uploaded (15)

What Lawyers Can Learn From Accountants and their Journey to the Cloud

Editor's Notes