2014 ny show maturning of the cloud final
•Download as PPTX, PDF•
1 like•1,100 views
Erik Asgeirsson, President and CEO of CPA2Biz, discusses how the maturing cloud and emerging technologies will impact accounting professionals. He notes that cloud computing is driving efficiencies for both accounting firms and their small business clients. Asgeirsson highlights resources from CPA2Biz to help firms transition to the digital, cloud-based "new normal", including webinars, case studies and conferences on topics like digital workflows, data analytics and becoming a trusted business advisor. He concludes by hearing from panelists implementing these changes in their firms.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to 2014 ny show maturning of the cloud final
Similar to 2014 ny show maturning of the cloud final (20)
More from CPA.com
More from CPA.com (20)
Recently uploaded
Recently uploaded (20)
2014 ny show maturning of the cloud final
- 1. Maturing of the Cloud & How It will Impact You Erik Asgeirsson CPA2Biz President and CEO May 1, 2014
- 2. CPA2Biz 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, CPA2Biz • 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
- 3. Agenda • It Starts with WHY • How to Work in the Cloud • What are the New Deliverables • Hear from those Working in the Cloud
- 4. Cloud specialization Smart Phones 24/7 connectivityintegration SaaS technology Healthcare Reform tax code regulations mandates Big Data online portals innovation client collaboration Practice management streamlined paperless process security marketing branding real time growth web-base B2B culture revolutionary staff sales consulting training research software CPE results education connectivitysoft phone networking outsourced CFO clients events information creative extended services procedure analytics trusted advisor mobile right clients niche solutions
- 5. 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)
- 6. Growth of Cloud Computing And Many Others Small Business Has Moved to the Cloud Network growth: >150% last year$150M recently raised QuickBooks® Online 500K users Paychex Equity Investment Efficiencies saving 90 minutes per employee per day Serving over 10k firms and top US banks $45M recently raised
- 7. What does this mean for your practice?
- 8. Simon Sinek’s Golden Circle Top Ten Most Viewed Ted Talk: What is your WHY?
- 10. Key to defining your value in these disruptive times Simon Sinek’s Golden Circle Top Ten Most Viewed Ted Talk:
- 11. CPA2Biz’s Why Empowering CPAs and Businesses for the Digital Age
- 12. What is your purpose? Trusted Business Advisor compliance partnership support trust information exchange BIG data business insight innovation technology reporting growth security
- 13. Hype Cycle for Emerging Technologies - 2013 Source: Gartner’s 2013 Emerging Technology Hype Cycle Cloud Computing Technology Trigger TIME VISIBILITY Peak of Inflated Expectations Slope of Enlightenment Trough of Disillusionment Plateau of Productivity Big Data
- 14. Moore indicates that we have crossed to early majority… CHASM Helping Firms With Adoption Curve Firm Solutions CPA Profession
- 16. Time Savings from Digital Tax Workflow Data provided by: XCM
- 17. Tax Processing in the Digital Era Data provided by: XCM 0% 10% 20% 30% 40% 50% 60% Completed or Efiled In Process Not Started NLC or Not Filing Years of Service Year 1 Client 1-3 Years Client 3-5 Years Client 5+ Years Client
- 18. Bill Payment in the Digital Era Bill.com’s bill payment usage: •Businesses <10% in electronic payments to over 60% in a few short months •Network has grown >150% in the past year to over 400k members •Now processing over $11B annually Data provided by: Bill.com
- 21. 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 the DIGITAL TRUSTED BUSINESS ADVISOR It’s not just about technology! What is your strategy?
- 22. Key Drivers of the Movement to the Cloud A New Era of Capabilities: • Collaboration • Business Intelligence • Anytime, Anywhere Access • Scalable, More Efficient
- 23. New Compilation & Preparation Standard • Exposure draft period ending 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
- 24. Copyright © 2013 American Institute of CPAs. All rights reserved. 24
- 25. Empowering CPA’s in a Digital World
- 26. Available Resources White Papers • “Harness the Power of the Cloud,” by Geoffrey Moore • And more Many Case Studies Webinars • Technology and Practice Development topics • Live and archived Digital CPA Webcast • June 3, 2014, 2-3pm ET New Digital CPA Webcast Series
- 27. “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
- 28. Hearing from peers who are working this way every day…
- 29. Zinman & Company Mark Zinman, CITP Managing Partner “As founder of Zinman & Company, I have a tradition of taking an active interest in your success that goes beyond accounting and advisory services. I wouldn’t want it any other way!” Services: •Virtual Controllership •Accounting/Advisory •Technology Guidance •Tax Services info@thecpa.com Panelist
- 30. Panelist Robert Risk Independent Consultant working for Wiss & Company LLP Consulted with multiple large accounting firms: • Former CTO EisnerAmper LLP, Implemented a cloud migration strategy • Reduced infrastructure capital expenditure by 45% Wiss & Company: Outsourced Accounting practice – Help structure Cloud based platforms for their Clients: • Intacct • Bill.com • QuickBooks on-line • Application Hosting
- 31. Jeffrey S. Parker, CPA Partner Provides guidance on tax questions for clients in: Financial Services and Real Estate Industries. Specializes in tax services for investment partnerships, fund of funds, MLP funds • Tax Partner with 20+ years experience • Chair of the New York State Society of Certified Public Accountants Taxation of Financial Instruments and Transactions Committee Panelist
- 32. Panelists Mark Zinman Managing Partner Robert Risk Independent Consultant Jeffrey S. Parker, CPA Partner
- 34. Available Resources “Roadmap to Profitability…” Workshop • New York City; August 4-5, 2014 Digital CPA Webcast • June 3, 2014 2-3pm ET Digital CPA Conference • Washington DC; December 8-10, 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
- 35. http://www.slideshare.net/C2Bsocialnetworks Find a copy of this presentation at:
- 36. Digital Driven World For Firms & Clients
Editor's Notes
- Intro of self
- Finishing the reference to the quote: “The Second Machine” Age which provides historical perspective and context for today’s digital era. But Brynjolfsson admits that, for now, the growing pains are very real. People in a wide slew of industries are being replaced by digital labor and losing their jobs — not to mention their ability to find a new one. Source: 2013 TED Talk. Also Erik Brynjolfsson, MIT Professor, co-authored NY Times Bestseller “The Second Machine” Age which provides historical perspective and context for today’s digital era. IN NOTES Field; Now come two professors from MIT with a more optimistic and intriguing hypothesis — namely, that the global economy is on the cusp of a dramatic growth spurt driven by smart machines that finally take full advantage of advances in computer processing, artificial intelligence, networked communication and the digitization of just about everything. What enables these breakthroughs, Brynjolfsson and McAfee argue, is not just the amount of data available and the speed at which it can be processed. It’s also the ease with which these new capabilities and new ideas can be combined and recombined. Economic historians tell us that it took several decades for earlier breakthrough technologies, such as the steam engine or electricity, to reach the point of ubiquity and flexible application at which they fundamentally changed the way people lived and businesses operated. Information technology and digital communication, they argue, are now just reaching that same inflection point. Rather than approaching a period of mature decline, as Gordon and Cowen have suggested, according to the men from MIT, these technologies are about to take off. ‘The Second Machine Age,’ by Erik Brynjolfsson and Andrew McAfee It is not just about investment, but about usage taking place in organizations across North America. Source: “Cisco projects data center-cloud traffic to triple by 2017” - Steven J. Vaughan, posted ZDNet 2012 North America generated the most cloud traffic. 2014 The first year when the majority of workloads shift to the cloud, 51% will be processed in the cloud versus 49% in the traditional IT space. 2017 North America will generate the most cloud traffic.
- Showing the investments taking place Article on SMB’s cloud growth stats: http://www.huffingtonpost.com/2013/11/06/amex-what-is-the-cloud-and-why_n_3964066.html (article posted Nov 2013) Parallels, a software company enabling Spring, GoDaddy, etc. reported cloud services industry grew to $45billion worldwide in 2012. “6 million SMB’s purchasing their 1st cloud service” in 2012 Projecting market will grow 28% annually through 2015. Seagate growing cloud storage stats: http://siliconangle.com/blog/2013/06/27/infographic-clouds-growing-footprint-in-storage/ - “60% of businesses utilize cloud for performing IT related operations”
- Transitioning to “Start w/ Why” All of this data may be interesting to some of you and others may be thinking what do these trends and projections mean to me and the service I provide every day? Depending on how you adopt these tools into your firm will greatly determine the impact and success you see in your practice.
- It starts w/ why. To achieve adoption in your practice, no matter what you are working on, cloud or any service, its about clearly communicating WHY you are running your practice and services. At our DCPA Conference last year Simon Sinek, the author of “Start w/ Why” sat down with me to talk about this concept, so lets listen to just a short portion of this because it is the premise you should build your practice around. (Click Image: linked to Sinek + Erik discussion – only show from 30sec-2:58) (Discuss the WHY on this.) - Get to your (the participate in the audience) why running your practice
- Video will run automatically --- it’s 1:50 long. One click at the end will redisplay the Sinik slide where you were before the video.
- This is the driving force behind the decisions and narrowing down how and what we work.
- Get to what your purpose is (asking the audience) Building your strategy needs to be about helping you execute on your WHY (perhaps some of these key words are part of the vision you have for your client service and relationship) Link to image: http://www.shutterstock.com/cat.mhtml?lang=en&language=en&ref_site=photo&search_source=search_form&version=llv1&anyorall=all&safesearch=1&search_tracking_id=B1CpsgZU-ac_o7oeXTk0Rg&searchterm=professional+relationship&show_color_wheel=1&orient=&commercial_ok=&media_type=images&search_cat=&searchtermx=&photographer_name=&people_gender=&people_age=&people_ethnicity=&people_number=&color=#id=160701239&src=4s6y5yowAHR7oOC9RVHN1A-2-13
- Quick explanation of Gartner’s Hype Cycle for Emerging Technologies… Plot cloud computing on the cycle: within the Trough of Disillusionment—that point after the “overhype” where consumers are left confused as to the value of the technology. Goal of CPA2Biz is to move cloud computing up the Slope of Enlightenment and into the Plateau of Productivity…that point in the cycle where adoption is more rapid and productivity is elevated significantly…what we’ve termed in the profession as the “Digital Destination.” Offer brief description of digital destination and how CPA2Biz plans to help firms transition to this level.
- Link to image: http://www.shutterstock.com/cat.mhtml?lang=en&language=en&ref_site=photo&search_source=search_form&version=llv1&anyorall=all&safesearch=1&search_tracking_id=IWmZskHp34NX7_adgr8JWg&searchterm=working+in+the+cloud&show_color_wheel=1&orient=&commercial_ok=&media_type=images&search_cat=&searchtermx=&photographer_name=&people_gender=&people_age=&people_ethnicity=&people_number=&color=#id=140761327&src=IrgDTIgQrKYoa3NBPnJSjQ-1-69
- Firms of all sizes are using cloud solutions, even workflow solutions in small firms. And the time savings is evident across the board. (look stats from XCM on the typical areas they use XCM based on the same of the firm)
- This data showing once you get back the 1st year the efficiency is achieved by having more returns complete by the end of the tax season. Click: As each yr progresses the number of returns not started continues to decline.
- Link to image: http://www.shutterstock.com/cat.mhtml?lang=en&language=en&ref_site=photo&search_source=search_form&version=llv1&anyorall=all&safesearch=1&search_tracking_id=6jrTefUPB2Fc6RYclX2jyw&searchterm=accounting+work&show_color_wheel=1&orient=&commercial_ok=&media_type=images&search_cat=&searchtermx=&photographer_name=&people_gender=&people_age=&people_ethnicity=&people_number=&color=#id=152345504&src=CN-uCJ1qOSOdt9SwPCKsNA-1-41
- Cloud has moved so far into the mainstream it is not talked about nearly as much as what it is providing now. We hear about big data, storage, “google” = searching, changed the way we socialize and communicate. So what does this mean for what you are providing to clients? The deliverable your clients receive? All these items up here impact client expectations and the way they work, so how are you folding this into the way you provide your deliverable? Link to the image: http://www.shutterstock.com/cat.mhtml?lang=en&language=en&ref_site=photo&search_source=search_form&version=llv1&anyorall=all&safesearch=1&search_tracking_id=_hhgBtrd1o65Xqrj6FGrOg&searchterm=growth+of+cloud&show_color_wheel=1&orient=&commercial_ok=&media_type=images&search_cat=&searchtermx=&photographer_name=&people_gender=&people_age=&people_ethnicity=&people_number=&color=#id=166950893&src=HRcPLNSKlf_NJMV05EeigQ-2-20
- We have shared the data on what is happening w/ the maturation of the cloud and the push toward it, but it is not just about the technology, or how you work internally. What is your strategy for what you are delivering? What level do firms want to be at: low end/transactional to Digital CPA?
- Top Reasons for Adopting Cloud Technology by Survey Respondents: Ability to work virtually/expand reach No worries on software upgrades Business continuity/disaster recovery Productivity improvements Better visibility into firm/client finances
- We understand to assist firms in leveraging all this technology for their success is about building the synergy between technology, talent and process which comes about through change management.
- Transition to hearing real life application of how this is not just data and trends but from practitioners that have, or are changing, practices to operate this way. We are going to talk about what has worked, impact it has had, why they are making this transformation, and tips they can provide you to manage this successful. Link to Image: http://www.shutterstock.com/cat.mhtml?lang=en&language=en&ref_site=photo&search_source=search_form&version=llv1&anyorall=all&safesearch=1&search_tracking_id=jBOwdCIsq0VJhZVV3irauQ&searchterm=working+in+the+cloud&show_color_wheel=1&orient=&commercial_ok=&media_type=images&search_cat=&searchtermx=&photographer_name=&people_gender=&people_age=&people_ethnicity=&people_number=&color=#id=127096898&src=IrgDTIgQrKYoa3NBPnJSjQ-3-8
- Jeff has been practicing for over 20 years and has always been a vocal leader when it comes to adopting new technologies wherever he’s been. Accordingly, I thought he would be a great resource as he’s seen tax technology evolve from the early days of DOS based tax prep software, to cloud-based tax prep and workflow solutions.
- (once panelists are confirmed have this slide w/ all 3 of them listed while they are talking so people can reference)
- More live events to collaborate w/ experts and firms.
- Close - it is a digitally driven world for firms and clients today. The power is to employ these tools to enhance the relationship and elevate the value of your role.