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Becoming a Digital CPA
This document discusses how CPAs can become "digital CPAs" by embracing technology and innovation. It defines a digital CPA as having evolved from a transactional model to using technology to build digital workflows and standardize processes, and ultimately becoming a trusted business advisor operating in a digital capacity. It emphasizes that becoming digital is a mindset, not just a skillset, and involves developing a vision, evaluating processes for improvement, researching available tools, and consistently reevaluating options. CPAs are encouraged to think strategically and not plan purely operationally, and to seek additional resources on becoming future-ready.
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Becoming a Digital CPA
- 1. BECOMINGADIGITALCPA Samantha Mansfield Director ofCorporate Communications, CPA.com
- 2. Samantha Mansfield Director ofCorporate Communications, CPA.com • 15+ years of experience in tax and accounting technology industry • Consultant on workflow and web implementations • Designed and built educational events for practice development • 2015 CPA Practice Advisor “40 Under 40”
- 3. Becoming Digital What isa digital CPA? Developing vision Tools to use
- 4. What is aDigital CPA?
- 5. It’s an evolution... Transactional Usingtechnology to support transaction processing Workflow Build digital workflow and standardization in processing Digital CPA The operating model of the TRUSTED BUSINESS ADVISOR It’s not just about technology! What is your strategy? “Digital Trusted Business Advisor”
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- 7. Technical Skill •Risk Management •Financial Analysis •Awarenessof Emerging Technology •Client on Boarding •Designing Automated Workflow •Legislation Standards •Software Training Skills •Real-time Collaboration Business Skill •Engagement Management •Building client relationships •Internal Process Management • Value pricing • Mobile Access • Staffing • Communication • Client Process and Systems Analysis •Project Management •Marketing Services •Virtual CFO/ Controller Leadership Skill •Managing a Virtual Office •Decision Making •Establishing Firm Brand •Driving Performance •Change Management •Vertical/Niche Strategy •Facilitation Skills •Communicating Vision Knowledge Areas: Competencies: Characteristics
- 8. What is your“Why”? 1. “The Why” - Your vision 2. “The How” – Characteristics and internal processes 3. “The What” – Your deliverable and service Source: Simon Sinek
- 9. Innovation is anytype of differentiation in your practice that causes clients to prefer to do business with you, and as a result, increases your practice’s revenue and profitability. 9
- 10. It’s a hotmarket for people who can innovate 10 … it’s a mindset more than a skillset or demographic
- 11. Digital CPA ValueProposition
- 12. Why Professional ServicesBuyers Sought Visible Experts Source: Hinge – Finding Experts: Why & How Clients Seek Visible Experts
- 13. Outsourcing Automation Commoditization Differentiation Specialization Optimization 20th Century FirmsWill Either Evolve or Dissolve 21st Century Darwinian Dynamics Dr. Geoffrey Moore, “Accounting Services – Harness the Power of the Cloud” whitepaper
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- 15. The Cloud isthe Computer Next stage of IT democratization User-friendly online interfaces: easy buying, easy configuring, easy monitoring New applications IT as enabler, not gatekeeper Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
- 16. 16 Source: “20/20 Visionfor 2020: The New Small Business Application Market” – Bob Anderson, Gartner, Inc. 2014 Per Gartner SaaS, cloud market will be significantly larger than on premise software by 2020
- 17. CLOUD COMPUTING’S IMPACT Manyothers driving growth Accounting 500K users Processing $25B annually QuickBooks® Online 1M users Processing millions of transactions daily Confirming $1Trillion annually
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- 20. Identify and AssessProcesses to Improve What specific process needs to be improved Why does it need to be improve Understand current process and pain points 20
- 21. Research/Evaluate Tools available 21 Developevaluation process o Suite/ best of breed/ customized application? Apply consistently
- 23. Becoming a DigitalCPA Have a vision Build your innovation muscle Don’t plan purely operationally, think strategically Consistently evaluate your options No need to do it alone 23
- 25. FIRM RESOURCES WHITE PAPERSRESOURCEGUIDESBEST PRACTICES CASE STUDIES
- 26. Additional Resources CPA ofthe Future Study 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 Find a copy of this presentation at: slideshare.net/CPAcom 26
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