Digital CPA - How the Dynamics of the Client/CPA Relationship Changes in the Cloud
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Tom Hood moderates a panel of CPAs doing client accounting services and CFO advisory in the cloud. Jim Cashin (McGladrey), Steve Gross (Trusted CFO Solutions), and Trevor Smith (Harshman Phillips & Co)
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Digital CPA - How the Dynamics of the Client/CPA Relationship Changes in the Cloud
- 1. How the Dynamic of the CPA/ Client Rela6onship Changes in the Cloud Firm Panel Discussion Tom Hood, CPA.CITP, CGMA CEO Maryland Association of CPAs Business Learning Institute Digital CPA: 2012 CPA2Biz Cloud User Conference Gaylord Na6onal Harbor December 7, 2012 CPA2Biz, Inc. - Proprietary and Confidential Information
- 2. Moderator: Tom Hood • Named Fourth Most Influen2al Person by Accoun2ng Today • Top 25 Influencers in Learning & HR by HR Examiner Tom Hood, CPA, CITP, CGMA CEO • Top 25 Public Accoun2ng Thought MACPA Leaders by CPA Prac2ce Adviser • Currently working on Learning Business Learning Institute (BLI) Management with AICPA/C2B& Performance Management/XBRL CPA2Biz, Inc. - Proprietary and Confidential Information
- 3. CPA Panelists Trevor Smith Director of Technology Services Harshman Phillips & Co Jim Cashin Steve Gross Patner CEO McGladrey LLP Trusted CFO Solu2ons CPA2Biz, Inc. - Proprietary and Confidential Information
- 4. CPA2Biz, Inc. - Proprietary and Confidential Information
- 5. CPA2Biz, Inc. - Proprietary and Confidential Information
- 6. CPA2Biz, Inc. - Proprietary and Confidential Information
- 7. Why are we here? Source: Brian Solis author of The End of Business as Usual
- 8. Cloud Compu6ng: Disrup6ve Innova6on • Small Business Accoun2ng and Client Accoun2ng on the verge of disrup2on • Cloud compu2ng is drama2cally changing how accoun2ng soVware is developed and delivered • New paradigm emerging for small business & a new market is being created Incredible Opportunity For Firms CPA2Biz, Inc. - Proprietary and Confidential Information
- 9. CPA Horizons 2025 • 1. CPAs must stay current with, embrace and exploit technology for their benefit for increased efficiency and expansion of services. • 2. The profession must find solu2ons to offer investors and stakeholders up-‐to-‐date, real-‐2me financial informa2on and to increase transparency. • 3. CPAs must embrace mobile technologies and social media to modernize and enhance interac2on and collabora2on with clients and colleagues. CPA2Biz, Inc. - Proprietary and Confidential Information
- 10. Before: Transac2onal Today: Advisory • Low margin transaction • Improve client financial performance processing with proactive consulting • Means to an end; • Save time and reduce cost by a Tax Return standardizing and leveraging automation and repeatable processes • Pressure to keep fees low • Increase real-time collaboration with • Non-strategic clients by accessing information in the Cloud • Increase margins by providing higher value with increased productivity CPA2Biz, Inc. - Proprietary and Confidential Information
- 11. Move Up the Client Value Pyramid More CPAs are becoming outsourced CFOs for their small business clients Client Value Pyramid Virtual CFO Budget, Business Planning, Business Modeling, etc. Controllership Services Monthly Close, Fin Statements, Cash Flow Analysis Transac6onal Services Tax, Write up, Bookkeeping, A/P, Payroll, etc. CPA2Biz, Inc. - Proprietary and Confidential Information
- 12. GeQng Ver6cal through the Cloud Most Popular Client Ver6cals Business Intelligence for Outsourced Accoun6ng Services Repor6ng • Professional Services – 90% Client • Construc6on – 76% Accoun6ng • Retail – 75% Capabili6es Real-‐Time Client • Not-‐for-‐Profit – 73% Collabora6on driven • Manufacturing – 65% through • Wholesale Distribu2on – 61% • Technology Companies – 59% cloud • Transporta2on – 48% compu6ng • Hospitality – 45% Standardized Workflows • Franchises – 40% • Government – 29% CPA2Biz, Inc. - Proprietary and Confidential Information
- 13. Game Changing Transforma6on TODAY FUTURE Moving From To Systems Systems of Record of Engagement • Consolidate • Collabora2ve • Organize • Intelligent • Report • Knowledge Based (The Digital CPA ) Geoffrey Moore Slide – Adopted for CPA Marketplace CPA2Biz, Inc. - Proprietary and Confidential Information
- 14. CPA2Biz Survey Results – April 2012 Accoun2ng Firm Usage of Web-‐Based Applica2ons TOP CONCERNS (SIGNIFICANTLY OR SOMEWHAT CONCERNED) • Security: 73% concerned ( 8% from 2011) • Confiden6ality: 72% concerned ( 8% from 2011) • Privacy: 67% concerned ( 11% from 2011) • Availability: 64% concerned ( 4% from 2011) CPA2Biz, Inc. - Proprietary and Confidential Information
- 15. What alleviates CPAs’ concerns? CPA2Biz 2012 Technology Survey 100% 90% 80% 70% 60% 50% Not Important Somewhat 40% Very Important 30% 20% 10% 0% Company SOC 2 Other firms' Strong SLAs in Training on reputa2on usage place cloud service CPA2Biz, Inc. - Proprietary and Confidential Information
- 16. Digital Darwinism? hnp://cpa.tc/engagement CPA2Biz, Inc. - Proprietary and Confidential Information
- 17. You have 3 years at most! hnp://cpa.tc/socbiz • Cloud • Mobile • Social • Value-‐added • Collabora2ve hnp://cpa.tc/socialbiz CPA2Biz, Inc. - Proprietary and Confidential Information
- 18. Tom Hood, CPA.CITP CEO Maryland Associa6on of CPAs Business Learning Ins6tute (443) 632-‐2301 E-‐mail tom@macpa.org Web hip://www.macpa.org Blog hip://www.cpasuccess.com