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
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