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The Rise of the Digital CPA - E. Asgeirsson CPA2Biz 6/26/2013
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EXPERT WEBINAR SERIES (2013)
Download the PDF slide deck at www.accountantsworld.com
The Rise of the Digital CPA
Presented by: Erik Asgeirsson, MBA
President and CEO of CPA2Biz
www.accountantsworld.com
CPA2Biz & Firm Solutions Portfolio
Digital Disruption in Client Accounting Services & 3 Emerging Mega Trends
Client Accounting Service Action Plan
Agenda
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The Rise of the Digital CPA - E. Asgeirsson CPA2Biz 6/26/2013
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Practice
Workflow
Professional
Services
CPA.com
Services
AICPA Store
LMS
Mobile Apps
Audit
Confirmations
Payroll
General
Ledger
Bill Pay
Training
CPA2Biz Firm Solutions Portfolio
Professional
Services
Practice
Workflow
Professional
Services
CPA.com
Services
LMS
Audit
Confirmations
General
Ledger
Bill Pay
Payroll AICPA Store
Mobile Apps
Training
CPA2Biz
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The Rise of the Digital CPA - E. Asgeirsson CPA2Biz 6/26/2013
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The Digital CPA Conference: A Movement
Digital Disruption &
The Next Big Thing
A CPA2Biz white paper based on research
conducted by Dr. Geoffrey Moore & CPA2Biz
- Following Slides Summarize Findings -
Accounting Services
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Outsourcing
Automation
Commoditization
Differentiation
Specialization
Optimization
20th Century Firms Will Either Evolve or Dissolve
21st Century Darwinian Dynamics
Survival
of the
Fittest
From CPA2Biz Moore White Paper
• Digitization
– From Paper to Paperless
– Cloud Computing
– Overcoming barriers of productivity
• Virtualization
– From Physically Present to Digitally Present
– Systems of Engagement
– Overcoming barriers of location
• Transformation
– From compliance vendor to trusted advisor
– Business Intelligence
– Overcoming barriers of commoditization
Digital Disruption in Accounting
From CPA2Biz Moore White Paper
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• The Opportunity
– Ride the wave of demand for outsourcing
– Leverage technology to achieve productivity
• The Challenges
– Commodity practice
– Low margins
– Hard to scale
– Hard to upsell to higher value services
• A Roadmap to Success
– A model for evolving Accounting Services as a practice
– A guide to the technology investments required
– A strategy for change management
Accounting Services: A New Century
From CPA2Biz Moore White Paper
The Evolution of a Practice
A Necessary Evil
A Viable Practice
A High-Growth Practice
A High-Value Practice
Client Accounting Services Roadmap
From CPA2Biz Moore White Paper
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• Clients aggregate into market segments
– Communities with shared interests
– Self-organized around industry, geography, & profession
– Who talk to each other before making buying decisions
• Two lessons from Marketing 101
- Cost-effective growth is impossible without target market focus
- Tipping point dynamics accelerate your success
• Target marketing success factors
– Participate in the segment’s relationship network
– Develop domain expertise relevant to the segment
– Over-deliver to create strong reference accounts
– Encourage word-of-mouth referrals
Why Target Market Focus?
From CPA2Biz Moore White Paper
• Select a target market focus
– Big enough to matter
– Small enough to lead
– Good fit with your skills and interests
• Create “new client” onboarding
– Paperless standard
– SOR in the cloud
– Document exchanges in the cloud
– Other facilities as needed
• Migrate existing clients opportunistically
– Take the early adopters when they are ready
– Eventually end-of-life paper-based services
Action Plan
From CPA2Biz Moore White Paper
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• Defining Characteristic
• Reason to Do
• Reason to Move On
• Investment Required
Paper intensive, Place specific
Courtesy to clients, no risk
Lack of profitability, digital disruption
Migrate IT systems to the Cloud
Stage 1: CAS – A Necessary Evil
From CPA2Biz Moore White Paper
• Defining Characteristic
• Reason to Do
• Reason to Move On
• Investment Required
Paperless workflows
Profitable business model
Desire to grow
Online Systems of Engagement
Stage 2: CAS – A Viable Practice
From CPA2Biz Moore White Paper
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• Defining Characteristic
• Benefits
• Reason to Move On
• Investment Required
Online communication & collaboration
Reach & frequency of service delivery
Expand into higher margin services
Business Intelligence
Stage 3: CAS – A High-Growth Practice
From CPA2Biz Moore White Paper
• Defining Characteristic
• Benefits
• Reason to Move On
• Investment Required
Trusted advisor status
High-margin project work
Expand into new target markets
New target market initiative
Stage 4: CAS – A High Value Practice
From CPA2Biz Moore White Paper
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When and How will You Make the Transition?
CHASM
EARLY
MARKET
TORNADO
BOWLING
ALLEY
MAIN
STREET
Evolving CAS: Change Management
From CPA2Biz Moore White Paper
• Visionary
– Go ahead of the herd for competitive advantage
– Spend big to secure top-notch team & great support
– Drive change from the top down
• Pragmatist
– Go with the herd to reduce risk
– Spend moderately to secure market-leading solutions
– Manage change around specific use cases & bellwether teams
• Conservative
– Go after the herd to reduce cost
– Spend frugally to secure basic services
– Manage change around vendor-led training sessions
No right answer—your call
Three Proven Approaches
From CPA2Biz Moore White Paper
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• Model for Evolving a CAS Practice
– A Necessary Evil
– A Profitable Practice
– A High-Growth Practice
– A High-Value Practice
• Enabling Technology Investments
– Digitization
– Virtualization
– Transformation
• Change Management Strategy
– Visionary
– Pragmatist
– Conservative
Summary of White Paper
From CPA2Biz Moore White Paper
POLL
Poll response required for CPE
(Multi-select poll)
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Most significant
challenge
Change
Management
Talent
Technology
Driving Adoption in a Digital Age
CPA2Biz Resources
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About our sponsor: AccountantsWorld 29
We invite you to visit www.accountantsworld.com for more information
An uncompromising commitment to accountants matters.
Offering best-of-breed solutions at affordable prices matters.
Helping accountants create stronger bonds with their clients matters.
Helping you stay ahead of the curve.
Expert Webinar Series 2013
To register please visit www.accountantsworld.com
This Is Your Once-in-a-Decade Opportunity. Don't Miss It
•Dr. Chandra Bhansali •May 15
Tax Practice Ethics & Quality Control
•E. Lynn Nichols, CPA •June 5
The Rise of the Digital Accountant
•Erik Asgeirsson, CPA2Biz •June 27 (THU)
How to Attract New Clients - 50 Tips in 50 Minutes
•Rick Telberg, CPA •July 10
Technology Update 2013
•Randy Johnston •July 31
10 Strategies to Improve Client Accounting Services
•L. Gary Boomer, CPA.CITP •August 21
How to Drop the Struggle & Thrive
•Rick Solomon, CPA •September 18
Moving to the Collaborative Team Model: The New World of Productivity
•Sandra Wiley •October 9
Profitable Payroll? It's NOT an Oxymoron Anymore!
•Bob Torella, MBA •October 23
Marketing Means More Than You Think
•Divya Bhansali MBA •November 13
ONE FREE CPE OFFERED
FOR EACH EVENT
(And a More Rewarding
Practice!)
Top 100
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Top 10! Top 100
Top 100
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The Rise of the Digital CPA - E. Asgeirsson CPA2Biz 6/26/2013
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EXPERT WEBINAR SERIES (2013)
Thanks for your interest – hope to see you at future events
The Rise of the Digital CPA
Presented by: Erik Asgeirsson, MBA
President and CEO of CPA2Biz
www.accountantsworld.com
