Downloaded 12 times
![Growth of Amazon Cloud Services
More than a million active customers in 190
countries, including 900 government agencies,
3,400 education institutions and more than 11,200
nonprofits.
11 Regions in the U.S., Brazil, Europe, Japan,
Singapore, Australia, and China with 28 Availability
Zones.
Global network of AWS Edge locations now
consists of 52 points of presence worldwide,
including locations in the United States, Europe,
Asia, Australia and South America.
Reduced prices 47 times since AWS launched in
2006 [Dec. 2014].
Every day, Amazon Web Services adds enough
new server capacity to support all of Amazon's
global infrastructure when it was a $7 billion
enterprise.](https://image.slidesharecdn.com/buildingabridgetocpafirmofthefuture-awexpertseries-final-150729180946-lva1-app6891/75/AccountantsWorld-Expert-Series-Building-a-bridge-to-cpa-firm-of-the-future-22-2048.jpg)
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AccountantsWorld Expert Series - Building a bridge to cpa firm of the future
Erik Asgeirsson, CEO of CPA.com, discusses the transition towards a digital CPA firm, emphasizing the need for firms to adapt to changing technologies and client expectations for future success. Key themes include the importance of automation, the role of cloud services, and maintaining relevance amidst evolving regulatory standards. The document highlights the necessity for CPAs to reposition their services and embrace new technologies to thrive in the digital age.
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AccountantsWorld Expert Series - Building a bridge to cpa firm of the future
- 1. ERIK ASGEIRSSON President, ChiefExecutive Officer CPA.com BUILDING A BRIDGE to the CPA Firm of the Future.
- 2. CPA.com an AICPAcompany • Empowering CPAs and Businesses for the Digital Age Erik Asgeirsson, President and CEO, CPA.com • 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. Empowering CPA’s in aDigital World
- 4. THEPOWEROF SMARTBUSINESS Future readiness Changing technology& regulatory landscape Staying relevant Capitalizing on opportunities ahead
- 5. Today’s Discussion Smart Business– the Digital Imperative Changing Era for Accounting Services Changing Technology Landscape Staying Relevant 5
- 6.
- 7. Client Perspective: DrivingFirms • Business transformation key to future success (KPMG CEO noted 75% of their clients are in some type of business transformation) • Need to focus on relevance of services and value proposition. Many feel services they are providing today will not be relevant in 5 – 10 years. • Evolving your business critical to future success. Firms need to play a key role.
- 8.
- 9. Firm Service Lines AuditTax BPO Impact of Technology to Major Firm Service Lines • Efficiencies • Innovation • Efficiencies • Innovation • Transformative • Revenue Growth New Opportunities Emerging Dramatic Change Past Few Years
- 10. “In times ofdisruption the bridge builders win.” - Nicholas Carr, author of “The Glass Cage” 2014 Digital CPA Conference Keynote 10 Digital Imperative
- 11.
- 12. Changing Firm ValueProposition Value Automation Today Tomorrow Trusted Advisor Trusted Advisor Growth Specialization Business Insights Commoditization of low end Higher Margin Low margin/fee pressures Automation Of Services Transactional Decline Transactional Bookkeeping
- 13. 1990 2000 Today Client Accounting OverPast 20 Years Today’s Opportunity • Cloud based • Strategic • Paperless • Dashboards • Real Time Small Businesses push work back to firms to focus more on their business Role of Firms Reduced QuickBooks introduced to small businesses Helping Firms Reclaim Trusted Advisor Role
- 14. Virtual Controllership Collaborative Advisory Services – Virtual CFO Write-Up WideSpectrum of Service Levels for Client Accounting Business Process Outsourcing Advisory $ Transactional Firm Service Spectrum Specialize in Client Industry Verticals Healthcare Not-For-Profit Technology Professional Services Property Management Charter Schools Retail Franchises
- 15.
- 16. “If you lookat the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles.” - Larry Summers Former Secretary of Treasury 16 Standards are Evolving as Well…
- 17. New Standard forClient Accounting Services Most Significant Non Audit Standard Change of Past 35 years (SSARS 21): • Creates a bright line between accounting (preparation) and reporting (compilation and review) services • Adapts the older standards for the current electronic and cloud based environment • Very significant change for Firm Client Accounting/BPO Practices
- 18. Copyright © 2013American Institute of CPAs. All rights reserved. 18
- 19. New Thinking Required KeyAreas: • Revise Positioning and Services • Write-up & Compilation Service • Client Accounting & BPO Services • Value of CPA Firm • Updating of Engagement Letters • Updating of Service Delivery • Legend requirement is an OPPORTUNITY to highlight firm value
- 20.
- 21. The Cloud isthe Computer ‣ Next stage of IT democratization ‣ User-friendly online interfaces: easy buying, easy configuring, easy monitoring ‣ New applications (what is the cloud’s spreadsheet?) ‣ IT as enabler, not gatekeeper Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
- 22. Growth of AmazonCloud Services More than a million active customers in 190 countries, including 900 government agencies, 3,400 education institutions and more than 11,200 nonprofits. 11 Regions in the U.S., Brazil, Europe, Japan, Singapore, Australia, and China with 28 Availability Zones. Global network of AWS Edge locations now consists of 52 points of presence worldwide, including locations in the United States, Europe, Asia, Australia and South America. Reduced prices 47 times since AWS launched in 2006 [Dec. 2014]. Every day, Amazon Web Services adds enough new server capacity to support all of Amazon's global infrastructure when it was a $7 billion enterprise.
- 23. 23 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
- 24. 2020 Vision forSmall Business Applications Suites replaced by loosely coupled applications Cloud deployment for almost everything Importance of collaborative workflows (internal and external) Mobility first – Everywhere, in every application, on every device Embedded and Predictive Analytics - Big Data Streams Integration, Open API’s as we move from suites to federated apps Application marketplaces Security takes on new meaning for you and your clients 24 Source: “20/20 Vision for 2020: The New Small Business Application Market” – Bob Anderson, Gartner, Inc. 2014
- 25. Cyber Security andthe Cloud • Ongoing high profile cyber attacks • Key is to manage, contain, and react to the threats • Cloud offers significant opportunities from both capability and security perspective • Important to always think about security and leverage best practices (SOC, etc.)
- 26. Key to firmadoption is finding pain (value) points… CHASM Helping Firms With Adoption Curve Firm Solutions CPA Profession
- 27. Top 100 Top500 Small Firms* Widespread Adoption: The Great Equalizer (*CPA firms and outsourced F&A firms)
- 28. Staying Relevant inthese Changing Times
- 29. Increasing Automation ‣ Automationof “tacit” (psychomotor) skills: pilots, drivers, soldiers ... ‣ Automation of intellectual skills: accounting, medicine, law, management ... ‣ Efficient orchestration of commerce ‣ Concentration of profit Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
- 30. Dangers Ahead Complacency, Bias,Deskilling: “The Glass Cage” Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
- 31. Trusted Advisors Role ‣Transcend the routine ‣ Develop specialized knowledge ‣ Stay ahead of automation wave ‣ Be valued for expertise and insight ‣ Translate data into wisdom Source: “The Big Switch & Beyond” – Nicholas Carr, author, 2014 Digital CPA Conference Keynote
- 32. “To drive aculture of innovation, leaders realize they have to let go of the past.” - Doug Menefee, Enterprise CIO Advisor at Amazon Web Services “How to Become the CFO – The Chief Future Officer of your Organization” 2015 Executive Roundtable presentation
- 33.
- 34. Additional Resources Digital CPAWebcast Series o Next Session: September 22, 2015, 2-3pm ET o www.digitalcpa.com/webcasts CPA.com Blog Follow @CPAcom on Twitter o #DigitalCPA White Papers o “The CPA of the Future 2015 Study,” www.cpa.com/future-ready-cpa 34
- 36. Find a copyof this presentation at: Slideshare.net/CPAcom
- 37.
Editor's Notes
- #2 Session Description: Building a Bridge to the CPA Firm of the Future What does the power of smart business mean for CPAs and their clients? In this era of change for the profession, digital transformation, globalization and other forces in play, this is one of the most challenging and exciting times to pursue a career as an accountant. Erik Asgeirsson, president and CEO of CPA.com, will discuss aspects of the changing technology landscape, the challenge of staying relevant and the great opportunities that lie ahead for those who embrace technology and specialization.
- #38 Closing slide