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How the Cloud Impact Modern Day Financials
The document discusses the impact of cloud computing on modern financial practices, highlighting key speakers from the CPA and technology sectors who emphasize the need for accounting firms to adapt to technological advancements. It addresses the importance of value automation, specialization, and the evolving role of trusted advisors in an increasingly digital landscape. Additionally, it outlines strategies for maintaining relevancy, improving client services, and leveraging technology to drive financial performance.
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How the Cloud Impact Modern Day Financials
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- 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 • Over the past ten years has led CPA.com's focus on cloud computing and the transforming opportunities available to accounting firms • Consistently recognized as one of Accounting Today’s “Top 100 Most Influential People” • Viewed as a leading change agent for driving technology adoption in the accounting profession. • BS Electrical Engineering, George Washington University, and MBA in Finance, NYU Stern School of Business
- 3. Marc Linden CFO, Intacct •As CFO oversees Intacct’s financial and administrative organizations • 20 years experience in finance, business strategy and general management • Began his career in the technology practice at McKinsey & Company • Held positions in corporate development and planning • Degree in economics from University of California at Berkeley, MBA from Harvard Business School Guest Panelists
- 4. Marcus Wagner, CPA CEO,AcctTwo Shared Services • Founder and CEO of Intacct's Partner of the Year for 2014, 2015, and 2016 • AcctTwo focuses on customer satisfaction in ERP implementations, Business-Process-as-a-Service outsourced accounting, and developing and extending the Intacct platform. • 20 + years of experience working with small, medium, and large companies in the areas of financial accounting and auditing, process and internal controls consulting, and management advisory services • Began career at PricewaterhouseCoopers, where he spent time in the financial audit and risk advisory practices • Co-founding partner of Calvetti, Ferguson & Wagner, an accounting firm in Houston, TX • Holds a B.A. from Rice University and is a Certified Public Accountant (C.P.A. - Texas Guest Panelists
- 5. Agenda Strategies for futurerelevance What’s the big picture? In practice
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- 7. Strategy for FirmValue Proposition 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
- 8. Expanding The ValueOffering With Technology And Talent Value Offering Transactional, Compliance Automated Processes and Workflows Business Insights and Strategic Advisory Human Capital ManagementCloud Based Accounting Services Sales and Use Tax Budgeting & Forecasting Tax & Financial Planning CFO Services Strategic Planning Bill Management Expense Management Cash Flow Management Financial Dashboards Account Reconciliations Payroll Write-up Financial Preparation Income Tax Compliance Payroll Tax Compliance
- 9. 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
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- 12. Fundamentals of aCloud Strategy Targeted at the CFO Enterprise Features Cloud (pure multi-tenant SaaS) + Best-in-Class Integration Company’s Choice Finance Payroll Sales Professional Services Manufacturing +
- 13. Large Portion ofthe Market Served Small and Medium-Sized Businesses Very Small <20 Employees Enterprise and Large 1,000+ Employees 20 – 1,000 Employees $10 – 500M Revenue Intacct Accountant Program Features & Capabilities
- 14. Increasing Pace ofInnovative Unlimited Dimensions Unlimited Self- Balancing Dimensions Custom Transaction Types Multi-Entity Accounting Multi-Entity Consolidation for Minority Interest, Different COAs Multi-Entity Centralized AP & AR Statistical Accounting Multi- Dimensional Financial Reporting GAAP & Tax Adjustment Books Multi-book Accounting for Cash & Accrual Salesforce Integration 8 Standard Dimensions Multi-Book, Multi-Base Currency Consolidation Global GL, Sub- Ledger Analysis & Aging Exclusive Endorsement 2003 2004 2005 2009 2012 2013 Dimension Validation Salesforce Chatter Integration User-Defined Books 2014 2015 Intacct Subscription Billing Digital Board Book INDUSTRY 1stsAND Only
- 15. Best-in-Class Functionality forAny Organization On a SINGLE platform General ledger Accounts payable Purchasing Order management Accounts receivable Cash management Reporting & dashboards Digital board book Collaborate CORE FINANCIALS Multi-entity management Global consolidation Project accounting T&E management Revenue management Subscription billing Sales and use tax Check delivery service Inventory management ADDITIONAL MODULES System integration Easy configuration Platform functionality Salesforce integration EXTENDING FINANCIALS Accounting Franchise Healthcare Hospitality Nonprofit Services Software & SaaS Wholesale INDUSTRY-SPECIFIC SOLUTIONS
- 16. Broad Value Propositionfor Financial Managers Track true financials and operations Visibility for planning / strategy Flexibility as needs change Drive Performance and Growth Managing for Long-Term Process automation Oversight and controls Accuracy and compliance Make My Business More Efficient Better Every Day With Intacct, You Can Do Both
- 17. Intacct Non-Profit SpendManagement = Control Automation Automatic budget policy management for purchasing & fund manangement Flexible configuration Prevent spending or warn and continue Avoid unexpected grant administration issues Have peace of mind that spending policies are enforced
- 18. Intacct Digital BoardBook for Non-Profit = Visibility
- 19. Through an OrganizationsLife-Cycle START-UP/ OWNER OPERATOR FORTUNE 5,000 Changing needs of growing companies True integrated accounting system Acquisitions/ partnerships Multi-company consolidations International/ multi- currency Public company
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- 23. Getting to Metricsthat Matter 23 Benchmarking o External benchmarks: industry, competitors and public companies o Internal benchmarks: budgets and plans or prior periods Industry Metrics o Metrics are industry specific, for example: • Revenue and Cost per Cow analyzed by: gender, breed, age and herd • Number of cowboys by same and Rev/Cost per cowboy • Customer Lifetime Value (CLTV), Customer Acquisition Cost (CAC), Churn • Committed Monthly Recurring Revenue (CMRR) • Cashflow Cattle Ranch Software Company
- 24. Where Do YouSource Metrics From For Best Practice Benchmarking 24 Management Reports o Your clients management reports include the key metrics that are important for a specific industry or segment Trade Associations o Industry trade associations often collect and publish information on key metrics including best practice targets Internal Expertise o Building out internal expertise and retaining it will provide the institutional knowledge for metrics reporting
- 25. How Do YouPresent The Results 25 Financial Reporting Package o As part of the monthly/quarterly reporting package to management Real-Time Dashboards o Self-service dashboards that provide at a glance metrics into the business Added Services o As part of a client engagement to create best practice benchmarking
- 26. Benefits of OutsourcedServices Beyond Cost Savings 26 Financial clarity resulting from timely, accurate, and relevant financial reporting o Identify opportunities o Spot negative trends early o External reporting (lenders, investors, partners, franchisor) Increased revenue & reduced time to cash
- 27. Cutting to theChase—the Cocktail Napkin ROI 27 Save 8hrs of CFO’s time/week and 1 FTE and pay for Outsourcing in <1yr Reduce revenue leakage by .5% for a $10M co and pay for Outsourcing in <1yr OR
- 28. Seeing the WholePicture BEST-IN-CLASS CLOUD FINANCIALS Real-time reporting from system of record Dashboards for key stakeholders Rock-solid financial core connecting with your systems of choice REPORTING VISIBILITY INTEGRATION and AUTOMATION
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- 30. Cloud’s Impact onStandards – SSARS21 Technology o “How do you comply with footer standards if accounting software doesn’t provide capabilities?” o “If we print the financial report does that count as preparation?” o As of Aug. 21st Intacct increased footer capacity to 400 characters Business Strategy o “Does this preclude the firm from offering attestation services for this client in the future?” > AICPA Blog “3 Steps to Maintain Independence When Preparing Financial Statements” o “Do I need to go through peer review?” 30 Leadership o Educate business community and clients o PCPS SSARS21 Toolkit > FAQ
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- 32. Top 100 Top500 Small Firms* (*CPA firms and outsourced F&A firms) BPO/ADVISORY SERVICES GROWTH – FIRMS OF ALL SIZES LEADING THE WAY
- 33. BPO Firm’s Roleas Trusted Advisor and Technology Curator 33 Evaluating new technologies Bringing the right combination of solutions to the customer Constant innovation and improvement
- 34. Firm Make-Up andSkillsets 34 Because advising clients about technology is important, firms need to hire tech-savvy people. But they need those with accounting backgrounds as well. When the two teams collaborate, amazing things happen.
- 35. Shifting Your Perspective 35 AcctTwostarted as traditional BPO focusing on transaction processing - but we’ve added more CFO services and strategic guidance. Starting where we did forced us to be very process and technology-oriented, which is now a differentiator. From being in the weeds to a bird’s eye view…
- 36. Removing Friction 36 Traditional FractionalCFOs - Not tied to a technology Time spent gathering data in Excel Providing technology AND CFO services, means the data foundation is already in place. You can focus on analysis and strategy. Does a customer’s CFO understand your value proposition?
- 37. Resources “Harness the Powerof the Cloud” o White paper o www.cpa.com/whitepapers/accounting- services-harness-power-cloud Follow us on Twitter o @CPAcom o #DigitalCPA o @wagnermarcus o @Intacct_Marc o @erikasgeirsson Blogs CPA.com Blog o CPA.com/blog AcctTwo Blog o www.accttwo.com/blog Intacct Blog o us.intacct.com/blog 37
- 38. Digital CPA WebcastSeries – Building a community of digital CPAs who embrace change and the transformational effects of technology on today’s practice •“Taking the Lead” Digital CPA Conference in Las Vegas December 5-7, 2016 •TBA 2017 Schedule
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