back to the heart of it all
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BACK TO THE HEART OF IT ALLReview of Geoffrey Moore’s Research “Accounting Services Harness the Power of the Cloud”
Samantha Mansfield, CPA.com
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Samantha MansfieldDirector of Corporate Communications, CPA.com
• 16+ years of experience in tax and accounting technology industry
• Consultant on workflow and web implementations
• Designed and built educational events for practice development
• 2015 - 2016 CPA Practice Advisor “40 Under 40”
• 2016 “Top 100 Most Influential People in Accounting” by Accounting Today
@SnMansfield
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Today’s Discussion Awareness of Trends
4 Stages of Transformation
Objective & Vision Setting
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AWARENESS OF TRENDS
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Outsourcing
Automation
Commoditization
Differentiation
Specialization
Optimization
20th Century Firms Will Either Evolve or Dissolve
21st Century Darwinian Dynamics
Dr. Geoffrey Moore, “Accounting Services – Harness the Power of the Cloud” whitepaper
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Three Mega Trends
2. Virtualizationo From Physically Present
to Digitally Presento Systems of
Engagemento Overcoming Barriers of
Location
1. Digitizationo From Paper to
Paperlesso Cloud Computingo Overcoming Barriers
of Productivity
3. Transformationo From Compliance
Vendor to Trusted Advisor
o Business Intelligenceo Overcoming Barriers of
Commoditization
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Systems of Record Systems of Engagement
• Collaborative• Intelligent• Knowledge Based
PAST FUTURE
• Consolidate• Organize • Report
(The Digital CPA )Geoffrey Moore Slide – Adopted for CPA Marketplace
Virtualization
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Overcoming Barriers of Location
Physical Presence Virtual Presence
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SALT Compliance
HR Reporting& Compliance
Financial Planning & Financing
Budgeting & Forecasting
Cloud Accounting
Traditional Tax Services
Bill Payment
Vertical Add Ons
Payroll
Expense Mgt
Technology Making an Impact
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Where do you fall?Innova
tors
Early
Adopters
(Visi
onaries
)
Early
Majo
rity
(Pragmati
sts)
Late
Majo
rity
(Conserva
tives)
Lagg
ards
CHASM
EARLYMARKET
MAINSTREET
Geoffrey Moore Crossing The Chasm
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4 STAGES OF TRANSFORMATION
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13Necessary Evil – What is CAS Really?Perception:
BookkeepingWrite UpAfter the fact reporting
CAS covers a variety of services, including:
Financial Statement PreparationGeneral Ledger/Trial BalanceCash Flow ManagementPayroll Preparation & ReportingAccounts Payable and ReceivableTransaction Processing (BPO)Virtual CFO ServicesControllershipBusiness Advisory
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Necessary Evil – 3 Options1. Maintain status quo little longer
2. Seek partner to subcontract CAS services to
3. Proactively establish a dedicated CAS practice
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Establishing the Practice - Strategy
Target a clearly defined target segment
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Specialized and differentiated set of services
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Establishing the Practice – 3 Principles in Selecting Target Market1. Big Enough to Matter
2. Small Enough to Lead
3. A Good Fit with your Crown Jewels
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Expanding the Practice – 4 Key Principles1. Streamline your workflow processes to be location independent – all
online, all digital.
2. Reengineer your internal communications and collaboration practices to support a virtual organization.
3. Engage your clients through digital channels and migrate your interactions online.
4. Extend your target market’s geographical boundaries while maintaining your focus on target industry and core differentiation.
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Deepening the Practice – Capitalize on the Opportunity
Migrate the focus of your client dialogs from compliance to business improvement.
Develop dashboards of key performance indicators that enlighten your clients as to the status and trends in their business.
Proactively educate yourself and your team about the issues driving business changes in your target market.
Participate in the industry forums of your target market, establishing yourself and your colleagues as trusted advisors.
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OBJECTIVE & VISION SETTING
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How clear is your vision?Does everyone have the same vision?
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“Being the ‘back office’ has moved from looking out the rear view window to being the navigator… Finance has the ability to drive change because you have the perspective.”
- Safra Catz, CEO, OracleKeynote -“Leading Through Disruption: The Role of Modern Finance”
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Source: “CGMA Managing Innovation: Harnessing the power of finance”
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Trusted Advisor “What would a true trusted advisor look like? It really is the exception rather than the rule when we see true trusted advisors in our firms. It takes great courage, rigor and being proactive and anticipatory to continually earn the privilege of being a client’s trusted advisor.”
- Joey Havens, CPA, managing partner, HORNE“You Call Yourself a Trusted Advisor – So What?”
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DIGITAL CPA NETWORK
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ResourcesCPA of the Future Studyo www.CPA.com/Future-Ready-CPA
Templosion 10 Part series from AICPAo http://www.smartbrief.com/s/2013/08/templosions-impact-com
petition
“Accounting Services - Harnessing the Power of the Cloud”o Dr. Geoffrey Mooreo http://www.cpa.com/whitepapers/accounting-services-harness
-power-cloud
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THANK YOU!@SnMansfield#DigitalCPA