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Back to the Heart of it All

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Dr. Geoffrey Moore studied the accounting profession and revealed 3 mega trends that were driving significant change in the profession and broke down the 4 stages firms are going through as they transform. Sometimes we need to revisit the core principles as we prepare for a change to ensure the objectives are set and vision is clear.  In this session, we will review the core principles of “Harness the Power of the Cloud”.  Review the lessons we can learn and focus on what matters most. 

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Back to the Heart of it All

  1. 1. BACKTOTHEHEARTOFITALL Review of Geoffrey Moore’s Research “Accounting Services Harness the Power of the Cloud” Samantha Mansfield, CPA.com
  2. 2. Samantha Mansfield Director 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
  3. 3. Today’s Discussion Awareness of Trends 4 Stages of Transformation Objective & Vision Setting 3
  4. 4. AWARENESSOFTRENDS
  5. 5. 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
  6. 6. Three Mega Trends 2. Virtualization o From Physically Present to Digitally Present o Systems of Engagement o Overcoming Barriers of Location 1. Digitization o From Paper to Paperless o Cloud Computing o Overcoming Barriers of Productivity 3. Transformation o From Compliance Vendor to Trusted Advisor o Business Intelligence o Overcoming Barriers of Commoditization
  7. 7. 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
  8. 8. Overcoming Barriers of Location Physical Presence 8 Virtual Presence
  9. 9. 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
  10. 10. Where do you fall? CHASM EARLY MARKET MAIN STREET Geoffrey Moore Crossing The Chasm
  11. 11. 4STAGESOFTRANSFORMATION
  12. 12. 12
  13. 13. Necessary Evil – What is CAS Really? Perception: Bookkeeping Write Up After the fact reporting CAS covers a variety of services, including: Financial Statement Preparation General Ledger/Trial Balance Cash Flow Management Payroll Preparation & Reporting Accounts Payable and Receivable Transaction Processing (BPO) Virtual CFO Services Controllership Business Advisory 13
  14. 14. Necessary Evil – 3 Options 1. Maintain status quo little longer 2. Seek partner to subcontract CAS services to 3. Proactively establish a dedicated CAS practice 14
  15. 15. Establishing the Practice - Strategy Target a clearly defined target segment 15 Specialized and differentiated set of services
  16. 16. Establishing the Practice – 3 Principles in Selecting Target Market 1. Big Enough to Matter 2. Small Enough to Lead 3. A Good Fit with your Crown Jewels 16
  17. 17. Expanding the Practice – 4 Key Principles 1. 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. 17
  18. 18. 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. 18
  19. 19. OBJECTIVE&VISIONSETTING
  20. 20. How clear is your vision? Does everyone have the same vision? 20
  21. 21. “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, Oracle Keynote -“Leading Through Disruption: The Role of Modern Finance” 21
  22. 22. Source: “CGMA Managing Innovation: Harnessing the power of finance”
  23. 23. 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?” 23
  24. 24. DIGITAL CPA NETWORK
  25. 25. Resources CPA of the Future Study o www.CPA.com/Future-Ready-CPA Templosion 10 Part series from AICPA o http://www.smartbrief.com/s/2013/08/templosions-impact- competition “Accounting Services - Harnessing the Power of the Cloud” o Dr. Geoffrey Moore o http://www.cpa.com/whitepapers/accounting-services- harness-power-cloud
  26. 26. THANKYOU! @SnMansfield #DigitalCPA

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