Todays client accounting services: new names for the same service?
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The pendulum is swinging back on the value of client accounting services to firms and clients in this digital age. Cloud based technology and more tech savvy clients has moved these traditional services from a compliance oriented business to an advisory and consultative service line for firms. In this session you will discuss the spectrum of accounting offerings today, how to effectively communicate the value and think about the driving forces to set the course for your firm.
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Todays client accounting services: new names for the same service?
- 1. TODAY’SCLIENTACCOUNTING SERVICES:NEWNAMEFOR THESAMESERVICE? Presented by: Kalil Merhib Enterprise Business Development Manager CPA.com
- 2. Kalil Merhib Enterprise Business Development Manager, CPA.com • 7+ years of experience in tax and accounting technology industry • Consultant on technology evaluation, implementation, and deployment
- 3. Today’s Discussion Defining Client Accounting Services (CAS) The Value Driving Forces Tools 3
- 4. What are Client Accounting Services? 4 Client Advisory Services
- 5. Which Business Line Does it Belong in? Accounting 5 Consulting
- 6. Virtual Controllership Collaborative Advisory Services – Virtual CFO Write-Up Wide Spectrum of Service Levels for Client Accounting Business Process Outsourcing Advisory $ Transactional Firm Service Spectrum Historical Compliance oriented Daily operations Real-time information Consulting on business decisions
- 8. THEVALUE
- 9. Value for Your Firm Reduces price pressure Develop specialized knowledge More connectivity to clients creates stickiness 9
- 10. Changing Firm Value 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
- 12. Communicating the Value Insights Real-time data Convenient access What else will you say? o How will you specialize? 12
- 13. Specialize in Client Industry Verticals Technology Professional Services Healthcare Not-For-Profit Start-ups Retail Franchises Property Management Charter Schools
- 14. DRIVINGFORCES 14
- 15. 15
- 16. 16
- 17. Disintermediation Removing the middleman -- a popular buzzword used to describe how Internet-based businesses are using cloud and mobile technologies to reach customers. These companies provide products and services cheaper and faster. These technologies are revolutionizing the way products and services are bought and sold, and disintermediation is the driving force behind this revolution.
- 18. Peer Lending Technology Is the Easy Part • Technology Executives • Loans being funded @ > $250M / month • Interest paid to investors: ~$500M to date • Investment bankers • True “crowd-sourced” loan funding • Technology & baking • Direct ties to cloud-based accounting platforms • Non-Profit • > 1 million lenders • > $500,000,000 in loans / 99.01% Repayment rate • Friends and Family • Regulation and litigation • Prosper (Wells Fargo execs) • >$1 billion in loan originations to date *New York Post, June 16, 2015
- 19. AVAILABLETOOLS
- 20. Cloud-based Tools Make it Happen Accounting software Bill management software o Accounts payable o Accounts receivable o Expense management Industry specific add on’s o I.e. POS, CRM, inventory, fund management Sales and local use tax (SALT) o Increasing area of complexity you may want to add to your service Workflow management o Changes in responsibilities as part of the process o Track progress 20
- 22. New Standard for Client 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
- 23. Copyright © 2013 American Institute of CPAs. All rights reserved. 23
- 24. New Thinking Required Key Areas: • 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
- 26. Harness the Power - Moore Start with Why - Sinik The Big Switch – Carr Future Smart - Canton Pathway to Client Accounting Services WHAT? WHY? WHERE? WHEN?
- 27. Your Decisions Level of service(s) to offer Work on communicating the value differently Acknowledge the driving forces as part of your plans Select the right tools and leverage standard changes to your benefit 27
- 28. Additional Resources “CAS 2.0” report o http://www.accountingtoday.com/digital_edition/ digital/cas-20-73807-1.html “Accounting Services – Harness the Power of the Cloud” whitepaper o By Geoffrey Moore o http://www.cpa.com/whitepapers/accounting- services-harness-power-cloud Digital CPA Webcasts o “2 Emerging Services for Trusted Business Advisors” o July 16, 2015; 2-3pm ET Case Studies: Client Accounting o http://www.accountingtoday.com/ato_issue s/28_12/accounting-technology/case- studies-client-accounting-72879-1.html Client Advisory Services Workshops o http://www.cpa.com/client-advisory- workshops Slideshare.net/CPAcom 28
- 30. Contact Information Kalil Merhib Kalil.Merhib@hq.cpa.com @kalilmerhib, @CPAcom, #DigitalCPA LinkedIn: https://www.linkedin.com/pub/kalil-merhib/19/73/6 30
Notas do Editor
- Poll after reviewing the agenda: How do you define CAS?
- The key is not to get hung up on the terms, but explain it in a way your clients will identify and see the value for themselves. Wiss created FWRD as their branding. Does the client want the bike, car or jet to move their business forward and here are the services they will get. (come back to how the technology really makes this possible today)
- Develop specialized knowledge – not spread so thin from client requests
- Given all of this here is where we see the value proposition changing to for firms. Accounting Today had an article about ways to Protect your Firm, 1 was about not knowing enough about the industry and the liability of servicing a client that you don’t know enough about. (I tweeted this on 4/6/15)
- Poll here: What do you see as the top driving forces of change in the accounting profession?
- Changing role of CPA
- Disruptive tech
- So what does this have to do w/ accounting. There is a lot of automation that is taking place that is really changing the services of accounting firms. More people feel empowered to do the work on their own, free e-filing of returns through govt, etc. So keeping this in mind is important as we think about emerging technologies impact. Technology is giving clients much of the value that a firm was previously providing
- Lets look at an industry that very much touches you and your clients that the cloud facilitated – CrowdFunding “The traditional means by which financial services are delivered to consumers and small businesses is being fundamentally reshaped by advances in technology, maturity of digital channels, use of data and analytics, and a focus on customer experience,” Goldman Sachs CEO Lloyd Blankfein and Chief Operating Officer Gary Cohn.
- Industry specific – cloud gives you ability to build workflows in the software that give you tools designed for your process as opposed to generalized systems you make work for many clients.
- Part of building your CAS service is picking the right software, which is why we are doing a project with Trust Radius to develop a buyer’s guide to accounting software for you. In doing this we are asking pracctitioners to offer detailed feedback on the software you currently use. There is a link here to fill out a survey so we collect this information to share what solutions are best for the level of service you are providing. Poll: How familiar are you with SSARS21?
- Might seem odd I am putting a regulatory change in the tool section. Here is why. Cloud accounting has contributed to the change in this standard w/ it becoming more unclear who producing what in the working relationships w/ the clients. This gives you a platform, as a CPA, to be able to offer these services and not be concerned with the requirements of compilations, etc.
- If you are not familiar w/ it here is some info
- As part of this transition in client accounting and implementing SSARS21 this year you need to do these things. There are webinars on this standard to learn more about it and the AICPA is releasing their guides on it this summer.
- Exit New Names, enter “NO”
- To help with these questions CPA.com has been working w/ national business strategists and thought leaders. Started with Moore --- technology provided automation automation led to commoditization commoditization forced differentiation differentiation means specialization specialization results in automation Sinek – focus on your why. Stay to your core values The Big Switch – don’t have to run your own network to run the services and firm after firm reports how this is what makes it possible today. It is a tool NOT your value, don’t rely on it to diminish your skills. Future Smart – in 5 years profession saying client services will be different, make sure you are building that now and not playing catch up.
- ADD DCPA SLIDE from Sales Drive CAS 2.0 http://www.accountingtoday.com/digital_edition/digital/cas-20-73807-1.html A report on the opportunities currently available in client accounting services Case Studies: Client Accounting http://www.accountingtoday.com/ato_issues/28_12/accounting-technology/case-studies-client-accounting-72879-1.html Four firms discuss how cloud products aid the growing service area
- Re-format to make pretty.