Welcome!

.NET Authors: Srinivasan Sundara Rajan, Nitin Bandugula, Pat Romanski, Yakov Fain, Elizabeth White

News Feed Item

CCH Nationwide Survey Finds Cloud, Mobile Top Technologies Driving Change for Tax and Accounting Profession

Firms Look to Emerging Technologies to Enhance Client Service; Drive Productivity, Profitability

SAN DIEGO, Nov. 5, 2012 /PRNewswire/ -- Cloud and mobile top the list of emerging technologies transforming the tax and accounting profession, according to the 2012 CCH Technology Survey, an independent nationwide survey of more than 400 accounting professionals, conducted by ORC International for CCH, a Wolters Kluwer business. 

Wolters Kluwer Tax & Accounting CEO Kevin Robert discussed the findings in a keynote address to more than 1,200 professionals at the CCH Connections User Conference in San Diego.

"We're now at a point where all the benefits that have been talked about from emerging technologies are here – firms using these technologies today are seeing tremendous benefits in productivity and the value they can deliver to clients," said Robert.

According to professionals surveyed, improved client service is the driving force behind their adoption of these emerging technologies, along with improved productivity and profitability. Firms also report that they still face challenges in leveraging technology effectively, despite its importance to their success. Specifically, survey findings include:

  • The majority of firms (64 percent) said that when making decisions to invest in new technology, their top consideration is if it will enhance client service;
  • Improved client service is also the top benefit firms say they realize from supporting a mobile workforce, and leveraging social media;
  • In addition to cloud and mobile, social media and Big Data are emerging technologies the majority of firms identified as having a future impact on the profession; and
  • Two-thirds of firms say leveraging technology is important to their success; yet 87 percent report they can do it more effectively; and fewer than 15 percent were very confident in their ability to understand and manage emerging technologies.

To download the survey white paper, CCH Technology Survey – Technology in Accounting: Then, Now and Next, visit CCHGroup.com/TechnologySurvey. To view video clips of Robert's address, click here.

"Firms need to continuously monitor to ensure they are keeping up with technology changes and investing in the right technology, at the right time, to help deliver the best results," Robert said.

Emerging Technology Adoption Rates Vary, But Benefits Clear

Across industries, cloud, mobile, Big Data and social media are having a profound impact on businesses.

"Each of these technologies is powerful, but brought together they will have a game-changing impact on the profession," Robert said. "I believe we're at a tipping point, when these technologies will deliver new capabilities to firms to get closer to their clients and significantly enhance client service. In the past, firms focused on the improvements that technology could drive within the firm. That's changed. Firms are now looking at technology in a brand new way – specifically how it increases their relevance to their clients, and strengthens those relationships."

Key findings from the CCH Technology Survey related to emerging technologies include:

Cloud Solutions

Adoption of cloud-based solutions varies by firm size, with 84 percent of large firms (50 or more employees); 67 percent of mid-size firms (10-49 employees); and 46 percent of small firms (1-9 employees) now using or planning to use cloud solutions in the next three years.

The top benefits of working in the cloud:

  • The ability to work anytime, anywhere;
  • The ability to serve clients in any location;
  • Improved security and backup procedures; and
  • Improved collaboration with clients.

Other top benefits include lower costs and greater value to clients.

"Having integrated solutions that are available anytime and can communicate with one another provides professionals with the ability to significantly improve their productivity and the value they can provide to clients," Robert said. "This is why CCH's Open Integration Platform is gaining the attention it has: firms want to be able to leverage the cloud to bring together the best applications from across CCH's offerings, other providers and the firm's own applications – and our platform provides that open and integrated flexibility."

Mobile

Accounting professionals are increasingly mobile, with 81 percent reporting they spend time working away from the office. The average number of hours a week professionals work remotely ranges from 5.8 hours for those in mid-size firms to 8.6 hours for those at large firms.  

Additionally, firms of all sizes expect an increasing number of their staff will spend more time working remotely. Among key benefits firms report from enabling mobile workers are:

  • Improved client service;
  • Improved productivity; and
  • Work/life benefits.

"Mobility is allowing firms to cast a much wider net in attracting clients and firm talent, and it's allowing for anytime access and supporting the way many CPAs and their clients entering the market now want to work," Robert said. "These professionals expect to be able to use platforms such as CCH Mobile to quickly access tax research, software, journals as well as the latest tax industry news.

Social Media

Professional use of social media remains in its infancy across parts of the accounting profession, but firms report they will be quickly embracing social media to strengthen relationships with clients and peers. According to the CCH Technology Survey, 90 percent of large firms have or will implement social media within three years, compared to 66 percent of mid-size firms and 39 percent of small firms.

Today, the average number of hours professionals use social media professionally also varies, with accountants at large firms spending 5.6 hours per week using social media compared to 1.8 hours for accountants at small firms. LinkedIn and Facebook were the leading social media sites accountants said they used professionally.

The greatest benefits professionals say the firm overall realizes from social media include:

  • Improved client service;
  • Increased profitability; and
  • Improved support for mobile workforce.

Overall, large firms are more likely to leverage web and social media compared to small firms. But firms are still under-leveraging the collaborative power of social media, with only about one-third of firms maintaining involvement in professional online communities.

More than one-half of professionals (58 percent) reported they were concerned about social media security and privacy.

"It's important for firms to set policies, adopt best practices and train staff on how to effectively leverage social media for building professional connections," Robert said. "Social media can play a powerful role in everything from getting closer to clients, improving your marketing, engaging with peers for expanding knowledge and strengthening relationships; it also is an important resource as more firms begin to explore Big Data."

Big Data

Two in three professionals (67 percent) believe Big Data will have an impact on the accounting industry in the future. Professionals surveyed also identified analytical and problem-solving skills among the top skills CPAs need to have in the future.

In fact, Big Data has the potential for significantly changing tax and accounting professionals' work. For example, bots could be used to scour the Internet for a client's financial transactions with that information then pulled into the tax return, further automating tax preparation. At the same time, many companies are challenged by a shortage of data analytic talent.

"The role of data scientist is a natural fit for accountants and plays right into one of their strongest skills," said Robert. "It also is a way accountants will add even greater value to clients in the future."

Technology Innovation: Crucial to Future Success

Today, most firms acknowledge that they take a wait-and-see approach to technology. However, many professionals also realize that their firm will need to move to a first-to-adopt approach to be successful in the future. For example:

  • 41 percent of large firms today identify themselves as first to adopt; 53 percent say they will need to take this approach in the future;
  • 23 percent of mid-size firms today identify themselves as first to adopt, 46 percent say they will need to take this approach in the future; and
  • 6 percent of small firms today identify themselves as first to adopt, but 21 percent say they will need to take this approach in the future.

"Firms have a tremendous opportunity to use emerging technologies to their advantage," said Robert. "For example, firms that adopt an open architecture and base their infrastructure on the cloud may be able to leapfrog their current positions and be positioned for future technology gains."

For More Information

Complete CCH Technology Survey findings are in the CCH white paperKey Findings from theCCH Technology Survey: Then, Now and Next and available at CCHGroup.com/TechnologySurvey.

About the Survey

The CCH Technology Survey included quantitative interviews with 405 tax, audit and accounting professionals in U.S. firms nationwide to examine how technology has changed the profession and how professionals anticipate it will change the skills and tools they need to compete in the future. The survey was conducted for CCH online by ORC International from August 9-22, 2012. The survey reflects experiences of randomly polled tax, audit and accounting professionals working at firms ranging in size from one to more than 100 employees.

Follow the 2012 CCH User Conference

Follow what's happening this week at the 2012 CCH User Conference in San Diego on Twitter: @CCH_User_Conf and on Facebook.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

SOURCE CCH, a Wolters Kluwer business

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that prevent them from doing so. The Company is uniquely positioned to help address these challenges thro...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
“The age of the Internet of Things is upon us,” stated Thomas Svensson, senior vice-president and general manager EMEA, ThingWorx, “and working with forward-thinking companies, such as Elisa, enables us to deploy our leading technology so that customers can profit from complete, end-to-end solutions.” ThingWorx, a PTC® (Nasdaq: PTC) business and Internet of Things (IoT) platform provider, announced on Monday that Elisa, Finnish provider of mobile and fixed broadband subscriptions, will deploy ThingWorx® platform technology to enable a new Elisa IoT service in Finland and Estonia.
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...