|By Business Wire||
|December 6, 2012 10:40 AM EST||
The cloud is reinvigorating client accounting services for small and midsize businesses, and CPA firms that want to take advantage of this trend need to help their clients embrace digital technologies, according to Geoffrey Moore, tech consultant and bestselling author of “Crossing the Chasm.”
Moore recently interviewed dozens of thought leaders and technology advocates in the accounting profession and found that work involving accounting and back office operations – known more formally as “client accounting services” – has rapidly become a cloud-fueled field of growth for CPA firms. His findings are collected in a research report, “Accounting Services: Harness the Power of the Cloud,” released today at Digital CPA: CPA2Biz 2012 Cloud User Conference, an event hosted by the technology subsidiary of the American Institute of CPAs, CPA2Biz.
“Our fundamental premise is that, in the past, major barriers to productivity made (client) accounting services a low-margin activity that was unattractive to pursue,” Moore wrote. “In today’s online digital era, we believe these barriers can be removed, and the practice can be reengineered into a high growth, high profitability line of business.”
Moore said three major shifts are driving innovation in the accounting profession:
- From paper to digital. Moving to web-based solutions means data is updated instantly and accessible anytime. “Paper is the anchor that keeps (client accounting services) practice margins at unacceptably low levels, so driving it out of the system is fundamental to building a sustainable business,” he wrote.
- From physical to digital presence. Technology improvements mean most business interactions can take place virtually, which broadens the geographic reach, potential client base and hiring pool for firms. Face-to-face meetings should be reserved for critical interactions that warrant it.
- From generalization to specialization. Many small to midsize businesses are taking advantage of an explosion in global outsourcing opportunities, and are already predisposed to shedding business operations outside their core competencies. CPA firms that can identify industry niches – restaurant franchising, retail chains, nonprofit management – can use their expertise to build intelligent, repeatable processes that serve their clients’ needs.
Moore outlined a progression for evolving a client accounting services practice: 1) Move to the cloud, 2) Adopt systems of engagement, 3) Adapt business intelligence to manage data powerfully and present information simply for clients. The latter stage allows CPA firms to move away from “write-up,” transactional work and gives clients what they most need – high value, forward-looking business analysis from a trusted advisor.
“The key to capitalizing on this new set of opportunities is to free up professional time to devote to such analytics, to use that time to determine the key performance indicators for your client’s business, and to work with the business intelligence software to develop simple dashboards that make performance factors readily visible,” Moore wrote.
How fast should firms be moving through those stages? Moore said it’s a judgment call.
Visionary firms seek fast growth and are already tech-savvy – they’re likely to be all-in for change, he said. Pragmatists are generally satisfied with firm operations, but want to shore up underperforming areas – going to a paperless office might represent a good medium risk, medium reward step for them. Conservative firms are happy with the status quo and reasonably sure of customer loyalty. They might subcontract client accounting work to a more tech-friendly firm, and buy in to innovation later in the adoption cycle to save costs.
Moore said there’s no right answer for the category firms choose, as long as they realistically evaluate their goals and needs on technology. To ease this process, CPA2Biz has created two mobile applications that can help CPA firms and their clients assess where they fall on Moore’s spectrum of technology adoption, as well as decide which strategies best suit them going forward. Available for both iPhone™ and iPad™, the CPA Practice Assessment Tool is designed for accounting firms, while the Crossing the Chasm Assessment Tool is designed for general business use. Both are available for download from the Apple App Store.
“Geoffrey Moore’s research report on client accounting services is a call to action for firms,” said Erik Asgeirsson, president and CEO of CPA2Biz. “Our assessment tools are a great first step that CPAs and their clients can take in mapping out their move to the cloud.”
About Geoffrey A. Moore
Geoffrey Moore is an author, speaker and business advisor to many of the leading companies in the high-tech sector, including Cisco, Cognizant, Compuware, HP, Microsoft, SAP, and Yahoo!. Moore divides his time between consulting on strategy and transformation challenges with senior executives and speaking internationally on those same topics. He has written six books, including the recently published Escape Velocity: Free Your Company’s Future from the Pull of the Past. His first book, Crossing the Chasm, addresses the challenges of gaining initial adoption for disruptive innovations and continues to be required reading in business schools and entrepreneurship curricula.
CPA2Biz, a subsidiary of the American Institute of Certified Public Accountants, provides best-in-class marketing and technology services to support accounting professionals throughout the U.S. Its Trusted Business Advisor solutions are web-based tools that enable small- and mid-size accounting firms to build more collaborative and strategic relationships with their business clients or employers. For more information, visit www.cpa2biz.com, the leading e-commerce site for the accounting profession.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Dec. 4, 2016 06:30 PM EST Reads: 2,159
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Dec. 4, 2016 06:30 PM EST Reads: 2,023
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 4, 2016 06:00 PM EST Reads: 1,530
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 04:15 PM EST Reads: 4,151
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 04:15 PM EST Reads: 597
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Dec. 4, 2016 03:00 PM EST Reads: 3,249
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 4, 2016 02:15 PM EST Reads: 1,993
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Dec. 4, 2016 02:00 PM EST Reads: 1,900
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 4, 2016 02:00 PM EST Reads: 578
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Dec. 4, 2016 02:00 PM EST Reads: 924
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 4, 2016 01:45 PM EST Reads: 2,157
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 4, 2016 01:30 PM EST Reads: 1,536
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 4, 2016 12:45 PM EST Reads: 2,125
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 4, 2016 12:30 PM EST Reads: 1,674
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 4, 2016 12:00 PM EST Reads: 782
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 11:45 AM EST Reads: 386
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 4, 2016 11:15 AM EST Reads: 907
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Dec. 4, 2016 11:15 AM EST Reads: 2,215
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 10:45 AM EST Reads: 887
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 4, 2016 09:45 AM EST Reads: 563