beyond accounting aicpa av0615 -...

Amy Vetter, CPA.CITP, CGMAGlobal VP, Education & Head of Accounting, USA

Beyond Accounting

Our time is money

6 mins

12 mins

18 mins

24 mins

30 mins

36 mins

42 mins

48 mins

54 mins

60 mins

Cloud collaboration

they want to pay you for it, they need your

expertise!

Your clients are asking for your time, beyond

the accounting

Ask yourself…do you follow the advice you provide your clients in your own firm?

The journey to a connected advisor is just beginning

Traditional

Online presence

Introducing automation

Connected advisor

The advisor journey• Desktop Software & Server based

• Compliance Based

• No Marketing

• Static or declining client base

• Time based billing

• Limited Services Offering

• No website or social media presence

• Paper filing system

• Hard to hire new staff

• Dabbling in cloud

• Still Desktop Software & Server based

• Some marketing

• Basic Website and no social

• Compliance heavy revenue

• Time based billing

• Client base static

• Some scanning

• New clients on Cloud

• Implementing Single Ledger

• Well built website and social presence

• Investment in Marketing

• Offering Advisory Services

• Offering Fixed fees for compliance

• Client base is starting to expand

• Internal Cloud Champion

• On the journey to full paperless

• Shifting existing clients to cloud

• Practice almost in the cloud.

• Website is interactive

• Social media is a strategy

• Fixed fees, value pricing model, advisory revenue

• Active client base in terms of referrals

• 90% paperless

• Introducing add-ons for automation

• rals

• Innovative marketing

• Proactive, real time advice for clients

• Fixed Fee Billing, Value Pricing Billing

• Virtual CFO approach

• Compliance services a by-product

• Focus on growing their client's businesses

• majority of clients in the cloud

• 100% Cloud based and Paperless

• Attracting Talent

Traditional

Online presence

Introducing automation

Connected advisor

Cloud journeyCloud

journey

It’s when you’re uncomfortable that you learn & grow the most.

Barbara Corcoran

“

Traditional

1hr – Data Entry

1hr – Review Work

1hr – Admin

1hr – Client Meetings½hr – New Business

½hr – New Technical Reading

1hr – Review WIP & Workflow

2hrs – Client Calls/Emails

½hr – Payments

½hr – Timesheets½hr – Restoring Backups01:0000:0002:0003:0004:0004:3005:0006:0008:0008:3009:0009:30

Avoid the business running you…

Take control

Transition - Automation frees up time

5mins – Data Entry

45mins – Review Work

30mins – Admin30mins – New Technical Reading

1½hrs – Client Calls/Emails

5mins – Payments

5mins – Timesheets

1hr – Data Entry

1hr – Review Work

1hr – Admin

1hr – Client Meetings½hr – New Business

½hr – New Technical Reading

2hrs – Client Calls/Emails

½hr – Payments

½hr – Timesheets½hr – Restoring Backups

10mins – Review WIP & Workflow1hr – Review WIP & Workflow

Anything that can be automated will be

Becoming a Connected Adviser means:

A Connected Advisors day

Free time

Efficient time

So where are you?

Traditional Transition Connected Advisor

Invoicing Surprise bill Bill on completion Fixed/Value pricing

Documents Paper PDF & Email Online e-sign

Client Comms Book a meeting Call Live Chat

Client Touch Points One per year 6 Month/Qualterly Anytime

Data Transposition Import/Export Real time sync

Steps to becoming a Connected Advisor

Face-time with clients evolves to virtual basis

Stay ahead of your clients on the technology curve

Lead your client rather than be dictated by them

Lead your client rather than be dictated by them

• Select the right cloud platform • Staff for success • Create efficient internal processes • Develop a strategy to stay ahead

A Marketing plan is second, not first.

Connected advisor

Customers

Suppliers

Xero / Add-ons

Processes

Banks

Government

Insurance/HR/Legal

Start small

Increased efficiencyAutomation and elimination of duplication between

all accounting functions and clients is key

Selecting the right platform to deliver your services

Select a target market focus

Process Evaluation

Setup & Configuration

Plan Execution

Marketing Plan

Devote time to the process

Find the right solutions

Test and Refine

Practice Champion

Communication

Take the early adopters

Perfect the process

Rinse and Repeat

What makes you unique?

Who is your ideal client?

Create and live by your vision.

Am I inspired by my clients?

Are we more efficient?

Have you added value to our client engagements?

Big enough to matter

Small enough to lead

Good fit with your skills and interests

Choose the niche

Steps to create your platform

SMB Breakdown Based on Size

Most Profitable Industries

Best Fit Xero Industries

Wholesale Computer/IT Services

Design Services Internet Content Web Consulting

Media & Entertainment Transportation & Warehouse

Legal Services Nonprofit

Business Products and Services Consumer Products and Services

IT Services Energy Financial Services Human Resources

Health Logistics and Transportation

Construction Telecommunications

Micro (part-time) = 23.5M (82%) Mini (0-4 employees) = 3.5M (13%) Small (4-9 employees) = 1.2M (4%) Mid (10-19 employees) = 0.6M (2%)

Choosing your Niche

Too small to succeed Too large to matter Marketplace penetration Is their room for growth Can you make money at it

Market assessment

Specialize

Your platform using the eco-system

Payment services

Invoicing

Point of sale

Website

Inventory

Social media

High Tech Health & Wellness Nonprofit

Xero

Spe

cial

izat

ion

• Require flexible reporting

• COA standardization

• Teachers/trainers often contracted on an hourly basis

• Reoccurring monthly billing

• Comfortable with cloud technology

• Understand the value of collaboration


• Similar workflows • Require real time

access to trust accounts


• Want user friendly interface

• Work provided on project basis or standard fee


• Multi-channel sales • Owner often works on

“back office” after hours

High TechWeb Design RetailLegal

Gather your requirements Write down your priorities Identify your top challenges Create a RFI / RFP Demo or trial from short list Calculate TCO / ROI Check references Score and select

Cloud platform selection process

Technology createsnew opportunities

Financial Statement Analysis

The connected advisor’s offerings

Virtual CFO

Process Improvement

Forecasting & Budgeting

Bookkeeping

Cashflow management

Strategic planning

Knowledge is power

Big Data for small business

Anonymous macro data for the first time uncovering the shape of small business

Unlock insights to Business Owners

Industry benchmarking • Geocode • Industry Code • Report Codes

Anonymous macro data for the first time uncovering the shape of small business

Unlock insights to Business Owners

Industry benchmarking • Geocode • Industry Code • Report Codes

The value of visibility for virtual CFOs

Financials Non-Financials KPIs

Services in real time

Modern Practice

FinancialData + Docs

Xero Practice Studio

Modern PracticeAdd-ons

Benefits

Work with your clients

Provide advice

Identify areas for improvement

Engage your clients

Manage workflow

Analyze profitability

Workpapers &Practice Studio

Creating a winning team

The Technology you use is a major factor to:

- Attract next generation talent

- Up and coming small business clients that will create longevity for your firm

Creating the next generation firm

Rapidly changing workforce

Source: Mary Meeker

GEN X (32-49) BOOMERS (50–69)MILLENNIALS (15-31)

2015

2005

US Millennials smartphone behavior 2014

Source: Mary Meeker’s internet trends 2015

My smartphone never leaves my side

When I wake up the first thing I do is reach for my smartphone

I spend more than 2 hrs every day using my phone

In the next 5 yrs I believe everything will be done on mobile devices

87%

80%

78%

60%

Xero mobile usage

IPAD

IPHONE

ANDROID TABLET

ANDROID PHONE

Global active devices that have logged in to Xero mobile at least once in the last 45 days

Accountant

Bookkeeper

Connectedteam

Client

Client Success Manager

The Connected Advisor

Create a ‘win-win’ revenue model with the client

Connected

Human

Stronger, deeper client relationships

Social

Strategy not product

Lifestyle advisor, spending coach

Budgeting and money management at the center

Partner for success

ConnectedPractice

ConnectedPractice

Online storage

Training

Implementation

Conversions/setup

Sales Tax compliance

Online Banking/Payments

Insurance

Payroll Compliance

Financial planning

Client engagement

Reporting/benchmarking

Productivity/office

Getting Started

Leverage technology to achieve client collaboration

Instant results cannot be expected – it takes time

A Business Plan is key to manage to the right metrics

Overcome fear of change

How it will improve their quality of life

Create a win-win revenue model

Add value to client engagements in new ways

Staff ClientsManagement

Setting the right expectationsGETTING STARTED

Big enough to matter

Small enough to lead

Good fit with yourskills and interests

Take the early adopterswhen they are ready

Eventually end-of-life paper-based services

Paperless standard

In the cloud

Document exchanges

Other add-ons as needed

Convert existing clients

New client on-boarding

Select a target market focus

Connected Practice strategyGETTING STARTED

Own business on Xero

Businessclients on online

accounting

My Green Xero to manage clients

Manage client workflow through Xero

Workpapers

Practice workflow is managed online using Xero Practice Manager

ConnectedPractice

Running your connected practice on Xero

How would you rate yourself as a Connected Advisor?

Client accounts/payroll on Xero

All clients using online accounting

Cloud based email/office

Responsive firm website

Online filing of Sales and Payroll Tax returns

Cloud based workflow management

Cloud based document management

Clients can pay in-app via online invoicing

Certified on 3+ Xero add-ons

Online appointments available

Electronic signatures for documents

Online client collaboration portal

Video conferencing/chat offered

Next steps to a connected practice

Becoming Certified

Begin with your existing clients• Start with a few

• Choose a single platform

• Document the process

Promote your services• Host your own events

• Send Newsletters, Press Releases & Blogs

• Seamlessly integrated business software

• Numbers with business relationships

• Everything mobile

• Moving from traditional ways of doing business to connected advisors

• Big data insights for small business

• Financial web will unlock debt and equity to drive small business growth

Beyond accounting

Beautiful accounting software