Selecting Vertical Markets for a Digital Firm

Transcription

1 Selecting Vertical Markets for a Digital Firm Thomas R. Gawne, CPA, Director of Professional Services, CPA.com 1

2 Thomas Gawne, CPA, Director, CPA.com Director of Professional Services 28 years in the tax and accounting technology sector Speaker, Facilitator, Consultant 2

3 AICPA & CPA.com Transforming how firms deliver Client Accounting Services as they transition their practices to be more efficient and productive by leveraging innovative new technologies and services. Empowering CPA s and businesses for the digital age Your Title Goes Here 3

4 CPA.com Firm Solutions Portfolio Professional Services Bill Pay LMS Mobile Apps Training General Ledger CPA.com Services AICPA Store Payroll Audit Confirmations Practice Workflow 4

5 Professional Services Guiding your journey to meet the unique needs of your firm: Training Consulting Change Management Firm Tested Processes Firm Centric Client Centric Client Implementations Webcasts Live Workshops Onsite Consulting 5

6 Vertical focus 6

7 Agenda Vertical Selection Right Tools in the Toolbox Vertical Expansion Putting it in Action 7

8 vertical market (plural vertical markets) 1.(marketing) A market made up of similar businesses and customers with particular specialized needs. 2.A vertical market is a market in which vendors (Accounting Professionals) offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. Wikipedia 8

9 Client Accounting Services Advisory Transactional Write Up Business Process Outsourcing Virtual Controllership Collaborative Advisory Services Virtual CFO Technology Digital CPA Specialize in Client Industry Verticals Healthcare Not-For-Profit Professional Services Retail Franchises Property Management Government Contractors 9

10 Selection 10

11 Golden Circle: Start with Why Critical to Firm Success Source: Simon Sinek It Starts with Why 11

12 Passion, Mission the why What is your firm most passionate about? Tie in to Firm or Personal Mission Vertical Selection The Why Fit 12

13 Is there already expertise in this vertical? Do you have existing clients in this vertical? Untapped expertise within your firm? Existing Expertise Fit 13

14 Too small to succeed well? Too large to matter? Marketplace penetration Is their room for growth? Can we make money at it? Market Assessment Fit 14

15 What is the key information they need for success? Develop core then expand down to key KPI s Vertical Needs Assessment 15

16 Does the firm culture fit the vertical? Vertical Selection Culture Fit 16

17 Client Accounting Capability driven through cloud computing Business Intelligence Reporting Real-Time Client Collaboration Standardized Workflows Most Popular Client Verticals for Outsourced Accounting Services Professional Services 90% Construction 76% Retail 75% Not-for-Profit 73% Manufacturing 65% Wholesale Distribution 61% Technology Companies 59% Transportation 48% Hospitality 45% Franchises 40% Government 29% Getting Vertical through the Cloud 17

18 Tools 18

19 Key Principles All Digital, all in the cloud Designed for timely prospective insight Collaborative Tools 19

20 Signature Functions A/P Bill Pay A/R POS Payroll Inventory Control Accounting G/L Document Management Tax System Other Industry Specific Applications Bill.com Industry Specific Paychex Industry Specific Intacct Sharefile, Box, etc. CCH, Thomson, Etc. As needed Tools Core Elements 20

21 Digital Core Transaction Capture Information & Insight Delivered Prospectively Intelligent, Timely Business Decisions Made Tools Workflow Effects 21

22 Video Conferencing Skype, Zoom, etc. Web Conferencing WebEx, GoTo Meeting, etc. Social Media Linked In groups, Twitter feeds Tools - Collaboration 22

23 Workflow Management XCM Contact Management CRM Internal KPI trackers Tools Management Tracking 23

24 Expansion 24

25 On going services Services scope expanded Additional Need Identified Expansion Within Existing Vertical 25

26 Review like parallel verticals for need & process Dentists vs. Optometrists Differing types of Restaurants Auto Repair vs. Body Shops Expansion - like parallel verticals 26

27 Create new start-ups among different verticals Template appropriate process steps Expansion New Start Ups 27

28 Selection key concepts Tools of the vertical trade Expansion past that first vertical Make it happen! Concluding Thoughts 28

29 Resources 29

30 Start with Why by Simon Sinek Ted talk The Golden Circle video The Power of Real Time Financial Data & Analytics to Penetrate the Restaurant Niche Market A case study whitepaper by Dixie McCurley of Trusted CFO Solutions available at CPA.com Leveraging the Cloud to Start or Grow a Vertical Niche Practice A Whitepaper by C. Keith Willis CPA.CITP, Cohen & Company available at CPA.com Reference Material 30

31 Save The Date! December 8-10, 2014, Gaylord National Resort & Convention Center, Washington, DC Keeping the digital CPA community connected and moving forward! 31

32 Thank You Enjoy the remainder of the Conference! Copyright 2014 American Institute of CPAs. All rights reserved. 32