Dealing with Digital Disruption - Nick Whiteside & Daniel Wyner
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Transcript of Dealing with Digital Disruption - Nick Whiteside & Daniel Wyner
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DEALING WITHDIGITAL DISRUPTION
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Daniel Wyner & Nick WhitesideHead of Strategy, Mergers & Acquisitions
Key Business Development Manager Asia Pacific
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AgendaSESSION 1 Presentation of Market Research Phil Hassey, CEO, capioIT Market Research
SESSION 2 What are the top challenges for your accounting practicesDaniel Wyner, Head of Strategy, Mergers & Acquisitions Asia Pacific
BREAK
SESSION 3 Ways to deal with digital disruptionNick Whiteside, Key Business Development Manager
Q&A
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WHAT IS DIGITAL DISRUPTION?
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Digital Disruption
Changes enabled by digital technologies that occur at a pace and magnitude that disrupt established ways of value creation, social interactions, doing business and more generally our thinking.
- The University of Sydney
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Daily distribution of Australian screen minutes
TV; 125
PC; 102
Tab; 37
Phone; 132
Source: Milward Brown AdReaction, 2014
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Phil Hassey CEO
CapioIT Market Research
What are the 3 key items that impact you & your
firm?
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October, 2014
Phil Hassey CEO capioIT
Can the Accounting Profession keep up with clients and the cloud
Capture Understand Collaborate Innovate
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Key Takeaways and Themes
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• Embrace, not fear, the cloud.
• Current business transformation is more than the cloud. Emerging digital experiences will define you and your clients business
• 69% of accountants surveyed use a cloud computing platform for accounting software
• The overall impact of cloud is quantifiably beneficial for the accounting profession. Your SME clients are net positive, but need more convincing
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Methodology – Quantitative and Qualitative
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Quantitative Methodology • 200 Australia wide telephone interviews of SME organisations• 300 Australia wide telephone interviews of Small to Mid Sized
Accounting/Tax firms
Qualitative Methodology • 12 in-depth or one-to-one interviews of SME organisation employees• 12 in-depth or one-to-one interviews of Small to Mid Sized Accounting/Tax
firm employees
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Methodology - Secondary Research
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Secondary Research • As part of the process, capioIT undertook secondary research and use
internal and externally published sources of information to help support the overall report.
• The sources include published and available data from organisations such as the Australian Bureau of Statistics, NBN Co, and other agencies.
• capioIT also had internal information that is relevant to leverage
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Quantifying Cloud Usage for Accountants
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69% of accounting firms in Australia currently use cloud computing
(SaaS) based accounting applications
(sample size = 300 Accountants in Australia)
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Quantifying Cloud Usage for Accountants
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• Australian accountants use an average of 1.9 cloud accounting apps
• 59% of Accountants operating cloud based software, use 2 or more cloud apps
• Xero and MYOB dominate the market.
• 98% of accountants using cloud use at least one of these brands.
• 49% of accountants using two cloud apps use both of these brands
(sample size = 300 Accountants in Australia)
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Regional vs Urban Accountants
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• 26% of accountants were located in regional centres, the remaining 74% in the state and territory capitals
• 60% of accounting firms in regional areas are using cloud based accounting applications with their clients
• 72% of accounting firms in urban areas are using cloud based accounting applications with their clients
• Overall whilst uptake in regional areas is lower than urban, there is limited defining behavioural patterns differentiating the two locations
• This reinforces the universal client driven demands to go to the cloud(sample size = 300 Accountants in Australia)
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Is There an Accounting Age Divide?
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Average age of an accountant using cloud accounting
applications = 36 75% of accountants under the age of 50 are currently using cloud accounting packages
Average age of an accountant NOT using cloud accounting
applications = 40Just 45% of accountants over the age of 50 are using cloud
accounting packages
(sample size = 300 Accountants in Australia)
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Baby Boomers vs Millennials
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______________________________________________________________________________________________________________________________ • This issue is clearly critical to how you communicate with your clients and co-
workers older and younger• You cannot use a one size fits all approach across the age divide. Younger
accountants understand the technology and the benefits • A critical qualitative issue is the way in which the cloud is sold to Millennials. • “Everyone is trying to sell cloud to our parents, not to us” • “Don’t sell us the cloud - Tell us why I should use MYOB not Xero”• “Help us sell to our clients, and create a cloud ecosystem for the SME”
(sample size = 300 Accountants in Australia)
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Depth of Impact of Cloud Computing on Services provided to SME’s
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Will Services Provided to SME’s Be Impacted by the Shift to the Cloud
Consider it a significant negative impact
Consider it a slight negative impact
Neutral/No Opinion
Consider it a slight positive impact
Consider it a significant positive impact
(sample size = 300 Accountants in Australia)
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Depth of the Impact of Cloud Computing on Services provided to SME’s
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Consid
er it a
sign
ifican
t neg
ative
impa
ct
Consid
er it a
sligh
t neg
ative
impa
ct
Neutra
l/No O
pinion
Consid
er it a
sligh
t pos
itive i
mpact
Consid
er it a
sign
ifican
t pos
itive i
mpact
0%
10%
20%
30%
40%
50%
Cloud UsersNon Cloud Users
(sample size = 300 Accountants in Australia)
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Depth of Impact of Cloud Computing on Services provided to SME’s
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• On the scale of 1 (significant negative) to 5 (Significant Positive) • Users of cloud computing rated the impact of cloud on the
accounting profession as 4• Non-Users of cloud computing rated the impact of cloud on the
accounting profession as 3.5• A clear indication that the adoption of Cloud Computing is seen as
overwhelmingly positive • “The cloud is the most exciting “invention” for the accountant since the
abacus. It will make our job easier and allow us to add real value for our clients”
• “Cloud will find out poor bookkeepers, but for most it is a very positive part of the industry as it allows us to focus on supporting the client”
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Which Accounting Business Processes Impacted by Cloud Computing – Remembering it is considered positive
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Don't Know
Business Mentoring and Executive Board Services
Corporate Financing, lending access and advisory
Personal Financial Planning
Technology strategy and enablement advisory
ASIC Reporting and Corporate Secretarial
Self Managed Super Fund Establishment and Compliance
Business Establishment and Structuring
Business Planning, Forecasting and Cashflow support
Business Advisory
Tax Planning
Financial Reporting and Taxation
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
No CloudCloud
(sample size = 300 Accountants in Australia)
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Which Accounting Business Processes Are Impacted by Cloud Computing
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• Overwhelmingly the number one accounting process impacted by the cloud is “Financial Reporting and Taxation”. This was cited by over 40% of respondents.
• This is regardless of whether the respondent is a current cloud user or not. • Other key processes impacted include:
• Business Planning• Forecasting and Cash-flow support• Business Advisory• Tax Planning
• In general there is an alignment between cloud and non-cloud users in terms of their perception of impacts
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Key drawbacks for Accounting firms when Using Cloud
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Security Concerns17%
Client Concerns15%
Downtime 15%
Being Tied to One Supplier13%
Lack Of Support11%
Data Location 11%
Loss of Client Integration 9%
Overall Cost 8%
Other1%
(sample size = 300 Accountants in Australia)
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Key drawbacks for Accounting firms when Using Cloud
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• Whilst the accounting profession is very positive about the cloud, there is a range of drawbacks for use of the cloud
• Security Concerns were the number one drawback of cloud for 17% of respondents
• Client Concerns was ranked second. Qualitatively and anecdotally we also know that the client concern is largely security related.
• Data location is only an issue for 11% of organisations • Cost is a non-issue
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Is Government Red Tape Reduction a Challenge? – Accountants say NO!!
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Is government concern over red tape a threat to Accountants?0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Consider it a signifi-cant negative impact
Consider it a slight negative impact
Neutral/No Opinion
Consider it a slight positive impact
Consider it a signif-icant positive im-pact
(sample size = 300 Accountants in Australia)
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Future Cloud Investment
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• Current users of cloud computing are very confident that they will increased usage of cloud computing in their business
• 76.3% of current users are “very likely” to increase their expenditure on cloud computing
• A further 19.8% are “quite likely” to increase their expenditure on cloud computing
• Increased investment in cloud is anticipated across all age groups• “There is no way back for cloud computing. We are embracing it all the way”• “We are partnering with a firm who provides CRM SaaS support to enhance
customer outcomes”
(sample size = 300 Accountants in Australia)
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SME Investment in the Cloud for Accounting Services
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Are you, or your Accountant using a Cloud Computing Based Accounting system for your Financi...0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Currently Use a Cloud Based System
Have Considered Using a Cloud Based System
Have Not Yet Considered Using a Cloud Based Sys-tem
(sample size = 200 SME’s in Australia)
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SME Investment in the Cloud for Accounting Services
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• Currently 27% of SME organisations are using cloud based accounting services
• 60% of organisations have not yet tried to shift to the cloud.• This is a significant untapped opportunity• “We embraced the cloud a couple of years ago after our accountant
suggested it to us”• “The real benefit for us is the improved software. Cloud was secondary”• “We will likely go to the cloud at some stage as these are the firms who are
innovating. It is hard to avoid Xero, they must be doing something right”
(sample size = 200 SME’s in Australia)
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Who Makes the Cloud Decision? – Not the Accountant
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Respondent Someone Within Organisation Accountant Third Party 0%
10%
20%
30%
40%
50%
60%
70%
(sample size = 200 SME’s in Australia)
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Brand of Cloud Accounting Package Used
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MYOBXeroSaasuReckonCCHIntuit/QuikbooksOther
(sample size = 200 SME’s in Australia)
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Key Drivers of Cloud Investment by SME’s
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Key Drivers of Cloud Investment Security 44.4%Functionality 42.6%Price 5.6%Pricing Flexibility 3.7%Scalability 1.9%Quality 1.9%Data Location 0.0%Frequency of Updates 0.0%None / don't know 0.0%
• Cloud investment for SME’s is all about focus on security and functionality
• Get this correct and your clients will thank you
(sample size = 200 SME’s in Australia)
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Perception of the Security of the Cloud Platform
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0.0%5.0%
10.0%15.0%20.0%25.0%30.0%35.0%
SME
Accountants Us-ing Cloud
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Dr Google – Do you use it?
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Don’t be surprised if your clients do the same
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Consumer Data is transforming business experience
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What Facebook (and/or Google) Enterprise Will We Help Create
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If you don’t transform you will be SMAC’D by clients
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Digital Business
Engagement
Mobility
Cloud
Social Business
Analytics
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What your Clients will demand from SMAC’D
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Cost Scale Hustle Secure Agility
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A successful Accountant has to build a business around these ideas
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• Business Outcomes based opportunities
• Drive Business Agility • Transform Business and Technology
Engagement
SMAC’D
• Cloud based • Scalable/Cost removal• Cross Industry • Business Outcomes based
opportunities
Business Platforms
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© 2014 capioIT www.capioit.com45
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Embrace, not fear, the cloud. Cloud and emerging digital
experiences will define you and your clients business
(
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Contact Information
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capioIT is an advisory firm focused on helping organisations to understand emerging technology in emerging markets.
If you require further information, please contact Phil Hassey, CEO capioIT.
Phone: +61 (0) 422 231793Email: [email protected]: PHasseySkype: phil.hassey
www.capioIT.com
26 Aboud Ave, Kingsford, NSW 2032, Australia
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Daniel WynerHead of Strategy, Mergers & Acquisitions
Asia Pacific
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What are the top 3 challenges that technological advances are creating for your accounting practices?
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Three Emotions
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Key take outs
1. Proliferation of SME cloud solutions
2. Services Impacted by cloud computing
3. Lack of understanding of Governments actions
4. Education not prescription
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Proliferation of SME cloud solutions
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Services Impacted by cloud computing?
I told them advisory was the future!
1…2….3….
Compliance
Accountant
Compliance!
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Don't Know
Business Mentoring and Executive Board Services
Corporate Financing, lending access and advisory
Personal Financial Planning
Technology strategy and enablement advisory
ASIC Reporting and Corporate Secretarial
Self Managed Super Fund Establishment and Compliance
Business Establishment and Structuring
Business Planning, Forecasting and Cashflow support
Business Advisory
Tax Planning
Financial Reporting and Taxation
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
Which Accounting Business Processes Impacted by Cloud Computing – Remembering it is considered positive
No CloudCloud
Compliance 72% Advisory
26%
Don't Know2%
Services impacted positively by the cloud- Cloud users
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Lack of understanding of Governments actions
Is government concern over red tape a threat to Accountants?0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Is Government Red Tape Reduction a Challenge?
Consider it a signifi-cant negative impact
Consider it a slight negative impact
Neutral/No Opinion
Consider it a slight positive impact
Consider it a signifi-cant positive impact
Nagative Impact12%
Neutral48%
Positve Impact40%
Is Government Red Tape Reduction a Challenge?
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What Changes?
• Automation of Individual tax returns (iReturns)• “…developing a light touch or no touch income tax experience”
• ATO no longer sends Cheques on iReturns• BAS & IAS changes
• If you lodge via ELS or Portal say bye bye to paper BAS/IAS
• 12 months away from no physical NOA’s to Tax Agents
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Privacy Act 1988 - Tax File Number Guidelines 2011Guideline 6 Storage, security and destruction of TFN information
6.1 TFN recipients must take reasonable steps to:a) protect TFN information from misuse and loss, and from unauthorised access, use, modification or
disclosure, andb) ensure that access to records containing TFN information is restricted to individuals who need to handle that
information for taxation law, personal assistance law or superannuation law purposes.
Computer and network security – by adopting logical barriers and measures to protect computer systems and networks from unauthorised access, modification and disclosure such as: • user identity checks and password controls• separately storing, processing and transmitting TFNs from other information handled by the TFN recipient• systems including audit trails to detect unauthorised access.• Communications security – by protecting communications via data transmission, (including email and voice communications), from interception, and preventing unauthorised intrusion into computer networksOffice of the Australian Information Commissioner http://www.oaic.gov.au/privacy/privacy-resources/privacy-fact-sheets/other/privacy-fact-sheet-6-the-binding-tax-file-number-guidelines-2011-and-the-protection-of-tax-file-number-information
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Respondent Someone Within Organisation Accountant Third Party 0%
10%
20%
30%
40%
50%
60%
70%
Who Makes the Cloud Decision?
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Key take outs
1. Proliferation of SME cloud solutions
2. Services Impacted by cloud computing
3. Lack of understanding of Governments actions
4. Education not prescription
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