What Accounting Will Look Like in 2030

WiFi: QB Connect Password: Connect2017#QBConnect

Chris Hooper – Accodex

What accounting will look like in 2030

Take a few moments to Connect with your neighbour

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DipBus DipMan Bcom GradDipCA MBA

40 Person firm 4 countries

AAA Most Innovative Firm

CPAPA 20 Under 40

About today’s speaker

Chris Hooper, CEO

@ChrisHooper87

2030 Vision

State of the Profession

Action Steps

Q&A

Agenda

2030 Vision

There has never been a better time to be an accountant than right now.

@ChrisHooper87 #QBConnect

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Mega trends in accounting

Globalisation

Clients

TechLabour

Labour: Millennials

Purpose

Gig economy

Aging partners

Clients:Compliance is safe

Advisory

Similar threats

Face time

Globalisation:Global clients

Global staffing

Global transactions

Isolationism

Technology:Democratisation of BI

Lazy and dumb

Creative destruction

Exponential technology

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Natural language processing “chatbots”

Augmented reality

Machine learning

Bitcoin and blockchain

Tech to watch

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10

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Compliance never going away

Accounting and data science will converge

Data real time, reliable, relevant and remote

Narrow AI will assist accountants

Graduates will be client facing from day one

Big firms will be highly diversified, small firms highly specialized

In 2030

State of the profession

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Revenue stable

Margins stable

Revenue mix is changing

8% of firms fully cloud based

State of the profession

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2011 2012 2013 2014 2015 2016

Median - All Firms - Sum of Revenue per partner

Median - All Firms - Sum of Gross profit per partner (BPS)Good Bad Ugly Reports 2011 - 2016

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Expedient decisions pile up

Make sense at the time

Create problems later

Hinder growth and exits

What is management debt

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Friction between team members

Inefficiency and rework

Unhappy customers

Owner stress and burnout

Symptoms of management debt

Management debt is the most high risk liability in modern companies.@ChrisHooper87 #QBConnect

Take action

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Empower others to act

Produce short term wins

Don’t let up

Create a new culture

Create a sense of urgency

Assemble a guiding team

Develop the change vision

Communicate for buy in

Kotter’s 8 steps of change management

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Steps you can take

IntrospectionFind change agent

Invest in training Change And beyond

Current technology

Current staffing

Internally

Externally

Soft skills

Tech skills

No servers

Revenue mix

Automation

Innovation

Questions?

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