WiFi: QB Connect Password: Connect2017#QBConnect
Chris Hooper – Accodex
What accounting will look like in 2030
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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
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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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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
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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
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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