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MGI Conference The New World - Opportunity or Threat? 2 December, 2011.

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Presentation on theme: "MGI Conference The New World - Opportunity or Threat? 2 December, 2011."— Presentation transcript:

1 MGI Conference The New World - Opportunity or Threat? 2 December, 2011

2 2 Introductions Simon Crompton – Managing Director – CCH Software

3 3 Wolters Kluwers corporate structure 2010 revenues UK c£50m

4 4 Trends – the world we are living in!!!! C:\Documents and Settings\simon.crompton\Desktop\Did You Know edit.mp4

5 5 Key trends affecting the profession 1. Listening Tough market – but huge opportunity Use Social Media Average growth rate for companies in US with highest level of social media activity = +18% Average growth rate for companies in US with lowest level of social media activity = -6% Learn lessons Do CCH get it right?

6 6 PETER WINTER

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8 8 Key trends affecting the profession 2.Commoditisation Workflow driven Repeatable, consistent process Automated Automated data recognition Collection point Single workflow engines Risk management Client Requests

9 9 Workflow example; the new client

10 10 Workflow example; the new client

11 11 Key trends affecting the profession 3.Collaboration With staff ( , social media, face-to-face) With clients ( , social media, portal, face-to-face) Virtual v Face-to-face – what is the right mix? On-line accounting Portals Where does this lead?

12 12 Accountant/Client collaboration – what are 386 SMEs saying? On-line accounting - 75% of SMEs expect their accountant to offer this within five years Uploading softcopy files – 63% of SMEs expect their accountant to offer this within 2 years Viewing, approving or downloading final accounts, tax returns and similar – 72% of SMEs expect their accountant to offer this within two years

13 13 And the big question!! Thinking of all the information that your business must send to your accountant, including copies of hardcopy documents and forms, within the next two years how much of this would you like to be able to submit electronically?

14 14 And the answer? More than 75% (24%) All of it (38%) Nearly two thirds of SMEs want 75% or more of their information submitted electronically

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17 17 Key trends affecting the profession 1. Listening 2. Commoditisation 3. Collaboration 4. Single database To leverage opportunities, the goal must be a single database Segment clients – differentiate service Profile clients Identifies cross-sell opportunities Ensures advice is relevant Business Owner Pension advice Dividend/Salary remuneration Trusts Overseas property

18 18 The Vision Part 1 Automate collection of (compliance) data Part 2 Template drive processing of data and deliver results on-line Part 3 Create one database of clients – segment and profile Part 4 Identify information that is of value to client Communicate via portal, SMS, (virtual comms) Create interest, then deliver value via face-to-face comms

19 19 And the final dilemma? Technology is freeing accountants from day to day compliance tasks Technology is allowing opportunities to be more readily identified The skills of young accountants need to be more communication than technical Yet is the social media world creating the complete reverse of what we need? wfeYN8XH0&feature=related wfeYN8XH0&feature=related


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