ORLANDO, Fla., Oct. 27, 2014 /PRNewswire/ -- "Very prepared"
firms that report they can leverage key industry trends to engage
clients now and in the future are able to put cash in the bank 10
days faster than those reporting they are "less prepared." That's
one of many eye-opening results identified in the 2014 Wolters
Kluwer, CCH — Accounting Firm Preparedness Survey and new white
paper: Charting a Course for the Future: A Report on Firm
Preparedness. The independent, nationwide survey of close to
500 accounting professionals was conducted in August and features
responses from a wide variety of firms, including some with as few
as two employees and others with more than 500.
Teresa Mackintosh, President and
CEO of Wolters Kluwer, CCH, presented survey details in a keynote
address this morning to tax and accounting professionals from
across North America attending the
CCH Connections User Conference 2014 in Orlando, one of the tax and accounting
profession's premier educational and peer networking events of the
year.
The survey was designed to pinpoint attitudes, thoughts, actions
and behaviors of firms that consider themselves "very prepared" to
leverage key trends affecting the future of the profession,
compared to those indicating they were "less prepared." Two core
questions served as the foundation for painting an industry picture
of where firms stand:
1. What trends will have the most significant impact on
accounting firms and their clients over the next five
years?
2. How well prepared are accountants to take advantage of
these trends?
"There are ample opportunities for all accounting firms to boost
productivity and profitability, but what's critical is knowing
where those opportunities exist and how to leverage them to improve
client satisfaction," Mackintosh said. "The combination of
understanding these survey results along with listening to industry
peers describe how they capitalize on key trends to succeed can be
highly influential in charting a course of future business
growth."
What Makes a Firm "Very Prepared"?
The 2014 Wolters Kluwer, CCH — Accounting Firm Preparedness
Survey reveals that the most significant outcome of "very
prepared" firms isn't just a high overall level of confidence, but
results. In addition to reporting being more productive and more
profitable, "very prepared" firms strongly believe that technology
is the key to managing change and driving better business
results.
But who are the "very prepared"? According to the survey, only
18 percent believed they were "very prepared" to take advantage of
the profession's most significant trends — those that were
identified as having the greatest influence on the future of the
accounting profession.
Top 5 Trends That Will Have Most Significant Impact on Firms
in the Future
|
1
|
Increased Focus on
Client Service
|
|
2
|
Technology
Integration Changes
|
|
3
|
Digital Mobility
Opportunities
|
|
4
|
Talent Management
& Succession Planning
|
|
5
|
Social Media as a
Business Tool
|
Overall, the firms which felt they are "very prepared" to
embrace the top trends said they make a concentrated effort to
think ahead, anticipate future needs and use technology to add
value for their clients. Being more proactive is another common
theme in the survey expressed by "very prepared" firms — they
believe it is a fundamental trait of who they are and how they
operate.
These same firms also state stronger growth objectives. In fact,
the majority of "very prepared" respondents project firm growth of
6 percent or greater over the next three years.
Client Service and Technology Integration
The top two trends reported as having the most significant
impact on the industry's future are connected on many levels as
firms of all sizes meet changing client needs in adopting a
continuous loop of engagement opportunities. Whereas 24/7 firm
availability was once the exception instead of the norm, the speed
of technology and the importance of client relationships continue
to intersect.
Examples include secure cloud solutions, such as client portals,
providing around-the-clock digital access to documents and data,
on-demand file sharing and the advantage of safely exchanging
information, even away from the office.
|
Q: Is
technology having a very significant impact on your firm?
|
A: Yes it
is
|
|
Very Prepared (18% of
firms surveyed)
|
69%
|
|
Less Prepared (82% of
firms surveyed)
|
37%
|
Of those surveyed who said they are "very prepared," 76 percent
said service and support provide added-value and retain existing
clients — which is double the 38-percent response from "less
prepared" firms. Furthermore, where "less prepared" firms tend to
view technology integration as more of a tool to meet a single,
functional need, "very prepared" firms view the power of technology
more holistically in addressing future challenges, improving client
satisfaction and driving new business.
Digital Mobility
While playing an important role in the future of accounting as a
stand-alone trend, digital mobility adds a deeper dimension to
client service and delivers real business value when enabled by
technology integration. Enhanced mobility includes on-the-go access
to accounting research libraries by providing professionals fast
access to trusted information when and where it's needed.
According to the survey, nearly 80 percent of "very prepared"
firms say digital mobility opportunities will play a "very
significant" role in their business within the next five years.
Respondents also said leveraging mobile devices and digital
platforms help firms reduce capital costs, increase client service
and improve employee productivity.
Talent Management & Succession Planning, Social Media as
a Business Tool
Trends #4 and #5 zero-in on different levels of attraction. Not
only are firms looking to attract and retain the best people, they
take advantage of opportunities to use social media as a business
tool in creating new communications channels to attract and retain
clients.
According to the survey, nearly seven out of 10 "very prepared"
firms are ready to take advantage of talent management and staff
succession planning in looking at the future, compared to only 30
percent of "less prepared" firms.
Leveraging social media opportunities is another way firms are
looking to create value and stand out among the competition. Nearly
70 percent of "very prepared" firms surveyed have already
implemented social media as a business tool compared to 55 percent
of "less prepared" firms.
When firms were asked about the greatest benefit to having a
social media presence, their responses drew a direct connection to
the top overall industry trend — to enhance client
satisfaction.
For More Information
Complete Wolters Kluwer,
CCH — Accounting Firms Preparedness Survey results,
statistics and viewpoints from key industry thought leaders are
available in the new Wolters Kluwer,
CCH white paper, Charting a Course for the Future: A
Report on Firm Preparedness. For free downloads, please visit
CCHGroup.com/PreparednessSurvey.
Follow the 2014 CCH User Conference
Keep track of what's happening at this week's CCH Connections
User Conference 2014 in real time on Twitter: @CCH_UC, #CCHUC14 and
on Facebook.
About the Survey
The 2014 Wolters
Kluwer, CCH — Accounting Firms Preparedness
Survey was conducted online in August
2014, with 440 accounting professionals specializing in tax,
audit CFO/consulting and other financial services at CPA-led firms
with two to 500+ employees. This survey was conducted for
Wolters Kluwer, CCH by Toluna, a
major market research company in conjunction with Golin, a leading
marketing consultancy.
About Wolters Kluwer,
CCH
Wolters Kluwer, CCH
(CCHGroup.com) is a leading global provider of tax, accounting and
audit information, software and services. It has served tax,
accounting and business professionals since 1913. Among its
market-leading solutions are The ProSystem fx® Suite, CCH
Axcess™, CCH IntelliConnect®, CCH®
IntelliConnect Direct, Accounting Research Manager®
and the U.S. Master Tax Guide®. Wolters Kluwer, CCH is based in Riverwoods, IL. Follow us on Twitter
@CCHMediaHelp.
Wolters Kluwer, CCH is part of
Wolters Kluwer
(www.wolterskluwer.com), a market-leading global information
services company. Wolters Kluwer had
2013 annual revenues of €3.6 billion ($4.7
billion), employs approximately 19,000 people worldwide, and
maintains operations in over 40 countries across Europe, North
America, Asia Pacific, and
Latin America. Wolters Kluwer is headquartered in Alphen aan
den Rijn, the Netherlands. Its
shares are listed on NYSE Euronext Amsterdam (WKL), on Bloomberg
(WKL NA) and are included in the AEX and Euronext 100 indices.
Wolters Kluwer has a sponsored Level
1 American Depositary Receipt program. The ADRs are traded on the
over-the-counter market in the U.S. (WTKWY).
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SOURCE Wolters Kluwer, CCH
