Hello from sunny San Diego. There is much to share about the AccountingWeb Summit, so let's get you caught up:
Keep on social tagging
AccountingWeb used a genius method to curate the topics for the summit. They adopted the same method news channels used to create news stories. These topics are valuable enough to share.
It seems that turning tagging into a conference has created a true on-demand summit.
Exhibit hall
The exhibit hall is filled with resources and information. Team Brolin’s booth is seriously fun. Her booth was set up like an authentic tailgating experience, minus the booze. She sports jerseys for her partners and gives out Cracker Jack boxes with prizes. Dawn’s booth was the hang-out spot.
What excites us
I leaned into classes with active listening ears for messages shared by our peers. Classes were like clicking through the channels. This method was genius because they were relevant to the happening in our current position as an industry.
Want to know what currently interests us? Practice growth through technology, including an app to app direct integrations. Tax that typically makes me want to take off running in the opposite direction, actually pulled me in.
As promised, the session by Eric Green and Darren Guillot was epic. And Security, including protecting your firm brand, employees and clients.
Tax
Tax continues to be a complex topic. During the summit, several tax-focused classes ranged from tax compliance cryptocurrency, pandemic funds investigation and IRS protocol to handle each of these topics. Hearing for tax niche subject experts gave a clear picture of what’s coming next.
The tax classes included the current state of IRS criminal investigation, enforcement priorities, recent prosecutions and what practitioners should expect to see going forward.
Security threats
Security is one of the pillars of my current mission. This year, I have partnered with Swizznet to deliver the security message to my community. I care about you all and want to share my story. The session name, "Proactively — Position Your Firm’s Work Environment Security Using Microsoft" was a Swizznet session designed specifically around IT and security.
As overwhelmed practitioners, we shared the security responsibility with a solution that could further our available resources past what we could provide on our own. Our firm is in the process of migrating from Google to Microsoft by "Scaling New Heights."
I will be able to report on my entire experience, which includes migration to Microsoft for folder structuring, team communication, resources library and team training.
AccountingWeb used a genius method to curate the topics for the summit. They adopted the same method news channels used to create news stories.
There has been a strong security-focused presence here. Our industry is ready to buckle down and stay proactive in their firms.
As I had stated before, there were lots of resources for security at this conference. I was able to sit in with Wes Stillman, CTO of Swizznet, in the breakout session, “Positively Position Your Firm’s Work Environment Security Using Microsoft O365,” where we discussed the benefits of moving to Microsoft from Google and how that migration process works.
Main stage
Tuesday’s main stage keynote speaker was the beloved Clayton Oates, QA Business Pty Ltd, who presented “Accounting Tech is at an Inflection Point.” Clayton’s main stage included technology and security components.
Love of learning
Clayton started with his love of learning, which we should also embrace. Creating a learning fund to allow for the financial expense for conferences, learning tech, gaining training for ourselves and our teams, and allowing time and finances to be invested in tech will enable teams to grow alongside the tech updates.
There is so much free education in an online industry that it is unnecessary to leave your desk. The next step is being in person. You ask and investigate tech and thoughts leaders and, best of all, our peers share experiences.
Investing in people is critical to growth. Bringing your team into training keeps the entire firm on track instead of being segregated from those who know and understand the changes in our industry and those who feel separate from the leading tech. Nobody enjoys being left out. Firms are only as strong as the weakest team member.
Bringing teams to events sparks light bulb thoughts and progress. Setting aside resources, both time and financials, allows each member to be part of the creativity happening within the firm.
Company culture is part of the professional accounting team. Company culture will happen whether it is intentional or not.
Partner agreements to stop vendors or apps from stealing clients or data. We need to share these types of bad actors. Broken promises of updates and pricing are frustrations. Data is the new oil.
As accounting professionals, we lay the pipeline to the oil by connecting apps. The data is the oil that is worth more than the client subscriptions. Data lakes are sellable commodities. Benchmarks are a result of the collected data. As professionals, we can accept this reality. Living in a duality is dangerous. Data protection needs to be part of our ongoing relationships.
It is challenging to build client trust. When ads are sent to clients by way of sharing client data, the clients' customer data also can be collected and used depending on the data collection points.
“AccountingWeb Summit is just us, live and in person—a place where accountants and people in the accounting space can come together and learn…We want to have a place where you can find practical and useful information.” — Seth Fineberg
We need to ask what access do apps have actively? It is easy to fall in love with an app, but we need to love the solution, including the security measures to protect the clients' data.
Have we reached a peak of partnerships? Receiving commissions can be a strong attractor, but it still is paramount to ask for terms of how the partnership agreements are structured.
It is time for an ethical charter. We should put our partners into our programs with ethical requirements of the solution. Clients expect us to perform diligently before recommending solutions.
Expand a forever mindset. Life is about beliefs and perceptions. If we do the right thing, the right thing happens.
Live authentically. Get better, not bitter. We are custodians of the future. Defend truth without self-interest. We build connections as a profession. Be aware of the connections.
The Sessions
Moving Forward
The sessions were refreshing. The messages were exactly what I needed to hear. They moved quickly, so I could attend more than expected.
Sharrin Fuller taught "Strategies and Systems for the Acquisition." Mergers and firm sales have significantly increased. Many practitioners are burned out from the past few years and ready to move outside accounting firm work.
She covered vital areas when selling your firm. Her advice included evaluating current services, moving to a virtual team, and determining tech strategies. First, create a clear picture of what you want, including price, timeline, and involvement. Valuation of the firm includes how involved the owner is, document processes, annual contracts are more valuable than month-to-month services engagements.
Get everything in writing. If it is not written into the contract, it will not happen. And lastly, don’t settle. Before selling, create a checklist for comparing offers against.
Appy Hour and Seth Fineberg
I had the opportunity to sit and chat on the Appy Hour with Seth Fineberg, the Editorial Manager/US Team Lead at AccountingWeb, to discuss the “why” behind AccountingWeb Summit.
Seth said, “AccountingWeb Summit is just us, live and in person—a place where accountants and people in the accounting space can come together and learn…We want to have a place where you can find practical and useful information.”
AccountingWeb has been precisely that. It has been full of excellent education and fun networking.
AccountingWeb 2023
The announcement of the "2023 AccountingWeb Summit" will be held at the Hard Rock Hotel San Diego. Here the link to pre-register now for 2023 Something to keep in mind for next year is our social activity matters for topic planning.
Liz Scott is a multi-business entrepreneur working to bring together technology and accountants through her business, Liz Scott Consulting. A member of Intuit Trainer/Writer Network, she authored and taught Master level courses, including Advisory Guides and Consulting Tools for Accountants. In addition to Liz Scott Consulting, she also owns Accounting Lifeline, a firm to serve small businesses with their financial needs. Liz is a co-host of the "Appy Hour," which helps other accountants learn about the different tools and apps for small business needs. Holding a high passion for real estate investment, she owns properties throughout Oklahoma.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.