Working With Lients Who An't Afford Your Services

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What is Digital Transformation?Digital transformation is the process ofusing digital technologies to createnew — or modify existing — businessprocesses, culture, and customerexperiences to meet changing businessand market requirements.”SalesforceCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Learning Objectives Assessment of Your Level of CloudAdoption and Identify Areas ofImprovement: A Catalog of Data Prisons The Holistic Cloud Adoption Strategythrough Data Liberation From Data Liberation to Data Automation:The Wealth Generating Outcome of DigitalTransformationCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

About the Presenter 25 Years of Experiencing Running a Consulting andBookkeeping Practice Host, Scaling New Heights Conference Top 100 Most Influential People in Accounting AwardWinner – as recognized by Accounting Today Published author in The Journal of Accountancy, CPAPractice Advisor, AccountingWEB, McGraw Hill, The Firmof the Future, Insightful Accountant and The WoodardReport Career trainer to over 150,000 accounting professionals 20 year contracted trainer and author for IntuitCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.Joe Woodard, CEOWoodard

HandoutsThe slides from this presentation will beavailable after the live presentation isover.Download handouts atWoodard.com/WebinarsWe will post the handouts no later than5:00 PM Eastern todayCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

CPE This event qualifies for one hour of CPE The field of study is Business Management &Organization You will receive your CPE certificate within oneweek of the live event Your certificate will contain the first and last nameyou used to register for today’s webinar We will deliver the certificate to the email addressyou used to register for today’s webinar You must respond to all three polling questions toqualify for CPENote: You Can Evaluate this Webinar Using an OnlineEvaluation Form. You Can Access this Form When YouLeave the Webinar Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Remembering the “Dark Ages”Client Documents and Workpapers Filing Cabinets with Paper Folders for Each Client Tagged for Each Year’s Workpapers Print Outs of Tax Returns and Financial Reports Copies of Receipts and Check Stubs Mapped Server Drives with Client Folders One Folder for Each Year’s Workpapers PDFs of the Tax Returns and Financial Reports Limited Scanned MaterialsNothing Indexed/Searchable. Digital and Physical FileRetrieval Was a Laborious Process.Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Remembering the “Dark Ages”Client Correspondence and Information Gathering Mailed engagement letters with return envelopes Mailed income tax preparation proformas Mailed forms of formal communications Emails for informal communications Phone Calls Mailed Flash Drives for Document Exchange(Including QuickBooks Backup Files)Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Remembering the “Dark Ages”Client Account Management No democratized, meaningful workflow solution No standardized process No standardized collection of client information No client-specific management/proceduredocumentationHigh Cost of Employee Turnover as thisEssential Information Often Walked Outthe Door Along with the FormerEmployee!Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

The Data Prison AssessmentDo You Have Data Still in Any“Dark Ages” Container?Have You Moved into theRenaissance of Data?Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

The Data Prison AssessmentIs Your Data Liberated at 21stCentury Standards?Do You Have Data Still in Any“Dark Ages” Container?Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Section 2The Holistic Cloud Adoption Strategythrough Data LiberationStrategies and Solutions that Democratize InformationCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Liberating Data from Paper – Parsing SolutionsWith minimal (or no) human involvement parsing solutions: Step 1: Recognize the characters on an image (OpticalCharacter Recognition – OCR) Step 2: Assess strings of symbols or numbers, leveragingmachine learning to: Identify types of information (e.g., vendor name,payment totals, sub-totals, addresses, phone numbers,dates, etc.) Reference vast online databases to analyze and interpretinformation Step 3: Determine the appropriate account coding, jobassignments and departmental assignments, leveraging: Past coding activity User-level preferences and settings Admin/user-defined rulesCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Liberating Data from Paper – Parsing SolutionsExamples of Solutions that Leverage Parsing Technologies Bookkeeping Automation (e.g., Dext, Bookkeep, A2X, etc.) Expense Applications (Expensify, Divvy, Tallie, etc.) General Ledger Solutions like QBO with Receipt Capture Banking Institutions (e.g., for Mobile Check Deposits) AR and AP Automation Solutions (e.g., Bill.com,AvidXchange, Tipalti, etc.) File Management/Storage Solutions (e.g., Liscio, Canopy,One Drive, SharePoint, Google Drive, etc.)Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Liberating Data from Location Drives Microsoft SharePoint with Business One Drive or GSuite If Using Microsoft, Couple with Microsoft Teams If Using G Suite, Couple with Slack Dedicated File Management Solutions Box DropBox, etc. Client Interfacing File Collaboration Liscio ClientHub ShareFile, etc. Displace Your Local Server with a File ManagementSystem and Use Private Cloud Options for DesktopApplicationsCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Liberating Data from Voiced Interactions Good: Log Calls into a CRM Better: Use VOIP with Auto-Call Transcription Best: Use Softphones integrated with bothTranscription Services and CRM for automaticlogging of calls and, if you prefer, recordingsTip: Solutions like Chorus.ai will analyzetranscribed calls for leading indicators,commonly requested services, andquality assurance triggers.Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Liberating Data from People (i.e., Brains) Good: Shared One Note or Evernote Better: CRM Solution with Comprehensive ClientInformation Capture Best: Workflow Solution that Contains Standardized Processes Templates that are theBaseline for All Client Productions Including Technology YouLeverage for Production Firm Operations Client Specific Deployment of Templates with ClientSpecific VariancesCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.Tip: Solutions like Bloomfire are designedto capture and capitalize the knowledgeof people within the organization!

The Benefits of Automation Reduction in Human Workers Increased ProfitMargins Decreased Errors and Omissions Increased ProfitMargins Increases in Efficiencies Increased Profit Margins Practice Modernization Increased PracticeValuation Competitive Advantage/Practice Distinction Stronger Growth Potential Pricing Leverage Streamlining (and Mobilization) of Client Interactions Enhanced security and fraud prevention Real Time Financial Information FinancialInsights/Advisory Enhanced Client ExperienceCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Zero or Near Zero-EntryeCommerce andMerchantSales OrdersPayables (IncludingLine-Item Detail)Paper andElectronicTransactionRecordsPurchase OrdersInvoicesEstimatesJob Costing(Including Payroll)Sales TaxCalculation, Filingand IssuesHandlingPayroll Calculation,Filing and IssuesHandlingEmployeeOnboarding(Including PayrollForms)1099’sCorporateRenewalsForeign StateRegistrationCollections401k ManagementCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.Accrual BasisEntries

Partial EntryHighly ManualLine-Item Detail onParsed Documents(Non-Payables)Credit CardsCharges andCredits*Mailed Checksfrom CustomersDocumentFetching frommost banks andvendorsCheckingDisbursements andReceipts*BankReconciliation*Local Taxes andLicenses**Annual InsuranceEnrollment***Bank feeds and matching streamline but do not fully automate the entry of these types of transactions**Not bookkeeping, but often managed by professional bookkeepersCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Comprehensive and LocalBackup/RestoreDecreased Security*Faster Data Entry for Highly ExperiencedQBD BookkeepersMore Mature and Robust Feature Set,Especially with Inventory Managementand Job CostingStronger Consulting Opportunity forLarger ClientsStronger Reporting (Especially withQBES)More Granular Permissions (Especiallywith QBES)Harder to collaborate with the client*Increased Propensity for Data FileCorruptionFewer Integration and AutomationOptionsNot the Future of the AccountingProfessionNot Mobile Friendly/AccessibleVersion Management IssuesReduced Price Point for Clients withMultiple EntitiesQBO’s robust app ecosystemaddresses each of these concernsCopyright 2022 All Rights Reserved. Reproduction without permission is prohibited.Disadvantages of QBDAdvantages of rces/move-to-online/#resources*Without expensivehosting options and/or ITcosts

Proof Points – QBO and Your Clients95% of QuickBooks Onlinecustomers say they workmore collaboratively thanthey could with QuickBooksDesktop.99% of accountantssurveyed recommendQuickBooks Onlineover QuickBooksDesktop.“With more and more people working fromhome, it allows everyone to look at real-timedata instead of sending backup files backand forth.”Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Proof Points – QBO and Your Clients87% of QuickBooks Onlinecustomers say theirbusiness runs moreefficiently than it did withQuickBooks Desktop.“With more and morepeople working fromhome, it allows everyoneto look at real-time datainstead of sending backupfiles back and forth.”87% of customers saybank feeds in QuickBooksOnline help them reducedata entry and errors.Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

What Comes Next? Parts 2-8 of the Series will Take Place in Fall 2022and Spring 2023 – Schedule Coming Soon Watch Your Emails for Updates on Dates andTimes of Future Segments in the Series Bookmark the pagewww.woodard.com/liberated practice series Handouts from Each Segments Presentation Q&A from Question-and-Answer Segments Polling Data (Anonymous and in Aggregate) Links to Resources Mentioned in the Series Schedule of Upcoming Segments in the Series withLinks to Register (Coming Soon!)Copyright 2022 All Rights Reserved. Reproduction without permission is prohibited.

Expense Applications (Expensify, Divvy, Tallie, etc.) General Ledger Solutions like QBO with Receipt Capture Banking Institutions (e.g., for Mobile Check Deposits)