01 emerging-trends

1. CHECKPOINT LEARNING®
GEAR UP™
UNIT-5 : Emerging Trends

2. Introduction
Technology and how it affects Accountants!
Things, they are a changing. . .
“We’re talking about a time in human history when you can take a
picture of a check with your phone to deposit it in your bank account,
and do it while you are in-flight. A time when you can pay $15 for two
doughnuts simply by swiping your card through a tiny piece of plastic
attached to an iPod”
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3. The Big Trends
 Security, digital, physical and virtual
 The Changing of the Guard
 The Cloud
 Artificial Intelligence/Wired World
 Automated IRS
 Virtual Offices, Staff, Clients, Currency
 Social Media
 Block Chain
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4. Eight Changes to Take Notice Of
1. Google just keeps on going – Google Hire goes online
2. Microsoft continues its push to ditch the password – MS believes in the future of biometric login authentication
3. Amazon starts “Subscribe with Amazon”. – What they sell is mind boggling and the Amazon entry into the Rx
market is likely to change how Americans buy their prescriptions. When will they enter into financial services.
4. Volume versus price – Cents per transaction versus dollars will define commerce.
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5. Eight Changes to Take Notice Of
5. The Demand Economy – Steady employment is at risk as more individuals work only when
needed.
6. Facebook’s Workplace – AI inserts itself into the service business, the Facebook model
chatbots guide customers through decision trees.
7. Digital Marketing Gains – Ads in print media continue to disappear as targeted mobile ads
replace them.
8. Twitter Introduces Live Video – Sharing information will change as video replaces text and
phone.
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6. The Strategic Trends of 2017
Much of this is big guy toys but economies of scale and cloud applications will change this:
 AI and Advanced Machine Learning
 Intelligent Apps – Virtual Assistants and Collection of Big Data
 Intelligent Things – Robots, Drones and Autonomous Vehicles
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7. The Strategic Trends of 2017
Much of this is big guy toys but economies of scale and cloud applications will change this:
 Digital Twins – Devices and people working in harmony with each other
 Block Chain – Individuals can work on an individual transaction in concert with each other
providing their slice of the pie.
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8. The Strategic Trends of 2017
 Conversational Systems - Systems using AI will not
simply respond to user input, but will adapt to
users/customers to the point where they will actually hear
and anticipate what a user/customer says and wants.
 Mesh App and Service Architecture - The blending of
digital architecture, cloud and server-less computing, and
micro-services meld to serve the needs of a business
enterprise.
 Digital Technology Platforms - Business will be built
upon the concept of which digital solutions will be used
to deliver the necessary products.
 Adaptive Security Architecture - Blending digital meshes
and digital technology platforms will allow systems to
“adapt” to any infrastructure attacks that occur.
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Much of this is big guy toys but economies of scale and cloud applications will change this:

9. The Survival Techniques
The fear – 65% of Americans expect to be replaced in 50 years – but 80% say it will be somebody
else’s job.
The Danger Five
1. Middle Management
2. Commodity Sales Force
3. Report Writes, Journalists and Announcers
4. Accountants and Bookkeepers
5. Doctors
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10. The Survival Techiques
The fear – 65% of Americans expect to be replaced in 50 years – but 80% say it will be somebody
else’s job.
The Danger Five
1. Middle Management
2. Commodity Sales Force
3. Report Writes, Journalists and Announcers
4. Accountants and Bookkeepers
5. Doctors
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11. Security
Cyber Security – Likely most critical issue facing accountants in the future:
The Risks:
 Data
 Reputation - TRUST
 Client Channels – Loss of Access to Data
 Practice Environment – HVAC, Power Systems, Etc.
PRACTICE ALERT – Security will require agility, vigilance, and resilience. Plan for the WORST
and have a PLAN B.
 Social Engineering
 Ransom Ware
 Alternate Device Storage, i.e. a printer or other device on system
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12. Security
The BYOD (Bring Your Own Device)
 The Phone
 The Tablet
 The Home Computer
Cloud Based Malware – The new Battle Front
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13. The Changing of the Guard
Millennials aka Generation Y
1/3 of working force are those born from 1980 – 2000 but will comprise 50% within 3-5 years.
What does this mean?
A new generation of business owners is emerging
The issue – Almost a blind faith in Technology
 54% would rather text than talk
 Create twice a much online content as others
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14. The Cloud
Becoming More and More Important
Synched devices
Physical infrastructure going the way of the dinosaur….
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15. Artificial Intelligence
Artificial intelligence is coming to Accounting
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journalofaccountancy.com/news/2017/oct/a
ccountants-role-in-managing-artificial-
intelligence-disruption-201717688.html

16. Wired World
More information than we can digest
How to sift through it all?
Accountants: be more strategic
A. How to use data
B. Use Big Data
C. Combine financial and non-financial metrics
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17. Wired World
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18. Wired World
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19. Wired World
The rise of the “Social” Robot
 Interaction with humans on a behavioral level
 Integrated with our operations
 Wearables
 Employees using to work from anywhere in the
office
 Smart Glasses
 Devices attached to other parts of the body, i.e.
arm or leg for hands free communication
 Headsets
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20. Automated IRS
Moving to the Web - The IRS is attempting to automate more of its processes and procedures,
and concurrently reducing the number of taxpayer assistance services in person and over the
phone. … Accountants and taxpayers should expect less (live assistors) help, …
The IRS …security and authentication, involving email addresses, text-enabled phones, and
intrusions into credit files (for things like credit card numbers, loan numbers, etc.)
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irs.gov/help/tools
 Transcripts
 Filing
 Refunds and Payments
 Credits and Deductions
 Calculators
 Taxpayer Assistance
 For Businesses
 For Tax Professionals

21. Virtual Offices, Staff, Clients & Money
Where in the world is Waldo (your client, your staff, your office)
Virtual
 Clients
 Production resources
 Employees
 Meetings
 Work Papers / files
 Currency
Firms may have no brick and mortar
 Younger clients may want convenience versus physical contact
 5-10% of start up firms
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22. Digital Currency
Understanding Digital Technologies
 Use of digital currencies can simplify transactional exchange
 Can allow both sides of a transaction to “share” data
 Create Traceable Audit Trails
 May allow automation of audit process.
 Seamlessly integrate
 Order
 Delivery
 Confirmations
 Invoice
 Transfer of Funds
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23. Social Media
Social Media Because:
 Important Influence on the Under 40
crowd
 Social interaction
 Social Listening
 Provide platform to show professional
competency
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24. Technology Changes
Be wary of change for the sake of change – But issues to consider:
 Evolving integration of social technology into business systems
 Security concerns
 Information which is more consumer friendly
 Increasingly tech savvy consumers
 Accelerating velocity of information
 The simultaneous fear and embracing of new technologies
The discontinuance of old, comfortable technology with a new one.
 Technology changes how our brains work.
 Pairing hand-eye coordination with rapid decision-making skills
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25. 10 Concepts Shaping Accounting
1. Greater Transparency & Trust
2. Authenticity
3. Out-tasking & Outsourcing
4. Contracting vs. employing
5. Hiring is more difficult
6. On-boarding critical
7. Career paths are no longer straight lines
8. Knowledge transfer – BB to Millennials
9. Demographic Shifts
10. Virtual work is commonplace
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Technology Changes
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26. How Will Firms Capitalize on Changing Technology
Understand what the firm has.
Step 1 – List all of the technology tools
currently being used (Actually being
used not what the firm has.
Step 2 – What is important about all the
stuff we have and what is its purpose.
Step 3 – If the stuff is too old can it be
updated or should it be replaced.
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27. Additional Information
“Robots Are Coming to the Accounting
Industry”
www.businessinsider.com/artificial-
intelligence-is-an-opportunity-for-
accounting-2017-3
“How Does Blockchain Work?”
https://medium.com/@micheledaliessi/how-
does-theblockchain-work-98c8cd01d2ae
“How AI is Reshaping the Accounting
Industry”
www.forbes.com/sites/forbestechcouncil/201
7/07/20/how-ai-is-reshaping-the-
accountingindustry/#7e55e4ae37f3
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