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2012 Boomer Technology Circles Summit Report Preview
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A Letter From Boomer Consulting, Inc.

 

Dear Boomer Technology Circles Members & Firm Leaders,

This 2012 Boomer Technology Circles Summit was a huge success with 300 firm decision makers, IT professionals and business partners meeting in Kansas City, MO to focus on management and technology trends.  John Jantsch, author of Duct Tape Marketing and The Referral Engine and Rick Richardson, technology futurist, were the keynote speakers.   Each Circle conducted breakout sessions as well as heard updates from CCH, Thomson Reuters and CPA2BIZ.  Gary Boomer concluded the event with the Strategy and Vision session focusing on how firms must act more like a lean startup to grow revenues, taking advantage of a new business model and the IT platform many refer to as the "Cloud”.  This letter will provide an executive overview of 10 trends identified during the Boomer Technology Circles Summit that firm leadership should consider.

Metrics

Firms are always interested in trends and comparing themselves with peers.  Remember, average is where the best of the worst meet the worst of the best.  No firm strives to be average and you must remember metrics are primarily for improvement. Markets vary geographically when you compare firms.  Revenue per FTE (all employees at 2,080 hours) rose to $155k (up almost $11k over 2010).  The 2011 investment in IT (hardware, software, labor, phones, copiers, scanners, mobile and remote access) was at 6.5% of net revenues or approximately $10 per charge hour and $10k per FTE.  The net hourly rate collected was $153 and up $7 per hour over 2010.  Firms were 48.6% chargeable.  This clearly tells me two things: 1) Value is not determined by the hour and 2) Employees other than CPAs are adding value to the services, but the firm is often not billing for those services.  

To read the full report, please sign into the Boomer Knowledge Network.

The full report includes trends regarding:

Trend #2 - Electronic Signatures
Trend #3 - Expansion of the Trusted Business Advisor Role
Trend #4 - Talent Development
Trend #5 - Mergers and Acquisitions
Trend #6 - Apple Devices in the Firm
Trend #7 - Mobile Device Management
Trend #8 - The Role of the IT Leader
Trend #9 - Global Opportunities
Trend #10 - Leadership Development


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