October 21, 2012
Company Remains Committed to Digital Transformation across the Profession
In his annual business update to the AICPA Council, CPA2Biz CEO Erik Asgeirsson reviewed solid operating results for Fiscal Year 2013 and emphasized that the time is now for the accounting profession to embrace digital transformation.
As the technology subsidiary of the AICPA, CPA2Biz is focused on enabling firms that want to take advantage of the cloud and other technology innovations to create efficiencies and expand into new lines of business. In his review during the Council’s fall meeting, Asgeirsson discussed the many initiatives being advanced by the company and highlighted some key accomplishments, including continued growth of the Digital CPA community and successes by several firms in their adoption of the cloud.
Asgeirsson noted the explosion in new web-based accounting solutions and declared that small business accounting has “moved to the cloud.”
“There a sea change out there and, as ‘the CPA’s business partner,’ we’re helping firms navigate it,” Asgeirsson said, referencing the company’s investment in its business solutions offering, client accounting workshops, Digital CPA conference and professional services unit.
Asgeirsson went on to highlight a few firms that are seeing fast growth using CPA2Biz’s lineup of cloud services. They included MT Pinero, P.C., a Maryland firm building deep vertical expertise in the nonprofit sector, and Anton Collins Mitchell, a Colorado firm that has added close to $1 million in recurring revenue in less than two years through its client accounting services practice.
He mentioned several other highlights of the past year, including:
- Continued investment in training, tools and resources to help firms with adoption and implementation of cloud solutions, as well as increased investment in its professional services business unit, which will work closely with firms to help with challenges involving change management, business process improvement and cloud adoption.
- Continued refinement of AICPA Navigator, CPA2Biz’s learning management system that helps to shift the focus of professional education from compliance to career enhancement and talent development. AICPA Navigator has operating models to meet the needs of individual members, firms and financial services departments in business and industry—Asgeirsson noted a Fortune 100 firm that has several hundred of its finance and accounting staff on the platform, with plans to further expand use in the coming year. He went on to state there have been more than a million course completions on the platform since its launch in 2010.
CPA2Biz’s revenue totaled $24.1 million in Fiscal Year 2013, Asgeirsson said, with net income of approximately $1.2 million.
“Fiscal Year 2013 was a solid year for the company, but I couldn’t be more excited about the future,” he said. “With digital transformation comes increased expectations but also increased opportunity, and we feel well positioned to help firms toward this end.”
CPA2Biz, a subsidiary of the American Institute of Certified Public Accountants, provides best-in-class marketing and technology services to support accounting professionals throughout the U.S. Its Trusted Business Advisor solutions are web-based tools that enable small- and mid-size accounting firms to build more collaborative and strategic relationships with their business clients or employers. For more information, visit www.cpa2biz.com, the leading e-commerce site for the accounting profession.