Episode 77. In today’s news episode, the Accounting Influencers Podcast examines the power of software and fintech vendors in undermining accountants & CPAs.
Key takeaways from this episode include:
》Reminder of Xero’s provocative play to bypass accountants and go direct to their clients, covered in episode 32 – “The Extinction of Accountants – Are They Surplus to Requirements?”
》Direct quotes from the Facebook post of an accounting firm owner reacting to Intuit’s move to recruit his staff directly
》How it seems Intuit don’t just want to rob accounting firms of their clients but also their staff
》Asking where the checking or quality control is from a big accounting software vendor that they would make such a crass or blatant move
》Questioning whether Intuit don’t care about their accounting customers because they have too much money
》Fact – Xero, intuit and other big vendors now market direct to SMEs (small and medium enterprises) rather than through accountants
》What plays like this from fintech vendors actually means for accounting practices – they are coming for your compliance work
》What accountants and CPA practices must to to protect themselves against the increasing power and ruthlessness of software vendors
NOTE TO LISTENERS:
Every Tuesday the show gives you a relevant news topic from the accounting and fintech world with a direct application to accountants, CPAs and bookkeepers. Great to stay informed and build your commercial acumen.
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