if you’re not ready to make your move, you’d better hope your competition isn’t.
by jody padar
the radical cpa
change isn’t just knocking at your door; it’s kicking it down. we’re in the middle of a major transformation because of new players, cutting-edge technologies and a financial surge. the rules are being rewritten before our very eyes.
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if you consider accounting a giant chessboard, many players are making strategic moves. you have the old-school firms on one side who are navigating a rapidly changing landscape. on the other side, you have the new-school disruptors. these innovative entities are reshaping the industry with cutting-edge technologies and fresh approaches.
legacy old-school firms have been a bit slow to modernize and are finding it hard to keep up with the times. smaller firms embrace emerging technologies, while larger firms find it harder to implement change quickly.
the new-school competitors are well-funded disrupters who are shaking things up. more progressive than legacy firms, they have integrated (or are in the process of integrating) modern technologies and have innovated their business models. they are thinking and preparing for the future. and then you have the private equity-backed firms. with significant financial backing, they are at the forefront of pushing the industry forward. they are implementing modern tech and expect big returns.
among the new school, true new-school players are disrupting the market as we know it. they are using new approaches in new ways, and it’s the most rapidly changing market segment today. these companies are your competitors even if you don’t realize it. they include:
- stealth startups on the horizon. behind the curtain, innovative startups are brewing specialized solutions, quietly gearing up to revolutionize accounting and tax services. each targets specific market segments with surgical precision, and that’s changing customer expectations along with everything else.
- the “uber for accountants” phenomenon. platforms like taxfyle and picnic make it easier for accountants to outsource hefty tax return tasks. they also make it easy for accountants to be self-employed where they just do work and don’t have to even think about getting clients. they dream of even greater expansion and intuitive software, underscoring their potential to redefine service delivery and capture market share.
- intuit’s disruptive role. now, let’s talk about intuit platforms. the infusion of artificial intelligence into products like turbotax and quickbooks marks a huge shift. these software behemoths have seamlessly tied technology together with personalized accounting services, altering the very fabric of our industry. on top of that, they are hiring accountants and even acquiring firms. they are competing with the more traditional firms for the same staff, accountants who will provide similar services to yours, albeit in a different way.
- legal tech in the arena. legal tech firms like rocket lawyer and legalzoom are stepping into finance. leveraging their legal tech dna and intuit small and midsized business backgrounds, they offer comprehensive financial services and challenge the offerings of traditional cpa firms.
- new non-cpa startups. startups like bench, indinero, zeni and pilot have secured funding. they are ready to disrupt the industry with fully integrated fractional accounting services, offering clients innovative, easy-to-use financial approaches.
- fintech’s expansion. meanwhile, fintech companies with large amounts of raised capital have recently branched out from credit cards to accounting and tax services, offering a more holistic approach to financial management for small and midsized businesses. plus, they have exchange fees so they are essentially making money on money, which is then reinvested into their tech stack.
what ties all of these players together? money!
the new market is putting a ton of money into innovation, which is pushing the market. pe money has the same effect. more financial resources translate into greater innovation and automation, all happening at breakneck speed.
this is your wakeup call. you must adapt, innovate and embrace these disruptors head-on.