The Collaboration Catalyst: Tech Vendors + Accountants

Speaker: 00:00:00

The future of accountant, isn't just

about numbers and financial statements.

2

: 00:00:04

It's about empowering businesses to make

informed decisions, navigate complex

3

: 00:00:08

challenges, achieve their financial goals.

4

: 00:00:10

And everyone recognized that Kansans

are at the heart of this and must become

5

: 00:00:13

trusted partners with business acumen

expertise in data analytics, storytelling,

6

: 00:00:18

strategic guidance, taking the clients

towards success and whatever your role

7

: 00:00:22

is in this ecosystem, you need to stay

ahead of the curve to stay relevant.

8

: 00:00:26

And that's why this accounting

answers podcast was conceived to

9

: 00:00:29

keep you informed and competitive.

10

: 00:00:31

I'm your host, Rob brown, and

I've interviewed 111 accounting

11

: 00:00:35

experts, leaders, advisors, vendors,

and influencers in the last few

12

: 00:00:38

months and collected for you the

very best and latest thinking on

13

: 00:00:41

what works and what is coming up.

14

: 00:00:44

And this week, they show 10 to 15

minutes gets you the low down on

15

: 00:00:47

what matters today in the rapidly

evolving accounting landscape.

16

: 00:00:51

And the professional is shed

in its traditional image of

17

: 00:00:54

number crunching, embracing a

bold new future data technology,

18

: 00:00:58

strategic guidance, reign Supreme.

19

: 00:01:01

I've asked the same five questions

throughout covering the next

20

: 00:01:04

generation of accountants.

21

: 00:01:05

The proactive advice they need to be

given the drivers have changed the

22

: 00:01:08

role of tech and software vendors

post the best predictions for the

23

: 00:01:12

next few years, let's get started and

hear what our experts have to say.

24

: 00:01:17

Today was listed in the views of our

experts, in what the tech software vendors

25

: 00:01:21

could do to better serve accountants.

26

: 00:01:23

What should tech companies do to

develop innovative solutions that can

27

: 00:01:26

help accountants enhance productivity?

28

: 00:01:28

I provide better service to clients

and stay ahead of the curve.

29

: 00:01:32

It's an emotive question with

lots of different angles.

30

: 00:01:34

See if you can spot some clear

messages and crucial themes coming

31

: 00:01:37

out from our accounting influences.

32

: 00:01:41

We have with this now, Trevor Greenway,

CEO of interval, where he focuses

33

: 00:01:45

on streamlined in firms, finance

and wealth with AI leading the way.

34

: 00:01:50

And applying artificial intelligence

to the accounting industry

35

: 00:01:53

for transformative results.

36

: 00:01:57

Trevor Greenway: Talk to them and

don't be fearful of the answer.

37

: 00:02:00

You know, I just, at the end

of the day, people buy products

38

: 00:02:02

for, it's pretty simple.

39

: 00:02:04

You know, people buy products because it

either makes them more money, it solves a

40

: 00:02:07

known pain or it's incredibly convenient

or in a perfect world, it does all three.

41

: 00:02:11

So I think that it's really important

that you don't just develop something

42

: 00:02:14

that you think, Solves a problem.

43

: 00:02:16

You know, solves a problem

because your customers have

44

: 00:02:18

told you that it is a problem.

45

: 00:02:20

And so those conversations are critical

and then iterate and get feedback

46

: 00:02:24

because you have to understand tech

is probably scary to some firms,

47

: 00:02:29

you know, they know it's a part of

their future and they know that some

48

: 00:02:31

have made great investments in it.

49

: 00:02:32

And there are some real leaders in

market, but you have to understand

50

: 00:02:36

that that's not everybody.

51

: 00:02:37

And so I think your empathy towards

their plate and the situation that

52

: 00:02:40

they find themselves in today, that's

a tech vendors job is to help them

53

: 00:02:44

navigate We are not here to kill you.

54

: 00:02:46

We are actually here to can, you

know, play an active role in the

55

: 00:02:49

evolution of the industry that is

gonna be better for everyone long term.

56

: 00:02:53

And you can only do that by having

real open and honest conversations,

57

: 00:02:56

even if you're afraid of the answer.

58

: 00:02:58

I'd say the main problem with

some tech providers and software

59

: 00:03:02

vendors, specifically in accounting.

60

: 00:03:04

There are other places where

this works well, but I think

61

: 00:03:06

specifically in accounting.

62

: 00:03:07

One, you have to be credible

and have domain expertise.

63

: 00:03:09

You have to, they have to believe that

you understand their domain deeply.

64

: 00:03:13

And two, It's not, you're not a commodity.

65

: 00:03:16

This is still relatively the tech

evolution inside of accounting is

66

: 00:03:20

still relatively young relative to

other industries that we've seen.

67

: 00:03:24

It's, you know, there's been a

ton that's been happening, but

68

: 00:03:26

it's now like Moore's law is real.

69

: 00:03:27

The exponential growth

is actually happening.

70

: 00:03:30

And so I think.

71

: 00:03:31

Where I think a lot of companies fail

is they assume, well, if I put in a ton

72

: 00:03:34

of, you know, business development reps

and account executives, and I give them

73

: 00:03:38

their quotas and they cold call, you

know, it's going to be wildly successful

74

: 00:03:41

because the accountants will fall in line.

75

: 00:03:43

And I think the point is

that that doesn't work well.

76

: 00:03:46

And it actually creates a It widens

the gap between the vendors and the

77

: 00:03:50

accountants because they're saying, we're

curious about technology and there are

78

: 00:03:54

things that we want to implement, but you

haven't shown me any real knowledge of how

79

: 00:03:58

my day to day actually works and you've

just treated me like a number and it's a

80

: 00:04:02

volume game and they're, you know, they're

typically dealing in billable time.

81

: 00:04:07

Right.

82

: 00:04:08

And so it's not a great

combination of factors where

83

: 00:04:10

you want a bunch of their time.

84

: 00:04:12

You don't really care.

85

: 00:04:13

You're just throwing numbers and

volume at this, at this sales process.

86

: 00:04:17

And they're sitting there saying,

unless I can really quickly understand

87

: 00:04:19

the solution and understand that it

actually solves the problem for me.

88

: 00:04:23

I'm not ready for this.

89

: 00:04:24

So don't commodity sell me, understand

my business deeply and tell me how

90

: 00:04:28

you're going to solve for the pain

that I also acknowledge that I have.

91

: 00:04:31

And I do truly believe that the

vendors that continue to behave

92

: 00:04:34

that way don't really listen to

the customer, don't acknowledge

93

: 00:04:38

that they're behaving differently.

94

: 00:04:39

I do believe that the extinction is real

and that's, that's actually compounded

95

: 00:04:43

by the fact that, you know, a lot of

those sales engines that are built

96

: 00:04:46

that way are very expensive to run.

97

: 00:04:48

Well, we just came through a little bit

of a tech recession where the market

98

: 00:04:51

kind of reset and probably healthily.

99

: 00:04:53

And so the companies

that were built that way.

100

: 00:04:56

We're head, you know, headcount heavy.

101

: 00:04:57

We're looking to meet quotas and we're

trying to drive, you know, that kind

102

: 00:05:00

of a sales process that's incredibly

expensive, so they'll have to stop.

103

: 00:05:04

Uh, and it, I don't believe

it to be very successful.

104

: 00:05:08

It's an honor to bring to

the microphone to Val Steed.

105

: 00:05:11

A true accounting, legends

CPA, M a C I T P and accounting

106

: 00:05:15

technology thought leader.

107

: 00:05:17

Another 35 year veteran, who's been at

the forefront of technology adoption

108

: 00:05:21

and education in the accounting field.

109

: 00:05:25

Val Steed: accountants Inventory is

their time and so anything we can

110

: 00:05:29

do to actually help them Be more

efficient or understand our solutions.

111

: 00:05:35

We we are guilty of this at zoho.

112

: 00:05:38

We are very guilty of this of not having

Really good training Certification, demo

113

: 00:05:44

data sets, examples, case studies, all

of these things, if you want to talk

114

: 00:05:49

about product related solutions, the

help accountants that are considering

115

: 00:05:54

a solution, grasp it quicker, learn

it quicker, get certified quicker, you

116

: 00:05:59

know, all that's very, very important.

117

: 00:06:01

Also, different, whole different I

really think accounting tech has got to

118

: 00:06:07

start doing what they did years ago and

reach back into the profession to help

119

: 00:06:12

the profession at large with programs

such as programs helping encouraging

120

: 00:06:17

young people to consider accounting as

a profession to encourage and support

121

: 00:06:22

the local chapters, CPA organizations,

accounts organizations, whatever, and

122

: 00:06:29

support those organizations through the

profession, as well as just sell product.

123

: 00:06:35

Hey, well, this now he's fitful chef

managing director at advanced track

124

: 00:06:39

outsourcing, helping accounting

firms build global teams offering

125

: 00:06:43

outsource services that enhance

capacity and client service without

126

: 00:06:46

compromising on quality or ethics.

127

: 00:06:51

Vipul Sheth: I think a lesson for

all of us, and it doesn't matter

128

: 00:06:54

whether you're dealing with family

or you're dealing with customers.

129

: 00:06:58

If you talk to the people, and I refer

to that very generally, so customers.

130

: 00:07:06

In this instance, that is

what we're talking about.

131

: 00:07:09

If you talk to your customers And

identify what's their greatest pain.

132

: 00:07:14

or what is it that their product

aims to solve, but actually doesn't.

133

: 00:07:19

And if you do that, what you do

is you get a much better product.

134

: 00:07:26

One that's actually the customers

have invested their time in.

135

: 00:07:31

And if they've invested time and

they see the results of their

136

: 00:07:34

time in a better product, I think

you've got a stickier customer.

137

: 00:07:40

You have ambassador for that product.

138

: 00:07:43

They'll be happy to tell other

professionals that actually this

139

: 00:07:47

product or this service is great.

140

: 00:07:50

You should go and use it.

141

: 00:07:52

And I think the more that we all do that,

will lead to greater success for everyone.

142

: 00:07:58

And one feeds the other.

143

: 00:08:00

Yeah.

144

: 00:08:01

If we have successful clients.

145

: 00:08:03

Yeah, we inevitably grow and

we're, we're very proud of the fact

146

: 00:08:08

that, our growth is predominantly

driven by our existing customers.

147

: 00:08:13

And it is driven by that

customer service ethos.

148

: 00:08:17

And that's the one thing that every

software or accounting, service

149

: 00:08:21

provider should, should aim to do.

150

: 00:08:25

Microphone (TONOR TC30 Audio Device)-147:

The next voice you hear will be

151

: 00:08:26

Stephen , chief executive officer

of prime global, the association

152

: 00:08:31

of advisory and accounting firms.

153

: 00:08:35

Stephen Heathcote: This is a great

question, because, you know, I could

154

: 00:08:37

say all the things about things like

integration and security, but I would

155

: 00:08:40

say the absolute best thing they

could possibly do to serve us is to

156

: 00:08:44

listen to us and, you know, not just

talk about their kit, but actually

157

: 00:08:48

talk to the people wearing the kit.

158

: 00:08:50

So that, that means really understanding

what, what makes professional practices

159

: 00:08:54

tick, what, when, when firms talk

about utilization, realization,

160

: 00:08:59

their margins, their people, for

their packages and their software.

161

: 00:09:03

How will it make a difference?

162

: 00:09:04

How will it improve profitability?

163

: 00:09:06

How will it make their firm future proof.

164

: 00:09:09

And that really means understanding

the pains and the gains of each

165

: 00:09:13

firm and having conversations.

166

: 00:09:15

So I, I find often it's, um, sometimes

it's startup vendors and entrepreneurs,

167

: 00:09:20

but because they listen and they

won't say, Oh, okay, we'll respond.

168

: 00:09:24

And it may be in the sixth or

seventh release down the line.

169

: 00:09:27

We have developers there now

that will help and support you.

170

: 00:09:32

The next voice is Dwayne .A renowned

tech leader, author, and recognized

171

: 00:09:37

for his practical cutting edge process

improvement in the accounting field.

172

: 00:09:40

Leading firms towards innovation.

173

: 00:09:44

Dwayne Bragonier: make cloud products

work and allow for easy integration

174

: 00:09:49

of other data sets with it.

175

: 00:09:51

So, to speak first, make products work.

176

: 00:09:54

Legacy versions had a framework

that worked for the end user.

177

: 00:09:57

It met their needs.

178

: 00:09:59

When they re write into their cloud

based products, quite often they

179

: 00:10:03

abandon the fundamental framework and

create a new user interface, which

180

: 00:10:07

isn't always necessarily better.

181

: 00:10:10

And in fact, many of them now are starting

to dummy down their application feature

182

: 00:10:14

sets because they're trying to make it

easy for the average person to use and

183

: 00:10:20

sure templating for us so that we can

see things really quickly is wonderful.

184

: 00:10:26

But please continue to allow

customization so that the experienced

185

: 00:10:31

user can do enhanced reporting.

186

: 00:10:34

And with regards to the integration,

please provide user friendly AIPs

187

: 00:10:40

so that you don't have to be a

programming expert in order to allow

188

: 00:10:43

for Dataflow to go into our ERP systems.

189

: 00:10:49

Microphone (TONOR TC30 Audio Device)-2:

So they have five grand

190

: 00:10:50

answer to the question.

191

: 00:10:51

What could the tech and software vendors

do better to serve accountants each

192

: 00:10:55

work in depth that week, Monday through

Friday, we give you the insights of five

193

: 00:10:58

top influencers in the accounting world.

194

: 00:11:00

On this critical area of the

tech providers, software vendors

195

: 00:11:03

and how they serve accountants.

196

: 00:11:05

That's 25 valuable perspectives,

viewpoints and best thinking every week.

197

: 00:11:10

And with each fresh week comes a

fresh question and more thoughts

198

: 00:11:13

from the best accounting leaders

and influences we can find.

199

: 00:11:16

Thanks for listening to this brand

new accounting answers podcast.

200

: 00:11:19

And sharing the show with your friends.

201

: 00:11:21

If you want to join the conversation,

you can plug into our community of

202

: 00:11:25

implementers@accountinginfluencers.com

and check out our virtual

203

: 00:11:29

speed networking events.

204

: 00:11:31

These happen every few months

for the north American region

205

: 00:11:34

and the UK Europe region.

206

: 00:11:35

The great opportunities to raise your

profile, build valuable connections and

207

: 00:11:39

share your thoughts with influential

peers until next time, this is your host.

208

: 00:11:43

Rob brown, saying stay informed,

stay relevant and stay connected.