5min chapter

The Startups Seeking to Dethrone QuickBooks

The Accounting Podcast

notes

CHAPTER

Identifying Causes of Low Starting Salaries in Accounting

Exploring the factors contributing to low starting salaries in accounting, including the undervaluation of accounting education, outdated accounting standards like GAAP, and the disconnect between university teachings and practical skills required by firms.

00:00

Transcript

Episode notes

Blake and David dig into reports from the Illinois CPA Society and National Pipeline Advisory Group highlighting issues like long work hours, the 150-hour rule, and low starting salaries. They examine the potential disruption of traditional accounting software by startups and vertical SaaS companies offering embedded accounting functionality and review some of the CPA Practice Advisor Readers' Choice Awards. Wrapping things up, they highlight the health risks of long working hours, and discuss the need for better work-life balance in accounting firms, based on a recent WHO report.

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Chapters

(01:44) - Does QuickBooks have some new competition?
(07:05) - Layer wants to be a GL service
(10:08) - Lili's place in the marketspace
(13:26) - The role of accountants in software success
(16:28) - CPA Practice Advisor's 2024 Reader Choice Awards
(18:53) - Illinois CPA Society survey results
(25:31) - WHO publishes estimates on health costs from working long hours
(30:02) - The long-awaited NPAG Impact Report was released!
(33:11) - Identifying pipeline problems
(35:06) - Reasons students don't choose accounting majors
(49:45) - Final points from report
(53:31) - Blake's theory on why accounting starting salaries are low
(01:00:15) - Thanks for listening and remember to subscribe

Show Notes

Teal Announces $8M Seed Investment to Drive Next-Gen Accounting Products for Vertical SaaS

https://www.businesswire.com/news/home/20240520567117/en/Teal-Announces-8M-Seed-Investment-to-Drive-Next-Gen-Accounting-Products-for-Vertical-SaaS

Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBooks
https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/?guccounter=1

Illinois CPA Society Releases Updated CPA Pipeline Report
https://www.icpas.org/about-us/press/press-release-details/2024/05/16/illinois-cpa-society-releases-updated-cpa-pipeline-report

National Pipeline Advisory Group releases draft strategy report
https://www.accountingpipeline.org/draft-report/

Embedded accounting startup Layer secures $2.3M toward goal of replacing Quickbooks | TechCrunch

https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/

The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards

https://www.cpapracticeadvisor.com/2024/05/15/2024-cpa-practice-advisor-readers-choice-award-winners-announced/105089/

Lili Launches New Accountant AI for Small Business Financial Management

https://www.cpapracticeadvisor.com/2024/05/16/lili-launches-new-accountant-ai-for-small-business-financial-management/105520/

Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBooks

https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/

Kabbage Inc. Settles Allegations of PPP Fraud

https://smallbiztrends.com/?p=1487492

US accounting group bows to calls for faster path for recruits

https://www.ft.com/content/b6562303-cfda-4c6e-bb7b-8fe6e092bb01

National Pipeline Advisory Group releases draft strategy report - National Pipeline Advisory Group

https://www.accountingpipeline.org/draft-report/

Bench and Shopify alumni announce $11M CAD to build “the Stripe for accounting” with Teal - BetaKit

https://betakit.com/bench-and-shopify-alumni-announce-11-million-cad-to-build-the-stripe-for-accounting-with-teal/

Embedded accounting startup Teal raises $8M seed

https://www.axios.com/pro/fintech-deals/2024/05/20/embedded-accounting-teal-8-million-seed

The Indicator from Planet Money : NPR

https://www.npr.org/2024/05/17/1197964709/trade-wars-and-talent-shortages

Canadian fintech Teal raises $8M to build ‘Stripe for accounting’

https://techfundingnews.com/canadian-fintech-teal-raises-8m-to-build-stripe-for-accounting/

Kabbage to pay $120M in PPP fraud settlements with DOJ

https://www.bankingdive.com/news/kabbage-pay-120-million-ppp-fraud-doj-small-business-loan-pandemic/716053/

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