The Startups Seeking to Dethrone QuickBooks
The Accounting Podcast
Disruptive Startups in Accounting Software
This chapter explores the rise of startups aiming to revolutionize accounting software, with a focus on their strategies to challenge QuickBooks. It highlights how these startups, like Layer and Teal, are integrating accounting with other business applications to streamline financial processes. The conversation delves into the challenges faced by these disruptors in replacing established players like QuickBooks and the significance of winning over accountants in the market.
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.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Keeper - http://accountingpodcast.promo/keeper
Blue Onion - http://accountingpodcast.promo/blueonion
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
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
Lili Launches New Accountant AI for Small Business Financial Management
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
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
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Get in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or
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