The Accounting Podcast

The Startups Seeking to Dethrone QuickBooks

May 24, 2024

Exploring disruptive startups challenging QuickBooks, legacy desktop tools, health risks in accounting industry related to long working hours, challenges in accounting education including 150-hour rule impact, innovative approaches to professional mobility and education, causes of low starting salaries, and recommendations to improve accounting profession.

01:01:17

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Startups like Layer and Teal are challenging traditional accounting software like QuickBooks by offering GL as a service.

Working long hours in accounting has serious health risks, with 488 million people globally affected, leading to 745,000 deaths from heart disease and stroke.

Barriers like the 150-hour requirement for the CPA exam and financial constraints deter many students from pursuing accounting majors, highlighting the need for educational reforms.

Deep dives

On-Pay Endorsed by American Dental Association

On-Pay has been listed as the only payroll app endorsed by the American Dental Association, catering to various industries such as dentists, farms, startups, restaurants, bars, doctors, nonprofits, and gyms.

Introduction

2min

Disruptive Startups in Accounting Software

14min

Legacy Desktop Accounting Tools Still Dominating Despite Market Shift to Cloud Solutions

2min

Challenges and Health Risks in the Accounting Industry

13min

Exploring Cloud Accountant Staffing and the Enpag Report

2min

Challenges and Factors in Accounting Education

5min

In-depth Look at Keeper: All-in-One App for Bookkeeping Practices

2min

Innovative Approaches to Accounting Education and professional Mobility

10min

Automating Reconciliation with BlueOnion and Survey Insights

4min

10.

Identifying Causes of Low Starting Salaries in Accounting

5min

11.

Recommendations for Improving the Accounting Profession and Engaging Listeners

2min

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

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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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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The Accounting Podcast

The Startups Seeking to Dethrone QuickBooks

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

On-Pay Endorsed by American Dental Association

Global Impact of Long Working Hours

Startups Challenging QuickBooks Dominance

Addressing the Impact of the 150-Hour Rule on Accounting Majors

Enhancing the Academic Experience and Practical Application of Accounting Education

Get the Snipd
podcast app

AI-powered
podcast player

Discover
highlights

Save any
moment

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The Accounting Podcast

The Startups Seeking to Dethrone QuickBooks

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

On-Pay Endorsed by American Dental Association

Global Impact of Long Working Hours

Startups Challenging QuickBooks Dominance

Addressing the Impact of the 150-Hour Rule on Accounting Majors

Enhancing the Academic Experience and Practical Application of Accounting Education

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