The Accounting Podcast The Startups Seeking to Dethrone QuickBooks
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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.
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Embedded Accounting Challenges QuickBooks
- Vertical SaaS with embedded accounting like Layer and Teal could disrupt QuickBooks.
- Integrating accounting into core business apps reduces the need for separate accounting software.
Long Work Hours Harm Health
- Working over 55 hours a week increases heart disease and stroke risks significantly.
- The accounting profession’s long hours impose serious health consequences on its workers.
Time, Not 150-Hour Rule, Blocks CPAs
- The top barrier to becoming a CPA is lack of time due to workload and personal commitments, not the 150-hour rule.
- Overwork and inability to study cause many to forgo the CPA credential despite its value.