The Accounting Podcast Building a Bank for Accountants and Small Businesses
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Feb 8, 2024 Yoseph West, an expert in banking solutions for accountants and small businesses, discusses Relay Financial's ambition to solve banking problems by becoming a bank. They cover topics such as the redesigned accountant partner program, best practices for incorporating technology into accounting practices, and the importance of understanding client pain points. They also highlight the success some firms have had with Relay, saving time and speaking the client's language. Additionally, they discuss the launch of a new receipt capture feature and the benefits of combining banking, bill pay, and expense management into one app.
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Unexpected Career Path
- Yoseph West didn't initially plan on working in accounting software.
- He discovered his passion after witnessing the impact of accounting software on small businesses.
Real-Time Financials
- Real-time financials are a persistent pain point for small businesses and accountants.
- Relay aims to solve this by becoming a bank and controlling the entire financial data flow.
Tech Integration Best Practices
- Understand your clients’ pain points deeply to effectively incorporate technology into your practice.
- Use discovery calls to identify needs and offer solutions through your software stack.