Accounting Today Podcast
The state of accounting technology
Sep 25, 2023
Accounting technology expert Randy Johnston discusses the current and future capabilities of accounting tech, including the rise of cloud-based platforms and automation. He explores the challenges faced by buyers in the market, the complexity of ESG reporting, and strategies for approaching and implementing accounting software.
24:41
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Quick takeaways
- Accounting software platforms are increasingly seeking to automate transactions and monetize financial operations, driven by the need to address the ongoing labor shortage and streamline processes.
- There is an increasing focus on enhancing reporting capabilities within accounting software, with vendors striving to provide better reporting functionalities and comprehensive dashboards that offer insights across various metrics and industry-specific needs.
Deep dives
1. Increase in Accounting Software Products
The cloud has made it easier to develop new accounting software platforms, leading to an increase in the number of available products. The development costs for these platforms are relatively low, allowing new entrants to build competitive accounting software with a budget of less than a million dollars. However, it can still cost around 10 million dollars to market the software effectively. While the barrier to entry is low, it's important to note that some platforms may be outdated and not designed with a strong understanding of accounting principles.
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