Episode 45
An Accounting Technologist Reveals What’s Really Working
Blake Oliver a leading accounting technologist. He started out at the bottom of the ladder as a freelance bookkeeper who then built and sold his own online accounting advisory firm. He was one of the very early adopters of cloud accounting technology and saw before many the impact of cloud technology on firms. He is vocal on why so many accounting firms struggle when it comes to innovation.
As well as hosting his own podcast and blog on cloud accounting, the Director of Product Marketing at FloQast. They are unique in the tech world in that 25% of their 150 people are former accountants or auditors making close management software for their clients.
Shownotes:
- How an accountant from California was one of the first do discovered Xero which allowed him to grow and sell his bookkeeping company
- There are more accountants dying or leaving the profession, meaning there is a shortage of good accountants globally
- What accounting firms can do to attract talent – it’s not just about the money, but it helps
- Why the job of the accountant and bookkeeper is now technology driven
- To survive and stay relevant today, one of the best skills to have is to teach yourself how to do things
'Accountants have been taught to memorise rules and regulations, they haven’t been taught to improvise, they haven’t learned how to learn' says @blaketoliver #accounting #accountex #AccountingTop100 #accountinginsight
- Only a quarter of accountants have embraced technology – the others are just business as usual
- Many bookkeepers are still paper based and billed to clients at $75 per hour – great opportunity if this can be automated
- Opportunities are abundant in the accounting world – tech gives a low barrier to entry
- The key differences between good and bad accounting firms
- The ONE KEY FEATURE of a good accounting client experience
- FloQast builds software for mid-sized businesses that (among other things) automates bank reconciliations giving a 10x return
'Disruption is coming for accounting that few firms will adapt to because the whole model is dependent on a huge mass of people doing low level work' says @blaketoliver #accounting #accountex #AccountingTop100 #accountinginsight
- What an accounting technologist for hours every day to focus on what is going to happen next
- The future of the accounting profession is automation – you’ll see the Big 4 model heavily disrupted in the next 10 years
- Great accountants are great data analysts – it’s a great career move to become the data intelligence expert
- Accounting firms that convert to digital will be ‘higher ticket’ while those that don’t will be left behind.
Background on Blake – he majored in classical music and worked briefly as a freelance cellist after graduation. Life might have been different had he been accepted on the masters program in chamber music that he applied to. He still plays, but just for fun. He says he never would have started my own business if I hadn’t been rejected from MBA programs at UCLA and USC.
Find out more at FloQast Software or to contact Blake directly:
Twitter: @blaketoliver
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Serena Ryan
Shownotes prepared by accounting social media strategist Serena Ryan. Serena has 15 years experience in digital marketing and Facebook ads strategy. Financial Literacy is one of her core values and as a result her and her team specialise in working with accountants building their businesses. Serena loves new challenges and is always learning. Her current challenge is learning tennis. Contact her here:
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