Life as a Start Up Tech Firm in the World of Accounting - Accounting Voices Podcast

Episode 54

Life as a Start Up Tech Firm in the World of Accounting

Published on: 13th June, 2019

Colin Hewitt

Colin Hewitt is CEO & Founder at Scotland-based accounting tech company and cashflow forecasting app Float. He moved to Edinburgh from N.Ireland to study Computer Science back in the late 90s. He started his first business from his bedroom, and then a digital agency in 2002. Float was launched in 2012, to solve the problem of operational cashflow for businesses. Shownotes:

  • How the Float cashflow app was born out of trying to solve a problem as an entrepreneur
  • Why an accounting firm might send a non-accountant to meet a client on the first visit
  • Progressive accounting firms have a growth mindset and have moved on from crunching the numbers and fixed roles for partners
  • So many accounting firms used to be in the top 100 but have fallen out – times are changing
  • Accounting firms can’t be good at everything so it’s important to play to strengths
  • All accounting firms can do the numbers – it’s what they offer beyond that which differentiates them
  • Modern clients are looking for a technology oriented accounting firm with much more to offer than basic services
  • Being proactive as an accountant is often as simple as picking up the phone to clients and asking how they’re doing
  • Why companies like Xero and Receipt Bank are doing well with what they’re offering customers
  • If compliance is making up a huge amount of an accounting firm’s profits, that is going to be squeezed
  • An example of three accounting firms pitching for business, and none of the proposals filled the prospective client with enthusiasm
  • The importance of client testimonials on your website that show why clients should work with you
  • As it gets easier and easier to switch accounting firms, so how will you retain your clients?
  • Most of your dissatisfied clients have already made the decision to leave, which is why accountants must constantly ask for feedback
  • Business planning and cashflow forecasting are at the heart of good advisory as it’s what clients really need
  • What it feels like to be a tech start up in the accounting space
  • Many tech companies are struggling to get traction and to embed themselves in accounting firms
  • What makes a good strategic partnership between software companies
  • The power of running a pilot advisory offer for accounting firms – tips from the ‘lean start up’
  • The internet and the cloud is bringing competition to accounting firms on a much wider scale
  • If the average compliance fee for UK accountants is £2500, then the value of bringing in advisory can create much more
  • Onboarding new accounting clients is the perfect opportunity to experiment with pricing and different new offers
  • AI can make a big impact in reconciliation because there’s so much data there
  • Where some of the biggest opportunities for accounting tech lie in coming years
  • How one progressive accounting firm has fewer accountants and more business advisors
  • The problem with cashflow is till not solved – nobody has cracked it yet
  • Shout out to Andrew van der Beek – ‘we’re all in this business to help people.’

A lot of tech companies struggle to get traction and to embed themselves in #accounting firms and adopt the technology

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Colin Hewitt of Float on the BD Academy Accounting Influencers podcast with Rob Brown

Married to Kathryn, Colin has 3 children and is very involved in the startup ecosystem in Scotland. When he’s not working, he likes playing piano or surfing, both of which he is a rookie. Find out more at Float or contact Colin directly:

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About the Podcast

Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.
Accounting Voices, hosted by Rob Brown, helps decision makers and leaders in accounting and finance stay relevant, visible and vocal in a profession being reshaped by technology, private equity, regulation and shifting client expectations. Each episode interprets the trends disrupting accounting and finance such as AI, automation, M&A, talent and the move to advisory and translates them into practical insight that strengthens authority and influence.
Accounting Voices is also a platform for the wider ecosystem of networks, associations, educators, consultants, software vendors and technology experts who serve accountants and finance professionals worldwide. It extends into regular Accounting Voices networking sessions that connect this audience and amplify ideas that move the profession forward. With its international reach and long shelf life the show delivers credibility and commercial value for listeners and sponsors alike. Search for "Accounting Voices" on YouTube for all episodes and connect with Rob Brown on LinkedIn to find out more: https://www.linkedin.com/in/therobbrown

About your host

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Rob Brown

ob Brown is the creator and host of the Accounting Voices Network, a media platform that includes the flagship solo podcast Accounting Voices and the panel shows Accounting M&A and Accounting Tech. He chairs conferences, panels and virtual events worldwide and is recognised as a leading advocate for the accounting profession.

He is an accomplished speaker and authority on trust, reputation, employer brand, talent, succession, executive presence and the forces shaping the future of accounting. Rob is the author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk The Personal Brand of You has been viewed more than 400,000 times.

A former co-founder of the Accounting Influencers Roundtable, Rob now focuses on amplifying the voices of leaders, firms, networks, vendors and influencers across the global accounting ecosystem.

Outside of work he is a stroke survivor, lives with epilepsy, holds a black belt in kickboxing and is based in Nottingham, UK. He plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.