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It's 2022.
When contemplating the state of the accounting and financial services landscape, it is evident that our industry is in desperate need of next-generation leadership.
In a 2022 AICPA CPA Top Firm Issues survey, keeping up with technology and developing the next generation of firm leadership were consistently listed as top issues faced by firms nationwide. These issues in our industry, as well as countless conversations of encouragement, led me to begin researching what the future of our industry looks like and what I can do about it.
We are living in a generation in which we are building quantum computers, we have vehicles on autopilot, and space travel is the next big thing. Despite the progress around us, accountants continue to be laggards in adopting new practices to better serve our clients.
I have 3 primary observations about our industry :
Accountants Struggle with Embracing Innovation and Change:
The pervasive mantra in Public Accounting is "SALY" - Same As Last Year. If you can't figure it the solution on your own or know what to do - then just do SALY. This mindset shreds innovation. We must begin to leverage (build) AI, machine learning, and other tools in order to provide a more consistent and accurate deliverable for our clients.
Profits Have Been Prioritized over Clients and Employees
New entrants into the accounting industry seek opportunity, variety, and growth. Accounting firms are known for long hours, strict time entry (every 15 minutes, Caden...), and limited life integration. Conversely, Clients seek transparent pricing, clear expectations, and an expert at their side. Firms have become too accustomed to the hourly billing model, ill-defined working relationships, and limited availability. These are not inherently bad, however firms must begin to shift from a human-capital centric model to one that leverages technology in order to yield a higher-quality client service. This is a generational shift for our industry. More to come on this.
Branding, Messaging, and Education is a Second-Hand Thought
When you think about an accounting firm, what do you think of? Boring. Stale. Stiff. Dry. Penny-loafers.... The status-quo is the death of our industry. While the end deliverable or work-stream may remain relatively consistent, we must re-imagine how we position ourselves to the market with our communication, service offerings, and education. How else will we be able to attract & retain top talent and push our industry forward?
These observations have driven me to partner with some of the most forward-thinking and brightest individuals in our industry to begin building Full Send Finance.
Full Send Finance is a Finance-as-a-Service firm that was created to provide a tech-enabled financial service in order to bring financial clarity to early-stage companies. Founders, Entrepreneurs, and Small Business Owners who are envisioning traditional accounting services have the opportunity to re-think how their financial services are delivered.
What is Full Send Finance doing about it?
There are many steps involved with delivering a best-in-class and tech-enabled financial service. Here are a few:
- Research existing accounting tech and continual tech improvement
- Design operating procedures for integrating and managing tech
- Connect and deploy interconnected cloud-based systems
- Leverage high-performing accountants & CPAs to oversee product delivery
- Provide a high-quality deliverable on a recurring basis
- Keep researching
Where does FSF start?
FSF is committed to embracing innovation and delivering impact to our clients, employees, and partners through best-in-class technology and fanatical client service. Today, we are beginning with a bookkeeping, accounting, and light FP&A suite of products. Tomorrow, we are building accounting technology for the future. Stay tuned.
If your curious to learn more about our research, our services, or want to learn more about how we plan on making an impact on our industry - send us a note! Reach us anytime at howdy@fullsendfinance.com to learn more.
“Full Send Finance is a Finance-as-a-Service firm that was created to provide a tech-enabled financial service in order to bring financial clarity to early-stage companies.”
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