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1 innovation framework of interest

I typically follow the software space closely. I have incorporated several concepts from these techno
Future Firm Weekly Top 5
1 innovation framework of interest
By Ryan Lazanis • Issue #41 • View online
I typically follow the software space closely.
I have incorporated several concepts from these technology companies into my previous firm and I admire the focus they tend to have on the customer journey and experience.
And I’m not the only one either.
I did a recent podcast with leading cloud accounting firm in North America, Acuity, and at 40:28 one of their founders spoke about how they continue to innovate by studying spaces that are innovating faster than accounting.
So it’s natural that some of the content I share with you is being produced by software companies for software companies. Still, the concepts are applicable to firms.
In this software-oriented article on the 11 frameworks for innovation, the very first framework for innovation, “disrupt”, stuck out at me where it was described as such:
“True disruption happens in a market where the incumbents have stopped innovating and there’s pent up demand for something new. This pent up demand causes both a shift in perception and a shift in market share from the incumbents to the new challengers.”
I believe this is what we are starting to see now in accounting.
There is absolutely pent up demand for something new right now. Your clients do not want the same tried, tested and true approach to accounting, audit and tax. And the incumbents have not been delivering it.
This is why the cloud accounting firms are growing so much faster than others, this is why I’m betting that QuickBooks Live will make a splash with its modern bookkeeping platform (yes, Intuit now offers bookkeeping services) and this is why accounting tech-startups are raising a sh*t load of cash.… all are challenging the incumbents who don’t see to understand what makes a client tick these days.
In #1 below, I continue on this point.
Also, for those that are interested, I’ll be joining Receipt Bank in a webinar today at 2pm EST to talk about my experience from starting a firm from scratch all the way through to acquisition. Register here.
Now, on to this week’s Future Firm Weekly Top 5:

1) Wake Up
My Awful Big 4 Customer Experience (w/ 5 Modern Audit Service Tips)
My Awful Big 4 Customer Experience (w/ 5 Modern Audit Service Tips)
I’m one that believes that a well-crafted customer experience is at the heart of what’s driving disruption in accounting firms. Though, many of the incumbents seem to completely ignore this point.
Need proof? I was audited by a Big 4 firm recently and it was truly appalling at just how backwards the entire customer experience was. I give 5 reasons why with 5 tips on how it could have been improved.
futurefirm.co  •  Share
2) The Times They Are A Changin'
Continuing on the theme of a good customer experience, I like this line in the article:
“This isn’t just about making your own work life easier; it’s about providing ease of use for your clients.”
Jim Boomer gives you 2 places to start when improving your client’s digital experience. And this article discusses the 3 things to keep in mind when updating legacy technology.
www.cpapracticeadvisor.com  •  Share
3) QuickBooks Live Evolves
I repeat. I am following this one closely folks. Big ramifications on those that offer an old-school, commoditized service.
QuickBooks is the largest small business accounting software in North America and they’re going for the jugular: bookkeeping services. They have 2 updates for this month.
1) Seems their pricing is changing (will be tired pricing based on expense volume) and last I’ve checked, it seems lower than before (but don’t quote me).
2) They are “dry-testing” new service offerings this month. This means they are gauging interest in other services that they may be able to roll out. What’s next after bookkeeping?
When the service was announced, I did a small write-up about it here.
www.firmofthefuture.com  •  Share
4) 13 Subscription Pricing Tips
This article by Gary Boomer gives a brief primer on subscription pricing with 13 excellent subscription pricing tips. I have to say that I agree with all 13 of the tips in the article.
I recommend 2 books for pricing in this list here (see #1 & #2 on the list).
www.accountingweb.com  •  Share
5) Go App Crazy
While the article references small businesses, I believe that most of the apps on this list apply to just about any firm out there.
With firms still lagging in the digital transformation department (see #5 on my accounting trends report list), some of these top 30 tools may certainly help.
quickbooks.intuit.com  •  Share
Learn How To Automate Your Firm
Cloud accounting software provider Xero wants to help you automate your firm and they’re hitting cities across the US and Canada during October & November to teach you how and about all of their latest features. Whether you are new to Xero or want to spruce up your knowledge, you can register for free in Canada by clicking here and in the US here.
Did you enjoy this issue?
Ryan Lazanis

Future Firm Weekly Top 5 is your weekly curated insight into the top 5 things happening on the internet affecting the future of your accounting firm.

For more technology, practice management and marketing resources for your modern accounting firm, visit my website at https://futurefirm.co.

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