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Here comes the Uber model!

Every now and again, a software giant completely disrupts an entire industry. It's possible we may be
Future Firm Weekly Top 5
Here comes the Uber model!
By Ryan Lazanis • Issue #10 • View online
Every now and again, a software giant completely disrupts an entire industry. It’s possible we may be witnessing this with Intuit in the accounting profession.
Last week I spoke about how companies like Uber & Airbnb took a traditional industry that was providing a subpar user experience and flipped it on its head to significantly increase ease of use.
But the Uber model is much more than about making things easy for users. While Uber & Airbnb are software companies, they are actually marketplaces, where buyers and sellers get together to transact with one another atop of their software.
For facilitating this transaction, Uber gets a cut, because this is business that would not have resulted without them in the first place.
The marketplace model is the most popular model in the tech space at the moment and we are starting to see this hit the accounting/tax space. Intuit’s TurboTax is starting to pair their tax software with CPA’s as I had mentioned in a previous issue, and below you’ll see how Intuit is foraying into the bookkeeping space.
If this model takes off, it will have significant implications for accounting firms.
For one, recruitment might be that much harder as this Uber model is easy entry for accountants to work on their own on-demand (a trend I wrote about here).
Second, those that do not adapt may see further commoditization of prices, increased competition and the risk of decreased margins should one decide to join these marketplaces due to paying a cut on revenues.
As they say, adapt or die.
Now, on to this week’s Future Firm Weekly Top 5.

1) Uber-ized Bookkeeping
Is Intuit launching an Uber for Bookkeeping?
2) The Big 4 Cloud Accounting Struggles
KPMG shutters small business accounting unit
3) Moving to a Remote Model? Consider This.
4) Crypto Accounting is Tough
Deciphering Quadriga’s finances ‘extraordinary’ challenge — with no apparent accounting records
5) Awesome Niche!
Why Accounting Is the Key to Expanding the Digital Nomad Movement
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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