A year ago I went to couple of events for panel conversations and I was asked to consider some questions about the future of the accounting. I just found some of my notes and thought I’d briefly share them before they hit the shredder. Much of these have started forming up over the last year and I have some more recent thoughts for a follow up post.
- Banking systems to converge with accounting systems. Banks should pivot and become software companies that happen to sell financial products and services. It’s a common blindspot in banking. The reality of size, incumbency and culture is that this is hard to do, so software companies have a window to reinvent themselves into tech based financial service providers.
- Business systems will start to evolve replacing accounting, banking and customer systems. Business owners want their accounting software to shift into the sales and marketing problem space. They want this system to do banking, payments, sales, marketing and accounting. It’s the one system dream app they can’t find.
- Artificially intelligent systems will prompt and perform tasks. Trigger notices in-app, on-email or by SMS will highlight KPI’s and associated actionable insights.
- Government regulatory and reporting environment for small business will continue its unabated increase in complexity. Likewise the tax burden on small business owners to hold way above the 50 cents in the dollar point. Enjoying your tax and debt slavery? Oversized government inside a Corporatocracy is the cause of it.
- Search-navigation will replace menu systems in web applications. Saasu Jump is a good example of this trend toward Menu-less applications. You type what you want to find or where to want to go or what you want to do into one clean field.
- Payments and Point of Sale built into online accounting systems. This situation only exists because the industry of online accounting is still in it’s infancy.
- Slow and expensive relational databases to be replaced by newer No-SQL and proprietary array/file storage. Saasu started on this journey 2 years ago. What’s currently thought to be new in this market is already becoming old. Google stores 20+ exabytes (20,000,000,000,000,000,000 bytes) of data of which most isn’t relational database friendly.
Whatever happens it will be a fun ride.
Marc Lehmann, Saasu. www.saasu.com | Ph +612 8011 4440
Chief Financial Officer at Saasu
I'm passionate about helping others grow. I'm a finance professional that's focused on high growth tech companies in the software as a service space.
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