385. The Startups Seeking to Dethrone QuickBooks

The Accounting Podcast
The Accounting Podcast
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Published 2024-05-21
Blake and David dig into reports from the Illinois CPA Society and National Pipeline Advisory Group highlighting issues like long work hours, the 150-hour rule, and low starting salaries. They examine the potential disruption of traditional accounting software by startups and vertical SaaS companies offering embedded accounting functionality and review some of the CPA Practice Advisor Reader Choice Awards. Wrapping things up, they highlight the health risks of long working hours, and discuss the need for better work-life balance in accounting firms, based on a recent WHO report.

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All Comments (4)
  • @benmclellan-campbell8203
    Yes, exactly! The accounting degree programs should produce people who are capable of doing basic accounting tasks (i.e. filing a tax return, bank reconciliations etc.). It frustrates me how disconnected the academic programs can be from the reality of accounting jobs. An example to illustrate my point would be to imagine a drivers education program where people only read the drivers handbook and never get behind the wheel of a car. By the end of the program people would have memorized the driving laws, but would not know how to drive. Such a program would be viewed as useless, yet thats exactly how accounting degrees are structured. By the end of the degree, people can explain various accounting concepts but have no idea how to file a tax return. They then go into firms and deal with a steep learning curve where some of them conclude that accounting isn't the right career for them, which further aggravates the shortage.
  • @LightemupWMH
    Before I hear Blake's theory on why starting salaries are so low I'm going to guess. 1) it's equivalent to the low starting pay that the old partners made "back in the day". 2) the pay structure of public accounting firms is heavily weighed to the top, that's why a Partner at a big 4 earns 700-900k and a 1st year earns 60k.
  • @LaraMcCloud
    I might actually do that Pipeline Pledge! Sounds like we need people to!