Life as a Start Up Tech Firm in the World of Accounting - Accounting Influencers Podcast

Episode 54

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Published on:

13th Jun 2019

Life as a Start Up Tech Firm in the World of Accounting

Colin Hewitt

Colin Hewitt is CEO & Founder at Scotland-based accounting tech company and cashflow forecasting app Float. He moved to Edinburgh from N.Ireland to study Computer Science back in the late 90s. He started his first business from his bedroom, and then a digital agency in 2002. Float was launched in 2012, to solve the problem of operational cashflow for businesses. Shownotes:

  • How the Float cashflow app was born out of trying to solve a problem as an entrepreneur
  • Why an accounting firm might send a non-accountant to meet a client on the first visit
  • Progressive accounting firms have a growth mindset and have moved on from crunching the numbers and fixed roles for partners
  • So many accounting firms used to be in the top 100 but have fallen out – times are changing
  • Accounting firms can’t be good at everything so it’s important to play to strengths
  • All accounting firms can do the numbers – it’s what they offer beyond that which differentiates them
  • Modern clients are looking for a technology oriented accounting firm with much more to offer than basic services
  • Being proactive as an accountant is often as simple as picking up the phone to clients and asking how they’re doing
  • Why companies like Xero and Receipt Bank are doing well with what they’re offering customers
  • If compliance is making up a huge amount of an accounting firm’s profits, that is going to be squeezed
  • An example of three accounting firms pitching for business, and none of the proposals filled the prospective client with enthusiasm
  • The importance of client testimonials on your website that show why clients should work with you
  • As it gets easier and easier to switch accounting firms, so how will you retain your clients?
  • Most of your dissatisfied clients have already made the decision to leave, which is why accountants must constantly ask for feedback
  • Business planning and cashflow forecasting are at the heart of good advisory as it’s what clients really need
  • What it feels like to be a tech start up in the accounting space
  • Many tech companies are struggling to get traction and to embed themselves in accounting firms
  • What makes a good strategic partnership between software companies
  • The power of running a pilot advisory offer for accounting firms – tips from the ‘lean start up’
  • The internet and the cloud is bringing competition to accounting firms on a much wider scale
  • If the average compliance fee for UK accountants is £2500, then the value of bringing in advisory can create much more
  • Onboarding new accounting clients is the perfect opportunity to experiment with pricing and different new offers
  • AI can make a big impact in reconciliation because there’s so much data there
  • Where some of the biggest opportunities for accounting tech lie in coming years
  • How one progressive accounting firm has fewer accountants and more business advisors
  • The problem with cashflow is till not solved – nobody has cracked it yet
  • Shout out to Andrew van der Beek – ‘we’re all in this business to help people.’

A lot of tech companies struggle to get traction and to embed themselves in #accounting firms and adopt the technology

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Colin Hewitt of Float on the BD Academy Accounting Influencers podcast with Rob Brown

Married to Kathryn, Colin has 3 children and is very involved in the startup ecosystem in Scotland. When he’s not working, he likes playing piano or surfing, both of which he is a rookie. Find out more at Float or contact Colin directly:

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About the Podcast

Accounting Influencers Podcast
Host Rob Brown shows accounting professionals and leaders how to be more influential, grow their personal brand and be more authoritative, relevant and high profile in their roles..
The Accounting Influencers Podcast, hosted by Rob Brown, is a must-listen for accounting professionals looking to strengthen their leadership presence, stay informed on disruptive forces in accounting and build credibility within their firms. Geared toward firm leaders, managers, partners and influencers, the show covers key topics like career development, influence, personal branding and interpreting the evolving trends impacting the accounting world. Rob brings his expertise to each episode, offering insights and guidance on how to grow your personal brand and stay strategically important in a rapidly changing profession. Whether you're aiming to influence within your firm or expand your reputation outside of it, this international podcast offers practical advice and forward-thinking insights that will keep you informed and prepared for the future.
Accounting leadership
Executive presence for accountants
Building influence in accounting
Accounting industry trends
Personal branding for accountants
Accounting firm strategy
Accounting business models
Leadership in accounting firms
Talent management in accounting
Authority in accounting profession
Career development for accountants
Accounting firm growth strategies
Influencers in accounting
Accounting firm management
Disruptive forces in accounting
Accounting leadership strategies
Accounting career success
Accounting firm decision-makers
Accounting business trends
Building credibility in accounting

About your host

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Rob Brown

Rob Brown hosts the multiple accounting podcast and chair conferences, panels and events globally for the accounting and fintech profession. He is co-founder of Accounting Influencers Roundtable (AIR) which helps vendors, experts and influencers serve the accounting and finance world. He is a dynamic speaker and accomplished expert on trust, reputation, employer brand, talent, career development, succession, gen z/generations, employee advocacy and executive presence. Rob is author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk ‘The Personal Brand of You’ has been viewed 400,000 times on YouTube. He is a stroke survivor, has epilepsy, is a committed Christian and has a black belt in kickboxing. He is based in Nottingham UK, home of Robin Hood, plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.