Powerful technological and economic forces are in motion to change the way SME business services are delivered.
The jury is still out on who, between accounting software firms, incumbent banks, neobanks, or other fintechs who will be the dominant provider to the long undeserved SME market which for a long time has been underserved.
Hokodo and Practice Ignition have pulled out their crystal ball for you, gathering views from small businesses, market players and accountants. Read our white paper and find out who will win the race
Like Hokodo, Practice Ignition was born out of the frustration of working with disconnected processes and systems we sought to make a better.
In their case a more efficient way for accountants to modernise their practice, liberating them from the shackles and headaches usually associated with client engagements.
Practice Ignition is all about maximising engagements with the enablement of the modern accounting practice so fits nicely with our focus on the evolution of accounting study we undertook for this paper.
We are delighted to have them on board as a partner in creating this content.
"Gradually, companies will be moving to a single cockpit to steer their business. Workflows will evolve dramatically over the next decade."
"Thanks to automation, accountants will be relieved from the burden of accounting data entry, and will be able to focus on more-added values services and atypical transactions for their clients. In addition, the way accountants interact with their clients will evolve: instead of monthly or even quarterly meetings, they will be empowered to provide advisory services in real-time."
"Not all accountant jobs will disappear: think of what happened in the travel agency space: automation should have cut the number of jobs but in fact only 10 to 15% disappeared. Jobs are just becoming more complex as journeys and experiences are changing."
"Partners in an accounting firm are trapped in day-to-day execution and business development. They don’t have the bandwidth to train their people or invest in tomorrow’s skills. This is a mindset issue, and it will change when people from Generation X and after become a majority of the staff."
Powerful technological and economic forces are in motion to change the way SME business services are delivered; there is no going back.