For all the latest news about accounting technology, listen to the latest episode of the Cloud Accounting Podcast!
Blake and David are back from QuickBooks Connect and ready to catch up on the news, including the results from two surveys of accounting firms published recently in Accounting Today. The gist: Accountants in public are feeling plenty of pressure to keep up with technology changes and figure out how to differentiate themselves from the competition. Also, Intuit’s incoming CEO Sasan Goodarzi has come out swinging, telling the Silicon Valley Business Journal that he thinks QuickBooks has a huge opportunity to win the mid-market from Sage Intacct and Oracle NetSuite with their new QuickBooks Online Advanced. Meanwhile, Sage has chosen CFO Steve Hare to become their new CEO rather than choosing an outsider with “SaaS in their veins,” as had was expected.
David is back from his well-deserved vacation and ready to discuss Sage’s sudden move to oust Stephen Kelly as chief executive. Chairman Donald Brydon reportedly said, “We need to get a CEO that has SaaS in their veins.” Kelly joined Sage four years ago with a mandate to shake up the company, but despite the acquisition of Intacct, he has apparently been unable to turn things around quick enough for the board. Sage is facing increased competition from Xero on its home turf in the U.K and has been unable to gain market share against juggernaut Intuit in the U.S.
Brad Smith is stepping down as CEO of Intuit after 11 years, Deutsche Bank is worried about Xero and Intuit stealing Sage Groups core mid-market business, Thomson Reuters has released its own cloud accounting software for small businesses, and how Xero made a big mistake by coming to the U.S. before conquering the rest of the world.
In this episode, I'm joined by Mike Whitmire, co-founder and CEO of FloQast. We discuss whether or not big firm CPAs are "insecure overachievers," how tax reform is accelerating the shift to automation in manufacturing, Sage's plans for international growth with Sage Intacct, why cloud accountants are embracing the business chat tool Slack, and why the War on Excel is a mistake.