Welcome to the SMB Tech Innovators podcast, powered by Gusto. We explore the intersection of financial services and vertical SaaS strategy and discuss how software combats the rising complexity of running a business. We aim to share stories, advice, and best practices from the leaders and investors behind today’s cutting-edge platforms.
In a recent podcast episode, Kurt Kunselman, the CEO and founder of AccountingSuite shared insights into the world of collaborative cloud accounting and inventory platforms for SMBs. In this recap, we delve into the conversation about the growing impact of embedded fintech, the significance of skilled advisors in the SMB ecosystem, and the promising future of blockchain technology in revolutionizing accounting practices. Kurt discusses how to choose the right vendors to strengthen your product offering and customer experience and why blockchain will transform the entire industry of accounting for the better.
Embedded fintech topics include:
- The ideal customer for AccountingSuite.
- How the role of skilled advisors for SMBs has changed over the past decade.
- Why including accountants in AccountingSuite’s business model helped with their go-to-market strategy.
- Creating a useful ecosystem among your product offering without losing your core functionality.
- Key lessons from working with embedded fintech.
- The difference between deep integrations and embedding integrations.
- How to choose the right partners and providers
- Where does blockchain fit into the accounting niche?
Listen to the podcast or read the episode highlights below.
(The following was transcribed and edited for clarity)
Understanding the Evolution of Embedded Fintech
Embedded fintech has emerged as a game-changer in the financial technology landscape. Kurt highlighted the importance of selecting the right partners for embedded solutions, emphasizing the need for due diligence and a well-constructed checklist. In the accounting realm, amongst other financial services companies, partnerships with fintech companies like Gusto have allowed Accounting Suite to integrate payroll and other financial services into their platform seamlessly. The shift from white labeling to embedded solutions and APIs reflects a growing awareness of the benefits of collaboration and customization, providing a better user experience for all customers and profitability.
Empowering Skilled Advisors in the Accounting Ecosystem
Kurt underscored the pivotal role that skilled advisors, such as accountants, CPAs, and tax attorneys, play in supporting SMBs. The evolution of technology has transformed their role from traditional bookkeeping service providers to more collaborative and value-added functions. The ability to engage in real-time discussions, tag transactions, and provide immediate insights and forecasts through automation has become a hallmark of modern accounting software. The deep integration of these skilled advisors into the development process affirms that the software meets their needs and facilitates their advisory functions.
The Promise of Blockchain in Accounting
When asked about the future of blockchain for accounts, Kurt expressed his enthusiasm for the role of blockchain technology in reshaping accounting practices. He highlighted the potential for blockchain to drastically reduce the time spent on auditing and reconciling, allowing accountants to focus more on adding value to their clients. The concept of a shared, immutable ledger offers the promise of standardizing financial data, eliminating discrepancies between different parties, and enabling faster decision-making. Blockchain’s potential in areas like NFT accounting and crypto-ledgering is particularly intriguing, though challenges like gas fees need to be addressed for widespread adoption.
Looking Ahead
As the fintech landscape continues to evolve, integrating advanced technologies like blockchain into accounting platforms holds the promise of a more streamlined, efficient, and collaborative financial ecosystem. The seamless integration of financial products and the growing role of skilled advisors underscore the importance of adaptable and customizable solutions. For SMBs seeking to optimize their financial management processes, embracing these trends could mark a significant step toward success in an ever-changing business environment.
Our conversation with Kurt offers valuable insights into the transformative power of embedded fintech solutions, the evolving role of skilled advisors, and the immense potential of blockchain technology in shaping the future of accounting. As businesses and financial institutions strive to stay competitive and agile, embracing these technological advancements could hold the key to unlocking new heights of efficiency and growth.
Listen to the podcast with Kurt Kunselman, CEO and Co-founder at AccountingSuite on Spotify or Apple and check out other episodes at smbtechinnovators.com.
