As technology gets more advanced over time and accounting firms use software that are able to gather, analyse, and store data more efficiently than ever before, the accounting industry sets itself to disrupt banks and their activities.
Already today, a variety of services required by small businesses can be provided and processed by accounting firms much faster and sometimes cheaper than bank services.
Ben Ross, general manager of user experience at MYOB, says it can take an average of six weeks for a bank to approve a credit card acceptance facility for a small business, for example, while an accounting firm can potentially get the same process done in less than 10 minutes.
Ross believes big data advancements will help increase the range of services provided by accounting firms. At present, due to the fact that their data, unlike banks’, is “coded or cleaned up by accountants”, accounting firms are able to offer speedy loan approval processes, and are “starting to offer better loan products compared with the banks.”
Also, due to their data systems’ efficiency, accountants are able to spend less time analysing, understanding, and cleaning up clients’ data, and more time providing advisory services. Compared with banks and their lengthy processes, accounting firms see a fruitful future.