Firms pose threat to established vendors
Traditional vendors have been warned that accountants have the skills and knowledge to grab hold of the financial management software market.
David Rankin, director of business consultancy at Tenon Technology Solutions, believes the company and the Big Five already have a track record in the technology market for large multinationals and believes revenue can be made in the mid-market.
‘Accountants are now in the perfect position to seize the market for supplying accounting systems. Accountants are trusted advisers, often influencing complete business strategies for their clients,’ said Rankin.
He added: ‘Technology is an important part of a total business solution which accountants are more than qualified to deliver.’
If the firms did manage to capture the market, it would be similar to the manner in which accountants in the 1960s recognised the opportunity brought about by changes in the tax laws, leading to accountants taking control of the tax market – which, at the time lawyers felt was rightfully theirs.
Tenon Technology Solutions’ website can be found at www.tenongroup.com