Advance Your Knowledge With a Fintech 201 Guide

As many accounting professionals know, innovation in business often trails innovation in the consumer experience. Businesses typically make changes based on consumers’ expectations, but accountants must think about how to survive given that innovation is happening more quickly than their firms can change.

That’s according to Michael Ly, CEO of Reconciled, a full-service virtual bookkeeping firm. Ly built his online-only practice on the premise that innovation needs to be a priority. Moreover, using the right technologies, and foreseeing the impact on the profession and the clients he serves, was essential to the success of his business.

While Reconciled allows businesses to purchase subscriptions to its services directly on its website, Ly recognizes that most firms don’t operate that way. 

“That’s a huge transformation that still has to happen,” Ly said. 

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In order to innovate, accountants and firms must consider consumer behavior and what consumers have come to expect when purchasing services, which is the ability to buy online. Although some firms have not shifted quickly enough to keep pace with consumer behavior, others are on the leading edge and want to take the next step toward competing in the new world of fintech.