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Michael Ly

Michael Ly on Accounting Innovation at Live Summit

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One of AccountingWEB Live Summit's core tracks addresses innovating for the future, and few firms have done that task better than Reconciled. We had the chance to sit down with the firm's founder who shared insights on fintech trends that will shape your practice in years to come.

Mar 22nd 2022
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As we prepare for AccountingWEB Live Summit in San Diego, May 9-12, we wanted to share with you some insights about what it means to innovate for the future in this profession and we were fortunate to catch up with one of our speakers, Reconciled CEO Michael Ly, to discuss.

It's no surprise that technology dominates nearly every aspect of an acccountant's professional life, and keeping up with the pace of change has been daunting to say the least. Michael, a self-described "serial enterpreneur," built his online-only practice on the premise that innovation had to be a priority. Moreover, using the right technologies, and knowing what is coming to impact the profesison and the business clients he serves, was essential to the success of his business.

During our chat, Michael touched on aspects of his solo session on Fintech Trends Accountants Should Pay Attention To, as well as how he built out his business and, of course, what he's looking forward to most at Summit and why you need to be part of it.

One of the core things Michael shares about why conferences, in general are important, was that the vision for his own firm and what it could be came out of an accounting technology event. He knows that there are still so many firms that have not entirely embraced "cloud" and automation and choose to do things in a more manual, unconnected way.

And as for fintech's growing importance in the profession, he says "As it relates to accountants, where we see the movement on fintechs is your customers, existing and potential customers, are accessing products and services from fintech [services and providers] that are cloud-based and app-based, and changing the way that accountants interact. Think about interacting with traditional financial service offerings, accoutnants were maybe providing compiled financials once a year for a bank because a client had a loan with them or applied for a loan, but that was about it. Now the demand from customers is that they have data accessible in real time in the cloud. They're able to share that data as they do the bookkeeping." 

Hear more from Michael in this video chat:

The 2022 AccountingWEB Live Summit may be over, but you can join us in 2023! Pre-register today to be the first to know when tickets are on sale. You can find the form at www.accountingweblivesummit.com.

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