No Accounting for Tech Ep: 1 Can technology push the partnership investment horizon?
In a wide-ranging interview Plumb, who recently joined ambitious mid-tier contender Jeffreys Henry as group CEO, discussed how technology is changing firms’ annual cash cycle perspective, the competitive threat tech poses to the accounting industry, and why, after a career spent following an entrepreneurial path, she decided to join an accountancy practice.
Plumb outlined how a wave of tech innovation and the current shortage of talent in accountancy is forcing practices, particularly in the mid-tier that have traditionally been partnerships, to break their one-year horizons and focus on building for the longer term.
She also argued that one of the biggest competitive threats in the accounting industry comes from technology - and practices need to stay on their toes to remain competitive. “People see competition as other firms,” said Plumb. “But the competitive threat is coming from technology starting to erode through automation some of the service lines or create price pressure or raise expectations about what you can get”.
To listen to the full interview, click play or subscribe to the podcast on your player of choice by searching for AccountingWEB.
We’ll be back with a regular No Accounting for Taste episode next week. In the meantime, if you’re feeling generous you can help us reach more people by giving us a five-star rating on Apple Podcast, Spotify or wherever you get your podcasts.
Background reading for the podcast:
Jeffreys Henry takes tech-driven tilt at challenger firms with merger
OakNorth Bank acquires Fluidly
Women in fintech: Caroline Plumb – Fluidly
This podcast was written and hosted by Tom Herbert and edited by Will Cole.