Understanding where Accounting Tech has been, to foresee the future
At the recent MYOB Incite, apart from playing semantics around “Disruption vs Transformation”, CEO Tim Reed espoused the line: “Today Defines Tomorrow”. I’d go a step further: I am a firm believer in understanding the past to navigate the future. In this article, I’m going to review from whence we came, so that I can shine a light on where I believe the accounting tech industry is at, and where we are heading.
And why the likes of Intuit, Sage, Xero and MYOB are investing so much to make it happen
A couple of recent interactions have led me to believe that the broader market doesn’t fully appreciate the potential for the accounting technology industry. My intention over a series of articles, is to highlight my view of where the industry is headed and why I and many others are so excited to be part of what is unfolding.
I’ve been analysing the recent “Appendix 4C Quarterly Cash Flow Report” from Xero. No matter how I slice and dice the reported revenue number, compared with the last couple of years, this recent number just doesn’t fit.
- Q3 (NZ Fin. Year, October-December) revenue was announced at $52.607m
- That’s $4.416m (9%) up on Q2