Bobby Chadha at Fintech discloses that Facebook, bitcoin, business banking and others will change relationships between accountants and clients. These days we have apps for everything, this now includes apps for making accounting and banking easier. Any accountant that will want to impress their clients will have to keep themselves up to date with these trends.
Facebook now wants their user’s financial data in order to become the platform where people can check their bank balance and possibly even sending money to other registered users. Before we consider giving Facebook such private information we must remember the recent issue with Facebook selling our data to third parties. Could this possibly be how clients will bank in future?
Bitcoin is becoming a more and more acceptable form of ‘currency’. Since it is not tied to any one institution, it is easy to globally trade. Some startups now accept bitcoin as payment. The one downfall to bitcoin at the moment is that bitcoin prices fluctuate regularly, but this will no longer be problem once it is more widely used. This one might be a bit more difficult on the accounting side.
Starling is a mobile developed, free ‘banking’ app which includes fee-free business accounts. Tide on the other hand is small business focused and includes categories such as income, expense, and invoicing. Soon Tide will include MTD capability for filing and more accounting features. Relationships between accountants and the bank have the possibility of changing as accountant will no longer need to refer clients to banks, but rather to apps.
Need mortgage? Habito.com saves you money and time by acting as an online mortgage broker. The one downfall could be the lenders and whether they can match client’s financial circumstances.
Google’s hoping to create a platform where we can pay our contacts as well as request money from contacts. Clients will be doing their banking by commanding it with Google’s voice command services across their platforms.
Taxes have a history of being a pain but apps are being developed to make our lives all the more easy. Taxfix and MaxTax are the apps currently on the job and I am sure more developers will soon be on the job to create more such apps. Max Tax is currently backed by an accounting firm and are making the tax process easier and cheaper. Since taxes could be done at the touch of a button maybe this will encourage more people to do their taxes in South Africa and eliminate some of the tension caused by tax season.
Lastly, if you need a loan there is of course an app for that task as well. Funding Options will soon be the platform where people get their loans from iwoca, Zopa and even an accounting platform such as Xero.
Technology continues to prove that it is the way of the future and soon we will be able to do anything from our phones. It is important to keep up to date with all the new developments in order to stay relevant.