Research from Deloitte last year shows apps lead the way when it comes to core business and social behaviours like networking, with 79 per cent of mobile consumers using an app-based service to communicate.
The marketplace of accounting-based products has seen a parallel rise in the number of apps being developed for various communication and business-based functions, but enterprise director at KPMG, Fleur Telford, is starting to see cracks appear.
“There are just so many apps on the market now, and we are hearing that people are overwhelmed when they’re considering what is right for their business,” Ms Telford told Accountants Daily at the Accounting Business Expo in Sydney.
Accountants, who are primarily concerned with the security of client data, are also growing increasingly sceptical about the longevity of certain providers.
“It’s not just about what is here now, it’s about what is going to be here in the long term,” Ms Telford said.
Ms Telford predicts in the mid to long term, there will be series of consolidations, which will ultimately see apps produced and grouped by industry, as opposed to developers aiming for broad appeal.
“For example, I think we will see point of sale apps that are specifically for cafes, or specifically for online businesses. We are now seeing really great industry-specific ones, for example in the medical professions, that have found their way and captured a niche market,” she said.
Late last year, Smithink founder, David Smith, said he’s finding a number of niche products being developed as add-ons to core accounting software aren’t lasting long past start-up phase.
“A lot of these businesses don’t last long. They are little start-ups, they give it a go, they fade away,” Mr Smith told Accountants Daily at the time.
“You don’t want to train your staff and spend all of that effort to get yourself up to speed, and then it may not keep advancing, or people may not invest in it.”
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day