Speaking to Accountants Daily, Smithink director David Smith believes the industry can expect to see some movement in the software space as discontent grows among firms.
“We’re getting to the point where many accounting firms will start to review their practice management systems that they are using,” said Mr Smith.
“Over the last 12 months, there has been a bit of a log jam from accounting firms saying, ‘well, I’'m not 100 per cent happy with what I’ve got in terms of software I use to manage my practice with but I’m not sure changing to another provider is going to bring any great advantage so therefore I’ll do nothing’.”
However, coupled with new providers such as GreatSoft and other niche players entering the Australian market, Mr Smith believes the time is ripe for accounting firms to start reviewing their software.
GreatSoft, a cloud-based practice management suite of services, tested the waters in March at the Accounting Business Expo, after year-long discussions about how to approach the Australian market.
“I think there are a number of things now coming into play [that will mean] change over the next 12 months. One of which is that, for some of the incumbent providers, they’ve been slow to the mark in getting their next generation software into the marketplace, different times they’ve probably over-promised and under delivered and there is a reasonable number of accounting firms now who are saying I am not all happy and I need to have a review,” he said.
“In addition to that, there are new providers such as GreatSoft which has now entered the market, and we’re seeing other providers who we should be seeing over the next 12 months who have been spending a fair bit of money investing in the next generation software and are starting to bring those to market.
“All of those things will generate a desire from many accounting firms to have another look at the market to see whether they are still with the supplier that best suits their needs.”
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Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.