My 2024 Accounting Firm Tech Stack

Lots of exciting AI action this week in the world of accounting including the perfect accounting firm tech stack.

The Perfect Accounting Firm Tech Stack for 2024

Today I want to share the perfect accounting firm tech stack.

(Disclaimer: Three of these seven companies I am the founder or co-founder of so while it may be a bit biased, at least you know I drink my own Kool-Aide.)

Why “perfect” tech stack?

Perfect because it works for me, so your “perfect” stack may be a bit different.

It really depends on what your niche is, your service offerings and your clientele.

I’m leaving out tax filing software and bookkeeping/GL since that’s not a huge differentiator.

Let’s dive in by category:

Outcome-Based Pricing and Tax Planning: TaxPlow

(Transparency Notice: I am the founder of TaxPlow.)

Last week I dove deep into how TaxPlow helps accountants earn more and that we needed to start a waitlist. As of yesterday there are 154 accountants on the early access list. We updated the waitlist so now if you sign up (its free by the way), and invite other accountants you get to skip ahead in line.

In a nutshell TaxPlow helps accountants earn more by commanding premium fees based on outcomes instead of hours.

More announcements on this soon including how TaxPlow has been invited to apply for the 2024 AICPA Startup Program ($25,000 grant).

Payments and Reviews: BizPayO

(Transparency Notice: I am the co-founder of BizPayO.)

This is for accounting firm payments and the cool thing about BizPayO is that not only does it help you avoid those pesky (and expensive!) credit card fees, after a successful payment your clients are prompted to give you a Google Review.

So the more you get paid, the more you save while your online presence gets boosted by all the great Google Reviews (example: just google “best CPA firm in Los Angeles” and you’ll see a BizPayO accounting firm).

At over $100M in transactions and growing we’re hoping this becomes the standard for accountants who want to get paid while boosting their online reputation.

Financial Analysis and Planning (FP&A): Fathom

As a Fathom Certified Advisor its clear to me how many clients LOVE it when you can visualize their finances in front of their eyes. I’m not talking about run-of-the-mill graphs and boring charts. I’m talking about next-gen What-If and Goal Seeking interactive visualizations. See this amazing video (the “money shot” starts at the 16:11 minute mark) from Gini Whitehouse on how cool this is and why clients love it so much.

Ok, you may love your Jirav, DryRun, LiveFlow or good ‘ole fashioned spreadsheets—but for me Fathom has just enough without being over bloated or too simplistic like some of the others.

Generative AI: ChatGPT Plus by OpenAI

Chances are if you’re reading this you probably already are automating your workflows, but that isn’t exactly Generative AI (Gen AI). Gen AI is like an intern for your accounting firm who gets smarter every day. The more you “train” it the smarter it gets. There are tons of Gen AIs these days but my go-to these days is ChatGPT Plus (and believe me, I literally wrote the course on how to grow your firm with ChatGPT).

Generative AI Education: AI Amplifier for Accountants (In Front of AI)

(Transparency Notice: I am the founder of In Front of AI.)

A year ago I was starting to get so many questions about “this thing” called ChatGPT that I decided to do something about it. I created a course called AI Amplifier for Accountants (50% off link) and as of today we now have 20+ hours of HD video on how to use generative AI to grow your firm faster, smarter and cheaper.

While my course is for small to medium, and full-service accounting practices—there are a few other good niche ones out there like ChatGPT for Finance from my LinkedIn peer Nicolas Boucher if you are a finance pro. If you’re looking for a great free AI finance newsletter look no further than Tech for Finance by my finance buddy Adam Shilton.

Practice Management: TaxDome

These guys have grown fast and there’s a reason why they recently crossed the 10,000 firm mark—it just works. To me practice management is not about software it’s about effective communication. This is what TaxDome helps you excel at. There are other good ones like Ignition and Karbon but as a huge believer of transparency in this day of snake oil, something just rubs me the RIGHT way about TaxDome. Two things in fact. 1) Their public roadmap and 2) There open comparison matrix with their competition.

General Automation: Zapier

Zapier is like the glue for everything in your practice. It ties apps together and lets them talk to each other. This means you can create your own home-grown automations, workflows, and heck even your own practice management system if you want. It streamlines various firm functions like AR/AP, bookkeeping, tax prep, sales, marketing and onboarding.

Honestly of all the companies I listed in this article I wish this were my company too—its just unstoppable and its network effects and competitive moat are insane.

That’s it for today. There are a few more goodies that I may save for another time.

If you are a newsletter subscriber free to reply with your favs or want my thoughts on your particular situation.

In the meantime don’t forget to join our TaxPlow waitlist (free to join) if you’re looking to win better clients by delivering outcomes, not hours.

UPDATE: If you are already subscribed (many thanks 🙏), you can now check your place in line by clicking the Check your Status link:

1. Why you won’t be “replaced” by AI [LINK]
   

2. TaxPlow gets backed by 144 accountants [LINK]
   

3. Controversial advice I give to tax advisors [LINK]