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Accountants are an invaluable source of business advice for the fintech industry, according to the managing director of one such start-up.
Speaking to Public Accountant, Derek Condell, managing director of robo-advice provider Mafematica and 'resident' of Sydney fintech hub Stone & Chalk, said he employs the services of three accounting firms, each advising him on a particular aspect of the business.
“I definitely rely heavily on external advice. I'm currently working with three accounting firms to help me with putting this business in place,” he said.
“I’ve got one firm that’s providing me with high-level advice on where to go with a robo-advice business, I’ve got another one that’s doing independent valuations of our business, while another gives me streamlining advice on how to do the cash book and financial reports,” Mr Condell added.
According to Mr Condell, accountants have been given an opportunity to access an entirely new stream of clients thanks to the burgeoning fintech industry, and those who act fast are primed to take advantage of a plethora of opportunities.
Mr Condell states that the “average 55 to 60-year-old owner” of a firm must be willing to embrace technological advancements and provide an open avenue of discussion with younger partners.
“They keep ahead of game by using that latest change,” he said.
Thanks to a shift to the business advisory model, Mr Condell stated that his definition of accountants as a profession had drastically been altered.
“I use the accounting profession outside the word ‘accounting’; to gather management and consultancy advice, audit advice, business structuring advice as well as market entry advice.”
“I use accountants significantly in many ways that have got nothing to do with accounting,” Mr Condell concluded.
To read more about the role an accountant can play in the fintech industry, click here.