In the first two parts of this series (
1. Camaraderie and knowledge sharing in competition
Technology has introduced a wide array of tools and efficiencies to the accounting field, helping firms tackle capacity challenges and enabling accountants to work faster and more efficiently. The rapid pace of tech innovation has opened doors for transformative solutions — but also brought an overwhelming influx of vendors competing for attention. Given the overlapping nature of solutions, some vendors' inclination is to take a zero-sum competition mode.
This doesn't have to be the norm for competitors. Anyone attending events from major alliances and associations, such as the ITA Collective in Palm Springs last week, would quickly notice a striking phenomenon: leaders of competing CPA firms exchanging insights, strategies and best practices. This openness exists because CPAs understand a fundamental truth — a rising tide lifts all boats. In a field with abundant work and too few qualified professionals, it's in everyone's interest to support one another, to collectively advance the profession.
Technology vendors could benefit from adopting this mindset. Tech companies, coming from varied backgrounds—some deeply rooted in the accounting profession, others arriving from different industries—are sometimes accustomed to protecting their innovations tightly. But accounting tech is different. Here, many vendors have simultaneously overlapping, complementary and competitive features in their products. Acknowledging this dynamic and committing to a connected technology ecosystem can foster a more robust, sustainable market with greater revenue potential and deeper client trust. Adopting a collaborative approach will ultimately prove more valuable than a closed, competitive stance in our profession.
2. Integration with local communities
CPA firms have a special bond with the communities they serve. As trusted advisors, CPAs become pillars of their communities, guiding local businesses and individuals through complex financial landscapes. Their relationships with clients are often both professional and personal, rooted in a strong commitment to nurturing the community relationship as a whole.
Let's compare this with the tech startups that are rooted in the city that I call home today: San Francisco. A city at the heart of the generative AI boom in Silicon Valley, San Francisco is a global epicenter of tech innovation. Yet it also highlights the disconnect between technology-driven wealth and broader community wellbeing. The waves of technology workers and hackers who are furiously working to build the future, yet have little community involvement, have led to uneven benefits (and also inspired the term "tech bros").
Local community integration isn't just about fostering goodwill; it's a solid business strategy.
Rooting a business in its community can lead to more empathetic product design and better team cohesion, and an edge in recruiting for the office hubs.
When naming my consulting firm, I chose the name Edgefield Group, inspired by the street I grew up on—Edgefield Street—to reflect the foundational sense of place and rootedness that CPAs embody in their work. Vendors could adopt this principle, fostering meaningful relationships within communities and embracing a relational approach that considers the broader impacts of their technology.
3. Slowing down to speed up: responsible innovation
CPAs are known for their conservatism and for their role as stewards of financial data—a role that often requires a level of caution and accountability. This is in stark contrast to tech's rapid development culture, famously epitomized by Meta CEO's Mark Zuckerberg's "move fast and break things" philosophy. While speed and disruption can yield breakthroughs, this approach doesn't translate well to fields like finance and accounting, where trust and reliability are paramount.
The accounting profession's cautious, deliberate nature offers a valuable counterpoint to the fast-paced culture of tech, especially regarding emerging technologies like AI and fintech. Take, for example, the recent AICPA Executive Roundtable, which focused on the theme of Responsible AI. This forum allowed vendors and CPA leaders to thoughtfully discuss the responsible use of AI in the profession, emphasizing the importance of anticipating potential risks and considering the long-term implications of technology.
Slowing down may seem counterintuitive, but it creates space for meaningful dialogue, ethical reflection and deliberate innovation that will advance the technology realm faster. By embracing the "slow down to speed up" principle, tech vendors can craft solutions with a long-term view, protecting and upholding the profession's values while still meeting the demand for efficiency and innovation. There is a growing need for companies to adopt this mindset, recognizing that sometimes the most responsible—and ultimately most profitable—way forward is to ensure every step is taken with care and consideration.
As the tech and accounting worlds continue to converge, it's clear that each has much to learn from the other. While accounting firms can gain agility and fresh ideas from tech companies, vendors would do well to emulate CPAs' collaborative spirit, commitment to community and cautious approach to innovation.
Ultimately, by embracing these values, tech vendors have an opportunity to create greater value for the industry and the world. Whether through collaborative knowledge-sharing, local community involvement, or thoughtful, responsible development, these lessons from CPAs offer a pathway for vendors to foster sustainable growth and contribute meaningfully to the profession they serve.
