XU Magazine - Issue 17

Data economy meets accounting

Kostas (1)
Written by Kostas Pardalis

Blendo is a tech company that helps its’ customers transition into the data economy. Blendo provides easy, scalable, and reliable access to all your customer’s Xero data without the hassle of complex IT infrastructure. Create new data products and enable new services for your clients, like continuous auditing, advanced business analytics, and reporting.

At the forefront of innovation

During June 1977, the Apple II microcomputer was introduced. It was one of the first successful devices of its kind, Indicating that a technological change with great impact, was imminent. What the Apple II really demonstrated to the world was the power of this new technology would impact something else. The introduction of VisiCalc for Apple II launched the first ever spreadsheet software for personal computers. Accounting was the first industry that was disrupted in the 70s through technology, leading the way to a process that is still transforming every industry.

New challenges again. 

Fast forward to the 2000s, a new paradigm has begun to impact businesses:  Software-as-a-Service (SaaS). Again accounting is at the forefront of change with products like Xero moving accounting to the Cloud.

Today, accountants are facing new challenges. SaaS has commoditized,  and technologies like Blockchain, AI, and Big Data will impact the profession dramatically once again. With disruption comes opportunity, and the accounting industry has proven many times that it is capable of turning radical change and technology into opportunity.

Vaule is hidden in the data

One of the most profound consequences of Cloud and the commoditization of SaaS software is an abundance of data that is now created. As we move towards the data economy, there are many opportunities for accountants to transform their profession and become trusted business partners for their clients.

By getting access to your customers’ Xero data you can:

Move from bookkeeping to true business analytics. Offer advanced reporting to your customers in a way that is easier for them to consume the financial information and turn it into action. You can also easily fuse financial data with non-traditional financial information from marketing, sales or even HR and deliver deeper insights about their business.

Deliver new services and data products. Now it’s possible to offer services and products that were once tremendously difficult and costly in the past. Things like continuous auditing and real time financial monitoring can now be easily and accurately delivered to your customers without long implementation projects and huge budgets.

You have all the tools you need to thrive in the new age.

Exciting times are ahead! Today you have all the tools available to start reinventing your business and the services you offer to your customers.

Using Blendo, you can join other accounting professionals accessing their client’s data and start building new services and products to harness the value that still locked into this data.

If you would like to try Blendo or have a demo of what can be achieved with it and your clients financial data, visit us at https://www.blendo.co/accounting

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About the author

Kostas Pardalis

Co-founder and CEO, Blendo.

Kostas co-founded Blendo to help companies realize the immense value they get from financial and business data. Kostas is an engineer from the National Technical University of Athens, hopping from San Francisco, to Tel Aviv and Athens, contributing to topics like data insights, emerging data technology, HR, culture and entrepreneurship.