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A mid-tier firm has backed a subscription-based model that aims to “disrupt” the accounting and advisory profession by leveraging client data to automate accounting advice processes.
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Mid-tier launches accounting subscription model
20 May 2020
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Pitcher Partners Adelaide has helped launch Pitch Labs, an outsourced accounting service that is set to utilise subscription-based fees to give clients access to cloud-based advice using their own data.
Pitcher Partners Adelaide innovation lead and Pitch Labs co-founder Jarrod Morris believes the fixed monthly rate model will encourage clients to reach out for real-time accounting advice more often.
Mr Morris, who joined Pitcher Partners in January, told Accountants Daily he thinks of the venture using the adage of teaching businesses to fish “rather than giving them their fish”.
“The technology stack that we have implemented in support of automating a lot of our existing processes is all cloud-based and lends itself to clients being able to log in and interact with their data, and that’s exactly what we’re looking to achieve,” Mr Morris said.
“A lot of the solutions that we have implemented are very interactive and we would be looking at building out some scenario analysis for clients by way of example.
“A lot of our work is in the set-up, but the model being on a subscription basis still lends itself to that coaching service whereby they can pick up the phone and speak to us at any point in time and look to achieve potentially some more advanced modelling of different scenarios.”
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Mr Morris used the example that a business will be able to model scenarios such as the projected impact that hiring a new staff member will have on cash flow and profitability.
He said the venture aims to encourage businesses to seek advice and engage with the accounting side of their business on a regular basis.
“A catch-up, or phone call typically results in a bill. We have removed this anxiety by enabling fixed billing on a subscription basis,” he said.
“COVID-19 actually represents a great opportunity for Pitch Labs, with a number of companies likely having put staff into hibernation, standing them down or, worst case, having made redundancies.
“I suspect there will be reluctancies in rehiring staff, certainly in any full-time capacity, which opens the door for companies to explore the many and varied benefits of the outsourced model.”
Mr Morris said that while Pitch Labs is an Adelaide “born and bred” service offering, he believes it is primed for a national roll-out and he will look to expand the venture nationally in the near future.
“At this point in time, it is Pitcher Partners South Australia that has backed the venture, but there isn’t a reason why we couldn’t deliver our go-to market to interstate customers. Just not at this stage through the national network,” Mr Morris said.
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