You would have noticed, in particular in the area of software, the rise and rise of “open-source”. From word processing to databases to design to spreadsheets to books, there is little in the way of applications that can’t be used as open-source.
Put simply, open-source refers to the use of software and/or information without charge, given certain conditions. Often the software is given freely and the provider makes their money from the provision of value-added services and technical support. A great example of how money can be made from giving something away is the antivirus company McAfee Associates. Back in the early 1990s, McAfee gave away its software to millions of users around the world for nothing. They made money from providing upgrades and support to the user base, and charging a modest fee.
You would be thinking to yourself, no accounting ﬁ rm on earth has
millions of clients so that business model couldn’t work. You’re right.
However, is there anything stopping you providing your clients with
tools and methodologies to help them with their compliance needs
and your ﬁrm providing value-added services and technical support?
Keep well and see you next post,