We've seen a photo of Michael Mann! Also, Square released Square Books, which Blake and David suspect could one day soon power a Square Accounting product — which could easily be the biggest threat to Intuit since Xero. We've got updates from Xero, Slack, Bill.com, Gusto, Veem, and Zapier. ScaleFactor unveiled its own credit card for SMBs, and Chime, the online-only bank went down, leaving 5 million customers stranded and unable to pay.
We're joined for a second time, at Accountex USA in Boston, by Roman H. Kepczyk, CPA, and Director of Firm Technology Strategy for Right Networks. This time we're examining the benefits of remote work, and talking about some of collaboration tools and strategies firms should use to enable remote work for their teams.
Roman H. Kepczyk, CPA, Director of Firm Technology Strategy for Right Networks, joined the show at Accountex in Boston to talk security for accounting and bookkeeping firms. Listen to learn what you need to be doing as a firm owner to protect your firm and your clients' data from phishing, ransomware and malware attacks!
QuickBooks might now be bigger than Xero in the UK, Expensify launches a commercial card, Veem and Xero get integrated, an accounting matchmaking platform raises $10M in financing, Intuit and VISA launch instant deposits, follow up on MyPayrollHR, and more accounting and bookkeeping news you need to know!
The insightful and hilarious accounting rockstar Dawn Brolin, CFE, CPA, joins Blake and David at Accountex in Boston to talk about everyone's favorite topic, FRAUD! From the fraud triangle, to stupid fraudster tricks, to how you, too, with a few qualifications, can become a certified fraud examiner, Dawn shows us the fun, and colorful side of fraud detection!
We're joined by Jennifer Johnson, CPA, and Sr. Lecturer in Accounting at the University of Texas at Dallas, along with her entire Accounting Information Systems class — our very first virtual studio audience! We take a break and let the students share articles of interest to them, including stories about smart speakers, how using social media the wrong way could keep you from getting a job (or help you get one); then share stories on celebrating WeWork's failed IPO, the AICPA Economic Outlook Survey. There's also a Q&A session with the class, where we share some insights and experience from our own careers in accounting and technology.
It's a jam-packed episode of accounting and bookkeeping news, including: CPA Practice Advisor announces the 2019 "40 Under 40"; Sage acquires AutoEntry; a CPA exam in Canada that turned into the "Fyre Festival for accountants"; VLOOKUP is dead, long live XLOOKUP; the best job in America turns out to be an accounting job; and last but not least, a special interview with two of the frontline reporters covering the MyPayrollHR payroll fraud saga — get the latest updates on Michael Mann's confession, his web of business lies, and what's next.
The sales tax implications of the South Dakota v. Wayfair, Inc. United States Supreme Court decision are far reaching — perhaps even more than accountants and bookkeepers realize! Blake and David sat down with sales tax experts Dena Oberst and Diane Yetter at Accountex USA in Boston to get an overview of the Wayfair decision, what it means for our clients, and what it means for our own professional services firms. You may not realize it, but the way you sell software and services via engagement letters could create "nexus" for your firm in many states, which might result in a burdensome compliance requirement. Tune in to learn more!
Gusto’s Will Lopez joins us to give his take on the continuing MyPayrollHR fraud saga. This week, Cachet gets hit with multiple class-action suits; Michael Mann, CEO of MyPayrollHR, lawyers up with a defense attorney specializing in white-collar crime, and New York politicians, inspired by this scandal, want tighter payroll-industry regulation. In other news, point-of-sale companies are tracking your tipping habits, why the founder of WeWork’s personality helped the company’s rise, but might also cause its fall, and we examine the number-one factor accounting firms need to consider when selling the firm. We’ll also look at big money - Practice Ignition’s $26 million raise, and Stripe’s $35 billion valuation - and even more of the latest accounting and bookkeeping news.
SPECIAL BREAKING NEWS EPISODE: Wendy Slavkin, General Counsel for Cachet Financial Services, joins Blake and David to discuss the MyPayrollHR fraud story. Wendy, who possibly is the last person to have spoken with MyPayrollHR CEO Michael Mann before he and $35 million went missing, gives us the entire story of what happened, when it happened, and how it happened.
At the 2019 Accounting & Finance Show L.A., we met up with cannabis accounting experts, Bruce and Thomas Andersen to learn some of the ins and outs of accounting for cannabis, and talk about the insanity that is California's assorted layers of cannabis tax, licensing requirements for cannabis businesses, from cultivation to retail, not to mention the state's nonsensical tax-reporting requirements. Tom and Bruce also share some advice for would-be cannabis accountants and bookkeepers on the best approach to learning all things cannabis and providing exceptional service in this niche segment.
This week in accounting & bookkeeping news, we've got continuing coverage on the mind-boggling $35 million MyPayrollHR fraud. In other news, QuickBooks Live is trying out volume-based pricing, Gusto has a pretty sweet work environment, complete with construction equipment, and California is shaking up the gig economy with some new legislation that could potentially impact cloud-accounting firms down the road. We also share some thoughts and opinions on #ThoughtLeader & #Influencer leaderboards, read through some new reviews, and more!
In this episode, we cover Xerocon Brisbane announcements, a phenomenal $250 million VC raise by Clio, a niche law-firm app, and their plans to build a QuickBooks Live-type service offering. In other news, we look at some product offerings from SmartBooks, whose CEO claims AI is hype, at least for now, and Surf Accounts, the new kid in town, which claims to automate 90% of bookkeeping tasks. Meanwhile, merger mania hits CPA firms, and David and Blake start investigating, real-time, the MyPayrollHR fraud story that broke while they were recording this episode (for all the details, listen to episode 112) . All this and even more accounting and bookkeeping news you need to know!
Blake and David met up with two seasoned mergers & acquisitions experts, Dr. Curtis Cochran, and Shannon Hay, at the Accounting & Finance Show LA to ask them what accounting and bookkeeping firm owners need to know if they want to sell or buy a firm someday. Questions include: How do you value a firm? Is it a buyers' or a sellers' market? What sort of multiples can I expect to receive or pay? Does cloud accounting make a difference?
In this episode, Blake and David explore the world of fake accounting news and LinkedIn's sock-puppet infestation, and share some ways to scope out the faux connections in your list. In other news, Sage Intacct is taking root in the Land Down Under, TSheets is raising some fees, Liberty Tax isn't sure what it wants to be when it grows up, and CFOs now prefer tech-savviness over soft skills. They also cover why finding your 'why' is important as an accountant, whether cloud storage companies, such as Box and Dropbox have seen better days, as well as what to do when your cloud breaks, and much more!
We're joined by entrepreneur/accounting professional Meghan Blair-Valero for our weekly accounting and bookkeeping news update. There’s a lot of ground to cover, including Intuit’s latest earnings release, which includes a 33-percent increase in QBO subscribers, and how a new event is addressing the lack of diversity at accounting conferences. We also explore the benefits of help desk software for accounting firms, what the UPS accountant layoffs mean, and why Uber struggles to account for over $6 billion. Then, we discuss the seven reasons why Matt Paff dumped MYOB, why tax preparers are so hesitant to raise their rates, and why, if you’re a bookkeeper, the CPA is not your client. All this, some great reviews from our listeners, and more!
If you've been to any conferences this year, you know that everyone is talking about how advisory services are the hot new thing that every accounting firm needs to be offering as compliance gets automated. But what does that mean, exactly? The Cloud Accounting Podcast is here to find an answer! In this very special episode, Blake and David walk the expo floor at Xerocon San Diego and, with the help of many random, unsuspecting victims, try to answer the question of the summer, just what the heck is advisory, anyway? Don't miss this special tribute to The Summer of Advisory!
At Xerocon 2019 in San Diego, Blake and David met up with Jamie McDonald and Jamie Shulman - The Two Jamies - of Hubdoc, which was acquired by Xero last year for $70 million in cash and equity. This year, Jamie McDonald was appointed to the role of Executive GM, Product, Accounting and Global Services at Xero. Jamie Shulman, Hubdoc Co-Founder, continues to serve as Co-CEO. The guys talked bank feeds, big Wow moments, some Hubdoc growing pains, the importance of showing up, and more.
Blake and David explore the high cost of integrity in the audit profession, a survey showing that accounting firms are hiring more non-accounting grads, and why it's so hard for AI startups to be straightforward about the human component. Also: How Apple Card will create headaches for bookkeepers, whether Square is doing just enough or too much innovation, and what's new with Xero's updated App Marketplace. In other news, learn about the winners of the 2019 CPA Practice Advisor Tax & Accounting Tech Innovation Awards, and other riveting headlines from the world of accounting and bookkeeping!
Ben Wann, CMA, MBA, CPA joins our weekly news update to read his "Dear AICPA" letter on the air and discuss the latest accounting happenings, including: notable industry exits by Jennifer Warawa from Sage, Matt Rissell from TSheets, and even our own Blake Oliver from FloQast; HUGE venture capital raises by FreshBooks and ScaleFactor; further updates (and possibly closure) on the iNSYNQ ransomware saga; and finally, continuing discussion of the value and future of the CPA license, and much more!
#Xerocon San Diego: LivePlan's Sabrina Parsons, CEO, and Kathy Gregory, Director of Strategic Development
Blake and David chat with Sabrina Parsons, CEO of LivePlan, and Kathy Gregory, LivePlan's Director of Strategic Development at Xerocon 2019 in San Diego. They cover a range of issues from advisory and strategic planning to leveraging AI to build a better practice. Discover key LivePlan features and solutions for small business owners, accountants and bookkeepers. Don't miss LivePlan's Client Advisory Services Bootcamp slated for this October in Eugene, Oregon!
A dentist (and former Survivor contestant) made the evening news in Orlando after his QuickBooks file was targeted by hackers. Plus: Blake and David get political, updates on TurboTax and QuickBooks Live, LinkedIn's new features that should help accountants get more clients, a new instant payments platform planned by the Federal Reserve, why accounting firms just aren't that into instant messaging, how AI and automation will affect jobs, and much more.
Blake sits down with Shawn Kanungo, at Xerocon San Diego 2019 after his keynote, to discuss all things experimentation, disruption, innovation, storytelling, and where the accounting industry is headed, especially if firms can’t let go of their nostalgia and embrace cloud!
Blake and David celebrate their 100th episode of The Cloud Accounting Podcast with guest Rachel Fisch by discussing the ongoing iNSYNQ ransomware debacle, the challenges of using AI to perform audits, where to find top accounting talent, how OnDeck aims to become a bank, and even more of the latest news in the accounting and bookkeeping world.
David meets up with Mayumi Young, Founder and CEO of CPA MOMS®, at Scaling New Heights 2019 to talk time, technology, and how Society 5.0 will take over where the Information Age left off. In addition to her extensive CPA career, Young is a social innovator and entrepreneur, who has founded a social-enterprise incubator, Inspire Innovation Company, and as well as other companies that focus on different aspects of the financial side of life.
Los Angeles CPAs Marie and Jennie join the podcast at the #AccountingShowLA to discuss the iNSYNQ QuickBooks hosting ransomware attack, how Trump’s tax law threatened TurboTax’s profits (and how Intuit fought back), the sad statistic that only 60% of accounting firms use remote access tools, why the 4-day workweek could be the next big thing, and the problem(s) with timesheets
Ben Richmond joins Blake and David to talk advisory, compliance, and innovation in this interview recorded live at Xerocon in San Diego in June 2019.
This week, Blake and David explore how the forces of low unemployment, outsourcing, and automation work to balance each other out in a time of rapid change. Amazon, a pioneer in automation, apparently thinks it will still need humans, at least in the near future. The tech giant has announced a massive effort to retrain a third of its 300,000 employees in the United States by 2025. Meanwhile, Robinhood moved a bit too fast, Bill.com's international payments is growing rapidly, MindBridge Ai and Kabbage secured new funding, Monopoly goes cashless, and more.
David sits down at Scaling New Heights with Jina Etienne, CPA, CGMA, and Director of Diversity & Inclusion at Grant Thornton LLP. In her role, Jina is responsible for developing and implementing Grant Thornton's firm-wide D&I strategy. She shares GT's approach to diversity, why firms need to approach diversity holistically, as well as tips for smaller firms seeking to benefit from greater diversity in their ranks.
California requires bot disclosure, texting clients after hours, Walmart lays off hundreds of accountants, and more
Blake and David discuss the latest cloud accounting news, including a California law that means chatbots have to disclose they’re not human, a survey showing that 73% think it's OK to text clients after business hours, Walmart's recent layoffs of hundreds of accountants in Charlotte, an MYOB glitch that sent personal payroll information to the wrong recipients, the no. 1 challenge blocking controllership transformation, stats showing that representation of black accountants in the profession has improved little over the last 50 years, and a proposal to allow for adaptive-learning CPE.
Jason joins Blake at AICPA ENGAGE in Las Vegas to chat about niching in the dental industry (and now craft beer industry), whether or not it's possible to train accountants to do advisory, working with remote clients, why Jason isn't afraid of copycats, how to properly grow a presence in your niche, his tech stack and takeaways from the conference.
Blake sits down with Rachel, Byron, and Liz to discuss the top threats facing the accounting profession, the best opportunities for CPAs as robots take over lower level tasks, the SEC's lawsuit against Kik, which is accused of conducting a $100 million unregistered ICO, and Tom Maxwell's question on Twitter, "Do you send text messages to your clients?"
David snagged an exclusive interview with Lori and Ollie, the co-hosts of the Desktop Accounting Podcast, the #1 podcast in the world for accountants and bookkeepers who are happy with their on-premises accounting solutions and have no interest in moving to the cloud.
A lover of all things technology, Nayo lives by the motto “Dance like no one is watching”. This EA, MBA, mother, wife, and proud dog owner is a resident of Baltimore, Md. – a city she’s lived in for more than half her life. Nayo joined Blake and David for an interview recorded at the second annual Accounting Salon conference in in New Orleans in May 2019. Learn about what motivated Nayo to start her own tax practice, the challenges of tax resolution, the opportunities of cloud-based tax and bookkeeping, and more.
Blake and David get caught up on all the news that slipped by during AICPA Engage, Scaling New Heights and Xerocon, plus David's got some new intel on QuickBooks Live. Facebook announced a new cryptocurrency, B2B IPOs are triggering investor zeal, a disappointing percentage of firms are taking advantage of videoconferencing tech, we have a couple of podcast recommendations, the CMA is growing like crazy, Pilot plans to bring 450 jobs to Nashville, Freshbooks has a new Retainers feature, and much, much more!
Tony Ward, just one month into his new gig running Xero for the United States and Canada, drops by the mobile podcast recording studio for an interview at Xerocon in San Diego. We ask Tony about Xero's plans for San Francisco, how Xero plans to crack open the U.S. market, where Xero fits in to the new world of "Software Plus a Service," the significance of the new Xero and PwC partnership, the outlook for small firms, and more.
SNH19: Rich Preece of Intuit talks QuickBooks Live and how customer demand is driving industry transformation
David caught up at the Scaling New Heights conference in Salt Lake City with Rich Preece, Senior VP and US Country GM for Intuit QuickBooks. Rich talks about the genesis of QuickBooks Live (which at the time of this interview was only two weeks old), how ProAdvisors will be impacted by the new program, the importance of TurboTax Live in the decision to launch QB Live, who will "own" the client, plans for growth, how customer demand is driving industry transformation, the initial negative reaction in the accounting community, benefits for accountants joining the program, and how Intuit plans to communicate about the program moving forward, and more.
Blake and David are reunited again in San Diego at the end of Day 1 of Xerocon! David wonders if accountants and bookkeepers are getting fed up with "fetching," and Blake shares the biggest news stories from Xerocon so far, including Xero Tax Mapper as well as partnerships with Stripe and PwC.
David is on the ground in Salt Lake City reporting from the Scaling New Heights conference. He's got the highlights from the QuickBooks Online keynote, as well as a new "Always On" capability developed by Right Networks, which claims to have made QuickBooks Desktop hosting "in every way equivalent to, and as capable as, that of QuickBooks Online."
Is the CPA Worth it in 2019, 2020, 2021…? Also, H&R Block Acquires Wave and Xero Appoints Jamie McDonald to Lead Accounting & Global Services
Blake is back from the annual AICPA Engage conference with lots of questions about the future value of the CPA. Meanwhile, H&R Block announced that they are acquiring Wave Financial, a provider of accounting software to millions of small businesses. Looks like H&R Block will be competing with QuickBooks Live? In other app news, Xero has appointedHubdoc co-founder Jamie McDonald to lead Accounting and Global Services. We’ll find out what that means for the future of Xero soon at Xerocon in San Diego.
This episode is sponsored by BQE Software and was recorded via Facebook Live on June 14th. David and Blake interview BQE Founder and CEO Shafat Qazi, who then gives us a demo of BQE Core, a cloud-based solution that offers integrated accounting, project management, and business intelligence designed specifically with professional services firms in mind. It’s a little hard to picture the demo without a visual, but even if you don’t listen to the full demo, be sure to skip to around the 43 minute mark. That’s when Shafat gives us a preview of Core Intelligence, BQE’s new AI-powered voice assistant. If you’re going to the Scaling New Heights conference, you can try out Core Intelligence for yourself at BQE’s Booth 64.
At the annual ENGAGE conference in Las Vegas, Blake, Megan, and Ryan discuss the value of the CPA license in a rapidly shifting professional landscape, H&R Block's acquisition of Wave Financial (the free invoicing and accounting software), QuickBooks Live & the rise of remote work in accounting, and EY's clever release of millions of dollars worth of blockchain code into the public domain.
In this interview recorded in May 2019 in New Orleans, Blake and David chat with Clint Bowers, CPA and founder of Smart Business Concepts (https://www.smartconcepts.co/) in Dallas, Texas. Before starting his own firm, Clint was a Vice President and Corporate Controller at Borden Dairy Company. Now he uses that experience to provide business owners more visibility, control and understanding of their books.
This bonus episode features an interview and demo with Jotham Ty, founder and CEO of Gappify (https://www.gappify.com/), which builds "Bots for Accountants, By Accountants." Jotham shares what inspired him to build a bot for accountants, and in particular, industry accountants in midsize companies. He shares details on "Alan" (the bot) and gives us a live demo of Alan doing vendor onboarding for a company on NetSuite. The interview was recorded via Facebook Live on Friday, May 31.
Georges raises $11.2 million to automate accounting, Canopy releases tax prep software, IRS to stop faxing, Free File stripped from IRS bill, continuous testing is in the cards for the CPA exam, ATAX expands nationwide, sign-in with Apple ID is coming to QBO and Xero, and more
David and Blake catch up with Amanda Aguillard, founder of the Accounting Salon, a different sort of accounting-focused gathering in its second year in New Orleans. Amanda shares what inspired her to start her own conference, why it's called a "salon," what makes the Accounting Salon different, and how to nominate yourself (or another) to be invited next year. To learn more, visit accountingsalon.com.
QuickBooks Live Could be a Top 100 Firm by 2020, Fake Bots from Google, Roger Raises $7.35M to Automate Accounting with AI, and Why the NSA Might be to Blame for the CCH Malware Attack
Blake crunches the numbers and figures that if Intuit meets its publicly stated goals, QuickBooks Live will likely be a $60 million per year accounting firm by 2020, (depending on whether or not you’d call an on-demand bookkeeping service an accounting firm, of course). Also, Roger, the accounting automation tool, has raised a $7.35M Series A. Guess who is one of the investors? Dan Wernikoff, the former GM of QuickBooks and TurboTax. Google admitted that it’s AI still needs human help, but you’ve got to listen to a recording of a call from Google Duplex (a bot) to a restaurant to book a dinner reservation. Next, the New York Times details how a leaked N.S.A. hacking tool might be responsible for the recent malware attacks on CCH, Centrom (a provider of cloud hosting to CPA firms) and the City of Baltimore. Speaking about security, did you know that a surprising percentage of people will apparently give out their passwords in exchange for… chocolate? All this and more insanity in this episode of the Cloud Accounting Podcast with Blake Oliver and David Leary.
David and Blake catch up with Kenji Kuramoto, CPA, at the 2019 Accounting Salon in New Orleans. Kenji shares how his Atlanta-based firm Acuity is taking the reverse trajectory of many firms when it comes to services, getting into bookkeeping and then tax after being solely advisory for many years. Acuity is unique in other ways, too. The firm employs direct sales methods more similar to those of a B2B software startup than a CPA firm. You'll also learn why Acuity doesn't call their bookkeepers "bookkeepers," and lessons Kenji has learned along the way as Acuity builds out its CAS tech stack.
We dig into the latest Intuit and Xero earnings reports to figure out who is winning the battle to conquer the world of small business cloud accounting. Also, one controller used the IRS to steal $2.8M, TurboTax uses a “military discount” to trick troops into filing their taxes, Senator Warren is on the attack against Intuit, QuickBooks Live plans to scale rapidly to 500 ProAdvisors, Baltimore is held hostage by ransomware, and why blockchain is all talk in accounting (at this point, anyway).
Intuit Grows More Defensive, CCH Gets an IRS Extension, QuickBooks Live Quintuples, and Xero Has a New Americas President
This week, ProPublica got its hands on an internal video from Intuit CEO Sasan Goodarzi to his 9,000 employees defending the company's actions before and after the Free File fiasco. Meanwhile, Wolters Kluwer negotiated on behalf of its customers with the IRS for a 7-day extension to file tax returns due to the CCH outage. Also, Intuit is increasing its QuickBooks Live workforce in anticipation of a June launch date, and Xero hired a new President to lead their Americas operation. All this and more on this episode of the Cloud Accounting Podcast!
This past week, Wolters Kluwer's CCH tax software division suffered a malware attack. In response, the company took offline a number of CCH products for 3 to 4 days, causing significant disruption to accounting firms, especially midsize and large ones. In other news, a Firm of the Future finalist firm loses a client to QuickBooks Live, the Vermont House voted for a new "cloud tax" that would tax Software-as-a-Service (SaaS), the Los Angeles City Attorney dues Intuit and H&R Block, and more.
We go in-depth on ProPublica's IRS Free File investigation that has implicated H&R Block and Intuit in misleading schemes to push taxpayers who could have gotten their taxes done for free into paid offerings. Also, follow-up on QuickBooks with Live Bookkeeping (which goes live in June), Divvy's gigantic $200 million fundraising round, OnDeck's concerns about small business credit worthiness, NetSuite's new analytics tool, why accidents like the Notre-Dame fire happen, and more
David found some more Visor reviews (they aren’t so great); how personalized service is one way traditional accounting firms can compete against these new “accounting startups;” we mourn the passing ofHenry Bloch, the “H” in H&R Block; Blake recalls his article about why there won’t be an Uber for Bookkeeping, given the upcoming QuickBooks Live offering; more on QuickBooks Advanced rate limits; now you can get next-day funding with QuickBooks Payments; TurboTax reports revenue numbers; the top 10 cities for accountants, and three ways to charge $25k to your clients
Rachel Fisch joins the podcast as our special guest! We discuss David’s investigation of Visor, which did NOT have a great busy season. In other news, Zoom is about to go public, online tax filing is on the rise, Pilot (the AI accounting startup) raised $40 million, Eide Bailly is acquiring a data analytics service, the IRS released a plan to modernize its computer systems, and we wonder if the CPA license is loosing its luster.
Congress to ban IRS from creating online tax filing software, more CPA firms allowing work from home, update on QuickBooks Online Advanced, and how to brainwash your staff with an app
The house passed a bill permanently banning the IRS from creating its own free online tax preparation software; as cashless stores grow, so does the backlash; at least one educator is still teaching people how to use Quicken for business accounting; updates from Xero, Canopy, TaxJar, and QuickBooks; a hack for avoiding the new rate limits on QuickBooks Online, stats on how many CPA firms permit remote work and/or flexible schedules; how people who work from home are more productive; and why people have a reason to be paranoid when it comes to smart speakers
The top benefit employees want is unlimited PTO (but most CPA firms don’t offer it), how you can evolve to compete with platforms, and California spent $1B on accounting software that doesn't work
Intuit is hiring in West Virginia; a new study says the top benefit employees want is unlimited paid time off, but not many CPA firms offer it; what accountants and bookkeepers can learn from taxi companies; NetSuite announces Brainyard, a free benchmarking and research service; how California spent $1B on an accounting system that still doesn't work right; and more
Small biz owners not happy with Intuit's new rate limits, details on the latest QuickBooks Live test, how to start a virtual bookkeeping business, and more
Here's your weekly accounting and bookkeeping news roundup (with a tech-focused twist). Thanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you feel like being super nice, give us a review on iTunes.
QuickBooks Live, busy season Saturdays, the gender pay gap, bans on cashless stores, upcoming accounting conferences, and more
Here's your weekly accounting and bookkeeping news roundup (with a tech-focused twist). Thanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you feel like being super nice, give us a review on iTunes.
Could the tax-filing deadline be extended? Also, why accountants should be worried about bots and fake AI startups, and Canopy lays off 40% of its staff
In this week’s accounting news roundup: how tax season could be extended by 5 weeks, the latest QuickBooks updates and problems with new usage limits, Louisiana gave out $26 million in extra tax refunds by accident, why you need to be concerned about tech companies offshoring your client data, Canopy laid off 40% of its workforce, and more
Congrats to the Top 50 Women in Accounting! Also, details on Intuit’s “Expert Connections” test, how many accounts you should have in your CoA, and more
Shoutouts to some of our favorite people on the new Top 50 Women in Accounting list by Practice Ignition, details on “Intuit Expert Connections,” another test that Intuit is running to gauge interest in a marketplace to connect tax pros and tax firms, a report suggesting that Congress should extend tax season, metrics on the typical number of accounts in a Chart of Accounts, the latest M&A activity in the cloud accounting ecosystem, a survey about remote work, and more
QuickBooks Live on the Intuit earnings call, how GoDaddy’s “do it with me” program could be a harbinger for ProAdvisors, community feedback on QuickBooks Live, and why job switchers make more money
Can you believe it? A question about QuickBooks Live made it into the latest Intuit earnings call! In other Intuit news, the company recently caught and stopped a hack. Find out how you can protect yourself from similar attacks. Also, we take a look at ProAdvisor feedback from the Joe Woodard online town halls. In non-Intuit news, Jamie Dimon is jealous of Square’s innovations, Abacus adds travel booking to its expense management app, and a new study suggests switching jobs is the easiest way to make more money.
This bonus episode of the Cloud Accounting Podcast features an extended interview with Enrico Palmerino, CEO of Botkeeper, and his technical director Justin DoBosh. The interview was recorded via Facebook Live on Friday, March 1. It was organized by Cloud Accounting Podcast co-host David Leary to address outstanding questions from our previous coverage of Botkeeper on this podcast as well as an article Blake Oliver published entitled “It’s not a bot — the truth about Botkeeper, the Google-funded, AI-powered “bookkeeper replacement.”
It’s people! The Botkeeper investigation continues; Avalara buys AI tech; Intuit earnings; new limits in QuickBooks; and more
We dig into the Botkeeper website, press coverage about the firm, the CEO’s public statements, and review sites to try and figure out what exactly Botkeeper claims to be, and how significantly that differs from the reality, which includes a team of offshore accountants in the Philippines doing much of the work. Also, a discussion of Intuit’s earnings, Avalara’s latest AI acquisition, new limits in QuickBooks Online, and more cloud accounting news.
Is Botkeeper singing a different tune? Follow up on QuickBooks Live, IRS internal controls are a joke, a VERY expensive accounting textbook, and JP Morgan is getting into the blockchain game
In November 2018, Botkeeper raised $18 million to use AI and machine learning to automate bookkeeping. Following the round, founder and CEO Enrico Palmerino said that Botkeeper is “a full bookkeeper replacement; it’s a robo-bookkeeper.” Yet according to new information, Botkeeper may not be quite as robotic as it claims. Listen in for all the details.
What we know so far about QuickBooks Live, Intuit’s “test” of assisted bookkeeping services; FreshBooks adds double entry accounting; KPMG UK gives up on SMB accounting; and more
Blake and David review what we know so far about QuickBooks Live, Intuit’s “assisted bookkeeping” service that the company was seemingly attempting to launch under the radar. A competing “Software Plus a Service”, inDinero, did not try to hide its acquisition of Indianapolis-based accounting firm mAccounting. Meanwhile, FreshBooks has released a new double entry accounting feature, and KPMG decided to give up on SMB accounting in the UK after trying for five years to make it work. Finally, Bill.com announced a partnership with American Express. All this on the latest episode of the Cloud Accounting Podcast.
The “hybrid” skills that tomorrow’s jobs will require, humans come out on top at the world’s first robot hotel, why leaders shouldn’t worry about absenteeism, and more
A bunch of app news, including Xero’s “improved” bank feeds sign up process, Dropbox acquiring HelloSign, a pet services app merger, and Stripe raising more money. Former SBA head Karen Mills’ thinks that small business banking is going to get a lot better (but it might not be the traditional banks that make that happen). Humans triumph over robots at the “world’s first robot hotel.” Why tomorrow's best paying and most secure jobs will require “hybrid” skills that use both the left and right brain. Finally, why leaders shouldn’t worry about absenteeism because it costs a lot more than “presenteeism."
Is Intuit launching an Uber for Bookkeeping? Thoughts on "QuickBooks with Live Bookkeeping," and more
According to a new pricing page on the QuickBooks website, Intuit is now offering QuickBooks software plus access to “real bookkeepers to help you manage your business” for between $210 and $350 per month. Now QuickBooks customers can “Get valuable insights from unlimited one-on-one conversations with an experienced bookkeeper that knows your business.” How does it work? According to the new pricing page, "A QuickBooks Bookkeeper sets up your books via live video chat and is available for you all year long.” Blake and David discuss this breaking news and the implications for accountants, bookkeepers, and QuickBooks ProAdvisors.
Xero wants to change the definition of “accountant,” Expensify drops the first rap video about expense reports, meanwhile EY’s own expense app is “hot garbage,” and more
For all the latest news about accounting technology, listen to the latest episode of the Cloud Accounting Podcast!
The Super Bowl meets expense reports, nurses beat accountants for honesty & ethics, tax season could get ugly given the shutdown, another new $99 tax service for the masses, and more
In this episode: David shares his experience at the AICPA Annual Executive Roundtable for software vendors, Super Bowl LII will feature an ad about expense reports, tax season could get really ugly as only 57% of IRS workers return (unpaid), (another) new $99 tax service for the masses, ScaleFactor raises $30 million from Bessemer, BeachFleischman teams up with a small firm to create a new virtual firm called MOD Ventures, nurses take the top spot for most trustworthy professions (but accountants aren’t far behind), Google raises prices for G Suite, Will Farnell announces a 6-hour workday for his firm, Bank of America’s Zelle P2P payments service takes off, and efforts to evolve the CPA license to match evolving technology
Accounting salaries stagnate, KPMG is on 'The Bachelor,' Plaid buys Quovo, TaxJar raises $60M for sales tax automation, why the virtual office doesn’t work for CPAs, and more
Blake and David dig into the lack of growth in accounting salaries despite the tight job market, KPMG’s representative contestant on this season of “The Bachelor,” Plaid’s acquisition of Quovo, TaxJar’s $60 million round of fundraising, Craig Smalley’s argument against virtual offices for accountants, where Americans moved in 2018, how the California Board of Accountancy just started (finally) accepting credit cards, and how some small businesses are no longer accepting cash.
What the government shutdown means for accountants, why perks no longer cut it for workers, and how 2019 is going to be the year of instant payments
The federal government may be shut down but the Cloud Accounting Podcast continues! Blake and David are back in 2019 with an episode all about what the shutdown means for tax season, employment verification, getting news from the IRS, and more. Also, learn why perks such as foosball tables no longer cut it for workers and why David thinks 2019 will be the year of instant payments.
2019 Predictions! Also, Isaac Asimov predicted the computer automation revolution, Mindbody to be sold, senators prod regulators on FinTech, and what’s new in QBO
Blake and David discuss all the trends continuing into 2019, their own predictions for the new year, what Isaac Asimov got right about the world in 2019 (it’s creepy how accurate he was), news about apps Mindbody and Robinhood, some cool new automation features in QuickBooks Online, and how Millennials and Gen Z are driving major shifts in customer expectations.