The Accounting Podcast

SponsorsAccountant Connect: https://cloudaccountingpodcast.promo/adpSynder: https://cloudaccountingpodcast.promo/synderSmansha: https://cloudaccountingpodcast.promo/smanshaShow Notes09:59 – A Message from Founder and CEO Kurt Rathmann - ScaleFactor 12:06 – Fintech Startup That Raised $100 Million From Investors Bessemer And Coatue Is Abruptly Shutting Down - Forbes14:05 – ScaleFactor is shutting down after coronavirus craters sales – Austin Business Journal16:58 – ScaleFactor Announces “2.020” Vision, Including Plans to Build Marketplace for On-Demand Financial Solutions – Business Wire19:45 – Our early ScaleFactor speculations - Episode 7020:36 – The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch - 20VC: Raising $105m in Just 13 Months Over 3 Separate Rounds, The 5 Core Ways VCs Can Add Value & How Founders Can and Should Fully Leverage Their Cap Table with Kurt Rathmann, Founder & CEO @ ScaleFactor – The Twenty Minute VC 29:16 – ScaleFactor: Our Response to the News - Acuity 32:18 – Wirecard AG’s former chief executive officer was detained by Munich prosecutors – Accounting Today 33:42 – Wirecard filed for bankruptcy this week – Wall Street Journal Backstory: Wirecard’s suspect accounting practices revealed – Financial Times34:00 – Softbank sues E&Y over Wirecard - CNBC38:36 – Nasdaq to suspend trading of Luckin Coffee shares from Monday - Reuters39:12 – GE KPMG Auditor Swap: General Electric and KPMG Officially Call It Quits – Going Concern40:38 – Intuit changes tech development focus, lays off 715 – Accounting Today 44:45 ­– IRS sent $1.4B in stimulus checks to dead people, audit finds – Accounting Today47:42 ­– PPP recipients can apply early for loan forgiveness, SBA says - Journal of Accountancy 48:31 – SBA exempted lawmakers, federal officials from ethics rules in $660 billion loan program – Washington Post52:39 – Mastercard to purchase open-banking company Finicity for $825 million – MarketWatch 55:40 – Last week's Square discussion – Episode 18056:35 – Are Intuit and Square dating? - SquareGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsClientHub: https://clienthub.appGo here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  TranscriptADP has your back with Accountant Connect. Their award-winning multi-client payroll management and analytics platform is a remarkably effective tool for adding value to every client engagement. Stay tuned to hear more from our sponsor, ADP Accountant Connect, later in the episode. Blake Oliver: [00:00:20] One of the questions I had immediately was where did all the money go? What happened to the $100 million? Because there's no way, with 100 employees, that they burned through $100 million in a year. Not possible. David Leary: [00:00:32] That's a lot of money, but they got 1,000 clients. That's $100,000 per client. I texted somebody who is a leader at a Top-100 accounting firm, and I said, "Hey, can I buy your firm for $100 million?" I...

SponsorsBill.com: https://cloudaccountingpodcast.promo/billSynder: https://cloudaccountingpodcast.promo/synderRelay Financial: https://cloudaccountingpodcast.promo/relayShow Notes06:22 –  U.S. Treasury, SBA to disclose names of most businesses taking PPP loans - CNBC08:06 – Members of Congress took small-business loans — and the full extent is unknown - POLITICO 08:21 – More on Rubio's flip-flopping record from last week's episode11:19 – Charter Schools, Some With Billionaire Benefactors, Tap Coronavirus Relief - The New York Times 12:54 – SBA and Treasury streamline PPP loan forgiveness applications – Accounting Today14:30 – PPP Small-Business Loans Left Behind Many of America’s Neediest Firms - WSJ18:28 – SBA launches tool to match underserved borrowers with PPP lenders - Journal of Accountancy 20:21 – IRS employees are returning to offices amid coronavirus – Accounting Today22:10 – Tax Court Will Zoom into Your Living Room - AccountingWEB22:23 – IRS urged to pursue preparers with overdue returns, debts and penalties – Accounting Today25:23 – Toronto accounting firm hit by ransomware – IT World Canada 26:50 – Only 1/3 of Small Businesses Inform Employees of Personal Device Security Requirements – Small Business Trends 28:37 – Behind the Fall of China’s Luckin Coffee: a Network of Fake Buyers and a Fictitious Employee - WSJ33:26 – Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t Exist - WSJ40:04 – Receipt Bank acquires data quality specialist Xavier – Accounting Today43:03 – Rewind Introduces Client Data Transfer Tool for QuickBooks Online – AccountingWEB45:23 – Botkeeper raises $25 million to automate accounting tasks - VentureBeat Get in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsSteve Chase’s Excel Bootcamp: https://www.sequentiasolutions.com/bootcamp/ClientHub: https://clienthub.appGo here to create your classified ad:https://cloudacctpod.link/RunClassifiedAd  TranscriptClients are looking for trusted advice and a sense of stability as they navigate the new normal, and by using Bill.com, accounting firms can free up more time for valuable strategic advisory services by helping clients shift their accounts-payable process online. Stay tuned to hear more from our sponsor, Bill.com, later in the episode. Blake Oliver: [00:00:23] So, the chief executive and chief technology officer of Wirecard is Markus Braun, who, the Wall Street Journal notes, is known for his tall ... He's tall, and known for his intense manner of speaking, and adopted the sartorial style of the tech world, wearing black turtlenecks similar to Apple Inc. founder, Steve Jobs.  David Leary: [00:00:44] Oh, and the blood girl ...  Blake Oliver: [00:00:44] Yeah, you remember- Theranos ...  David Leary: [00:00:47] Theranos, yeah. Elizabeth Holmes.  Blake Oliver: [00:00:51] Yes, she also did the same thi...

SponsorsAccountant Connect: https://cloudaccountingpodcast.promo/adpMelio Payments: https://cloudaccountingpodcast.promo/melioPayPie: https://cloudaccountingpodcast.promo/paypieShow Notes05:06 – Wave expands into banking with new small business account and debit card -    BetaKit Wave Money is a new no fee bookkeeping solution aimed at small business users - TechRadar 07:39 – QuickBooks Online new features and improvements - March 2020 - Firm of the Future 09:05 – Banking App Lili Raises $10M In Seed Funding - PYMNTS.com 09:29 – Challenger bank Varo, soon to become a real bank, raises $241M Series D – TechCrunch09:36 – Wise locks down $5.7 million to scale its challenger bank designed for small businesses – TechCrunch 11:43 – Square: Why Its Stock Is Soaring And How It’s Threatening Banks - Forbes 12:50 – Hit by Coronavirus—and a 30% Holdback by the Payment Processor – Wall Street Journal17:23 – Alibaba.com moves into SMB financing – Bank Innovation  20:23 – QuickBooks Online new features and improvements - March 2020 - Firm of the FutureQuickBooks boosts reports for accountants, upgrades Enterprise edition – Accounting Today 22:28 – QuickBooks Connect 2020 was cancelled, but continue to watch this space because something new and exciting is coming – Intuit QuickBooks. 25:13 – FreshBooks launches Accounting Professionals Program – Accounting Today 30:22 – Tax1099 Builds Integration with BQE Core to Streamline 1099 eFilings – Yahoo! Finance32:39 –  CalCPA CEO pledges change in wake of George Floyd killing - Accounting Today42:21 – SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program - PR Newswire44:40 – Rubio vowed to make PPP loans public. Now he asks if they are trade secrets – The Sun Sentinel 46:17 – Mnuchin secrecy on bailout sparks rift with Congress – POLITICO50:22 – Harris, Porter Blast Trump Administration for Hiding Data on Small Business Grants - KAMALA D. HARRIS U.S. Senator for California50:57 – Senate Democrats press for simplified Paycheck Protection Program loan forgiveness application - Washington Post51:39 – The Paycheck Protection Program is a success, except for one big issue – The Washington Times53:00 – Paycheck Protection Program – Developments You Should Know – The National Law Review54:50 – Fed expands Main Street program to allow for both smaller and bigger loans - CNBC 55:44 – Federal Help Could Be Coming For Looted Stores - PYMNTS.comGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

SponsorsLiscio: https://cloudaccountingpodcast.promo/liscioOnPay: https://cloudaccountingpodcast.promo/onpayPayPie: https://cloudaccountingpodcast.promo/paypieShow Notes06:15 -  What Impact Did the TCJA Have on Homeowners? - AccountingWEB  06:57 -  Racial Disparities and the Income Tax System – Tax Policy Center 09:07 -  [OC] People Killed by Police Forces (Annual rate per 10 million people) - Reddit11:28 -  Police Unions And Civilian Deaths - NPR12:41 -  The Illusion of Race-Neutral Tax Policy - ITEP 13:41 -  Executive at top U.S. accounting firm details plan to combat racism, says workers 'want action' - CNBC15:38 -  Fifty Years, Little Progress for Black Accountants – Bloomberg Tax16:49 -  Accounting profession responds to George Floyd killing and anti-racism protests – Accounting Today 19:21 -  Economic Reports and Issues – NAACP  21:20 -  PPP forgiveness changes coming as Senate passes House bill – Journal of Accountancy26:48 -  Banking Groups Call For PPP Loan Forgiveness - PYMNTS.com 28:21 -  Is It Easier to Ask for Forgiveness Than Permission? Not for PPP Loans Under $150K AQN Strategies 29:06 -  Dear Senate: Just forgive the Paycheck Protection Program loans – The Hill 29:38 -  What to Make of the Rebound in the U.S. Jobs Report - NYTimes32:10 -  Accountants see pandemic over by year's end; recovery will take longer – Accounting Today 33:31 - How SMB Accounting and Finance Teams are Responding to COVID-19 – Intuitive Accountant 35:26 -  Accounting group CPA victimized by cyberattack, some data on 329,000 people stolen - CBC News 37:06 -  Exclusive: U.S. small business program handed out virus aid to many borrowers twice - Reuters39:31 -  Zoom Crushes Estimates With ‘Incredible’ Quarter – CFO.com40:19 - Microsoft Just Dealt A Striking New Blow To Zoom With This Crucial Feature – Forbes43:30 -  Lenovo Chromebook Duet (10.1") 2 in 1 - Lenovo45:52 -  Top three ways to get the most out of Microsoft Teams for your small business – OnMSFT.com47:21 -  Latest product news: May 2020 - Xero51:16 -  Xero Financial Web52:01 -  Xero delays price hike indefinitely amid COVID-19 fallout for SME customers - SmartCompany  53:09 -  Intuit QuickBooks expands Australian offering – Accountants Daily   Get in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsAccountingTax.com: http://accountingtax.com/cloudSteve Chase’s Excel Bootcamp: https://www.sequen...

SponsorsBill.com: https://cloudaccountingpodcast.promo/billJirav: https://cloudaccountingpodcast.promo/jiravJustworks: http://cloudaccountingpodcast.promo/justworksLinksCOVID Recovery TrackerCOUNTY-BY-COUNTY TRACKER FOR DAY-BY-DAY TRACKINGhttps://learn.armaninollp.com/covid-recovery-tracker/Show Notes07:56 – House Passes PPP Loan Forgiveness Bill, Treasury Issues Harsh Forgiveness Regulations—What You Need To Know – Forbes 10:52 – Relief Aid Stalls With Small Businesses Returning Loans Unused – Bloomberg Tax  11:35 – Overwhelming majority of publicly traded firms have not returned small business loans: review – The Hill 12:21 – SEC Is Scrutinizing Public Companies Granted Virus Relief Funds - Bloomberg14:03 – Devos sued over seizure of student tax refunds amid pandemic – Accounting Today 15:27 – COVID Recovery Tracker - COUNTY-BY-COUNTY TRACKER FOR DAY-BY-DAY TRACKING - Armanino17:42 – WA Man Charged With Seeking Fraudulent PPP Loans - PYMNTS.com 18:51 – BoA Experiences Potential Data Breach With PPP - PYMNTS.com 20:37 – Virus Accounting Maneuvers Criticized by European Authorities – Bloomberg Tax21:36 – CFO Signals™: Q2 2020 Reopening for Business, but Near-Normal Operating Levels Not Expected Until Next Year - Deloitte23:01 – How companies are becoming creative with accounting during the COVID-19 pandemic – MarketWatch24:51 – Pathways to Growth: Press ‘Shift’ and prepare to pivot – Accounting Today 28:23 – How we Pre-Billed 100% of our PPP Work and Still Sleep at Night - Medium 30:08 – Layoff Watch ’20: Deloitte Has Begun Performance-Related Separations – Going Concern32:36 – Despite Working More Hours, Professionals Say They Hope WFH Stays Post-Coronavirus– Going Concern34:10 – For Many, Remote Work Is Becoming Permanent in Wake of Coronavirus – WSJ36:49 – Remote Work Could Spark Housing Boom in Suburbs, Smaller Cities - WSJ38:31 – Planet Money : Small America Vs. Big Internet on Apple Podcasts – Planet Money39:41 – The state tax nexus implications of working from home – Accounting Today41:25 – A Surprising Number of Professionals Are Going Pantsless on Video Conference Calls - Going Concern42:51 – Coronavirus Survey Results: 42% of Employees Drinking While Working from Home - Fishbowl44:02 – Apple adds Quicken and QuickBooks format options to export Apple Card data - Appleosophy 45:10 – Set up and Manage Time Off in TSheets – Intuit QuickBooks46:47 – Stackin’ raises $12.6M Series B to help millennials navigate the crowded fintech space - TechCrunch50:18 – AICPA Offers Free Online Accounting Learning Tools for High School Students – CPA Practice Advisor 53:58 – Don’t toss that junk mail in the recycling bin just yet — it might contain your stimulus check in the form of a prepaid debit card - MarketWatch Get in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessities

SponsorsBill.com: https://cloudaccountingpodcast.promo/billOnPay: https://cloudaccountingpodcast.promo/onpayBQE Core: http://cloudaccountingpodcast.promo/coreShow Notes03:07 -- Questions Persist After Release of New Small-Business Loan Rules - WSJ04:39 – Our first less-than-five-star review? Thanks for the feedback! 08:30 – Paychex Snapshot: Small Businesses Are Cautiously Optimistic About Recovery – InsightfulAccountant14:45: Xero Warns of Coronavirus Impact Despite Swing to Fiscal Year Profit — Update -  Morningstar 14:48 – Intuit sees slide in revenues in Q3 - Enterprise Times15:54 – Sage : Half Year 2020 Results press release - MarketScreener 17:54 – Xero’s new integration with Relay enables flexible and intuitive banking for U.S. small businesses and their advisors - Xero 19:48 – What's new in QuickBooks Online – May 2020 - Intuit QuickBooks24:13 – Revolut Integrates With Clear Books Software | PYMNTS25:17 – Shopify Announces Major Product Launches and Updates at Virtual Event Reunite, Including Shopify Balance and Shop Pay Installments – Financial Post26:22 – Square's Results Spotlight SMBs' Resilience | PYMNTS27:11 – Stripe raises $600M at $36B valuation in Series G extension, says it has $2B on its balance sheet - TechCrunch28:05 – Kabbage Is Revived By Processing PPP Loans | PYMNTS30:03 – Deel Raises $14M For Remote Worker Payroll | PYMNTS 31:23 – Zenefits sees a shrinking company with no new job openings | Thinknum Media 32:12 – Grant Thornton introduces blockchain platform for managing intercompany transactions – Accounting Today34:17 – As clients struggle, Mazars creates PPP Analysis Tool – Accounting Today  34:29 – Crowe creates PPP loan forgiveness management solution for lenders – Accounting Today 36:33 – 'Useless' Deloitte accused of PPE failings amid COVID-19 deal secrecy– openDemocracy37:42 – Please Don't Call Deloitte If Your House Is On Fire– Going Concern40:24 – SBA Under Spotlight as Frustrations With Small-Business Aid Programs Grow - WSJ42:04 – Senate Adjourns Without Approving Deal to Extend PPP Spending Window - WSJ 44:45 – Mark Cuban: ‘It's time to face the fact that PPP didn't work’ – Fox News 45:16 – DOJ: Texas Man Claimed Employees For PPP Funds - PYMNTS47:06 – Accounting errors led to $60 billion overvaluation of JobKeeper– Business News Australia48:24 – With Move to Remote Voting, House Alters What It Means for Congress to Meet - NYT51:16 – Man sentenced to death in Singapore on Zoom call- Reuters51:58 – Mass Firing on Zoom Is Latest Sign of Weight Watchers Unrest - NYT 52:53 – Accountants Scrap With Banks For Billions In Paycheck Protection Fees - ForbesGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePubl...

SponsorsLivePlan: https://cloudaccountingpodcast.promo/liveplanOnPay: https://cloudaccountingpodcast.promo/onpayBQE Core: http://cloudaccountingpodcast.promo/coreShow Notes06:50 - Pioneer discloses new details of MyPayrollHR owner's alleged fraud – Albany Business Review08:26 - Richard Burr Steps Back From Senate Panel as Phone Is Seized in Stock Sales Inquiry – New York Times12:08 - Reality star charged with spending funds from federal small business program on jewelry, Rolls-Royce – Washington Post17:26 - Marco Rubio discusses making changes to the PPP rules - Twitter19:20 - SBA Releases Paycheck Protection Program Loan Forgiveness Application: A Deep Dive - Forbes21:30 - SBA.gov now providing daily updates, according to Sec. Mnuchin - Twitter 22:34 - A #PPP Horror Story brought to you by Kabbage - Twitter24:05 - More PPP loans seem to be coming through for anxious business owners28:26 - SBA provides safe harbor for PPP loans under $2 million – Journal of Accountancy29:25 - PPP Changes Trip Up Small Businesses – The Wall Street Journal31:28 - More discussion on the SBA Inspector General's report from Episode 17433:18 - Lawsuit seeks data on PPP small business loans as large companies face deadline to return funds – ABC News36:36 - AICPA Offers Loan Forgiveness Calculator for Paycheck Protection Program - AICPA *CAP Listener, Melissa Wasgatt provided us with a link to the Forgiveness Calculator – Thanks, Melissa!38:37 - House Democrats unveil new $3 trillion coronavirus relief bill – CNBC 41:35 - Goldman: US Unemployment Rate Could Hit 25 Pct - PYMNTS.com42:08 - Covid Kills 67,600 Jobs in Tax and Accounting – CPA Trendlines43:26 - April Retail Rent Collection Drops to 58%: Datex Survey – The Real Deal44:08 - 'Going Concern' Warnings Are a Growing Concern – Yahoo! Finance46:34 - Why Are the Public Markets Strong When Unemployment is Terrible? Answer: The Cloud | SaaStr  48:09 - Digital adoption through COVID-19 and beyond - McKinseyGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsClientHub: https://clienthub.appJetPack Workflow: http://jetpackworkflow.com/freetemplatesGo here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  TranscriptAccording  to the 2019 LivePlan small business survey: 71 percent of small business owners want forecasting and cash planning services; 61 percent want business planning, strategy, and monthly management reporting; 70 percent prefer virtual advisory services. Stay tuned to hear more from our sponsor, LivePlan, later in the episode. Blake Oliver: [00:00:23] The best part about this, David, is what he spent the money on. Apparently, he spent $1.5 million on a Rolex Presidential watch, a diamond bracelet, a 5.7...

SponsorsSmartBooks Genie: https://cloudaccountingpodcast.promo/genieOnPay: https://cloudaccountingpodcast.promo/onpayBQE Core: http://cloudaccountingpodcast.promo/coreShow Notes06:03 - White House considers measures to boost economy without Congress - NBC News06:30 - Intuit Accountants (@IntuitAccts) Survey - Twitter07:59 - QuickBooks Town Hall with Senators Rubio and Cardin: Full transcript, video - Intuit QuickBooks08:38 - Demand for Small-Business Loans Cools - Wall Street Journal09:34 - Footwear Company Allbirds To Return PPP Loan - PYMNTS.com10:26 - Two Men Charged In First US Case Of PPP Fraud - PYMNTS.com11:02 - SBA issues PPP guidance on laid-off employees who refuse to be rehired - Journal of Accountancy 11:05 - Accountant BDO looks at virus testing staff every 2 weeks - Financial Times11:29 - New Guidance: SBA Clarifies That Foreign Employees Must Be Counted for PPP - National Law Review11:46 - Deadline To Return PPP Loans Is May 14 - PYMNTS.com11:59 - Last week's discussion about Monty Bennett, the hotelier who checked out some serious PPP cash12:58 - SBA Inspector General Report - Small Business Administration14:12 - AICPA Town Hall Update - CARES Act and Paycheck Protection Program (PPP) May 7 - AICPA TV15:25 - SBA halts nearly all new applications for its disaster loan program and caps loan amounts - The Washington Post19:42 - Fintechs hope PPP performance will lead to expanded role with SBA - American Banker24:44 - The accounting profession and the coronavirus: The crisis in numbers - Accounting Today35:14 - AICPA delays effective dates of ethics rules due to coronavirus - Accounting Today35:51 - AICPA supports bill that would make PPP-funded expenses deductible - Journal of Accountancy 36:58 - COVID-19 roundup: Shopify becomes Canada’s most valuable public company - The Logic 38:07 - Rootworks Now a Part of Right Networks Due to Purchase - AccountingWEB40:56 - Sage announces new updates to small business cloud accounting solution - Digi-Key Electronics41:58 - Transforming Sage Intacct Advantage 2020 - Sage IntacctGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsClientHub: https://clienthub.appJetPack Workflow: http://jetpackworkflow.com/freetemplatesGo here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  TranscriptAre you struggling to free up time for client advisory work? Is scope creep hurting your fixed-pricing model? Are your quality-control processes lacking? Is your staff stuck in a never-ending monthly close process? Ever wish you had a genie that could help you out? Stay tuned to hear more from our sponsor, SmartBooks Genie, later in the episode....

SponsorsJustworks: https://cloudaccountingpodcast.promo/justworksAccountingSuite: https://cloudaccountingpodcast.promo/asuiteBQE Core: http://cloudaccountingpodcast.promo/coreShow Notes03:34 - Get Down with PPP - YouTube06:24 - Bankers Rebuke S.B.A. as Loan System Crashes in Flood of Applications - NYTimes08:08 - SBA, Treasury ban use of RPA to submit PPP loans - Journal of Accountancy09:03 - Mnuchin sends top deputy to fix small-business loan mess - Politico09:46 - Steven Mnuchin goes after private schools with big endowments - Twitter12:00 - Update: Latest in regulations and government changes prompted by COVID-19 - Armanino12:40 - Mnuchin: All PPP Loan Recipients Will Face Audits - PYMNTS.comJustice Department investigating possible PPP application fraud - CNBC13:56 - IRS: Companies who receive PPP loans will not qualify for tax deductions - The Hill17:32 - Hotelier’s Push for $126 Million in Small-Business Aid Draws Scrutiny - NYTimes21:47 - Gene Marks says blame banks and big businesses:Shake Shack handed back its $10m loan. But that's no reason to applaud | Gene Marks - The GuardianAmerica's big banks should be ashamed of themselves - The Hill25:17 - AICPA makes PPP loan forgiveness recommendations - Journal of Accountancy25:53 - AICPA challenging nondeductibility of PPP-related expenses - Journal of Accountancy28:05 - SMBSNew Data: Separating The PPP Haves, Have Nots and Don’t Wants - PYMNTS.com28:40 - More PPP Discussion from Episode 17229:00 - PPP Is No Panacea, But Is Crucial To SMB Outlook - PYMNTS31:48 - Fed Turns To Banks For Feedback On Main Street Lending Program - PYMNTS.com35:00 - BREAKING NEWS: Windows Update Causing QuickBooks to Crash - Insightful AccountantGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsHector Garcia - How to Make Video Tutorials: http://www.hectorgarcia.com/tutorial ClientHub: https://clienthub.appAccounting Salon - SALONv:  https://accountingsalon.com/Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  TranscriptWouldn't it be great if your small business clients could offer big company benefits to their employees, plus automated payroll, compliance support and HR tools? By using Justworks, you can offer these four essential services to your clients via one simple platform. Stay tuned to hear more from our sponsor, Justworks, later in the episode. [00:01:13] PPP, how can I explain it? I hope you will obtain it. If you listen, I will show you how to claim it. It's a program that they made for a virus called Corona. They give you free money 'cause you gotta stay at homa. The first P's for Paycheck. You may think you know what that is. Boss gives you moolah, shekels, lettuce, scratch, or cabbage. That part is true, but what if you are self-employed? Profit counts as payroll, so your biz don’t get destroyed. The other P’s Protection,...

Purchase Controller's Code: The Secret Formula to a Successful Career in Finance on Kindle: https://www.amazon.com/dp/B0872JRBF4/ref=cm_sw_r_tw_dp_U_x_n.pPEbHQAPR1PConnect With … Mike Whitmire on Linkedin: https://www.linkedin.com/in/michaelcwhitmire/FloQast on the web: https://floqast.com/Get in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Reviews4GoodRight now, when you visit us on Podchaser, and interact, Podchaser is donating 25 cents per review - and 25 cents every time we respond to a review - to the Meals on Wheels America COVID-19 Response Fund. Pay us a visit on Podchaser, and do some good at the same time!  EXTENDED to April 30! For more information, go here: https://www.podchaser.com/articles/community/reviews-for-charityNeed Accounting Conference Info? Check out our new website - accountingconferences.comSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastTranscriptMike Whitmire: [00:00:02] If I had asked for something already, and I had to go back and ask for it - it was the second or third time - I would generally go the puppy-dog-eyes route and just look worn down and look terrible and just be like, "Hey, I'm really ... I'm exhausted. I was just trying to get the stuff done. Would you mind sending it over so I can go home a little bit earlier tonight?" That pity approach worked every time. It was beautiful. So, if you're an auditor, if someone's not getting you stuff, instead of getting mad about it, and trying to get angry about it, and make them do it, just be pathetic; then they'll help you out. Blake Oliver: [00:00:40] Welcome to The Cloud Accounting Podcast. I'm Blake Oliver. David Leary: [00:00:44] And I'm David Leary. Mike Whitmire: [00:00:45] And I'm Mike Whitmire, co-founder, and CEO of FloQast.  Blake Oliver: [00:00:47] Mike, thanks so much for joining us. Really excited to have you here. David, I don't know, have you ever met Mike at any these conferences we've been at? David Leary: [00:00:55] I don't think so. I think maybe when we went to Sage's Intacct, I think the FloQast team was there, but I don't know if he was there, or maybe he was, and you pointed at him from far away. Mike Whitmire: [00:01:04] Yeah. That conference has gotten wild for FloQast, and for me, as well, so I wouldn't be too shocked if I was just running around. Blake Oliver: [00:01:11] So, David, Mike is the CEO at FloQast, a developer of close-management software, where I had the privilege of working for a couple of years before my current gig. He started his career as an auditor at Ernst & Young, made it to Senior, and then left to join Cornerstone OnDemand, a year before they IPOed. So, went through that whole IPO process as an in-house accountant and then spent, I think it was, three years there, Mike? Then you went off to start FloQast? Is that right?  Mike Whitmire: [00:01:43] Yep. Yeah, just about three years. Blake Oliver: [00:01:46] I wanna learn more about that; talk about that. But first, given everything that's going on, how's it going? How are you doing? Mike Whitmire: [00:01:54] Doing well. For those of you listening in the future, we are currently quarantined as a result of COVID-19. I think we're, what, six weeks into this quarantine now? Time's kind of blurring together. It's getting tough. But, yeah, it's been really nice, obviously, with all the tools we have available to us now, the transition to the company working from home wasn't the craziest thing in the world. [00:02:18] I think the bigger one is, obviously, you look across what's going on in the world, and the economic impact is top of mind for me, running the business. Then, also, the impact this is having on people just emotionally, and mentally, you can tell it's kinda starting to catch up to people. In a lot of the conversations I've been having, that's been a pretty top-of-mind item, right now. [00:02:38] Fortunately, for us, we haven't had to make drastic decisions, like do big layoffs, or anything like that. We were lucky enough to have closed our Series C round of about 40 million bucks just two months before all of this started falling apart, so I feel really fortunate that we're in a position where we don't have to do aggressive layoffs or anything like that, like a lot of other companies are looking at. Blake Oliver: [00:03:01] How is that going, transitioning to remote? Because I recall, when I was working at FloQast, everybody was in the office together in L.A., which was really nice in a lotta ways. Mike Whitmire: [00:03:12] Yeah, the founders, and I, we're big proponents of being in the office. I think, just first and foremost, we just enjoy it. We enjoy being around the people, and we do see the benefits of being near each other. But I think because of the type of company we are - we're a SaaS company - we're very open to technology; we have purchased a ton of software over the years, we were almost ready to go to work from home. So, from a tech perspective, there really was no transition. We just flipped the switch, and everyone was able to still do their job. [00:03:42] I think the bigger one was it was adjusting culturally. It's just very- it's very different. I think the group that I was most c...