The Accounting Podcast

Show NotesFemales underrepresented at the AICPA Annual Executive Roundtable — Twitter — Dan Hood, editor of Accounting Today, shares Barry Melancon’s complaint that only 22 percent of accounting firm partners are women — and that we need to do better. Meanwhile, only 5 to 10 percent of attendees at the roundtable were women this year. Super Bowl LII Will Feature An Ad About Expense Reports — AdAge — The Super Bowl marks Expensify's first ever TV ad. Tax season could still be ‘ugly’ as 57% of IRS workers to return — Accounting Today — The agency is rushing to update its systems following the biggest change to the tax code in three decades — while a government shutdown has kept seven in eight IRS employees away from work for the past 25 days. The New $99 Tax Service for the Masses — CPA Trendlines — A new startup called Visor has just raised $9 million in financing to build a tax service for the masses. ScaleFactor Adds $30M from Bessemer to Boost Accounting Software — Xconomy — ScaleFactor is adding a $30 million round of funding led by Bessemer Venture Partners to make new hires and add more features to its software BeachFleischman and GMLCPA create completely virtual firm — Accounting Today — BeachFleischman PC and GMLCPA PLLC have teamed up to create a virtual firm, MOD Ventures, that will service both firms’ outsourced accounting services clients going forward. Nurses Again Outpace Other Professions for Honesty, Ethics — Gallup — Accountants come in below police officers but above funeral directors on Gallup’s annual ranking of how Americans perceive the honesty and ethical standards of professionals. Google raises prices on its competitor to Microsoft Office for the first time in a decade — CNBC — Google is raising prices 20 percent for the basic and business versions of its G Suite productivity apps, like Gmail and Docs, for the first time ever. The price increase comes only months after former Oracle executive Thomas Kurian takes the helm. The price of the enterprise edition is not increasing. Will Farnell announces 6 hour workday and unlimited PTO for his firm — LinkedIn — Will Farnell, Founder & Director at Farnell Clarke Limited in the UK, announced on LinkedIn that his firm is moving to a six hour workday and unlimited PTO and remote work. Bank Of America’s Zelle P2P Transactions Increased 97 Pct In Q4 — PYMNTS — Zelle P2P payments increased 97 percent in the fourth quarter of 2018, Bank of America said Wednesday (Jan. 16), signaling the latest burst of growth for that payment method. During that quarter, consumers made 52 million payments worth $14 billion via Zelle. Evolving tech could mean evolving the CPA license — AICPA Blog — Last year, NASBA and the AICPA launched the CPA Evolution initiative to explore ways to evolve CPA licensure to integrate technological and analytical expertise. Susan Coffey welcomes your feedback at  susan.coffey@aicpa-cima.com.  Finally, to make sure you don’t miss any news, like our Facebook page!SubscribeListen on iTunesListen on Google Play

Show NotesAccounting salaries remain high in 2019 — Accounting Today — Accounting professionals in the public accounting space should feel good entering the New Year, as average salaries have once again increased due to stiff hiring competition among firms. KPMG IT Advisory Associate Looking for Love on ‘The Bachelor’ — Going Concern — Onyeka Ehie will be trying to make the House of Klynveld proud as she tries to woo the heart of Colton Underwood in the new season of "The Bachelor." Plaid Buys Quovo To Help Developers Build Data-Driven Apps — PYMNTS — Plaid, the FinTech company that enables developers to create financial services applications, announced Tuesday (Jan. 8) that it has acquired Quovo to make it easier for developers to create products that include investment data. TaxJar gets $60 million for software that automates ecommerce sales tax calculations — Venture Beat — TaxJar, a subscription software company that helps businesses automate their sales tax calculations and filing, today announced that it has raised a $60 million round of growth equity capital from Insight Venture Partners. Why the Virtual Office Doesn't Work for CPAs — AccountingWEB — Working remotely is more popular than ever, but here's why Craig Smalley EA says it just doesn't work for accountants. Where Did Americans Move in 2018? — Tax Foundation — The 2018 National Movers Study shows Vermont, Oregon, Idaho, Nevada, and Arizona as the states with the most inbound migration. Meanwhile, outbound migration was highest in New Jersey, Illinois, Connecticut, New York, and Kansas. New Online Credit Card Payment System for License Renewal — California Board of Accountancy — The California Board of Accountancy is now accepting online credit card payments for license renewals. Your Cash Is No Good Here. Literally. — WSJ — As more retailers—including Drybar and Sweetgreen—ban paper money, it’s making things awkward for customers without plastic. Finally, to make sure you don’t miss any Cloud Accounting Podcast news, please like our Facebook page!SubscribeListen on iTunesListen on Google Play

Show NotesE-Verify AND E-Verify SERVICES ARE UNAVAILABLE — e-verify.gov — E-Verify and E-Verify services are currently unavailable due to a lapse in government appropriations. What the federal shutdown could mean for tax season — CNBC — Accountants are worrying about the prospect of an extended federal shutdown as tax season approaches. That means there's a possibility that tax refunds may be delayed and it could be difficult to get your questions answered by the IRS. What you should know. @IRSnews — Twitter — Whoever manages the Twitter account for the IRS appears to have been furloughed during the federal government shutdown. Why Perks No Longer Cut It for Workers - WSJ — The most successful companies give employees a sense of belonging. Indicators Of The Year: Opioids — Planet Money — Life expectancy in the U.S. is down for the second year in a row. One main reason: opioid abuse. But increasingly, companies are stepping up to address the problem, offering treatment plans to workers and supporting employees through treatment. Indicators Of The Year: #MeToo — Planet Money — The #MeToo movement transformed the experience of women in the workplace. The strong job market helped some women feel secure enough to speak up, but for others it still doesn't feel safe.  Getting Ready for Making Tax Digital (MTD) with Cloud Accounting Software — Business Partner Magazine — Despite the deadlines and fines being highly publicised, approximately 750,000 people missed the deadline in 2018. 2019: The Year Of Instant Payments — PYMNTS — The year 2018 saw a rise in instant payments and disbursements among workers, particularly in the gig economy, indicating the trend will only increase in 2019. SubscribeListen on iTunesListen on Google Play

Show Notes2019 Hiring and Compensation Trends for Accounting Firms — CPA Practice Advisor — Check out these six trends hiring managers in public accounting need to know, as identified by research for the 2019 Robert Half Salary Guide for Accounting and Finance Professionals. 35 years ago, Isaac Asimov was asked by the Star to predict the world of 2019. Here is what he wrote — The Star — The famed science fiction writer was wrong about a world government, but pretty close on robots. On computers, though ... The year ahead for accounting: 2019 in numbers — Accounting Today — Accountants share their expectations and plans for the next 12 months, with data from Accounting Today's annual survey. Top 10 Accounting Marketing Trends for 2019 — AccountingWEB — Here are the top 10 accounting marketing trends for 2019 according to Dawn Wagenaar of Ingenuity Marketing Group. Mindbody to be Sold to Vista Equity for $1.9B — CFO — The deal adds Mindbody's business management software products for fitness and yoga studios to Vista's portfolio. Senators Prod Regulators on Fintech Oversight — CFO — A bipartisan letter follows attempts by Robinhood to rebrand a cash management service. What’s New in QBO: December 2018 — QuickBooks Blog — New in QBO: 1) Next-day credit card deposits in QuickBooks Payments, 2) Auto-collected contractor W-9s, and 3) Automate routine tasks in QuickBooks Online. Millennials and Gen Z Driving Major Shifts in Customer Expectations According to a New Study Commissioned by Zendesk — BusinessWire — Among the top takeaways: "According to this study, 67 percent of U.S. respondents have used live chat, social media, or texting for customer service. Among Gen Z and Millennials, 46 percent and 47 percent respectively have used social media to communicate with customer service in the past year -- compared to only 7 percent of Baby Boomers and 26 percent of Gen X. More than a third (36 percent) of Gen Z consumers prefer social media for simple inquiries compared to only 5 percent of Baby Boomers." The 30 Fastest Growing Business Apps in 2018 — Zapier — Chatbots were everywhere in 2017—only to fall off the zeitgeist in 2018. But they’re far from gone. ManyChat, this year’s fastest growing app on Zapier, found the sweet spot for chatbots, driving continued growth after being their fastest growing new app in 2017. SubscribeListen on iTunesListen on Google Play

Show NotesKPMG to fine staff £100 for late time sheets — The Guardian — The accounting company said it would impose the penalties if staff were late to file their time sheets, which record how long employees spend on tasks. British politician pledges to break up 'cartel' of big four accounting firms in radical overhaul — Business Insider — Leader of the Labour Party, John McDonnell, told the Financial Times that the big four firms which include EY, KPMG, Deloitte and PwC form a "cartel" that needs to be addressed. KPMG partners receive bumper payouts despite Carillion fallout — The Guardian — KPMG, the auditing firm that gave Carillion a clean bill of health, has reported a leap in profits that will result in the average pay of its 635 partners soaring from £519,000 to more than £600,000 each. Is There Really Such A Thing As An Independent Audit? — Forbes — FloQast CEO and former Big Four auditor Mike Whitmire examines some of key issues impeding auditor independence in the profession and suggests significant changes that could dramatically improve audit quality. Square Revives Request to Start a Bank — Wall Street Journal — The new unit, to be capitalized with $56 million, would primarily offer loans, deposit accounts and prepaid cards to small businesses Real-Time Payments Gathering Steam For Workers — PYMNTS — Earnin – which facilitates real-time payroll payments – announced Dec. 20 that it has raised $125 million in equity financing. The Earnin app allows people to be paid “the minute they leave work,” and claims to serve employees working for 50,000 employers from all 50 states. Flux raises $7.5M Series A to bring its digital receipts platform to more banks and merchants — TechCrunch — Flux bridges the gap between the itemised receipt data captured by a merchant’s point-of-sale (POS) system and what little information typically shows up on your bank statement or mobile banking app. The Case for the 6-Hour Workday — Harvard Business Review — The key takeaway: "Organizations are spending big money on digital transformation, but they could reap an immediate, and far more cost-effective transformational benefit just by changing the way they work, instead of what they use to work." SubscribeListen on iTunesListen on Google Play

Show NotesDavid Leary on Twitter: "Sometimes I feel like the entire accounting and bookkeeping industry is getting flooded by "social media influencers” that have no real legs to stand on…" Joe Woodard on Twitter: "We thank @Xero for their sponsorship of Scaling New Heights Online…”Right Networks Eyes SMB App Connectivity With Propelware Acquisition — PYMNTS — Small business (SMB) cloud accounting firm Right Networks has announced the acquisition of Propelware in an effort to connect its accounting technology to other areas of the enterprise. Fintech startup Plaid raises $250M at a $2.65B valuation — TechCrunch — The company is today announcing a $250 million Series C investment led by famed venture capitalist and the author of the Internet Trends reportMary Meeker, who will join its board of directors as part of the deal. The funds were raised at a valuation of $2.65 billion, according to sources close to the company. Intuit relaunches ProAdvisor program — Enterprise Times — Intuit has announced that it has launched a redesigned ProAdvisor program in the US, Canada and Australia.  [Newsletter] What we’ve been working on all year — Expensify Blog — Expensify has just launched new plans for individuals at $5 per month. Upcoming Accounting Firm Trends into 2022 — Ryan Lazanis — Ryan breaks down key points from the The World Economic Forum's 2018 “Future of Jobs Report” and writes up four takeaways for accountants. SubscribeListen on iTunesListen on Google Play

Show NotesKPMG Moves into Small Business Tax and Accounting Services with Spark — Accounting Today — Big 4 accounting and business consulting firm KPMG LLP, is making a play for the small business tax and accounting services market with the launch of a new online system called KPMG Spark. The service is the result of the acquisition by KPMG of the cloud bookkeeping system then known as Bookly. Deloitte Joins Forces with Legacy Advantage to Grow Services in Western Canada — Legacy Advantage — Deloitte is acquiring specialized cloud-based bookkeeping firm, Legacy Advantage Chartered Professional Accountants Ltd. to grow bookkeeping, accounting and advisory offerings in Western Canada. Founded in 2015 and joining the ctrl by Deloitte practice, Legacy Advantage focuses bookkeeping and accounting services on not-for-profit organizations and private companies of various sizes. QuickBooks introduces 'Backing You,' starring Danny DeVito — Accounting Today — Intuit QuickBooks’ Backing You campaign, now in its second year, has named Danny DeVito a partner for its latest videos. The initiative is aimed at helping self-employed, small business and mid-market enterprise customers succeed. Universal income vs. the robots: Meet the presidential candidate fighting automation — MIT Technology Review — Andrew Yang announced he is vying for the 2020 Democratic presidential nomination back in February. His mission? Preparing America for automation. 140,300 new accounting and auditing jobs predicted by 2026 — Accounting Today — Approximately 140,300 new jobs for accountants and auditors are expected to be created by the year 2026, according to a new forecast. Digital Divide Is Wider Than We Think, Study Says — New York Times — New research from Microsoft says that far fewer people have broadband internet access than government statistics have shown. SubscribeListen on iTunesListen on Google Play

Show NotesCloud ERP: The Time Has Come - CFO Magazine - Low up-front costs, hands-off maintenance, and automatic updates make cloud systems deserving of a serious lookWhy Blockchain May Never Benefit Corporations (Podcast) - Bloomberg - The Odd Lots podcast chats with Angus Champion de Crespigny, who formerly advised companies on how to use blockchain technology, but who now believes that ultimately it won’t get them anywhere. He explains the limitations of the technology, and where he sees actual opportunities. Where Top US Banks Are Betting On Fintech - CB Insights - US banks are placing strategic bets across lending, payments, capital markets, data analytics, and blockchain. T-Mobile is launching mobile banking solution 'T-Mobile Money’ - Engadget - The pilot program offers four percent APY on up to $3,000. You’re Too Important for Multi-Factor Authentication - Network Alliance - Meetings, calls, contracts, emails…your day is chaotic from the first moment you check your phone in the morning until that last bedtime email scan under the sheets! You’re Captain Efficiency. Every second of your day is planned. When you’re this busy, you can’t possibly waste 10 seconds on multi-factor authentication, right? Quit dreaming. America needs more accountants in Congress - The Hill - Lawyers make up exactly 40 percent of the newly elected 116th Congress, while the American Bar Association reports that attorneys make up only 0.4 percent of the U.S. population. Have the Big Four lost their advantage? - Accounting Today - New research finds that national and regional firms are catching up to the New York giants in terms of technology adoption and deployment in audits. 70% of people globally work remotely at least once a week, study says - CNBC - IWG CEO Mark Dixon said established corporates were leading the charge into remote working, to boost productivity and job satisfaction.SubscribeListen on iTunesListen on Google Play

Show NotesIntuit Reports First Quarter Revenue Increased 12 Percent Led by 42 Percent Growth in Small Business Online Ecosystem Revenue — Intuit Investor Relations — The company announced financial results for the first quarter of fiscal 2019, which ended Oct. 31. QBConnect 2018 - the review no-one else will write — Matt Paff on LinkedIn — Intuit’s theme for QuickBooks Connect was “Anything is Possible” but Matt thinks it should have been “Legacy.” Blink and it’s a Bank: Intuit Blurs Boundaries of Accounting Software — Digital First — Sholto Macpherson highlights Intuit’s not-so-secret plan to disrupt traditional lending with its new releases announced at QuickBooks Connect. 38 Percent of Employees Don’t Want Management Dictating the Tech They Use for Work — SmallBizTrends — According to a new report from NexPlane, 38% of employees don’t want management dictating the tech they use for work. And more than half have pushed back on IT or management when they tried to dictate the technology they use. Will Waiting For Pay Day Soon Be A Thing Of The Past? — PYMNTS — According to a CareerBuilder report, 75 percent of consumers reported living paycheck to paycheck in 2017. That’s why an increasing number of firms embracing instant payments as an option for workers, and as a tool to both recruit and retain employees. The Best Day For Payday — NPR — Most Americans get paid biweekly. One of The Indicator's listeners wanted to know why. So they looked into it. 2018 High Growth Study - Hinge Marketing - Check out this survey of over 1,000 professional services firms from across the globe.  Blockchain Promise to Revolutionize Accounting Hits Reality Wall — Bloomberg Tax — Blockchain a year ago seemed poised to revolutionize accounting. Now, it doesn’t quite seem so hot. A leaky database of SMS text messages exposed password resets and two-factor codes — Tech Crunch — A security lapse has exposed a massive database containing tens of millions of text messages, including password reset links, two-factor codes, shipping notifications and more. Microsoft details the causes of its recent multi-factor authentication meltdown — ZDNet — Microsoft has posted a root cause analysis of the multifactor authentication issue which hit a number of its customers worldwide last week. Here's what happened. SubscribeListen on iTunesListen on Google Play

Show NotesVIDEO: Blake chats with Amy Vetter at the AICPA Controllers Conference — LinkedIn — I caught up at the FloQast booth with award-winning executive, author, and keynote speaker Amy Vetter at the AICPA Controller's Conference to chat about how modern accounting departments are refocusing to become proactive service centers as opposed to reactive cost centers.Xero’s half year 2019 financial & operating results — Xero Blog — Xero is up to 1.6 million subscribers, with 380,000 added in the past year. Revenue is up 37%. Annualized monthly recurring revenue increased by 40% to $589.1 million.  Xero increases dominance of cloud accounting with 37 per cent growth — Canberra Times — Xero has 981,000 subscribers in Australia and is growing quickly in the United Kingdom, where it increased subscribers by 40 per cent to 355,000. Its growth has been slower in North America, where it has 178,000 subscribers but CEO Steve Vamos said it was "relatively early days" in that market. Xero to spend NZ$10m on Instafile purchase — ZDNet — Instafile is a cloud-based accounts preparation and tax filing solution that connects UK accountants, bookkeepers, and small businesses to UK compliance bodies. We’re accelerating our UK banking connections with five brand new fintech integrations — Xero Blog — Here are five brand new Xero integrations with leading UK fintechs: Tide, Starling, TransferWise, Revolut and Soldo, all of which were made possible by Xero's new Bank Feeds API. 10 new ways Xero will transform how small businesses, their employees and accountants work together — Xero Blog — A roundup of all the new features announced at Xerocon London. Gusto — Simple time tracking — Gusto — Gusto’s new, simple time tracking syncs perfectly with payroll. Review and approve hours with one click, then run payroll as usual. How Small Businesses Ride Their Payment Rails — PYMNTS — NACHA released new statistics late last week on the growth of ACH transaction volume in the U.S. According to the firm, B2B transactions were a key driver of ACH transaction growth in the third quarter of the year, leading NACHA Chief Operating Officer Jane Larimer to describe the ACH Network as “thriving.” Tempted to Expense that Strip Club as a Business Dinner? AI Is Watching — Bloomberg — AppZen, an 18-month-old AI accounting startup, has already signed up several big companies, including Amazon.com Inc., International Business Machine Corp., Salesforce.com Inc., and Comcast Corp. and claims to have saved its clients $40 million in fraudulent expenses. Four In 10 Road Warriors Use Corporate Cards For Personal Items — PYMNTS — Carlson Wagonlit Travel has debuted a study that shows that as many as 46 percent of American and European business travelers have said they used company cards to make personal transactions. In the Asia-Pacific region, that tally stands at about 38 percent. SubscribeListen on iTunesListen on Google Play