The Accounting Podcast

SponsorXero: http://cloudaccountingpodcast.promo/joinxeroShow Notes02:34 -- 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, putting it at 73 on Accounting Today’s Top 100 Accounting Firms list. 06:56 -- Sholto Macpherson asks, is QuickBooks Live a "Watershed moment or BAU?" — Twitter10:02 -- Google’s Duplex Uses A.I. to Mimic Humans (Sometimes) — The New York Times — 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.17:13 -- Roger, the accounting automation tool, raises $7.35M Series A — TechCrunch (Guess who is one of the investors? Dan Wernikoff, the former GM of QuickBooks and TurboTax.)20:02 -- Firms lose cloud access after Cetrom systems breach — Journal of Accountancy — Centrom, a provider of cloud hosting to CPA firms, fell victim to an attack using similar malware to the one that caused the CCH outage.21:23 -- In Baltimore and Beyond, a Stolen N.S.A. Tool Wreaks Havoc — The New York Times — 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.25:53 -- Social engineering: Password in exchange for chocolate — ScienceDaily — A disturbing percentage of people will give out their password to strangers in exchange for little value.29:38 -- Hands On: The Twin-Screen Asus ZenBook Pro Duo Is a Laptop From the 2020s — PC Magazine — With two built-in screens, David predicts this laptop could be the ideal computer for accountants and bookkeepers on the go.32:04 -- When You Raise Prices More Than a Smidge ... They At Least Look At Another Vendor — SaaStr — The author cautions software companies that rase prices to dramatically. Meanwhile, David was hit by a 100%+ price increase on his QuickBooks subscription!Get in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes. Interested in sponsoring the Cloud Accounting Podcast? We have some open sponsorship dates available for the summer season. We also have some “conference special” sponsorship opportunities available, for example, the week of June 16 we’ll be doing 4 daily “conference crossover” episodes covering Scaling New Heights and Xerocon. For details and pricing, read the prospectus.SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

SponsorElefant: http://cloudaccountingpodcast.promo/elefantShow Notes00:46 - Why Acuity is starting to offer tax services after being a solely advisory and bookkeeping firm for many years02:07 - Kenji shares the background on his firm Acuity04:56 - Acuity takes a B2B software startup approach to sales, unusual for an accounting firm07:01 - Kenji shares why they don't call their bookkeepers "bookkeepers"08:50 - How Acuity builds out their CAS technology stack and lessons learned along the way11:39 - Watch Kenji and Matt's YouTube show, Drink While You Think14:50 - Follow Kenji Kuramoto on TwitterGet in Touch Thanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

Thank you to this week’s sponsor!This episode of the Cloud Accounting Podcast is sponsored by Xero. Did you miss the Xero Roadshow when it came to your city? You can still attend a Xero Roadshow Online! You’ll learn how your practice can benefit from the full power of the Xero Platform and earn CPE credit. Register here.Show Notes03:06 -- High schoolers get certified in QuickBooks... Desktop? Noooo! | Twitter04:24 -- Glendale man admits to embezzling $2.8-million and filing fake tax returns | CPA Practice Advisor08:17 -- TurboTax Uses A “Military Discount” to Trick Troops Into Paying to File Their Taxes | ProPublica09:56 -- Senator Warren Leads Colleagues Questioning Intuit's Deceptive Practices That Led Low- and Middle-Income Taxpayers to Pay Unnecessary Fees | Elizabeth Warren11:53 -- Intuit Corp (INTU) Q3 2019 Earnings Call Transcript | The Motley Fool17:32 -- Update on QuickBooks Live with Intuit's Rich Preece | QBO Show24:32 -- Investor Briefing: Full year results to 31 March 2019 | Xero26:53 -- Quarterly Report | Intuit28:32 -- Xero's CEO says it still has a cautious future in the US | Scoop News32:56 -- Public Statement - Network and Service Interruptions | Wolters Kluwer(34:54) Hackers have been holding the city of Baltimore’s computers hostage for 2 weeks | Vox36:13 -- Atlanta Spent $2.6M to recover from a $52,000 ransomware scare | WIRED38:49 -- SURVEY: 59% Deliver Invoices on Paper | CPA Trendlines40:22 -- Making Change | Payments, Perspectives and Politics | Square 42:27 -- Zero percent of respondents to an online survey are actively researching or currently implementing blockchain in controllership | Deloitte Controllership Digest44:58 -- $461,646 in Pay for One Worker: M.T.A. Overtime Scrutinized by Prosecutors | NYTimes49:45 -- Bill.com launches AI platform for automated payments processing | Venture Beat52:18 -- Introducing Plaid Direct | Plaid53:23 -- TransferWise: Europe's Most Valuable FinTech | PYMNTS53:42 -- Shopify quietly acquired Handshake, an e-commerce platform for B2B wholesale purchasing | TechCrunchGet in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.Interested in sponsoring the Cloud Accounting Podcast? We have some open sponsorship dates available for the summer season:June 21 through October 4Then again starting January 10, 2020We also have some “conference special” sponsorship opportunities available, for example, the week of June 16 we’ll be doing 4 daily “conference crossover” episodes covering Scaling New Heights and Xerocon. For more information, check out the prospectus.SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

SponsorXero: http://cloudaccountingpodcast.promo/joinxeroShow Notes03:11 - Thanks for the reviews! Click here to leave a review on iTunes and we'll read it on the air.05:44 - Elon Musk tells Tesla employees he'll review all of company’s expenses in new cost-cutting plan | FOX Business07:20 - IRS statement and instructions regarding recent software outage | Internal Revenue Service09:07 - QuickBooks Live Bookkeeping Update: May 2019 | Firm of the Future15:29 - Intuit CEO in Internal Video: Hiding Free TurboTax Was In “Best Interest of Taxpayers” | ProPublica19:18 - Audio of a phone call with a TurboTax customer support agent who repeatedly cites false information | Twitter26:12 - Intuit grows more defensive | Accounting Today26:47 - Kessler Topaz Meltzer & Check, LLP : Announces the Filing of a Consumer Class Action Lawsuit Against Intuit Inc., Maker of TurboTax, for Improperly Charging Fees28:09 - Subscribers boost gives accounting software giant Sage profit spike of 16%29:30 - Drury family stake in Xero soars to $1.1b after Xero moves into profit | Stuff.co.nz31:09 - Sage's Nancy Harris: "We do not intend to push our customers to the cloud" | Twitter32:42 - Xero announces Tony Ward as new President of the Americas | Twitter33:31 - Matt Paff on the appointment of Tony Ward as President of the Americas | Twitter34:56 - Sage Research Reveals that 90% of Accountants Worldwide Believe There Has Been a Cultural Shift in the Accountancy Profession | AP News41:05 - Warren Buffett decries accounting rule change that has made a mess of Berkshire's earnings | Yahoo Finance45:06 - Developing your own specialized niche practice | Journal of AccountancyGet in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

This episode is sponsored by Xero. Xero Roadshow is coming to a city near you. Expand your knowledge and keep up with all things Xero.Show Notes01:41 - Nicolas Cage Ponies Up $6.25 Million to Pay Back Taxes—But How Much Does He Still Owe? | E Online03:14 - Wolters Kluwer takes services offline after malware attack | Journal of Accountancy07:21 - What’s Behind the Wolters Kluwer Tax Outage? | Krebs on Security12:20 - Read updates by Wolters Kluwer regarding the outage on their Facebook page (and comments expressing customer outrage)17:00 - Surge of MegaCortex ransomware attacks detected | ZDNet17:49 - A malware attack against accounting software giant Wolters Kluwer is causing a 'quiet panic' at accounting firms | CNBC19:17 - A "Firm of the Future" finalist loses a client to QuickBooks Live | Twitter21:52 - Vermont House Backs 'Cloud Tax' to Fund Clean Water Programs | Seven Days27:05 - ADP and Intuit Partner to Enhance Cross-Platform Integration with QuickBooks Online | CPA Practice Advisor31:21 - Los Angeles city attorney sues H&R Block and maker of TurboTax for allegedly misleading low-income taxpayers | NBC News36:04 - Are all-white-male panels hindering diversity in accountancy? | AccountingWEB — Also see the original panel that started the discussion and the thread with Paul Meissner on Twitter.37:40 - How New Accounting Grads Can Tune Up Their Diversity BS Detectors | Going Concern42:57 - Everyone’s Income Taxes Should Be Public | New York Times47:59 - Subscribe to Cloud Accounting Podcast show notes49:16 - Don't miss the Desktop Accounting Podcast! | PodBeanGet in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

SponsorXero: http://cloudaccountingpodcast.promo/joinxeroShow Notes01:43 -- It looks like Intuit and H&R Block have been employing some super-shady marketing tactics for years to charge people who should otherwise have qualified to file their taxes for free. Here’s everything you need to know about the ProPublica “Free File” investigation. For more, be sure to read “Here's How TurboTax Just Tricked You into Paying to File Your Taxes,” and "TurboTax Deliberately Hid Its Free File Page from Search Engines”. You can get background on the 16-year-old IRS Free File Alliance on the IRS website. Check out the official TurboTax response here and read the text of Intuit’s agreement with the IRS to understand why this matters.07:22 -- It gets worse — former Intuit and H&R Block employees detail how both companies worked to prevent low-income taxpayers from utilizing the Free File program, despite their commitment to the IRS to promote their truly free offerings. Now the scandal has entered the Presidential campaign — Elizabeth Warren called for agencies to investigate the matter. With the political fallout, the fate of the Taxpayer First Act, which would have enshrined the Free File Alliance permanently into law, is now in question.15:21 -- To contain the damage, Intuit has started buying up a number of negative or offensive domain names containing their trademarks. Meanwhile, at least one TurboTax customer service agent called the whole thing “fake news.”18:39 -- Rich Preece of Intuit joins Friday Night Live on Facebook to talk the future of the QuickBooks Live with Bookkeeping test, including a go-live date in June. Meanwhile, Intuit is raising prices for QuickBooks (again).25:56 -- Divvy, which has set out to revolutionize expense management (for free), just raised $200 million in a Series C round. Listen to find out what they plan to do with that money.29:45 -- Over in the alternative lending space, OnDeck’s charge-offs are rising.31:33 -- Sholto MacPherson details how NetSuite’s new analytics tool shows how ERPs can win versus ecosystems when it comes to reporting.34:46 -- Here’s some practical advice on SaaS marketing.35:58 -- Learn why Amazon bet (almost) a billion dollars on certainty.37:10 -- Helm asks, “What the Heck is an Advisor?”38:30-- Here’s why accidents like the Notre-Dame fire happen.Get in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

SponsorXero: http://cloudaccountingpodcast.promo/joinxeroShow Notes01:21 -- We got some more reviews! Leave us a review on iTunes and we’ll read it on the air.02:33 -- Scroll to the comments of this review on The College Investor for some pretty scathing reviews of Visor, the $99 tax prep service we covered in the last episode of the Cloud Accounting Podcast (they did not have a good busy season).03:15 -- Ryan Lazanis says that the only way traditional accounting firms can compete with accounting startups like Visor, Pilot, Bench, and Botkeeper is personalized service. 05:30 -- According to a stat published in the Journal of Accountancy, only 60-70% of small firms (under $1 million in revenue) accept credit cards as a form of payment.06:31 -- Here’s a story about a CPA who has partnered with other professionals to act as the single point of contact for all his client’s financial needs. It's a great example of how accountants can create plenty of value beyond compliance, which will become increasingly automated over the next decade.09:31 -- Henry Bloch, the ‘H’ in H&R Block, died at 96.11:44 -- Intuit appears to be marketing QuickBooks Live to clients of ProAdvisors.19:24 -- Here’s why there won't be an Uber for Bookkeeping — at least that’s what Blake thought three years ago. Has QuickBooks Live changed that?21:49 -- Jordyn Dahl, News Editor at LinkedIn, posted about the QuickBooks Advanced Rate Limits. The quantity of comments suggests this is a big deal.22:32 -- Businesses that invoice via QuickBooks Payments can receive next-day funding for both credit card and ACH transactions. It’s only available to QuickBooks Online and GoPayment customers for now. It costs 1% (max $10) per transaction. Next day is also available for credit cards, with no additional fee.25:19 -- Intuit sees uptick in TurboTax sales this year. Intuit reported a 5 percent increase in TurboTax units sold this tax season compared to last year, thanks to a 7 percent increase in TurboTax Online sales. Intuit CFO Michelle Clatterback said the company’s consumer group now expects full-year fiscal 2019 revenue growth to be about 10 percent, at the high end of its previous guidance range of 9 to 10 percent. It will be reporting its quarterly earnings on May 23.26:33 -- Here are the top 10 cities for accountants. A study by AdvisorSmith analyzed 399 small, midsized and large cities across the country based on accounting salary and job availability statistics from the Bureau of Labor, and on the local cost of living from Sperling’s BestPlaces.28:04 -- The Desktop Accounting Podcast is headed your way soon!28:55 -- Here are three ways to charge $25K to your customers, courtesy of Greg Kyte.32:15 -- Listen to “I’m not a Robot” on Planet Money to learn how scammers are paying humans to defeat CAPTCHA.33:28 -- Slack is bridging email to chat, improving calendar integration and search.Get in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.

SponsorXerocon: http://cloudaccountingpodcast.promo/xeroconShow Notes00:52 -- Welcome to our first guest co-host, Rachel Fisch!01:36 -- We got another review! Leave us a review and we’ll read it on the air.02:32 -- Visor, the $99 app-based online tax service, did NOT have a great busy season. David’s got all the sordid details in a detailed LinkedIn article.20:16 -- …and after all that, David didn’t even get to chat with Claudell :(23:30 -- Zoom raises IPO price and could begin trading with a $9B valuation27:16 -- Online tax filing on the rise, retail on the decline, data finds30:03 -- Pilot, the AI accounting service, raises $40M35:26 -- Eide Bailly is acquiring a data analytics service37:41 -- IRS releases 6-year plan to modernize aging computer systems40:14 -- Is the CPA license losing its lustre? (upcoming free virtual roundtable)45:37 -- Educating the next generation of leadersGet in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.

SponsorXerocon: http://cloudaccountingpodcast.promo/xeroconShow Notes00:53 -- Thanks for the reviews! Give us a review on iTunes and we’ll read it on the air.01:51 -- The house passed a bill permanently banning the IRS from creating its own free online tax preparation software. Here’s the coverage in Huffington Post, Business Insider, and ProPublica. For the history on IRS-assisted tax prep and the arguments for and against, listen to Planet Money #760: Tax Hero.08:43 -- As cashless stores grow, so does the backlash — this time in Miami.12:44 -- Can you believe that educators are still teaching people how to use Quicken for business accounting? Here’s a keeper: “Using Quicken for farm and ranch accounting”14:46 -- Xero's out with a new look for their invoicing feature, which now includes auto save and a nifty application of artificial intelligence for coding transactions16:24 -- Canopy released their new mobile app.17:38 -- TaxJar now integrates with NetSuite via SuiteTax, demonstrating their move upmarket in the wake of the SCOTUS Wayfair decision.18:31 -- Thanks to Caleb Jenkins for posting a screenshot of the beta “Receipts” feature in QuickBooks on Twitter. Take a look here.20:20 -- Here’s an update on the QuickBooks Online Advanced free upgrade period. Also, Blake has a hack so you can avoid ever paying for more than 250 accounts or 40 classes/locations.27:19 -- How many CPA firms permit flexible and remote work? Find out as Blake details stats from the 2018 Anytime, Anywhere Work Survey by ConvergenceCoaching.29:49 -- A 2-year Stanford study found that people are significantly more productive when working from home. Watch the TED Talk or read the article.33:59 -- People have a reason to be paranoid when it comes to smart speakers. It turns out Amazon workers are listening to what you tell Alexa.37:26 -- In China, the Communist Party under Xi Jinping is asserting ever greater ideological control over the population — this time with the help of an app.Get in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.

SponsorXerocon: http://cloudaccountingpodcast.promo/xeroconShow Notes03:32 -- We got another review! If you like what you hear, do us a favor and leave a review on iTunes.04:00 -- Intuit is creating 200 to 500 jobs at a new “prosperity center” in the small city of Bluefield, West Virginia.06:16 -- A new study says the top benefit employees want is unlimited paid time off (PTO), putting that benefit ahead of wellness plans, phased retirement programs, paid sabbaticals, and free or subsidized on-site services.08:13 -- So given that employees want unlimited PTO, how many CPA firms offer this benefit? According to a 2018 survey, about half of major firms (75+ CPAs) have stopped tracking vacation time. For firms with fewer than 75 CPAs, fewer than 1 in 5 offer unlimited PTO.11:06 -- Here’s what accountants and bookkeepers can learn from taxi companies evolving to compete with Uber (as the profession will likely have to evolve to compete with integrated software + services competitors such as QuickBooks Live). For one thing, the taxi companies finally have apps.16:50 -- CryptoTrader.Tax now integrates with TurboTax. The software combo will automatically crunch the consumers' capital gains and losses numbers and generate the necessary tax documents including the IRS form 8949.18:25 -- David recommends every cloud firm owner read Ryan Lazanis’ article “Cloud Accounting Security for Your Firm” — a good follow on to Cathy Iconis’ blog about how to go about creating a virtual bookkeeping company.19:21 -- This past week at SuiteWorld, NetSuite announced a new, free benchmarking and research service for NetSuite customers called Brainyard. The company says it will eventually leverage twenty years of  anonymized NetSuite user data to provide benchmarking.24:51 -- Over the past 14 years, California has spent close to $1B on an accounting system that still doesn't work. Let that sink in for a moment.28:56 -- Californians might feel better knowing that Canada’s homegrown payroll system cost about the same amount and still doesn’t work, either. 30:07 -- Blake shares details about FloQast’s new product, FloQast Matching, an AI-powered automated matching engine for high volume account reconciliations.35:44 -- This guy is why accountants on Twitch totally needs to be a thing.Get in TouchThanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes.