The Cloud Accounting Podcast is the no.1 accounting and bookkeeping podcast in the world. Join Blake Oliver and David Leary for a weekly news round-up for accountants, bookkeepers and anyone interested in the future of the accounting profession.
This episode is sponsored by Xero. Join us at Xerocon San Diego in June! Go here for a registration discount for podcast listeners.Show Notes
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!
(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.”
(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.
(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.
(8:13) 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.
(00:52) We got some more iTunes reviews! Leave us a review and we might read it on the air.
(02:09) New usage rules for Intuit's popular accounting software could mean some customers will need to move to a pricier plan. And some entrepreneurs say it's one tweak too many.
(06:26) The next "QuickBooks With Live Bookkeeping" test is up and running. Say bye bye to Claudell... and meet David! He's a "bookkeeper 17 years." The price has now doubled from $200 to $400/month. What's included in the new test of QuickBooks Live? Listen to find out.
(25:32) Zapier tested options for screen recording software ranging from minimalistic three-button windows to complex apps overflowing with tools, priced from free all the way up to several hundreds of dollars.
(30:34) No matter what anyone tells you, we’re not ready for the massive societal upheavals on the way thank to artificial intelligence.
(00:08) We got more reviews. Thank you! Give us a review on iTunes and we’ll read it on one of our weekly shows.
(01:43) A survey revealed that you’ll get the best results from a blog post if you spend six hours working on it.
(03:57) QuickBooks Live is now official — details on Intuit’s official Firm of the Future blog include the fact that Intuit has already hired 10 Boise-based ProAdvisors as part of the QuickBooks Live Bookkeeping team.
(13:21) If you want to have a better busy season experience, stop pointing the finger at clients and start asking your team how you can facilitate a better process that makes it easy for clients to get you what you need.
(11:54) The State of Louisiana accidentally double refunded about 66,000 taxpayers, resulting in about $26 million in overpayments the state is working to claw back.
(14:25) Speaking of problems caused by software, those Boeing 737s might be crashing due to a delayed software update.
(17:05) Why is Blake so concerned about Botkeeper and the failure of many tech startups serving the accounting profession to disclose the offshoring of client data? Because as a listener pointed out, the Internal Revenue Code forbids disclosure of tax return information, which could include bookkeeping data, to anyone outside the firm without express written consent. There are even potential criminal penalties.
(22:51) Is Gappify another Botkeeper? The firm claims to have built an AI bot called “Alan,” but it looks like they’ve got accountants in Manila doing the same work.
(25:34) According to a survey from London venture capital firm MMC, 40 percent of European startups that are classified as AI companies don’t actually use artificial intelligence in a way that is “material” to their businesses.
Partners at CPA firms are often surprised to find out that the recommended value for their owner’s interest is less than their notions of what the practice would be worth in a sale. Here's why a firm may be worth less than you think. https://t.co/NS5Ld3V1pT