Cloud Accounting Weekly #24
Here's a roundup of the best links I clicked on this past week.
Future of the Profession
I argue that the term "bookkeeper" will come to define what I call an "information systems manager," an advisor who implements and maintains accounting technology systems for their clients in order to improve efficiency and drive their profits.
An excellent argument for why we should stop referring to an "accounting industry" and say "accounting profession." Let's not diminish our own value.
Tweet of the Week
I’m looking up in the sky and I have no idea which cloud has all my data— Bill Murray (@BiIIMurray) October 1, 2016
Sales & Marketing
It sucks to spend a lot of time writing a blog post that no one reads. Here's a excellent, detailed guide from Shopify for how to avoid that terrible fate.
Payroll & HR
Gusto recently unveiled new HR features to complement its payroll services. Now you can:
- Onboard new hires using Gusto and store all their HR docs in the app
- Purchase medical, dental, vision, life, and disability benefits for your employees
- Start and administer a 401(k) plan integrated with Gusto's payroll
- Purchase pay-as-you-go workers' comp insurance
Starting in 2017 both the W-2 and 1099-MISC recipient copies need to be submitted by January 31. Previously you could issue the recipient copies and then wait to hear back about any incorrect amounts and fix before filing with the IRS. Now you probably won't have time to do that, unless you can get your act together and send those recipient copies in early January ... Which you can do if you're on cloud accounting, by the way. The Xero integration with Track1099 is fantastic.
Same-Day ACH (SDA) for credits (sending funds) became available Sept. 23. Paychex is leading the way by making SDA available immediately for direct deposit. Now funds can be available in employee bank accounts on the same day you run payroll. Let's hope the rest of the payroll processing industry follows suit.
CPA Practice Advisor
Here's more evidence that output does not correlate with hours worked. So why are we still tracking billable hours?
Xero Tips & Tricks
Heather Smith shares how she managed converting 55 MYOB files to Xero. Great tips for anyone doing a large-scale conversion from one accounting system to another.
Leading AI authority Pedro Domingos discusses the sources of knowledge, the five major schools of machine learning, self-driving cars, and more.
Farnam Street Blog
"Redesigned from the ground up, the new Shopify app is blazingly fast and allows you to do everything you need to grow and run your entire business right from your phone. No computer needed."
Thanks for reading! Looking to catch up on the news? Check out the previous issue — Cloud Accounting Weekly #23.