Cloud Accounting Weekly #38
Friday was Armageddon in Los Angeles, or to be more precise, it rained a lot. Naturally, the city ground to a halt.
The power went out during lunch at the Armanino offices on Wilshire Boulevard, but thanks to the cloud we all just went home early and kept on working from our cozy homes and apartments. Gotta love the cloud.
Thanks for reading, and as usual, here are the top links I've clicked on recently.
Long for Success - I was amused to read that QuickBooks ProAdvisors earn their highest hourly rates from "QuickBooks Technical Data Integrity Problems or Data File Services." Too bad we don't have those with Xero. On the other hand, Xero Advisors (and QBO accountants) can bill far higher rates for delivering proactive business and financial advice to their clients. I prefer the latter.
CFO - The numbers say there's plenty of room for improvement in accounting departments by eliminating manual data entry. Top-performing organizations spend just 1/4 of what the poorest-performing organizations spend on process cost.
receivabl.es - Here's a new Xero payments app to check out: Receivable.es lets you receive Stripe ACH/eCheck payments on your Xero invoices with no monthly fees. You can also allow credit card payments, but only up to a certain value. Customers can also make partial payments, which is great for receiving deposits. And all the payments and transaction fees sync automatically to Xero.
Accounting Today — "It’s Friday and one of our account managers logs in for work from... Argentina. He participates in a program called Remote Year, and will work from 12 different cities around the globe in just 12 months. While he may be overlooking the Taj Mahal in India, exploring the Grand Pyramid in Egypt, or taking in Big Ben in London, he is conducting business as usual."
CPA Practice Advisor - On the heels of Xero's partnership with Wells Fargo, Intuit announced a direct integration with Chase Bank.
Technology Review - In the past, new technologies have greatly expanded overall employment opportunities. But no particular economic rule dictates that this will always be true.
Insightful Accountant - Here are some hard numbers for you on the efficiency of cloud accounting. Our firm found that the processing time for each bill decreased from 3.67 minutes per bill to 2.33 minutes, or from 1,032 hours a year total based on an average of 1,400 bills a month to 648 hours per year – the equivalent of 9.6 work weeks.