Cloud Accounting Weekly #42

Sometimes executives take action simply to avoid doing nothing. That seems to be the case with IBM, which announced the end of a popular, decades-old remote work program. This, despite evidence that remote workers are more engaged and productive.

On the plus side, Cloud Computing won the Preakness Stakes on Saturday! Another win for cloud accounting, and the cloud in general.

Top Stories

IBM, a Pioneer of Remote Work, Calls Workers Back to the Office

Fox Business — IBM executives, desperate to look like they're doing something to halt 20 straight quarters of falling revenue, are ending their decades-old remote work program for tens of thousands of employees.

Cloud Computing takes Preakness as Derby winner Always Dreaming fades

CNN — Cloud Computing, ridden by Javier Castellano, finished first in the Preakness Stakes on Saturday, denying Kentucky Derby winner Always Dreaming a chance to capture horse racing's Triple Crown.

Xero Hits a Million!

Accountex Report — Greg Lam analyses Xero's impact on the U.S. accounting market and how it stands against QuickBooks Online both in the U.S. and globally.

Future of the Profession

What do SME owners look for in an accountant?

Xero Blog —  Some new research from Xero shows that:

  • 89% believe that added value is "very important" or "important."
  • 85% believe that forecasting is "important" or "very important."
  • 74% of small business owners want the ability to receive non-financial advice from their accountant.
  • 70% say that responsiveness is a deciding factor in deciding which accounting firm to work with.
  • 66% believe that an understanding of accounting software is a crucial skill for their accountant.
  • 64% prefer email for communication with their accountant, while only 16% prefer video calls and 12% prefer instant messaging. 

Where to from here for bookkeepers?

Accountants Daily — Bookkeepers need to be able to diversify and ready their business for change. You’re not just a bookkeeper anymore. You have the ability to become the digital mechanic, the networker, the influencer, the difference maker in the lives of your client’s business. 

6 Essential TED Talks For Accountants and Bookkeepers

Receipt Bank — The accounting industry is changing fast. Learn more and get ready for the future with six expert-led TED talks for accountants and bookkeepers. 

Remote Work

Are remote workers more productive? A data-backed answer.

Hubstaff Blog — Many of the employers we talk to always ask the same question: "Are remote workers more productive?" Hubstaff looked at the available research to find the answer. 

Automation

Accounting Leaders Pressured to Do More with Less

AccountingWEB — Interesting stat in here: 58% of CFOs say that their reconciliation process is manual, yet many are not considering automation because they either lack time or don't see a need to change. And yet many studies show that companies that implement automation can see a 5x improvement in productivity (see below). 🤔

Metric of the Month: Transaction Processing

CFO — According to APQC research, top-performing organizations receive 93% of their customer receipts electronically or automatically, enabling them to use an average of 2 employees each to process A/R per $1B in revenue versus low-performers, who require 10 employees for the same job.

Sales & Marketing

Don’t Underestimate the Power of Face-to-Face Communications

FreshBooks Blog — Online communications are fast, easy, convenient and expected, but are they as effective as face-to-face communications? The Harvard Business Review reported on a study that found that face-to-face requests are 34 times more successful than emails.

Help your clients save on credit card processing fees

Accounting Today — Accounting professionals can help their clients steer clear of common pitfalls companies must navigate, including confusing and costly rates, incorrect merchant account setups, unnecessary elective fees, overpriced equipment and punitive contract terms that lock businesses into expensive, long-term commitments.

Practice Management

7 Best QuickBooks Apps to Help Run Your Business

Here are 7 top QuickBooks Online apps to help you or your clients run their business better, courtesy of Futrli.

Tips & Tricks

Vendor Credits and Refunds in QuickBooks Online

Insightful Accountant — Liz Scott has found that Vendor Credits and Refunds seem to stump QBO users. So, she decided to explain the various workflows to turn confusion into confidence.

App Spotlight

New Xero Add-On ReportAmigo aims to Make Reports More Interesting

Accounting Today — ReportAmigo is designed to solve two problems with traditional reports: distribution and collaboration. Report packages can be automatically sent on a variety of schedules via email and text message.

App Updates

Sage Releases Update to Sage 50c

CPA Practice Advisor — Sage 50c upgrades Sage 50 to a "hybrid" cloud accounting solution with Office 365 integration. The software is still installed on the local machine, but the database is hosted online.

Reviews & Awards

Meet Our "2017 Top 100 ProAdvisors"

Insightful Accountant — The publication has announced their Top 100 ProAdvisors for 2017.

FloQast Earns Two Gold and Two Silver Stevie Awards in 2017 American Business Awards

Business Wire — FloQast, a provider of close management software created by accountants for accountants, announced today that the Company earned two gold and two silver Stevie® Awards in the 2017 American Business Awards. Congrats!

 

This issue of Cloud Accounting Weekly is brought to you by Blake Oliver and Phil Gross. Thanks for reading, and have a great week.

Blake Oliver

Los Angeles, California, United States