Cloud Accounting Weekly #43

On the heels of Xero's announcement that it had reached 1 million subscribers, Intuit announced this past week that it now has over 2 million global customers for QuickBooks Online, with fast growth abroad. It's exciting to see Intuit succeed outside of the United States! Strong global competition is what will drive innovation and development in the cloud accounting marketplace.

For this, and more cloud accounting news, keep on scrolling.

Top Stories

QBO Surpasses 2 Million Global Customer Milestone

Intuit — "Total QBO customers grew 59 percent in the last three months, up from 49 percent growth in the second quarter. Outside the United States, the QBO customer base grew 70 percent year-over-year to 433,000 subs, up from 61 percent growth in the second quarter."

AICPA’s Melancon sees future for AI bots in accounting

Accounting Today — American Institute of CPAs president and CEO Barry Melancon discussed the use of artificial intelligence, bots and other advanced technology, along with the future role of accountants, at the AICPA’s Spring Meeting of Council. Unfortunately, he had trouble getting his Amazon Echo to work properly when demonstrating the technology: 

"Melancon had mixed success in demonstrating how Amazon’s Alexa bot technology could be used by accountants. He tried to demonstrate Alexa’s translation skills, asking Alexa to say, 'Welcome to this meeting in Washington, D.C.,' in Mandarin Chinese. However, Alexa replied, 'Sorry, I’m having trouble accessing your translating skill now.' Alexa was successful in giving a description of the new Association of International Certified Professional Accountants, but was unable to say what the role of the AICPA’s new RIVIO financial information clearinghouse is."

Cloud-based accounting firms add five times more clients

Xero Blog — This is getting to be self-evident to those of us who are actually using cloud accounting tools: Xero's survey found that "71 percent of cloud-centric firms were anticipating growth of at least 10 percent over the next year and 47 percent were expecting more than 20 percent growth during that time. This is in comparison to just 38 percent of traditional firms who are expecting revenue growth of 10 percent."

Events

QuickBooks Advanced Certification Tour

Intuit is headed to 6 cities (Seattle, San Diego, Houston, Washington, Dallas, and Long Beach) in June and July to put on training sessions to help you prepare for the QuickBooks Online Advanced Certification exam. Register now for free!

Sales & Marketing

Measuring your firm’s client satisfaction using NPS

Karbon Blog — Knowing the satisfaction of your clients is pivotal if you have ambitions to grow. Here's how to get started.

6 Strategies for Growing Your Online Business’s Online Presence

Business Opportunities — There are a number of ways that you can build your brand’s presence online, but it’s important to know what your strengths are and run with them. If you love to write and don’t have that much money, then blogging will be a more viable option for you than buying advertisements. If you’re a social media god, then running an engaging social media account might be more worthwhile than offering promotions. Take some time with the marketing strategies in this list and see if you can pick out the ones that suit you best.

Practice Management

How to Build a Growth Roadmap for Your Accounting Firm

Hubdoc Blog — A growth roadmap is your step-by-step plan for getting your accounting firm from point A (where you are now) to point B (the firm that you have dreamed of owning). 

Podcasts

When India's Cash Disappeared, Part One

Planet Money — Here's a fascinating podcast episode about what happened when India's prime minister, Narendra Modi, made most of the country's currency worthless in an effort to move India to paperless payments.

Automation

Mark Zuckerberg tells Harvard grads that automation will take jobs, and it's up to millennials to create more

Chicago Tribune — 'Noting that society will likely see "tens of millions of jobs replaced by automation like self-driving cars and trucks" in the coming years, Zuckerberg called for young people to work on large public works projects to make new jobs.'

Remote Work

Reaching Clarity On Remote Work Policies

CPA Practice Advisor — "If your firm doesn’t have official policies for remote work, now is the time to work on getting one in place. Here are a couple areas to consider."

App News

Xero Selects Expensify for Internal Receipt and Expense Management

Business Wire — A big win for Expensify this month is that Xero is rolling out Expensify internally to teams worldwide for doing their own expense reports. Should be good news for the integration between the two apps.

Accounting software start-up Practice Ignition raises $5m from Right Click and Microequities

Australian Financial Review — Accounting practice management software provider Practice Ignition has raised $5 million from Right Click, Black Sheep and Microequities.

PandaDoc scores $15 million investment to drive expansion

Tech Crunch — PandaDoc, a 6 year old startup, has always had a simple goal of eliminating the pdf from the sales collateral pipeline, while helping busy salespeople.

App Updates

Harvest — Introducing Fixed Fee Projects

Harvest (time tracking and invoicing) has introduced support for fixed fee projects. Now the Uninvoiced Amount for all your fixed fee projects will be accurate.

Jetpack Workflow — One Way Gmail integration

Now in Jetpack Workflow's practice management app, you can send all messages through your Gmail or G Suite account while still in Jetpack.

QuickBooks — Practice Management for Accountants

Intuit has added free practice management tools to QuickBooks Online Accountant, allowing firms to communicate and collaborate with clients, share documents, and stay on track, all at no additional cost. Unfortunately, it doesn't yet support recurring tasks, and you can't use the Client Requests feature with clients who aren't on QBO. But a good start!

QuickBooks — Intuit Announces QuickBooks Online Integration with G Suite

Now you can create invoices directly from events in Google Calendar or from Gmail without having to switch back and forth between QuickBooks Online and Google. You can also track the status of invoices from within Gmail. A future integration with Google Hangouts is planned.   

 

This newsletter is brought to you by curator Blake Oliver and contributor Phil Gross. Thanks for reading, and have a great week!

Blake Oliver

Los Angeles, California, United States