Cloud Accounting Weekly #2

Here's a roundup of the best links I've clicked on recently.

Software News

  • TaxJarThe Journey to 5,000 Customers β€” Mark Faggiano blogs about how his sales tax app has reached over 5,000 paying customers in under 3 years, making it one of the fastest growing SaaS companies ever. He credits some of TaxJar's success to his decision to run a 100% remote team.

Software Updates

  • AbacusAbacus has streamlined their workflow for approving receipts with "Receipt View." Now you can quickly view a receipt, approve or deny with a single keystroke, then advance automatically to the next. This should speed things up quite a bit if you regularly review a large number of expenses.

The new "Receipt View" screen in Abacus

  • Harvest: You can now track time from the Safari toolbar with the new Harvest extension for Safari.
  • Hubdoc: You can now set specific vendors' documents to automatically get archived rather than having to go to the Review tab first. You can also now set bank and credit card statements to arrive in the Review tab rather than going straight to the Archive.
  • QuickBooks Online: The integration between QBO and Square has been improved to import zero-dollar transactions, which it used to ignore. This is helpful for tracking 100% discount transactions, such as complimentary items. QBO also now integrates with four new apps: Bolt (subcontracting), GotoMyHub (web portal for QBO clients), Shogo (syncs POS apps to QBO), and Keepek (expense reports).
  • XeroSageworks now integrates with Xero. Accountants can automatically import their clients' Xero data into ProfitCents and Valuation Solution.
  • Xero PayrollXero added payroll calculations for Pennsylvania, bringing the total to 22 states supported in the U.S. (Here's the full list.) You'll still need to manually file and pay your payroll taxes directly to the Pennsylvania Department of Revenue for the time being. Ohio and Arizona are next on the list for payroll calcs.

Software Reviews

  • Accountex Report
    • Review β€” is an add-on for QuickBooks Online and Xero that aims to take the pain out of reconciling Stripe and PayPal payments and the corresponding fees. Greg Lam reviews the product and concludes that " is trying to solve a complicated problem with a simple solution, and it's just not enough."
    • Xero Inventory Reports β€” Charlie Russell takes a deep dive into Xero's inventory reports and concludes that the current reports are a good start, but more is needed.
  • CPA Practice Advisor
    • 2016 Review of Xero Practice Manager β€” XPM gets an overall rating of 4.5 out of 5 stars. XPM is free to Xero partners with Silver status or above. 
    • 2016 Review of Intuit Tax Online β€” Intuit Tax Online gets an overall rating of 4.25 out of 5 stars. Positives include per-return pricing based on volume. Negatives include the lack of workflows for tax planning, practice management, or multi-preparer involvement.


Practice Management

  • Bizink PodcastSecrets of Outsourcing β€” Nick Sinclair, CEO of The Outsourced Accountant, shares his insights for how to create a successful offshore team and warns of the pitfalls to avoid.
  • Thriveal PodcastThe Truth of the Lifestyle Firm β€” Jason Blumer and Greg Kyte interview Dan Morris about what his lifestyle firm looks like and how his choices have impacted his quality of life.