Cloud Accounting Weekly #8

Here's a roundup of the best links I clicked on this past week. Do you have an item that would be a great fit for a future update? Click here to suggest a link.

Industry News

Xero announces a partnership with Wells Fargo

Wells Fargo is planning to work with Xero to set up a direct connection between Xero’s accounting software and Wells Fargo’s online banking product. [press release] Gene Marks thinks this is "something huge" and Rod Drury says that this shows how "the financial web is igniting the world's largest economy."

For my take on the new partnership, read my post "Why Xero's Boring Wells Fargo Announcement Is Actually a Big Deal."

The new On Deck + Intuit venture is called "Lancelot QBFOD."

The new On Deck + Intuit venture is called "Lancelot QBFOD."

On Deck and Intuit run joint fund to back loans

CNBC reports that Intuit and On Deck Capital have formed a joint venture called Lancelot QBFOD to provide business loans to Intuit's customers using Intuit's customer data. Last year On Deck and Intuit announced a partnership to launch a $100 million small business lending fund. [read]

Founders sell LessAccounting and return to consulting roots

Co-founders Allan Branch and Steven Bristol have sold their multi-million-dollar SaaS business in order to focus on their web and mobile consulting service and video production/marketing company. [press release]

TSheets announces Account Executive Program

With the new TSheets Account Executive Program, TSheets PROs get their own dedicated rep who they can call or email for help. The rep will also help out with client demos and do personalized training and onboarding. [read]


Xerocon San Francisco is August 15 - 17

Don't miss out on Xerocon 2016, which is in San Francisco this year. If you're looking for a reason to attend, read Amy Vetter's post, "5 things I’m looking forward to at Xerocon this year." I'll be there for sure!

Just for Fun

xkcd: "Time Tracking Software"

For more humor, visit

For more humor, visit


Soul of Enterprise: Doug Sleeter talks blockchain

Ron and Ed interview Doug Sleeter, founder of the Sleeter Group (now Accountex USA) and self-professed blockchain-obsessed entrepreneur. [listen]

Wondering what the big deal about blockchain and Bitcoin is? Not sure what it even is? Check out this overview article from Smith + Crown, "What is a Blockchain?"

Clayton Oates

Pricing Power: Clayton Oates & the promise of technology

Steve Major interviews Clayton Oates, who was recently the first Australian to be included in the Top 25 Thought Leaders In the Accounting Profession by CPA Practice Advisor. [listen]

For Accountants

12 Best Cloud Accounting Blogs of 2016

Here are 12 of the best accounting technology blogs that I’ve come across in my time as a cloud accountant and technology consultant. [read]

Cristina Garza

How Small Accounting Firms Can Stay Relevant

Cristina Garza, owner of Accountingprose, writes in Going Concern about how she works to create an "environment that is ripe with innovation" in order to keep her firm ahead of the competition. [read]

Sholto Macpherson

Five Critical Mistakes in Cloud Accounting Today

Sholto Macpherson of Digital First has put together a free 17-page report on the five most critical (and most common) mistakes accountants make when transitioning to cloud accounting, along with ideas on how to avoid them. [read]

Marketing Resources

Let the Data Speak: Accountants and Bookkeepers Should Focus on What’s Important to their Clients

Intuit Canada conducted a study of hundreds of small businesses across Canada. The results suggest that accountants should talk about how they can improve their prospects' quality of life rather than emphasizing expertise or compliance with the law. [read]

Software Reviews

17hats is an app for freelancers designed to help with many tasks, from booking clients, to managing projects, to controlling finances.

17hats — The Solopreneur App That Does it All?

On Accountex Report, Greg Lam gives 17hats a favorable review, but cautions users not to rely heavily on the bookkeeping aspects of the app. [read]

Software Updates

AccountantsWorld: The company announced a new integration between Accounting Power and Stripe, the popular credit card payment processor. [read]

Deputy: Customers can now import time entries, business sales, and labor cost information from their Square into Deputy. This allows business owners to schedule more accurately based on historical and projected sales data. [read]

Expensify: Now Expensify integrates with Fujitsu's ScanSnap Cloud. ScanSnap customers can now set up their ScanSnap devices to scan receipts into Expensify with the push of a single button. [read]

QuickBooks Online:

  • Charlie Russell details the changes coming to QBO in June. One big switch is that an accountant no longer has to be the master admin on a client account to move the client onto the accountant's wholesale pricing plan. [read
  • Light Reading reports that Intuit is planning on moving 100% of its infrastructure from its own data centers to Amazon Web Services (AWS). Xero is migrating this year to AWS as well, so it appears that both Xero and QBO will be hosted in the same place. [read]

Xero: Now on the bank statements tab you can see a running balance. You can also search bank statements by payee, reference, description/particulars, code, the amount of the transaction, and between any key dates. [read]

Search Xero bank statement lines by payee, reference, description, code, amount, and date 

Now you can see a running balance in the bank statements tab of a bank account in Xero.