Cloud Accounting Weekly #21

Monday is the start of Global Bookkeeping Week! The highlight is a virtual coffee meetup on Wednesday, 9/14, via Zoom. To participate, click this link to join at either 10 a.m. or 1 p.m. Pacific on Wednesday. More information can be found on the Global Bookkeeping Week webpage.

As always, here's a roundup of the best links I clicked on this past week:

Top Stories

Accounting Today — The End of Accounting?

Ron Baker reviews The End of Accounting by Professor Baruch Lev and Feng Gu. The authors argue that increasing complexity in GAAP has led to a deterioration of the usefulness and relevance of financial information, to the point that financial reports provide only 5 to 6% of the information relevant to and used by investors. And if investors aren't using the financials, what's the point? (read)

Spotlight Reporting — Spotlight Reporting Secures $5 Million in New Capital Raise

The popular reporting and dashboards company Spotlight Reporting has raised $5 million in a Series A round of fundraising. (read)

Expensify — Expensify Named to First-Ever Forbes 2016 World’s Best 100 Cloud Companies List

Expensify, the expense reporting app, has been named one of the top 100 companies in cloud computing worldwide on the first Forbes Cloud 100 list. For more about Expensify, read my article, Expensify is the Slack of Accounting. Expensify also recently opened up new offices in London and Melbourne. (read)


ICB — Global Bookkeeping Week is 9/12 to 9/16

Bookkeepers from around the world are getting together this week to celebrate the second annual Global Bookkeeping Week. (read)

Sales & Marketing

Groove — How do you make a startup look like a professional business?

Here are some excellent marketing tips for how to overcome the customer objection, “Why should I trust you?” (read)


Thriveal — Making Sense of Marketing with Ian Vacin

The inimitable Jason Blumer and Greg Kyte are joined by Ian Vacin of Karbon (and previously Xero and Intuit), who shares his extensive knowledge of online marketing and search engine optimization. (iTunes) (Stitcher)

The Business Plan Podcast — What We Learned At XeroCon 2016

Here’s a new podcast by CPAs Renee Taylor and Bryan Colvin in Asheville, North Carolina. Have a listen to their takeaways from Xerocon San Francisco. (listen on Soundcloud)


CoinDesk — 'Big Four' Accounting Firm Deloitte is Now Running a Bitcoin ATM

You can now head over to Deloitte’s Toronto offices to exchange your digital currency for Canadian dollars. (read)


[Photo: Flickr user   Billy Millard  ]

[Photo: Flickr user Billy Millard]

Fast Company (via Medium) — This 100-Year-Old To-Do List Hack Still Works Like A Charm

Here’s a quick read about a super simple productivity method utilized by Charles M. Schwab of Bethlehem Steel Corporation. (read)

Practice Management

The Co-Pour — Unlimited Vacation and Other Forms of Guilt-Based Management

Here’s a guy who thinks that offering employees unlimited vacation is a terrible idea, and not because people will take advantage of it — It’s because they won’t. (read)

Tips & Tricks

Digital First — Tips for Bank Rules in Xero

In a joint project with the Australian Bookkeepers Network, Digital First has created a guide of best practices for setting up bank rules in Xero to automate much of your bookkeeping work. (download)

App Updates

  • PayPal (payments) — PayPal, MasterCard reach deal for store payments (Reuters) — MasterCard and PayPal have expanded their partnership to allow customers to use PayPal’s payment services in retail stores.
  • Spotlight (reporting & dashboards) — New Industry Templates — Spotlight’s latest release includes new templates for agriculture and hospitality. Templates are available in the template dropdown menu on the customize layout tab. You can give your input on the next templates to be released here: Vote now
  • TaxJar (sales tax) — September 2016 Updates — Now you can choose to receive a monthly reminder of all your sales tax due dates. Also, the dashboard now prioritizes states by due date. And TaxJar now includes a link for manually filing past due returns.
  • Xero (general ledger) —
    • Xero HQ, Xero’s Strategy to Replace Practice Management Suites (by Digital First) — Check out this preview of the new “Xero HQ” to be released in November. Major features include a unified alerts home page and “Explorer,” which will allow you to view your client base by applications and industries.
    • We’re adding more ways for Xero Partners to earn points and receive benefits — Xero is expanding a new “global points system” tested in Australia to the United States. One big change is that partners will now receive points for Xero Business Edition organizations that they have been invited to access even if they don’t own the billing relationship for that organization. This means that multiple advisors can receive credit for a mutual client.

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