Trash That Timesheet

Cloud Accounting Weekly #23

This past week brought us one of my favorite podcast episodes in a long time: Ed Kless and Ron Baker summarizing everything they despise about timesheets. It's first thing below the fold. Don't miss it!

Also, I was honored to be named a 40 Under 40 in the accounting profession for 2016. Here's my interview with CPA Practice Advisor.

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

Newsletter 25 Sep 2016.jpg


The Soul of Enterprise — Episode #109: Trashing the Timesheet

Like rabid, feral dogs, Ed Kless and Ron Baker rip to shreds every argument in favor of timesheets. They are ruthless. My favorite line: “Time is not value, it’s not a cost; it’s a constraint.” (listen)

App Updates


Expensify — Meet Concierge, Expensify’s Very Own Artificial Intelligence

Expensify is calling the new AI built into its app “Concierge.” Concierge can do a bunch of cool things, such as tell you if you’re getting the best deal on your travel bookings. Now it can also automatically add receipts to expense reports and even submit them for you. And it’s smart enough to only submit receipts it's sure are within company policy. (read)

Xero — Get paid sooner: Improved PayPal integration with fees support now live

Xero’s upgraded integration with PayPal is slick. Payments are recorded instantly, and fees are booked, too. Reconciling is now a breeze. Same goes for Stripe. (read)

Mastering the Ecosystem

Amanda Aguillard — 3 apps for your creative client’s ecosystem

Amanda lays out three of her favorite apps to use with Xero when working with creative-type clients: Shopify, Float, and Harvest. (read)


Hubdoc — Webinar: 5 Ways to Engage Your Clients in Their Finances

Hubdoc is partnering with Fathom for a webinar on Thursday, September 29, at 10am PT / 1pm ET. Learn strategies for moving beyond transactional interactions with clients to an advisory role. (register)

Sales & Marketing

The Profitable Firm — Why tax is the least exciting thing about tax content

“The answer to making this tax content interesting – counter-intuitive as it may seem – is to not talk about tax.” (read)

Insightly CRM — August 2016 Product Updates

A number of improvements to Insightly, one of the most popular CRMs in the market. Two of my favorites: 1) You can automatically import your Mailchimp subscribers into Insightly on a periodic basis, and 2) the Xero integration now supports multi-line invoices. (read)

Future of the Industry

FloQast — The War On Excel

A lot of cloud accounting applications strive to replace Excel entirely. But controllers and CFOs love Excel, so that doesn't always go over well. FloQast is succeeding because they aren't out to change habits too much. Instead, they provide a slick online workflow for tying all those spreadsheets to the GL. (read)

Stratechery — Oracle’s Cloudy Future

Here’s a deep read. Larry Ellison has said that he believes what SaaS customers want is “complete and integrated suites.” Meanwhile, Amazon Web Services (the cloud computing platform) is enabling all sorts of startups to build enterprise-grade applications that are nibbling away at that concept. Who will win? (read)

Practice Management

AccountingWEB — Weeding the Garden: How Bookkeepers Can Let Clients Go

Ingrid Edstrom shares how her firm did a large-scale weeding out of 20% of their clients — twice in one year. The result: Gross income is up by more than 120% while taking on very few new engagements.  (read)

Continuing Education

CPA Practice Advisor — Accountant Wins Case To Deduct MBA Expenses

Tax law is funny. Yes, you can deduct the cost of your MBA, but only if 1) the education is required by your employer or the law to keep your current job, -OR- 2) the education maintains or improves skills needed in your present job. And if your goal is to change careers, don't tell anyone about it, because that disqualifies you. (read)


CFO — Prepping for Same-Day ACH Payments

Tired of waiting 2-3 days for ACH payments to settle? Here’s some good news: On Sept. 23, new rules went into effect enabling same-day ACH credit payments (electronic transfers of funds). And 22 of the top 25 ACH-originating financial institutions expect to be able to originate same-day ACH payments by year end. (read)

Remote Work

Co.Exist — It's Time To Let Go And Let Your Employees Work From Anywhere

“Less time in soul-sucking commutes, more time with family: Workers are happier when they don't have to go to work every day.” (read)


CPA Practice Advisor  — 7 Tips for Interviewing Job Candidates By Video

Here’s a helpful checklist for running remote interviews. If you’re looking for a video conferencing solution, my app of choice these days is Zoom.

Enjoying this newsletter? Kindly click below to share. :)