Automation & Time Theft

Cloud Accounting Weekly #25

It was a light week for app updates, but we did get a nice surprise from Xero: Tracking categories are now available in the new reports! One of my favorite parts about this new feature is that you can now combine multiple tracking categories in a single column. If you haven't tried the new report layout engine, it's about time you did.

In broader industry news, the IRS is eliminating over 7,000 jobs due to the demise of paper tax returns. This comes right on the heels of Walmart cutting a similar number of jobs as it consolidates the general accounting function. The writing on the wall is plain to see if you ask me: Routine jobs will continue to be automated. If you want a job in 10 years, you need to do more than push around numbers.

Also, don't miss Megan Lewczyk's post, "Are You Guilty of Time Theft?" on Going Concern. It's a great argument for ditching time sheets. Make sure you read the comments, too.

Industry News

IRS to eliminate more than 7,000 jobs as fewer people file paper tax returns // The Washington Post

"We had people in the hallways crying," said a union rep in Covington, Ky. β€” home to a facility that processes paper returns. The IRS will consolidate submission processing work in Kansas City and Ogden, Utah, it said, saving $266 million by 2029.

BDO USA, LLP Announces Launch of BDODrive // Business Wire

National accounting firm BDO has launched BDODrive, "a new integrated solution for financial management, accounting services and business intelligence." Basically, it's a customized reporting dashboard, client portal, and online workspace, all in one. BDO appears to be making use of Microsoft Dynamics or Power BI for the dashboard piece.

App Updates

Tracking Categories now available in Xero New Reports // Xero Blog

Xero has enabled tracking categories in the new versions of the Profit and Loss, Balance Sheet, Movements in Equity, and Statement of Cashflows reports. Now you can filter any of these reports by one or more tracking categories. You can also add multiple columns with different tracking, and even set up a column to consolidate multiple tracking values.

Upcoming Events

Z2: Meet the New Zenefits

San Francisco β€” October 18, 2016
Zenefits is hosting their first ever user conference called "Z2" in San Francisco on Oct. 18. Admission is free at the Palace Hotel. CEO David Sacks will speak, and Marc Andreessen is his special guest.

Future of the Profession

Where the Accounting Profession is Headed and What to Do About It // AccountingWEB

In this interview, Wayne Schmidt answers questions about the shift in the accounting profession to advisory services, niche offerings, and monthly billing.

Practice Management

Are You Guilty of Time Theft? // Going Concern

Firms preach you should charge all hours you work to the proper charge code. Simple, right? Unfortunately, not all employees do as they are told.

Get a Job

Catching Clouds is looking for a Virtual Accounting Onboarding Specialist // Accountingfly

Catching Clouds β€” one of my favorite Xero cloud accounting firms β€” is hiring a Virtual Accounting Onboarding Specialist who can work remotely from the Denver area.

Sales & Marketing

When you don’t have time for marketing // The Profitable Firm

One of the hardest things for accountants today is coming to grips with the fact that marketing now requires your time. You used to be able to choose. It was a choice of whether you would spend time or money on marketing. You didn’t have to do both. You could, back in the day, choose to just spend money on it. Now you can't.


Spanx: Sara Blakely // How I Built This (NPR)

I thought I knew what it meant to "hustle" until I listened to this interview with Sara Blakely, the billionaire who founded Spanx at age 27. She is unstoppable. Take a listen.

Thanks for reading, and have a great weekend! Looking to catch up on the news? Check out the previous issue β€” Cloud Accounting Weekly #24.