Cloud Accounting Weekly #31
This past week at Accountex USA in Las Vegas, I had the privilege of presenting a session called Six Degrees of Xero, about how the cloud accounting network effect is enabling outsourced bookkeepers to once again occupy an important place at the center of our clients' businesses. Check out the coverage on the Xero blog and let me know your thoughts!
I'm still working on compiling all of my takeaways from the conference. In the meantime, check out AccountingWEB's write-ups of Day 1 and Day 2, as well as a whole slew of video interviews with Doug Sleeter, Geni Whitehouse, Amanda Aguillard, and more.
Future of the Profession
Cloud accounting is radically changing the role of the outsourced bookkeeper. Tech-savvy bookkeepers are becoming what I call "Information Systems Managers." We set up and maintain integrated systems, and oversee the flow of data among a variety of apps for our clients. By embracing technology, accounting professionals can put themselves once again at the center of the accounting cycle and therefore at the center of our clients' businesses.
One area where GAAP fails spectacularly is in tech. Because R&D must generally be expensed, but acquisitions are added to the balance sheet, companies that develop new products internally look to be doing far worse than those that purchase patents and other intangible assets from others.
The new TSheets Kiosk works on any device with an internet connection — allowing you to instantly transform a tablet, smartphone, or computer into a digital time clock.
Deputy, the employee scheduling and time tracking app, now syncs employees and time sheets with payroll provider ADP.
Streak CRM, one of my favorite CRMs integrated into Gmail, now supports Google Contacts as objects in Streak boxes.
Trello lovers who are also fans of Asana - You're in luck! Asana now has a board-style layout option for new task lists.
Now you can sort and filter your jobs in WorkflowMax for iOS.
Sales & Marketing
Some excellent advice from the master of blogging for leads, Neil Patel: "While your blog shouldn’t come across as careless and sloppy, it shouldn’t be formal to the point of complete dullness either."
If you like to nerd out about FinTech and Elon Musk's plans for world domination, you'll enjoy this podcast discussion between Rod Drury, CEO of Xero, and Gary Turner, Managing Director of Xero UK.
"When 86% of customers quit doing business with a company due to a bad customer experience, today’s subscription-model, customer-retention-oriented businesses need to approach every support interaction as an opportunity to acquire, retain or upsell as well."
Maria Sentic, CPA, takes an in-depth look at Xero versus QuickBooks Online two years after her first comprehensive review.
If you use public wifi hotspots, you should invest in a personal VPN to maintain your security online. Like the author, I use Private Internet Access — It's just $40 per year.
Thanks for reading! Looking to catch up on the news? Check out the previous issue, Cloud Accounting Weekly #30.