Deputy Raises $33M

Cloud Accounting Weekly #36

The big news this week is that Deputy, the popular time and attendance app, has raised $33 million in Series A funding. I switched a client to Deputy from paper time cards last year, and I couldn't be happier with the ease of timesheet approvals and the sync to Xero Payroll.

Speaking of automating manual processes, I was floored when I read that nearly 2/3 of finance executives surveyed by Accounting Today are still manually tracking fixed assets, despite the fact that there are a number of excellent fixed asset management applications available these days. Here's the kicker: Half of the executives surveyed said their fixed asset teams waste 4-5 days per month on maintaining spreadsheets and databases of fixed assets.

Finally, there haven't been many software updates recently, so I couldn't help but notice that Intuit announced they've released recurring credit card and ACH payments inside of QuickBooks Online. This is a fantastic feature that I've been asking for in Xero for a while now. Hopefully this move by Intuit will encourage Xero to prioritize this feature, which is essential to the U.S. small business market, where getting paid is still a big pain (unlike the rest of the world, where electronic payments are relatively easy and common).

Thanks for reading, and as usual, here are the top links I've clicked on recently.

Top News

Deputy founders Ashik Ahmed and Steve Shelley

Deputy founders Ashik Ahmed and Steve Shelley

Sydney startup Deputy nails first attempt at fundraising with $33 million from Boston venture capital firm

StartupSmart — "With an annual turnover north of $10 million and serving more than 28,000 clients, ranging from small businesses to major corporations like Qantas and NASA, Shelley says Deputy’s expansion goals have now outgrown the ability to keep bootstrapping it."

Companies not ready to automate fixed assets accounting

Accounting Today — "...only about a third, or 37.6 percent, of the 100 U.S. finance executives it polled are using dedicated fixed assets systems. Nearly half of them (or 46.8 percent) said their fixed assets teams spend an average of four to five days a month (or nearly a quarter of their time) on spreadsheet and database maintenance for fixed assets."

TradeGecko is the Xero Ecosystem Partner of the Month

Xero Blog — The Xero Ecosystem Partner of the Month is TradeGecko. Check it out if you sell inventory in multiple online platforms.


Intacct Customer Profile: Big Ten

Intacct — As a Northwestern alumnus, I'm pleased to read that Big Ten successfully switched from on-premise accounting to Intacct's cloud ERP solution.

Just for Fun

Razer Project Valerie is a gaming laptop with three screens

CNET — Just tell your employer you need one for the enhanced productivity of multiple screens on the go.

Software Updates

Deputy — Multi-tasking Just Got Easier with Deputy

Deputy Blog — “After viewing a report we then store the current session, and you can easily access it again via the Reports menu. You can see all the reports you have open, clearly listed. While saving you time, this allows you to quickly switch between multiple reports without opening new browser tabs.”

QuickBooks Online — Recurring Credit Card and E-Check Payments

Insightful Accountant — Intuit has enabled recurring credit card and e-check payments in QuickBooks Online.

Practice Management

Letting Employees Wear Jeans Might Help Solve Your Talent Problem

Going Concern — A recent survey by CareerBuilder found that of workers planning to change jobs in 2017, 23% would be more likely to join or stay with a company if it had a jeans every day policy, and a full 40% would be more loyal if there were the option of half-day Fridays.

Sales & Marketing

What Oreos can teach accountants about growing their firms

Accounting Today — “One option for innovation is to consider ways to 'productize' services. Productization involves making an intangible tangible—providing something that helps the client understand a complete offering that is focused on benefits and easier to market.”

Thanks for reading! Looking to catch up on the news? Check out the previous issue, Cloud Accounting Weekly #35.