Another AI startup aims to eliminate accountants

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This episode of the Cloud Accounting Podcast is sponsored by Xero. As an accountant, when you join Xero, you’ll gain access to a full range of practice management tools so you can manage your practice and your clients from almost anywhere. To learn more about building a better practice with Xero, visit cloudaccountingpodcast.com/joinxero

Show Notes

Lorilyn Wilson, CPA [ Twitter ]

Lorilyn Wilson, CPA [Twitter]

(00:34) Welcome to the Cloud Accounting Podcast, and our guest, Lorilyn Wilson, CPA!

(2:29) We got another review! Click here to leave a review on iTunes.

(3:25) Canopy releases professional tax prep software | Accounting Today — Practice management software developer Canopy announced general availability Tuesday of Tax Prep, its professional tax preparation software.

(8:10) Poll: What Percentage of your Firm’s Revenue Comes From Advisory Services? | Tax Pro Center | Intuit ProConnect

(10:37) @TheBig4Accountant: "I still have no idea what advisory does" | Twitter 😂

(13:54) Lawmakers expected to offer new version of IRS bill without 'Free File' provision | TheHill — The Free File program was stripped from the legislation moving through Congress, putting the future of the Free File program in doubt.

(14:52) Changes coming to tax transcript availability | Journal of Accountancy — The IRS said Tuesday that on June 28 it will stop faxing tax transcripts to taxpayers, tax professionals, and third parties to protect against identity theft.

(16:09) The Worst-Kept Secret About QuickBooks Online | Forbes — David says that Gene Marks nailed the key point about cloud accounting price increases way back in 2015.

(19:47) Hey CPA Exam Candidates, Y'all Ready For Continuous Testing? It's Coming | Going Concern — According to the revised rule, when system changes have eliminated the need for test window limitations “a Candidate can retake a Test Section once their grade for any previous attempt of the same Test Section has been released.”

(22:20) Georges raises $11.2 million for its accounting automation tool | TechCrunch — On the latest app that has raised VC money to automate accountants out of a job: “It’s not perfect so you still have to manually categorize some transactions. But it’s still much faster than entering each transaction in an accounting application. Once everything is tagged properly, Georges generates paperwork and sends it to tax authorities.”

(25:41) Here’s what creatives think of the new Mac Pro | The Verge — What do you think of the “Cheese Grater”?

(27:03) Updates to the App Store Review Guidelines | Apple Developer — Apple buried a new requirement that all apps on the app store use a “sign in with Apple ID” option in the future. Does this mean we’ll see an Apple ID sign in option in the QuickBooks and Xero iOS apps?

(29:32) In a rare advisory, NSA urges users to patch BlueKeep flaw | TechCrunch — If you’re running Windows 7 or earlier, patch your computers ASAP!

(31:50) ATAX Franchise and Loyalty Brands Join Forces to Expand Nationwide and to Serve the $2.13 Trillion US Latino Market | PR News Wire — There’s a reason ATAX is growing so quickly: “In the last decade, U.S. Latinos launched 86% of all new businesses in the U.S.”

(34:06) @LorilynWilson: “Bookkeeping Firms: Do you allow your client to dictate the accounting software?” | Twitter — According to a totally non-scientific poll on Twitter, the majority of respondents don’t allow their clients to dictate what accounting software to use.

(37:28) Thanks for joining us, Lorilyn! Follow Lorilyn Wilson on Twitter.

Thanks for listening! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, do us a favor and write a review on iTunes. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

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