Here's your weekly accounting and bookkeeping news roundup (with a tech-focused twist). 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 leave a review on iTunes.
Despite bumper payouts to partners, the UK branch of KPMG announced it will be imposing penalties of £100 on staff who turn in their time sheets late. Meanwhile, the leader of the Labour party is calling the Big Four a “cartel” and is threatening to break them up. Meanwhile in the US, Square has revived its request to start a bank, which would primarily offer loans, deposit accounts, and prepaid cards to small businesses. Blake and David also discuss a couple of apps: 1) Earnin raised $125M to enable same-day payrolls for workers, and 2) Flux raised $7.5 in the UK to bring digital receipts to bank feeds via POS systems. Finally, Blake shares why it’s time to consider a 6-hour workday for knowledge workers.
Brad Smith is stepping down as CEO of Intuit after 11 years, Deutsche Bank is worried about Xero and Intuit stealing Sage Groups core mid-market business, Thomson Reuters has released its own cloud accounting software for small businesses, and how Xero made a big mistake by coming to the U.S. before conquering the rest of the world.