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.
Blake chats with Amy Vetter at the AICPA Controllers Conference about how modern modern accounting departments are refocusing to become proactive service centers as opposed to reactive cost centers; David shares news about Xero from Xerocon London, including Xero’s half year results; Gusto releases simple time tracking; ACH continues to grow; and how AI is helping companies reduce rampant employee fraud on expense reports using automation.
The Government Accountability Office (GAO) has recommended the use of phishing-proof FIDO security keys to prevent tax scams. Also this week: payroll and HR provider Gusto raised a $140 million Series C at a $2 billion valuation; cloud accounting software maker Xero has moved to acquire Hubdoc (a data capture solution); Stampli, an invoice management platform for midsize and enterprise businesses, raised a $6.7 million Series A; and attacks on the open office continue unabated.
The Today Show asks "What is 'The Cloud?'", Intuit sells its data center and plans to move everything to Amazon Web Services, Xero dumps its own U.S. payroll product in favor of a strategic partnership and deep integration with Gusto, and Certify adds Abacus to its portfolio of expense management applications.
On Episode 6 of the podcast, I'm joined by Jeff Phillips of Accountingfly, a site for accountants and finance professionals to apply easily to hundreds of great jobs. We discuss the latest cloud accounting news, including: The four drivers of workaholism, and how it doesn't make for more productive employees; why meetings are toxic; how Gusto hired more women engineers; and how to be part of a team, even when working remotely