We dig into the latest Intuit and Xero earnings reports to figure out who is winning the battle to conquer the world of small business cloud accounting. Also, one controller used the IRS to steal $2.8M, TurboTax uses a “military discount” to trick troops into filing their taxes, Senator Warren is on the attack against Intuit, QuickBooks Live plans to scale rapidly to 500 ProAdvisors, Baltimore is held hostage by ransomware, and why blockchain is all talk in accounting (at this point, anyway).
This week, ProPublica got its hands on an internal video from Intuit CEO Sasan Goodarzi to his 9,000 employees defending the company's actions before and after the Free File fiasco. Meanwhile, Wolters Kluwer negotiated on behalf of its customers with the IRS for a 7-day extension to file tax returns due to the CCH outage. Also, Intuit is increasing its QuickBooks Live workforce in anticipation of a June launch date, and Xero hired a new President to lead their Americas operation. All this and more on this episode of the Cloud Accounting Podcast!
We go in-depth on ProPublica's IRS Free File investigation that has implicated H&R Block and Intuit in misleading schemes to push taxpayers who could have gotten their taxes done for free into paid offerings. Also, follow-up on QuickBooks with Live Bookkeeping (which goes live in June), Divvy's gigantic $200 million fundraising round, OnDeck's concerns about small business credit worthiness, NetSuite's new analytics tool, why accidents like the Notre-Dame fire happen, and more
David found some more Visor reviews (they aren’t so great); how personalized service is one way traditional accounting firms can compete against these new “accounting startups;” we mourn the passing ofHenry Bloch, the “H” in H&R Block; Blake recalls his article about why there won’t be an Uber for Bookkeeping, given the upcoming QuickBooks Live offering; more on QuickBooks Advanced rate limits; now you can get next-day funding with QuickBooks Payments; TurboTax reports revenue numbers; the top 10 cities for accountants, and three ways to charge $25k to your clients
Intuit is hiring in West Virginia; a new study says the top benefit employees want is unlimited paid time off, but not many CPA firms offer it; what accountants and bookkeepers can learn from taxi companies; NetSuite announces Brainyard, a free benchmarking and research service; how California spent $1B on an accounting system that still doesn't work right; and more
Can you believe it? A question about QuickBooks Live made it into the latest Intuit earnings call! In other Intuit news, the company recently caught and stopped a hack. Find out how you can protect yourself from similar attacks. Also, we take a look at ProAdvisor feedback from the Joe Woodard online town halls. In non-Intuit news, Jamie Dimon is jealous of Square’s innovations, Abacus adds travel booking to its expense management app, and a new study suggests switching jobs is the easiest way to make more money.
Intuit’s Small Business Online Ecosystem Revenue increases 42 percent in its latest quarterly results; takeaways from QuickBooks Connect from Matt Paff and Sholto Macpherson; a new survey shows that 38 percent of employees resent when IT dictates the tech they use at work; crazy stats from the 2018 High Growth Study of professional services firms by Hinge Marketing; why blockchain won’t put accountants out of work anytime soon; and multi-factor authentication headaches