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Cloud Accounting Podcast

Author: David Leary & Blake Oliver, CPA

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The Cloud Accounting Podcast is the #1 accounting and bookkeeping podcast in the world! Join Blake Oliver and David Leary at the intersection of accounting and technology for a weekly news roundup, plus interviews with industry leaders.
196 Episodes
TikTok Bid Highlights Oracle’s Public Embrace of Trump; Senate, Supreme Court opt out of Trump payroll tax deferral; House Republicans push to reopen Paycheck Protection Program amid coronavirus relief gridlock; E-filing problems plague some Sept. 15 tax returns; Penalty relief may be available to those who miss Sept. 15 deadline due to COVID-19; IRS set to begin rolling out new case management system; US Offices Only At 50 Pct Capacity In August; Almost 60 percent of business closures are now permanent, new Yelp data shows; Square launches payroll feature that could boost its banking business through the Cash App; Xero revamps Early U.S. plans; What’s new in QuickBooks Online: September 2020; TD Rolls Out Online Accounting In Bid For Small Biz Accounts; Chime is now worth $14.5 billion, surging past Robinhood as the most valuable U.S. consumer fintech; Wolters Kluwer buys XCM Solutions; Bookkeeper360 Launches App That Integrates with Xero to Provide Real-Time Business Insights; Survey Says: Fintech On The Rise During COVID; Klarna Valued At $10.65B After $650M Fundraise; QuickBooks Desktop 2021 updates respond to new COVID realities
So. Much. News! Grab a beverage, and/or snacks! Major companies reject Trump’s payroll tax deferral; SaaS Firm CEO Resigns; Layoffs, Probe Follow; DOJ: 57 Charged With Alleged PPP Fraud; Melio Raises $144M to keep Small Businesses in Business by Simplifying their B2B Payments; Sage and Revolut partner to hand back three weeks of admin time to small business owners; The FTC Is Investigating Intuit Over TurboTax Practices; Deel Lands $30M For Workforce Payroll; The majority of workers use automation software at work—here's why; Employers added 1.4M jobs in August, but subtracted 1.6K accounting jobs; Quickie lender Kabbage doled out billions in PPP loans. A number of borrowers raised red flags; SBA Loan Program Contractor and Rocket Loans Face Scrutiny; GPT-3 bot that lets people with no accounting knowledge generate financial statements.
There's a lot to talk about today, including news on how CPA domain applications are now open, and some discussion on the Federal Reserve's new FedNow service. We'll also touch on Arizona being the first state to okay non-lawyer ownership of law firms. In App News, Karbon releases Time & Budgets; a spreadsheet error led to Edinburgh hospital opening delay, and some news of Zoom, and Xero. Then, the piece de resistance - our take on the average annual compensation of equity partners in the top 100 accounting firms, and why big firms are starting to resemble pyramid schemes!
While we wait for AI to take over the world, there's a lot to talk about in the now, like the fact that the IRS guidelines put employers on the hook for Trump's payroll tax break, and how Intuit's revenue is up 13 percent. Beyond that, Xero is entering the lending arena with an $80m Waddle acquisition, and they've appointed a director to help grow the U.S. Hispanic market. Meanwhile, Amazon gets hit with a $19M invoicing scam, along with other interesting app news tidbits. Then, we talk about why CPA firms' hiring of accounting grads down 30%, and possible solutions for all sides, and discuss why the U.S. tax code favors automation. All that and more, now!
We've got a lot to talk about in this episode including how clients disappointed with tax refunds, expect more from accountants, more app news with QuickBooks Online Advanced now supporting fiscal weeks for restaurants; NetSuite adding more remote-friendly accounting features, and Xero and TriNet providing full-service HR solutions to U.S. small businesses. In other news, a reported 57% of parents feel closer to coworkers now, despite working from home. The IRS will start sending out interest payments to millions of taxpayers with 2019 tax refunds. In PPP news, Potbelly returned its first $10M PPP loan after public uproar. All this and much more! Enjoy!
Lots of news to cover in this episode, including how before BigCommerce’s 200% IPO pop, Intuit offered $1.5 billion for the software company, and why AmEx is in advanced talks to buy SoftBank-backed Kabbage. In addition, employers are wary they could be on the hook for payroll taxes due to Trump's executive order, and accountants want clarity, and Trump advisors urge delisting of U.S.-listed Chinese companies that fail to meet audit standards. Meanwhile, New York is suing the NRA for financial fraud, and more.
On today's episode, we're talking about how cloud spending has reached record highs amidst the economic fallout of COVID. We'll cover industry news, such as Intuit's acquisition of TradeGecko for $80M, how Proper raised $4.8 million to become the 'Uber of property accounting,' and why Kabbage is in the market for a buyer, and how Rippling scored $145B in their Series B Round. In other news, Xero is going ‘On Air,' the U.S. is set to investigate Intuit’s Credit Karma takeover, and why scientists renamed human genes to prevent huge Microsoft Excel errors. We'll also talk more about remote work - the hours, the meetings, and the tax implications. All this and more! Grab snacks!
In this episode, we've got more PPP news, including the debate over accounting firms paying back PPP loans, the elusive and nonexistent deal on federal unemployment benefits, and how one Florida Man buys a Lambo with fraudulent PPP money to ease his pandemic burdens. In other news, we've got updates from Xero, FreshBooks, YayPay, Gusto, and big news from Intuit about their latest product, QuickBooks Cash. We'll also talk about Shopify's revenue nearly doubling, Enova's slated acquisition of OnDeck, Monzo's losses in the UK, and much more!
There's a lot to cover in this episode. We'll talk about McConnell’s stimulus waiting game becoming a race against clock, and just what Democrats and Republicans want in the next coronavirus relief package, and what Arizona's tenuous coronavirus plateau could teach us. We'll also focus on the demise of ScaleFactor, from the employees' perspective, talk about all the rescues ruining capitalism, and Modern Monetary Theory, and explore the reasons why the AICPA created a forgiveness tool for the masses. All this and more! Grab a LOT of snacks!
Faulty data collection raises questions about Trump’s claims on PPP program; New York City didn't get its fair share of PPP loans, says comptroller; Accountants predict 2020 will be worst year for economy since World War II; A surprising number of S&P 500 companies pull guidance; Under stress, accountants turn to technology to get through the pandemic; Firms commit to remote work; U.K. orders Big Four to separate audit practices (but not really) by 2024; and Zoom gets into the hardware game with an all-in-one home communications device for $599.
Much of the Paycheck Protection Program loan data is now public — Let the PPP shaming begin! Big banks pledge to donate PPP profits; Trump's tax returns may eventually become public, but not before the election; AICPA urges IRS to waive failure to file and late fee penalties; big jumps seen in tax prep fees; Turbo Tax Sucks Ass (according to Hasan Minhaj); What's new with Xero; Venmo releases business profiles feature; and more!
In today's episode, we're talking about how the IRS refuses to postpone the July 15 deadline, and why the AICPA won't argue the point, despite a survey of members finding that a plurality want another delay. In other news, Wirecard's COO is on the lam while the spotlight falls on auditor Ernst & Young; tax audits fall dramatically as coronavirus cripples the IRS, and millionaires face a near-zero chance of an audit. We'll also get into the Senate's extension of the PPP, and one estimate of PPP fraud exceeds $1 billion. All this, and more! Grab snacks!
We're covering lots of ground in this episode, with news about how ScaleFactor, the "accounting firm with software engineers" that raised $100 million from A-list venture capital firms, is abruptly shutting down, and how Wirecard's future in doubt after revealing missing $2.1B; Wirecard's CEO, Markus Braun, is arrested, and why EY failed to ask Wirecard for bank statements for three years. We'll also examine NASDAQ's suspension of trading of Luckin Coffee after its massive fraud. In other news, GE swaps KPMG for Deloitte, the SBA has exempted lawmakers, and federal officials from ethics rules for the Paycheck Protection Program, PPP recipients can now apply early for forgiveness, and the Treasury sent more than one million coronavirus stimulus payments to dead people. We've got app news, including how Intuit changed its tech development focus, while laying of 715, and much more!
In this episode, we dig into two massive, recent frauds: Luckin Coffee of China, and WireCard of Europe. We're continuing coverage of the Paycheck Protection Program, and talking about how the IRS is bringing employees back to the office (but not Tax Court). In other news, Receipt Bank acquires Xavier, a Toronto accounting firm gets hit by ransomware, and more!
Today, we're talking about how Wave releases small business banking features bundled with their accounting software, but it turns out QuickBooks already quietly launched a similar feature. Then, we'll dive into how some businesses hit by coronavirus are now being hit by holdbacks from their payment processors; and though CPA firms and societies are pledging to change following Black Lives Matter protests, will things actually change? We've got more on the PPP front, with Kudlow and Mnuchin walking back promises of transparency for the Paycheck Protection Program (PPP), how Senate Democrats are pressing for a simplified PPP forgiveness process. In other news, FreshBooks launches its Accounting Professionals Program, and much more!
In this episode, we're talking about how tax policy impacts social policy, how the U.S. PwC chief details "plan" to combat racism — is it just more talk? Also, after 50 years, there's still little progress for Black accountants. What should we make of the jobs report? CPA execs have a bleaker outlook thanks to coronavirus. In other news, Zoom crushes quarterly earnings estimates but Microsoft has taken notice, PPP forgiveness rules are eased by Congress, and which banking groups are calling for PPP forgiveness. We'll also touch on three ways to get the most out of Microsoft Teams, how Xero delays price increases and releases new business and cash flow dashboards, and more!
Uber tries the EBITDAC maneuver with its latest numbers, adding back expenses due to coronavirus; a case study of a firm that grew 15% during the last recession — what accounting firms today can learn from Grassi & Co.; the House passes a bill loosening the restrictions on PPP money for small businesses; despite working more hours, professionals say they prefer to continue working from home after the pandemic is over; Deloitte plans to lay off 5% of staff, and more.
We kick things off with an analysis of Intuit, Xero, and Sage earnings announcements, plus a roundup of new cloud accounting app features, and a new blockchain app from Grant Thornton. Then we return to the PPP with the latest guidance from the SBA. Plus: How Deloitte is (apparently) screwing up the UK effort to make more PPE for its national healthcare system, and what Congress going remote means for the future of working from home.
A reality star has been charged with fraud for using his $2 million PPP loan to buy a Rolls Royce and bling! We're back with more news about the latest PPP guidance, plus the impact of COVID-19 on accounting jobs, some follow-up on MyPayrollHR, and Senator Burr's alleged insider trading scandal.
Could the tax deadline get extended again? The White House is considering it! Also, demand for the Paycheck Protection Program among small businesses has suddenly cooled, in part due to worries about bad PR and potential issues with loan forgiveness. We've got a survey of accountants showing how firms are handling coronavirus. Furthermore, the SBA has halted new applications for EIDL loans and is capping the amount at a fraction of the former max, the IRS is asking people to send back stimulus checks mailed to dead people, and more.
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Jan 8th
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