The Accounting Podcast

Sponsors

• Bill.com: https://cloudaccountingpodcast.promo/bill
• Jirav: https://cloudaccountingpodcast.promo/jirav
• Justworks: http://cloudaccountingpodcast.promo/justworks

Links

COVID Recovery Tracker

COUNTY-BY-COUNTY TRACKER FOR DAY-BY-DAY TRACKING

https://learn.armaninollp.com/covid-recovery-tracker/

Show Notes

• 07:56 – House Passes PPP Loan Forgiveness Bill, Treasury Issues Harsh Forgiveness Regulations—What You Need To Know – Forbes 
• 10:52 – Relief Aid Stalls With Small Businesses Returning Loans Unused – Bloomberg Tax  
• 11:35 – Overwhelming majority of publicly traded firms have not returned small business loans: review – The Hill 
• 12:21 – SEC Is Scrutinizing Public Companies Granted Virus Relief Funds - Bloomberg
• 14:03 – Devos sued over seizure of student tax refunds amid pandemic – Accounting Today 
• 15:27 – COVID Recovery Tracker - COUNTY-BY-COUNTY TRACKER FOR DAY-BY-DAY TRACKING - Armanino
• 17:42 – WA Man Charged With Seeking Fraudulent PPP Loans - PYMNTS.com 
• 18:51 – BoA Experiences Potential Data Breach With PPP - PYMNTS.com 
• 20:37 – Virus Accounting Maneuvers Criticized by European Authorities – Bloomberg Tax
• 21:36 – CFO Signals™: Q2 2020 Reopening for Business, but Near-Normal Operating Levels Not Expected Until Next Year - Deloitte
• 23:01 – How companies are becoming creative with accounting during the COVID-19 pandemic – MarketWatch
• 24:51 – Pathways to Growth: Press ‘Shift’ and prepare to pivot – Accounting Today 
• 28:23 – How we Pre-Billed 100% of our PPP Work and Still Sleep at Night - Medium 
• 30:08 – Layoff Watch ’20: Deloitte Has Begun Performance-Related Separations – Going Concern
• 32:36 – Despite Working More Hours, Professionals Say They Hope WFH Stays Post-Coronavirus– Going Concern
• 34:10 – For Many, Remote Work Is Becoming Permanent in Wake of Coronavirus – WSJ
• 36:49 – Remote Work Could Spark Housing Boom in Suburbs, Smaller Cities - WSJ
• 38:31 – Planet Money : Small America Vs. Big Internet on Apple Podcasts – Planet Money
• 39:41 – The state tax nexus implications of working from home – Accounting Today
• 41:25 – A Surprising Number of Professionals Are Going Pantsless on Video Conference Calls - Going Concern
• 42:51 – Coronavirus Survey Results: 42% of Employees Drinking While Working from Home - Fishbowl
• 44:02 – Apple adds Quicken and QuickBooks format options to export Apple Card data - Appleosophy 
• 45:10 – Set up and Manage Time Off in TSheets – Intuit QuickBooks
• 46:47 – Stackin’ raises $12.6M Series B to help millennials navigate the crowded fintech space - TechCrunch
• 50:18 – AICPA Offers Free Online Accounting Learning Tools for High School Students – CPA Practice Advisor 
• 53:58 – Don’t toss that junk mail in the recycling bin just yet — it might contain your stimulus check in the form of a prepaid debit card - MarketWatch 

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

Sponsors

• Bill.com: https://cloudaccountingpodcast.promo/bill
• OnPay: https://cloudaccountingpodcast.promo/onpay
• BQE Core: http://cloudaccountingpodcast.promo/core

Show Notes

• 03:07 -- Questions Persist After Release of New Small-Business Loan Rules - WSJ
• 04:39 – Our first less-than-five-star review? Thanks for the feedback! 
• 08:30 – Paychex Snapshot: Small Businesses Are Cautiously Optimistic About Recovery – InsightfulAccountant
• 14:45: Xero Warns of Coronavirus Impact Despite Swing to Fiscal Year Profit — Update -  Morningstar 
• 14:48 – Intuit sees slide in revenues in Q3 - Enterprise Times
• 15:54 – Sage : Half Year 2020 Results press release - MarketScreener 
• 17:54 – Xero’s new integration with Relay enables flexible and intuitive banking for U.S. small businesses and their advisors - Xero 
• 19:48 – What's new in QuickBooks Online – May 2020 - Intuit QuickBooks
• 24:13 – Revolut Integrates With Clear Books Software | PYMNTS
• 25:17 – Shopify Announces Major Product Launches and Updates at Virtual Event Reunite, Including Shopify Balance and Shop Pay Installments – Financial Post
• 26:22 – Square's Results Spotlight SMBs' Resilience | PYMNTS
• 27:11 – Stripe raises $600M at $36B valuation in Series G extension, says it has $2B on its balance sheet - TechCrunch
• 28:05 – Kabbage Is Revived By Processing PPP Loans | PYMNTS
• 30:03 – Deel Raises $14M For Remote Worker Payroll | PYMNTS 
• 31:23 – Zenefits sees a shrinking company with no new job openings | Thinknum Media 
• 32:12 – Grant Thornton introduces blockchain platform for managing intercompany transactions – Accounting Today
• 34:17 – As clients struggle, Mazars creates PPP Analysis Tool – Accounting Today  
• 34:29 – Crowe creates PPP loan forgiveness management solution for lenders – Accounting Today 
• 36:33 – 'Useless' Deloitte accused of PPE failings amid COVID-19 deal secrecy– openDemocracy
• 37:42 – Please Don't Call Deloitte If Your House Is On Fire– Going Concern
• 40:24 – SBA Under Spotlight as Frustrations With Small-Business Aid Programs Grow - WSJ
• 42:04 – Senate Adjourns Without Approving Deal to Extend PPP Spending Window - WSJ 
• 44:45 – Mark Cuban: ‘It's time to face the fact that PPP didn't work’ – Fox News 
• 45:16 – DOJ: Texas Man Claimed Employees For PPP Funds - PYMNTS
• 47:06 – Accounting errors led to $60 billion overvaluation of JobKeeper– Business News Australia
• 48:24 – With Move to Remote Voting, House Alters What It Means for Congress to Meet - NYT
• 51:16 – Man sentenced to death in Singapore on Zoom call- Reuters
• 51:58 – Mass Firing on Zoom Is Latest Sign of Weight Watchers Unrest - NYT 
• 52:53 – Accountants Scrap With Banks For Billions In Paycheck Protection Fees - Forbes

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePubl...

Sponsors

• LivePlan: https://cloudaccountingpodcast.promo/liveplan
• OnPay: https://cloudaccountingpodcast.promo/onpay
• BQE Core: http://cloudaccountingpodcast.promo/core

Show Notes

• 06:50 - Pioneer discloses new details of MyPayrollHR owner's alleged fraud – Albany Business Review
• 08:26 - Richard Burr Steps Back From Senate Panel as Phone Is Seized in Stock Sales Inquiry – New York Times
• 12:08 - Reality star charged with spending funds from federal small business program on jewelry, Rolls-Royce – Washington Post
• 17:26 - Marco Rubio discusses making changes to the PPP rules - Twitter
• 19:20 - SBA Releases Paycheck Protection Program Loan Forgiveness Application: A Deep Dive - Forbes
• 21:30 - SBA.gov now providing daily updates, according to Sec. Mnuchin - Twitter 
• 22:34 - A #PPP Horror Story brought to you by Kabbage - Twitter
• 24:05 - More PPP loans seem to be coming through for anxious business owners
• 28:26 - SBA provides safe harbor for PPP loans under $2 million – Journal of Accountancy
• 29:25 - PPP Changes Trip Up Small Businesses – The Wall Street Journal
• 31:28 - More discussion on the SBA Inspector General's report from Episode 174
• 33:18 - Lawsuit seeks data on PPP small business loans as large companies face deadline to return funds – ABC News
• 36:36 - AICPA Offers Loan Forgiveness Calculator for Paycheck Protection Program - AICPA 
  • *CAP Listener, Melissa Wasgatt provided us with a link to the Forgiveness Calculator – Thanks, Melissa!
• 38:37 - House Democrats unveil new $3 trillion coronavirus relief bill – CNBC 
• 41:35 - Goldman: US Unemployment Rate Could Hit 25 Pct - PYMNTS.com
• 42:08 - Covid Kills 67,600 Jobs in Tax and Accounting – CPA Trendlines
• 43:26 - April Retail Rent Collection Drops to 58%: Datex Survey – The Real Deal
• 44:08 - 'Going Concern' Warnings Are a Growing Concern – Yahoo! Finance
• 46:34 - Why Are the Public Markets Strong When Unemployment is Terrible? Answer: The Cloud | SaaStr  
• 48:09 - Digital adoption through COVID-19 and beyond - McKinsey

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

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Transcript

According  to the 2019 LivePlan small business survey: 71 percent of small business owners want forecasting and cash planning services; 61 percent want business planning, strategy, and monthly management reporting; 70 percent prefer virtual advisory services. Stay tuned to hear more from our sponsor, LivePlan, later in the episode.

Blake Oliver: [00:00:23] The best part about this, David, is what he spent the money on. Apparently, he spent $1.5 million on a Rolex Presidential watch, a diamond bracelet, a 5.7...

Sponsors

• SmartBooks Genie: https://cloudaccountingpodcast.promo/genie
• OnPay: https://cloudaccountingpodcast.promo/onpay
• BQE Core: http://cloudaccountingpodcast.promo/core

Show Notes

• 06:03 - White House considers measures to boost economy without Congress - NBC News
• 06:30 - Intuit Accountants (@IntuitAccts) Survey - Twitter
• 07:59 - QuickBooks Town Hall with Senators Rubio and Cardin: Full transcript, video - Intuit QuickBooks
• 08:38 - Demand for Small-Business Loans Cools - Wall Street Journal
• 09:34 - Footwear Company Allbirds To Return PPP Loan - PYMNTS.com
• 10:26 - Two Men Charged In First US Case Of PPP Fraud - PYMNTS.com
• 11:02 - SBA issues PPP guidance on laid-off employees who refuse to be rehired - Journal of Accountancy 
• 11:05 - Accountant BDO looks at virus testing staff every 2 weeks - Financial Times
• 11:29 - New Guidance: SBA Clarifies That Foreign Employees Must Be Counted for PPP - National Law Review
• 11:46 - Deadline To Return PPP Loans Is May 14 - PYMNTS.com
• 11:59 - Last week's discussion about Monty Bennett, the hotelier who checked out some serious PPP cash
• 12:58 - SBA Inspector General Report - Small Business Administration
• 14:12 - AICPA Town Hall Update - CARES Act and Paycheck Protection Program (PPP) May 7 - AICPA TV
• 15:25 - SBA halts nearly all new applications for its disaster loan program and caps loan amounts - The Washington Post
• 19:42 - Fintechs hope PPP performance will lead to expanded role with SBA - American Banker
• 24:44 - The accounting profession and the coronavirus: The crisis in numbers - Accounting Today
• 35:14 - AICPA delays effective dates of ethics rules due to coronavirus - Accounting Today
• 35:51 - AICPA supports bill that would make PPP-funded expenses deductible - Journal of Accountancy 
• 36:58 - COVID-19 roundup: Shopify becomes Canada’s most valuable public company - The Logic 
• 38:07 - Rootworks Now a Part of Right Networks Due to Purchase - AccountingWEB
• 40:56 - Sage announces new updates to small business cloud accounting solution - Digi-Key Electronics
• 41:58 - Transforming Sage Intacct Advantage 2020 - Sage Intacct

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
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Classifieds

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Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  

Transcript

Are you struggling to free up time for client advisory work? Is scope creep hurting your fixed-pricing model? Are your quality-control processes lacking? Is your staff stuck in a never-ending monthly close process? Ever wish you had a genie that could help you out? Stay tuned to hear more from our sponsor, SmartBooks Genie, later in the episode.

Sponsors

• Justworks: https://cloudaccountingpodcast.promo/justworks
• AccountingSuite: https://cloudaccountingpodcast.promo/asuite
• BQE Core: http://cloudaccountingpodcast.promo/core

Show Notes

• 03:34 - Get Down with PPP - YouTube
• 06:24 - Bankers Rebuke S.B.A. as Loan System Crashes in Flood of Applications - NYTimes
• 08:08 - SBA, Treasury ban use of RPA to submit PPP loans - Journal of Accountancy
• 09:03 - Mnuchin sends top deputy to fix small-business loan mess - Politico
• 09:46 - Steven Mnuchin goes after private schools with big endowments - Twitter
• 12:00 - Update: Latest in regulations and government changes prompted by COVID-19 - Armanino
• 12:40 - Mnuchin: All PPP Loan Recipients Will Face Audits - PYMNTS.com
  • Justice Department investigating possible PPP application fraud - CNBC
• 13:56 - IRS: Companies who receive PPP loans will not qualify for tax deductions - The Hill
• 17:32 - Hotelier’s Push for $126 Million in Small-Business Aid Draws Scrutiny - NYTimes
• 21:47 - Gene Marks says blame banks and big businesses:
  • Shake Shack handed back its $10m loan. But that's no reason to applaud | Gene Marks - The Guardian
  • America's big banks should be ashamed of themselves - The Hill
• 25:17 - AICPA makes PPP loan forgiveness recommendations - Journal of Accountancy
• 25:53 - AICPA challenging nondeductibility of PPP-related expenses - Journal of Accountancy
• 28:05 - SMBSNew Data: Separating The PPP Haves, Have Nots and Don’t Wants - PYMNTS.com
• 28:40 - More PPP Discussion from Episode 172
• 29:00 - PPP Is No Panacea, But Is Crucial To SMB Outlook - PYMNTS
• 31:48 - Fed Turns To Banks For Feedback On Main Street Lending Program - PYMNTS.com
• 35:00 - BREAKING NEWS: Windows Update Causing QuickBooks to Crash - Insightful Accountant

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

Subscribe

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Classifieds

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Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  

Transcript

Wouldn't it be great if your small business clients could offer big company benefits to their employees, plus automated payroll, compliance support and HR tools? By using Justworks, you can offer these four essential services to your clients via one simple platform. Stay tuned to hear more from our sponsor, Justworks, later in the episode.

[00:01:13] 

PPP, how can I explain it? 

I hope you will obtain it. 

If you listen, I will show you how to claim it. 

It's a program that they made for a virus called Corona. 

They give you free money 'cause you gotta stay at homa. 

The first P's for Paycheck. 

You may think you know what that is. 

Boss gives you moolah, shekels, lettuce, scratch, or cabbage. 

That part is true, but what if you are self-employed? 

Profit counts as payroll, so your biz don’t get destroyed. 

The other P’s Protection,...

Purchase Controller's Code: The Secret Formula to a Successful Career in Finance on Kindle: https://www.amazon.com/dp/B0872JRBF4/ref=cm_sw_r_tw_dp_U_x_n.pPEbHQAPR1P

Connect With …

Mike Whitmire on Linkedin: https://www.linkedin.com/in/michaelcwhitmire/
FloQast on the web: https://floqast.com/

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Reviews4Good

Right now, when you visit us on Podchaser, and interact, Podchaser is donating 25 cents per review - and 25 cents every time we respond to a review - to the Meals on Wheels America COVID-19 Response Fund. Pay us a visit on Podchaser, and do some good at the same time!  EXTENDED to April 30! For more information, go here: https://www.podchaser.com/articles/community/reviews-for-charity

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Check out our new website - accountingconferences.com

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Transcript

Mike Whitmire: [00:00:02] If I had asked for something already, and I had to go back and ask for it - it was the second or third time - I would generally go the puppy-dog-eyes route and just look worn down and look terrible and just be like, "Hey, I'm really ... I'm exhausted. I was just trying to get the stuff done. Would you mind sending it over so I can go home a little bit earlier tonight?" That pity approach worked every time. It was beautiful. So, if you're an auditor, if someone's not getting you stuff, instead of getting mad about it, and trying to get angry about it, and make them do it, just be pathetic; then they'll help you out.

Blake Oliver: [00:00:40] Welcome to The Cloud Accounting Podcast. I'm Blake Oliver.

David Leary: [00:00:44] And I'm David Leary.

Mike Whitmire: [00:00:45] And I'm Mike Whitmire, co-founder, and CEO of FloQast. 

Blake Oliver: [00:00:47] Mike, thanks so much for joining us. Really excited to have you here. David, I don't know, have you ever met Mike at any these conferences we've been at?

David Leary: [00:00:55] I don't think so. I think maybe when we went to Sage's Intacct, I think the FloQast team was there, but I don't know if he was there, or maybe he was, and you pointed at him from far away.

Mike Whitmire: [00:01:04] Yeah. That conference has gotten wild for FloQast, and for me, as well, so I wouldn't be too shocked if I was just running around.

Blake Oliver: [00:01:11] So, David, Mike is the CEO at FloQast, a developer of close-management software, where I had the privilege of working for a couple of years before my current gig. He started his career as an auditor at Ernst & Young, made it to Senior, and then left to join Cornerstone OnDemand, a year before they IPOed. So, went through that whole IPO process as an in-house accountant and then spent, I think it was, three years there, Mike? Then you went off to start FloQast? Is that right? 

Mike Whitmire: [00:01:43] Yep. Yeah, just about three years.

Blake Oliver: [00:01:46] I wanna learn more about that; talk about that. But first, given everything that's going on, how's it going? How are you doing?

Mike Whitmire: [00:01:54] Doing well. For those of you listening in the future, we are currently quarantined as a result of COVID-19. I think we're, what, six weeks into this quarantine now? Time's kind of blurring together. It's getting tough. But, yeah, it's been really nice, obviously, with all the tools we have available to us now, the transition to the company working from home wasn't the craziest thing in the world.

[00:02:18] I think the bigger one is, obviously, you look across what's going on in the world, and the economic impact is top of mind for me, running the business. Then, also, the impact this is having on people just emotionally, and mentally, you can tell it's kinda starting to catch up to people. In a lot of the conversations I've been having, that's been a pretty top-of-mind item, right now.

[00:02:38] Fortunately, for us, we haven't had to make drastic decisions, like do big layoffs, or anything like that. We were lucky enough to have closed our Series C round of about 40 million bucks just two months before all of this started falling apart, so I feel really fortunate that we're in a position where we don't have to do aggressive layoffs or anything like that, like a lot of other companies are looking at.

Blake Oliver: [00:03:01] How is that going, transitioning to remote? Because I recall, when I was working at FloQast, everybody was in the office together in L.A., which was really nice in a lotta ways.

Mike Whitmire: [00:03:12] Yeah, the founders, and I, we're big proponents of being in the office. I think, just first and foremost, we just enjoy it. We enjoy being around the people, and we do see the benefits of being near each other. But I think because of the type of company we are - we're a SaaS company - we're very open to technology; we have purchased a ton of software over the years, we were almost ready to go to work from home. So, from a tech perspective, there really was no transition. We just flipped the switch, and everyone was able to still do their job.

[00:03:42] I think the bigger one was it was adjusting culturally. It's just very- it's very different. I think the group that I was most c...

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• BQE Core: http://cloudaccountingpodcast.promo/core

Links

• 03:45 - I’ll be right back. How to protect your energy during Zoom meetings - Fast Company
• 06:03 - The Best Wi-Fi Mesh-Networking Kits - The Wirecutter
  • Google Wifi - Google
• 08:06 - Impact of COVID-19: State of Accountants Report - SmartVault
• Survey Shows Impact of COVID-19 on the Accounting Profession - CPA Practice Advisor
• 22:25 - Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid - NYTimes
• 23:55 - Public Companies Receiving SBA PPP Loans Under the CARES Act - FactSquared
• 31:56 - She got a forgivable loan. Her employees hate her for it. - CNBC
• 32:05 - Opinion | Our Restaurants Can’t Reopen Until August - WSJ
• 33:48 - Millions of People Face Stimulus Check Delays for a Strange Reason: They Are Poor - Apple News
• 35:57 - China Rolls Out Pilot Test of Digital Currency - WSJ
• 36:15 - How the pandemic makes the case for a “public Venmo” - MIT Technology Review
• 40:04 - SBA data breach could be worrying sign of things to come - Business Insider
• 41:35 - IRS braces for onslaught of coronavirus stimulus scams - Accounting Today
• 41:58 - Scammers are using fake coronavirus stimulus payment sites to steal your money - CNBC
• 45:32 - COVID-19 Bookkeeping Part 1: How to Properly Record PPP Loans and Spending - AccountingWEB
• 45:58 - Google Sheets PPP tracking templates from listeners:
  • Jacob Schroeder his firm Ascend Consulting: https://twitter.com/JacobBSchroeder/status/1252307888552452098
  • Mathew May of Acuity: https://twitter.com/Acuity_co/status/1253439569149734919
• 49:32 - What's happening to my Expensify bill? - Expensify Community
• 55:24 - Art of Accounting: Deciding who to let go - Accounting Today

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040.

Reviews4Good

Right now, when you visit us on Podchaser, and interact, Podchaser is donating 25 cents per review - and 25 cents every time we respond to a review - to the Meals on Wheels America COVID-19 Response Fund. Pay us a visit on Podchaser, and do some good at the same time!  EXTENDED to April 30! For more information, go here: https://www.podchaser.com/articles/community/reviews-for-charity

Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

Subscribe

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• Spotify: http://cloudacctpod.link/Spotify
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Classifieds

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• Hector Garcia - How to Make Video Tutorials: http://www.hectorgarcia.com/tutorial 
• ClientHub: https://clienthub.app
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Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  

Transcript

Clients are looking for trusted advice and a sense of stability as they navigate the new normal, and by using Bill.com, accounting firms can free up more time for valuable strategic advisory services by helping clients shift their accounts-payable process online. Stay tuned t...

Sponsors

• SmartBooks Genie: https://cloudaccountingpodcast.promo/genie
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• BQE Core: http://cloudaccountingpodcast.promo/core

Show Notes

• 03:09 - SBA Paycheck Protection Program Report https://www.sba.gov/document/report--paycheck-protection-program-report - SBA
• 05:14 - Paycheck Protection Program Stats https://pppstats.info/
  •  COVID Loan Tracker https://www.covidloantracker.com 
• 06:17 - According to the JPMorgan Chase Institute, about half of all small businesses have a cash safety net worth less than 15 days. https://institute.jpmorganchase.com/institute/research/small-business/small-business-cash-liquidity-in-25-metro-areas - JPMorgan Chase
• 07:31 - Marco Rubio on Chase, via Twitter https://twitter.com/marcorubio/status/1250122282703433733 - Twitter
• 15:15 - Full interview with Alan Rosen on The Path Forward https://www.youtube.com/watch?v=f6XLyeX8-Mw&feature=share - YouTube
• 19:26 - Finance app use spies with pandemic https://bankinnovation.net/allposts/biz-lines/retail/finance-app-use-spikes-with-pandemic/ - Bank Innovation
• 20:40 - SBA Paycheck Protection Program Report https://www.sba.gov/document/report--paycheck-protection-program-report - SBA
• 28:16  - Chart Shows which States Received the Most PPP Loans  https://www.cpapracticeadvisor.com/small-business/news/21134380/chart-shows-which-states-received-the-most-ppp-loans - CPA Practice Advisor
• 29:12 - Millionaire White House economic adviser Larry Kudlow says his WIFE is getting a small-business bailout because she is an artist whose $20,000-a-portrait business is struggling https://www.dailymail.co.uk/news/article-8200647/Larry-Kudlow-says-WIFE-getting-small-business-bailout.html - Daily Mail
• 32:17 - The full episode with Sabrina Parsons, and Michael Ly - Navigating the SBA Paycheck Protection Program https://www.cloudaccountingpodcast.com/168
• 36:42 - Get My Payment – IRS stimulus-tracking tool https://www.irs.gov/coronavirus/get-my-payment - IRS.gov 
• 41:29 - More on Accounting Firm Layoffs at Going Concern https://goingconcern.com/category/firm-watch/
• 42:04 - Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy https://www.federalreserve.gov/newsevents/pressreleases/monetary20200409a.htm - Federal Reserve
• 42:27 - Correction from Ep. 169: It was Bird, not Lime! Sorry! "It Felt Like a Black Mirror Episode' The Inside Account of How Bird Laid off 406 People in Two Minutes via a Zoom Webinar" https://dot.la/bird-layoffs-meeting-story-2645612465.html - dot.LA
• 43:01 - 8 Signs You are Going to be Laid off https://www.podbean.com/media/share/dir-tsq43-89a5438?utm_campaign=w_share_ep&utm_medium=dlink&utm_source=w_share - PodBean
• 44:19 Microsoft announces Money in Excel powered by Plaid https://blog.plaid.com/microsoft-announcement/ - Plaid
• 44:35 - Tiller Money https://www.tillerhq.com/how-tiller-works/
• 48:09 What if No one Pays Rent? https://www.npr.org/2020/04/08/830237502/episode-989-what-if-no-one-pays-rent - NPR
• 55:03 David's List of Top 10 Cloud Accounting Podcast Episodes https://www.podchaser.com/lists/top-10-cloud-accounting-podcast-episodes-of-2019-107a4PkuTm - Podchaser 

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040.

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Sponsors

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Links

AICPA statements

• AICPA plan to use payroll processors [press release update]
• Fees on PPP loan prep [press release]

Statements from the administration on PPP processing and/or disbursements:

• VP Pence on 4/7 saying 71B has been disbursed
• Kevin McCarthy on 4/8 on Fox News saying we got 70B out in two days and “this has been a very successful program when you look on every angle”
• Mnuchin said on 3/31 that “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day.”

Research

• According to the JPMorgan Chase Institute, about half of all small businesses have a cash safety net worth less than 15 days: https://institute.jpmorganchase.com/institute/research/small-business/small-business-cash-liquidity-in-25-metro-areas

Connect With our Guests

• Erik Asgeirsson, CEO at CPA.com
• Mark Koziel, EVP of Firm Services at AICPA

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Reviews4Good

Right now, when you visit us on Podchaser, and interact, Podchaser is donating 25 cents per review - and 25 cents every time we respond to a review - to the Meals on Wheels America COVID-19 Response Fund. Pay us a visit on Podchaser, and do some good at the same time!  EXTENDED to April 30! For more information, go here: https://www.podchaser.com/articles/community/reviews-for-charity

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Transcript

Due to the COVID-19 pandemic, it's likely that almost all the banks in your area are closed, blocking you from opening any new accounts for your clients. Wouldn't it be great if you could open a new business bank account, 100-percent online, without having to go to a physical bank branch? Stay tuned to hear more from our sponsor, Relay Financial, later in the episode.

Erik Asgeirsson: [00:00:20] Your poll is absolutely accurate. If, actually, you'd asked me what percentage, I would've guessed below five percent because I think it probably is below five percent, right now. There's very few banks that have started distributing funds. There are some that have ...
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This episode of The Cloud Accounting Podcast is sponsored by ClockShark. Back in October of 2013, I became ClockShark's first Twitter follower. Today, ClockShark has grown into a highly rated and very-much-loved time-tracking app that is now used by over 5,000 small businesses globally. With features like crew tracking, scheduling, overtime notifications, routes, geofencing locations, job costing, budgeting, and reporting, ClockShark has built a robust mobile time-tracking app to handle the unique challenges that face your mobile workforce clients.

Their technology has been helpful as their clients work through the COVID-19 pandemic. Your clients will need accurate records of their expenses, and losses, and technology like ClockShark helps. With ClockShark, your clients can keep accurate records, like paid time off, and other important data to provide the necessary proof for CARES, and FFCRA Acts' benefits. This lets them get straight back to work without too much disruption after the pandemic has passed. ClockShark's standard plan is just $6 a month per employee. Head over to cloudaccountingpodcast.promo/clockshark. That is Cloud Accounting Podcast dot promo forward slash C-L-O-C-K-S-H-A-R-K.
____________________

This episode of The Cloud Accounting Podcast is sponsored by BQE Core. As firms everywhere are positioning themselves to work remotely, BQE Software is committed to supporting you and your employees during this critical time. BQE's Cor...

Get to Know Heather Smith

• Heather Smith
• Cloud Stories Podcast

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040.

Reviews4Good

Right now, when you visit us on Podchaser, and interact, Podchaser is donating 25 cents per review - and 25 cents every time we respond to a review - to the Meals on Wheels America COVID-19 Response Fund. Pay us a visit on Podchaser, and do some good at the same time!  EXTENDED to April 30! For more information, go here: https://www.podchaser.com/articles/community/reviews-for-charity

Need Accounting Conference Info? 

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Transcript

Blake Oliver: [00:00:04] Hey, everybody, Blake, here. Last month, David and I put out a call to all of our listeners to give us a call. We set up a Google Voice number that you could dial and leave a message. One of my favorite people, Heather Smith, heard that and sent us a message. So, the following is an update from Heather Smith on the state of COVID-19, down in Australia. She's based in Brisbane. Heather is the host of the popular podcast, Cloud Stories. So, if you haven't subscribed, definitely check that out. Search 'Cloud Stories, Heather Smith,' and give it a listen! I hope you enjoy this update from Heather Smith. If you want to leave us a message, you can dial us. Call (202) 695-1040 and leave a message. We'll take a listen, and maybe we'll even play it on the air. Now, over to Heather Smith.

Heather Smith: [00:01:05] Hey, Blake, David, and The Cloud Accounting Podcast listeners, it's Heather Smith, here. I'm dialing in from Brisbane, Australia. For us here in Australia, COVID-19 is coming off the back of the unimaginably terrible bushfires. We had over 11,000 bushfires burning 5.4 million hectares of land, killing over a billion animals. As a country, Australians were quite frazzled, recovering from these bushfires, when the coronavirus started emerging.

[00:01:33] Here are some snippets about what's been happening here. There have been measures limiting interaction, which have gradually become more restrictive through the month of March. From midnight tonight, 30th of March, indoor and outdoor meetings are limited to two people, with some exceptions, and on-the-spot fines enforcing them. Plus, many states have closed their borders. Federal Parliament has passed two packages worth over $17 billion in a response to the outbreak of the virus; plus, individual states have been announcing their own packages.

[00:02:06] Some of these stimulus packages are tied into what the business will report to the tax office, so what they will report; not what they have, what they will report. So, they're somewhat open to manipulation. In simple terms, the higher the payroll reported, the higher the stimulus received. While I'm sure anomalies will be investigated, you can imagine businesses are trying to optimize the outcome. There'll be a moratorium on renters being evicted for the next six months. They're also looking at that for commercial renters, too. Unfortunately, lots of staff are being laid off. Qantas laid off 20,000 people. Virgin Australia laid off 8,000 people. 

[00:02:47] Though, as we head into lockdown, it's not all doom and gloom. The buzz word seems to be 'pivot.' Retail shops are closing down, though notably, weirdly, this has not actually been enforced by government. But they are closing down, and they're pivoting towards online sales. Cafes are pivoting to offer takeaway meal packs, and cafe owners have told me- some of them have told me they've never been as busy as they are now. Butchers have told me the last two weeks of sales have been equivalent to a year's worth of sales.

[00:03:28] I also know of crocodile-spotting helicopter tours who have pivoted towards helping farmers muster their cattle. Also, some lovely news - our animal shelters have reported all animals have been fostered with three times the applications to available animals being submitted. That's our RSPCA, our Royal Society of Prevention of Cruelty to Animals. So, that's lovely.

[00:03:58] Accountants and bookkeepers are trying their best to keep on top of news - what is fact? What's speculation? - while supporting clients as best they can, while the framework underneath them keeps shifting. They are exhausted. They are under a great deal of strain. They've been working very hard to try and support their clients. For me, like many modern accountants, I'm quite comfortable working entirely online. I've been proactively engaging in self-isolation since mid-March, entering my third week now. My family, too, are also working from home.

[00:04:35] So, within my community, I know of more people who've committed or attempted to commit suicide in the last fortnight than who actually have coronavirus. I've been running an online community chat group, every afternoon at 4:00 p.m., for our community to come along, and decompress, and share their day. What I'd like to leave with, as well as the stay at home and be safe, please call, FaceTime, Zoom, or connect with everyone - your family, your friends, your neighbors, your business owners - and check that they're okay. Take care and remember to breathe! 

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