The Accounting Podcast

Sponsors

OnPay: https://cloudaccountingpodcast.promo/onpay

Show Notes

• 00:56 – How much pain has the Tax Cuts and Jobs Act caused? | WSJ
• 01:29 – Blake left his heart in San Francisco , with Jirav,  where he's now director of marketing
• 03:17 – Blake's excited to get back to his old stomping ground, helping educate CPAs, and small-biz accountants and bookkeepers
• 04:24 – Veem and Xero team up to offer a kinder, gentler, less-clunky invoicing system | CPA Practice Advisor
• 07:37 – While it's not the perfect AR/AP payment solution, David talks about some of the benefits of using a service like Checkbook.io
• 09:14 – Cruisin' on down the highway - QBO now offers mileage tracking | Insightful Accountant 
• 09:57 – BQE Core is also offering mileage tracking | BQE 
• 11:07 – David’s #1 prediction of 2019 comes true! 
• 11:20 – Intuit and Visa are on the small-biz track, joining forces to offer instant deposits | Business Insider
• 12:16 – We’re not quite sure what we’re selling, but it’s in the TOS! | Intuit QuickBooks 
• 12:25 – Thanks to Nina Casey for sending in this story, and offering her insights!
• 13:56 – Has Rich Preece left the Intuit building? 
• 15:08 – Paro, a high-end accounting temp agency raises $10m in their latest round of funding | Accounting Today
• 17:58 – EasierAccounting.com, yet another new kid on the same ol’ AI-Accounting block? | Yahoo! 
• 20:02 – Short story long, Expensify has launched “the world’s smartest corporate card! | CPA Practice Advisor
• 21:48 – Blake’s take on Expensify’s grassroots-y approach to marketing 
• 25:50 – Brex teams up with Radius Bank to target those well-funded startups | PYMNTS.com
• 28:49 – Bank of America targets small business but misses the mark | Bank Innovation
• 31:02 – Mark your calendars!  September 18th is now Bill.com Day in Houston! | CPA Practice Advisor 
• 31:42 – Robinhood tightens their tights for another shot at banking | Bank Innovation
• 32:54 – Is Intuit overtaking Xero in the UK race? | Scoop Independent News
• 34:41 – Revolut is on the fast track to becoming Europe’s MVP in the fintech space | City A.M.
• 36:34 – The MyPayrollHR fallout continues | Albany Business Review
• 38:38 – Pioneer Bank, Michael Mann’s bank of choice, seems to be at a loss for useful words | Times Union
• 39:53 – New York State Department of Financial Services starts to gather intel in the search for missing payroll regulations | WSJ
• 42:13 – Bigger isn’t always smarter – More on California’s fiscal project fiasco | Government Technology
• 46:45 – The One-Percent crowd pays less taxes than the rest of us | Washington Post
• 47:32 – The rich keep getting richer, and the poor keeping being cheaper to audit | ProPublica
• 50:33 – The kiddos are raking in the allowance, with little to no savings to show for it | AICPA
• 55:42 – It’s time for reviews! Thanks to all our excellent listeners! 
• 57:12 – Should Blake compose and perform the new Cloud Accounting Podcast theme song on his cello? Let us know what you think! 

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. 

Meet Blake and David in person! 

• October 22-25: Sage Intacct Advantage in Las Vegas
• October 29-30: AcuityCon in Atlanta
• November 5-8: QuickBooks Connect in San Jose
• November 5: Practice Ignition PreCon Party in San Jose
• November 6: VIPartners Party with Gusto, Routable & Jirav in San Jose
• December 9-11: Digital CPA Conference in Seattle

Limited edition shirts, stickers, and other necessities.

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

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Sponsors

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Show Notes

• 00:48 – How can being a Bills fan ever be a bad choice? 
• 01:40 – Fraudster Tip: If you're gonna steal the cash, stash it in your backyard!  
• 02:36 – Dawn explains the geometry of fraud | ACFE
•  03:01 – The three steps leading to fraud - pressures, opportunity, and rationalization 
• 04:55 – In the age of payroll automation, why do small-biz owners still insist on paying with paper checks?  
• 05:26 – Time really is money, especially if your employees steal it 
• 06:38 – Hook, line, and sinker, as a small-biz owner, you're fully liable for all tax obligations, regardless of whether you've been defrauded.  
• 07:37 – Dawn says advisors are missing the mark when it comes to using the cloud and accounting apps 
• 09:24 – Accountants and bookkeepers, assessing your clients' financial risk and providing suggestions for better internal controls should be a priority when it comes to adding value 
• 12:48 – Table for two? Especially in smaller businesses, two or more employees make teamwork out of fraud 
• 14:15 – The downside to all this super-efficient tech? It can make it super-easy to commit fraud 
• 15:15 – Never take candy for your passwords!  
• 21:29 – Why finding fraud is fun 
• 23:05 – Forensic accounting - kicking ass and taking names is just part of the job description 
• 25:46 – How to become a certified fraud examiner | ACFE 
• 28:42 – Swearex 2019 

Connect with Dawn

• LinkedIn https://www.linkedin.com/in/dawnbrolin/
• Website https://powerfulaccounting.com/
• Twitter https://twitter.com/dawnbrolin

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. 

Meet Blake and David in person! 

• October 22-25: Sage Intacct Advantage in Las Vegas
• October 29-30: AcuityCon in Atlanta
• November 5-8: QuickBooks Connect in San Jose
• November 5: Practice Ignition PreCon Party in San Jose
• November 6: VIPartners Party with Gusto, Routable & Jirav in San Jose
• December 9-11: Digital CPA Conference in Seattle

Limited edition shirts, stickers, and other necessities.

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

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Spotify: http://cloudacctpod.link/Spotify
• Google Play: http://cloudacctpod.link/GooglePlay
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: http://cloudacctpod.link/Overcast

Sponsors

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

Show Notes

• 01:01 – Jennifer is bringing more than debits and credits to her accounting courses at UT
• 01:50 – Aspiring cloud accountants, get yourselves acquainted with high-quality video-conferencing software, such as Zoom! 
• 02:56 – New new reviews! 
• 04:44 – News from beyond the Cloud Accounting Podcast Studios! 
• 05:09 – Are smart speakers recording your every word? | Consumer Reports 
• 07:15 – Have we sacrificed our privacy for the sake of technological convenience? 
• 11:21 – Caroline’s article relates back to our Sock-puppet discussion
• 11:48 – Does connection equal increased creativity? | Knowledge
• 12:54 – It's the newness of the person, their new information and new perspectives that inspires creativity. 
• 13:36 – A substantial piece of David's work over the past decade is due to meeting new people on social media, however, he has yet to find the best way to balance digital distractions and real-world productivity
• 14:51 – Despite the negative aspects of social, it has opened up a wealth of possibilities for people to share, create, serve, and advance their professions
• 15:54 – David continually boosts his creative powers by accepting every LinkedIn invitation that comes his way! 
• 17:17 – Be smart about building your personal brand, in order to make the best connections possible 
• 17:44 – David highly recommends reading The Cluetrain Manifesto, and the 95 Theses, to learn more about the human connection to marketing, and social media
• 18:30 – Wanna boost your career? Stop lurking, start talking! 
• 20:41 – Miguel's articles focus on job searches and hiring practices, such as background checks, as they pertain to social media: 

                - When your social media presence affects your ability to land a job | PR Newswire 

                - Social-media screening is the new norm for employers | Business News Daily 

                - Social doesn’t tell a candidate’s entire story | Workforce 

                - How useful is social-media screening? | Backgroundchecks.com

• 22:26 – Saving face - If you wouldn't want the entire planet to see it, don't post it on social media, period. 
• 23:51 – We're no longer able to lead separate work and personal lives anymore with the advent of social media.
• 27:33 – Think your private social channel is private forever? Think again, and then think about what you say there! 
• 29:08 – Don't be afraid to talk about the things you do - hobbies, interests, activities - on social media. It gives potential employers a more well-rounded view of who you are and what you can do for them
• 30:01 – Accounting firms are looking for more than just accounting majors to build diversity within their firms | AccountingWEB 
• 31:15 – Not to worry, though, up and coming accountants! As we discussed last week, there are still many accounting-related jobs available that offer top compensation and career opportunities! 
• 32:36 – Are CPAs losing faith in the US economy? | AICPA
• 34:18 – Check out Sean Stein Smith's take on blockchain and accounting in episode 36] 
• 35:05 – Cause for celebration? WeWork's failed IPO is proof that the free market system work |AIER 
• 35:18 – Numbers don't really lie ... WeWork's S-1 filing | CNBC
• 36:35 – Since the trends are heading towards automation, aspiring accountants and bookkeepers should focus on the value-added services they can provide to clients
• 38:37 – Make learning the technology and the tools your side gig, if you want to get ahead of the game! 
• 40:02 – Learn all the tech tools, not just accounting-related ... Calendars, social media automation, website design to build up basic skill levels employers are seeking
• 41:14 – Carpe Diem! It's never been easier to start your own accounting or bookkeeping business, with very little upfront expense! 
• 42:14 – Get the itch for a niche ... There are countless opportunities for specializing in the accounting and bookkeeping realm
• 43:38 – Blake doesn't think regulation will hit the advisory specialty in the near future. 
• 44:32 – When in Texas, don't bother calling yourself an accountant, unless you've got the CPA designation to prove it.  
• 44:43 – In Cali, however, anything goes ... Anyone can call themselves an accountant, no degree required. 
• 46:11 – Traditional accounting will stand the test of time, even though some may venture into more 'futuristic' areas. It's really a matter of personal choice
• 48:09 – No more snooze-fest - Accounting and bookkeeping can be as exciting and fun as you make it 

Connect with Jennifer

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/jennifergjohnson
• Twitter: https://twitter.com/JENJOHNSONCPA

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. 

Subscribe

Sponsors

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

Show Notes

• 01:44 – Another five-star review! 
• 02:52 – Some familiar faces made CPA Practice Advisor's 2019 40 Under 40 list | CPA Practice Advisor
• 04:10 – AICPA held a not-so-time-zone-inclusive webinar on diversity and inclusion | Accounting Today
• 04:59 – David's Home Away from Podcast, AutoEntry,  just got acquired by Sage! | Sage
• 07:18 – Better late than never - Blake finally files is taxes! 
• 10:15 – Fyre Festival - Accounting Version | Financial Post
• 11:17 – Testing, testing … Is this thing on? CPA Canada failed to test its test-taking software before unleashing it on test-takers | Going Concern
• 14:45 – Wanna play with numbers AND carry a gun? | Journal of Accountancy
• 14:56 – AICPA has released new standards for forensic accountants | AICPA 
• 15:21 – Tipalti raises $76 million in a recent D funding round | CPA Practice Advisor
• 15:46 – Fundbox packs a bigger punch now with $176 million in Series-C funding | 
• 17:23 – Speaking of Intuit, QuickBooks Online is now offering mileage tracking, and if adding some other performance-enhancing elements in its September round of updates | QuickBooks
• 19:31 – Not-so-thrifty glitch in TurboTax results in a $216 million tax bill for one probably very unsuspecting thrift-store employee | Forbes
• 21:53 – Out with the V, in with the X ... Microsoft ushers in a newer, shinier function for Excel | Microsoft 
• 24:35 – Wells Fargo and Plaid's new data-sharing agreement gives customers even more data control | Bank Innovation
• 26:00 – BBVA wants to be a lover, not a fighter, using its Open Platform, and further innovation to help fintech startups | Bank Innovation 
• 28:45 – Sharing the love, fintechs are pairing up with smaller banks to overcome the no-charter hurdle | L.A. Times
• 31:54 – It’s a numbers game – accounting-related positions are the best jobs to have in America! | MarketWatch 
• 35:57 -  A position that allows you to learn and move upward leads to the highest amount of job satisfaction
• 37:57 – Tech is top priority … Really, it is! | Deloitte Controllership Digest 
• 40:11 -- Make sure you come back next week for more important survey results, like the third-quarter AICPA Economic Outlook Survey! 
• 40:36 – The moment you've been waiting for! More news and insight on the MyPayroll fiasco! 
• 41:32 – Meet two of the frontline reporters in the MyPayrollHR situation - Chelsea Diana, and Michael Williams
• 47:44 – It's important to note that there is no indication that the employees of MyPayrollHR  knew what was going on. 
• 49:16 – It's still not clear where all that money went, or if parties, like Cachet, who eventually covered the missing payroll, will be reimbursed
• 49:40 – Just how big of a tangled web did Michael Mann weave? 
• 50:22 – At least three banks claim a combined loss of $36 million due to fraud, but did not name Mann, or MyPayrollHR in their disclosures
• 50:58 – This Michael actually laid eyes on that elusive Michael, and can confirm he is human, sort of ... 
• 51:40 – The Big Chill - Mann's check-kiting antics resulted in frozen accounts at both Bank of America, and Pioneer Bank
• 52:55 – Mann, and MyPayrollHR's parent company, Valuewise, had their hands in a variety of business, ranging from staffing to healthcare, and beyond
• 57:22 – Though Mann has admitted to $70 million worth of fraud, it's up in the air what will happen next
• 59:27 – No matter Mann's motive for committing this fraud, the key takeaway for accountants and bookkeepers recommending payroll services to clients is to know exactly who you're dealing with! 

Connect with Our Guests!
Michael Williams

• Website: https://www.timesunion.com/author/michael-williams/
• Twitter: https://twitter.com/michaeldamianw?lang=en

Chelsea Diana

• Website: https://www.bizjournals.com/albany/bio/25841/Chelsea+Diana
• LinkedIn: https://www.linkedin.com/in/chelsea-diana/
• Twitter: https://twitter.com/AlbBizChelsea

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. 

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Spotify: http://cloudacctpod.l...

Sponsor

• Right Networks: https://cloudaccountingpodcast.promo/rncloud

Show Notes

• 00:53 – Meet Dena Oberst, CEO of Gable Tax Group
• 01:45 – Meet Diane Yetter, president of Yetter Tax, and founder of the Sales Tax Institute
• 04:11 – Diane gives a brief overview of the South Dakota v. Wayfair decision  | AICPA 
•  05:26 – According to South Dakota, a business’s physical presence is less important than its economic presence
•  06:50 – You gotta get up pretty early in the morning to go hang with the Supreme Court crowd!
•  08:37 – Most states, except Kansas, have adopted the $200k/200 transaction threshold | TaxJar
•  09:55 – If a company sells through Amazon, or other major marketplace platforms, there's nowhere to hide. 
•  10:45 – To be registered, or not to be registered – that is a huge question right now 
• 14:50 – States are attempting to ease the burden on smaller sellers through Marketplace Facilitation laws | Bill Track 50 
• 17:10 – With the constant changes to the sales tax laws, which can vary state by state, it’s imperative to constantly monitor thresholds, and transaction counts
• 21:47 -- Who has to file? Who doesn't? Who knows? All states have yet to reach a consensus regarding the particulars of the new sales tax laws 
• 25:38 – While it’s a mess right now, Diane believes things will start falling into place in the next five years. 
• 26:21 – Business is definitely booming for sales-tax specialists, and firms, such as Gable Tax Group as CPAs scramble to help their clients meet these new and ever-changing sales tax requirements  
• 28:39 – Diane doesn’t foresee any interference from the federal government, because it would only cost them more money to jump into the fray
• 32:06 – While the states are mostly self-policing the workings of the sales tax laws, there are some states that still want to forge their own seemingly senseless paths 
• 33:46 – Economic nexus applies to all companies, not just sellers of physical goods 
• 34:35 – Accountants and bookkeepers might want to exercise some caution with add-on products and bundling, as it can create additional confusion, and taxation 
• 38:22 – With the shift from a manufacturing to a service economy, states are on a mission to replace lost revenues
• 39:57 – As accounting and bookkeeping practices continue to expand services, education, and understanding of the sales tax laws is critical

Connect with Our Guests

Dena Oberst:

• https://www.linkedin.com/in/dena-oberst/ 
• https://twitter.com/PasadenaDena
• https://twitter.com/gabletaxgroup 

Diane Yetter: 

• https://www.linkedin.com/in/dianeyetter/
• https://twitter.com/YetterTax
• https://twitter.com/SalesTaxInst
• SalesTaxInstitute.com/accountex2019

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.

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Spotify: http://cloudacctpod.link/Spotify
• Google Play: http://cloudacctpod.link/GooglePlay
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: http://cloudacctpod.link/Overcast

Sponsors

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

Show Notes

• 01:46 – Reminiscing with Will  
• 03:03 – Will talks about life after YouTube and living life with Gusto!  
• 04:12 – It's time for reviews!  
• 06:37 – MyPayrollHR 101 - The nutshell version 
• 07:31 – Catch up on our recent coverage in episodes 112 and 114 
• 07:55 – Mum's the word, Mann | Albany Business Review 
• 08:34 – It's always important to be proactive, especially AFTER committing fraud ...  
• 09:03 – The fallout begins ... Two class action suits filed against Cachet | Albany Business Review
• 12:12 – The misgivings of MyPayrollHR may shine a bad light on the accountants and bookkeepers who recommended the company to their own clients 
• 14:05 – Will explains how Gusto protects itself from payroll tampering
• 16:21 – According to Will, a payroll provider's level of transparency dictates the level (if any) of notifications whenever something changes in the system.  
• 19:01 – Is this call for regulation of the payroll industry going to put a damper on innovation? | New York Post  
• 22:01 – The MyPayrollHR debacle has exposed just how risky the ACH system really is  
• 24:02 – WeWork - how something so right is going so wrong | Wall Street Journal  
• 25:04 – A few flaws surfaced when WeWork went under the microscope   
• 28:15 – WeWork's weak Wi-Fi woes | CNET
• 29:14 – Data security at WeWork isn't free. It'll cost you between $95 to $195 a month to keep your internet stuff to yourself!   
• 30:35 – Guy Pearson’s Practice Ignition revs up with a $15 million raise and Stripe scores BIG with a $250 million round | TechCrunch  
• 35:48 – Straight from Will's mouth - The Cloud Accounting Podcast - all the accounting and bookkeeping news you need to know!   
• 38:53 – Stingy with your tips? POS terminals are tracking your tipping habits | NYT 
• 41:46 – According to Toast's 2019 stats, tipping is not practiced by the majority of patrons at cafes, and fast casual restaurants  
• 45:42 – Ride-share customers tip significantly less than their dining counterparts 
• 47:40 – Can your firm's client-retention rate make or break selling the firm? | The Canadian Accountant  
• 49:00 – Jump over to Episode 110 to learn more key factors for successfully selling your accounting or bookkeeping firm 
• 49:35 – How small, rural firms possibly compete in the cloud accounting universe without reliable high-speed internet? | LinkedIn 
• 50:22 – It'll be another decade before the FCC implements the fourth wave of broadband internet to some 36,000 'unserved' homes and businesses across 16 states | Business News Daily 

Connect with Will

• Website: https://gusto.com/blog/author/will-lopez
• Twitter: @Zewillster
• LinkedIn: Will Lopez
• YouTube: https://www.youtube.com/c/advisorfitv

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. 

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Spotify: http://cloudacctpod.link/Spotify
• Google Play: http://cloudacctpod.link/GooglePlay
• Stitcher: http://cloudacctpod.link/Stitcher
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Show Notes

• 01:41 – General Counsel Slavkin describes Cachet Financial Services as a sort of third-party vendor for payroll processing companies.  
• 05:59 – Every ACH provider has their own patented process for payroll 
• 06:45 – How MyPayrollHR’s owner, Michael Mann, did the deed, in technical detail  
• 09:03 – Slavkin claims the  assorted employee banks are to blame for the whole payment reversal fiasco 
• 10:32 – According to Slavkin, banks have 60 days to either accept or reject reversal files 
• 11:29 – Cachet eventually decided to return all funds to the affected employees, using their own funds 
• 12:10 – Though Cachet covered the payroll, some employees have yet to receive their funds back 
• 13:32 – Slavkin notes that employee banks are waiving overdraft and other fees related to this incident 
• 14:18 – NACHA’s statement re payroll-deposit reversals | Personnel Today  
• 14:38 – Slavkin doesn't agree with NACHA's claim about reversing payroll deposits.  
• 16:21 – Lesson learned: ABC - Always Be Cautious ... Before the MyPayrollHR event, Cachet never had controls in place to detect fraudulent activity from the client side. Now, after the fact, they do.  
• 18:56 – According to Slavkin, Pioneer Bank is holding at least some of their money "in trust" ... They just have to find a way to get it. 
• 23:18 – Timeline of the aftermath – from discovery through contacting FBI and more 
• 24:38 – Wall Street Journal reports that Mann is cooperating with the U.S. Attorney and FBI ... | The Wall Street Journal  
• 25:02 – Where in the world is Michael Mann? Either nobody knows, or they're not saying
• 26:30 – Blood and turnips - Slavkin was unable to accomplish much of anything when she contacted the FBI for help 
• 31:50 – Pioneer Bank – another victim? | Times Union  
• 33:30 – Was this a crime of desperation, or a crime of greed? 

Connect with Cachet Financial Services

• The Cachet Crisis Hotline number is 877-579-8557

Connect with Our Guest, Wendy Slavkin, General Counsel for Cachet Financial Services

• http://slavkinlaw.com
• https://twitter.com/slavkinLaw

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. 

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Spotify: http://cloudacctpod.link/Spotify
• Google Play: http://cloudacctpod.link/GooglePlay
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: http://cloudacctpod.link/Overcast

Sponsor

Accounting & Finance Show LA: http://cloudaccountingpodcast.promo/accountingshowla

Episode Notes

•  01:17 – The Cloud Accounting Podcast is gonna smoke Marijuana Daily in the iTunes charts, after this episode!
•  01:44 – A blunt history – how Bruce and Tom got started in the cannabis-accounting realm
•  02:50 – Bruce speaks to some of the challenges cannabis businesses face, when it comes to accounting
•  03:37 – The tables have turned when it comes to the types of clients served in a cannabis accounting firm
•  04:28 – How can accountants use cloud technology to help cannabis clients? 
•  04:46 – Come hail or high water, Tom prefers hosted (cloud) solutions, such as QuickBooks Online and QuickBooks Enterprise  to keep client data safe.  
• 06:00 – One way to store your cannabis currency – PotCoin? | Vox  
•  06:16 – Bruce explains some of the many layers involved with reporting for cannabis clients.  
•  08:26 – Since every move you make, as a cannabis business, needs to be tracked, the most efficient way to do so is with specialized seed-to-sale or track-and-trace software 
• 09:18 – How to get your Metrc on … | SoftwareConnect
•  11:10 – Is there a QuickBooks Cannabis Edition out there?  
•  11:16 – A few of the front runners in the seed-to-sale software space:  Proteus 420, BioTrackTHC, and LeafLogix
•  12:38 – There are separate licensing requirements for each phase of the cannabis industry, from cultivation to distribution 
• 13:19 – Cannabis taxation - harshing your accounting and bookkeeping mellow, from the municipal to the state level. 
•  14:46 – The full operation - seed to sale - has the most tax benefit for local agencies in California. 
•  15:33 – If you want to set up shop in L.A, the city's Department of Cannabis Regulation Pre-app instructions and zoning tool will give you some direction
•  16:02 – One retail roadblock could get in the way - LA DCR only has another 150 retail licenses to offer, all with a preference toward social equity ... 
•  16:27 – Another huge downside in the LA cannabis market is fierce and seemingly unfettered, or at least unlicensed,  competition 
•  17:07 – Is California's black-market cannabis winning the race? 
•  17:32 – California takes a nearly 50-percent cut for assorted cannabis-related taxes, hanging cannabis businesses out to dry
•   19:10 – The CDTFA is more than happy to guide you through all the ways they'll take a hit off your revenues as a cannabis business owner 
•   19:43 – Bruce breaks down the taxation and reporting process - from distribution to retail
•  21:06 – There's zero method to California's cannabis tax reporting madness, and no official guidance, either
•  22:22 – Cannabis users take note! If you're using for medicinal purposes, be sure to bring proof when you visit a retail cannabis store
•   25:23 – Accountants, do your cannabis clients a favor - learn, understand, and offer the tax piece, too! | Cannabis Industry Journal
•  26:14  -- Get some help - with the constant changes in the cannabis industry, with laws, regulations, taxes, and requirements, you need qualified, competent support for your cannabis accounting
•  28:32 – Cannabis accounting and bookkeeping skills are probably not as portable as other types. 
•   30:14 – Who needs Starbucks, when there are pot brownies to be had?

Connect with Our Guests

Bruce Andersen, CPA:

• Websites - https://andersencpa.com/ and https://cannabiscpa.tax/ 
• LinkedIn - https://www.linkedin.com/in/bruce-andersen-8788a59/

Thomas Andersen:

• Twitter - @TheOfficialTomA
• LinkedIn - linkedin.com/in/tomandersencbd

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.

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
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Show Notes

• 03:22 – MyPayrollHR's simplistic sayonara | Krebs on Security
•  05:40 – Some questions, some blame, a whole lotta wrath | SearchHRSoftware
•  07:28 – Governor Cuomo's statement | NYDFS
•  09:06 – Will the real Michael Mann please stand up? | TimesUnion
•  10:32 – a brief primer on how a payroll service processes a payroll
•  12:03 – Bait and switch ... MyPayrollHR redirected employer funds from the holding account to one of their internal accounts
•  16:02 – Really, Cachet? You're the ONLY victim? 
•  17:05 – Apparently, Cachet needs bigger, louder, more neon-y warning signs when things are going awry with clients
•  19:21 – The FBI wants your intel, if you know anything about the MyPayrollHR situation. 
• 20:58 – Breaking up isn’t hard to do when you do it with email, right?  
•  23:17 – Payroll company using fraudulent means to report on fraudulent activities of another payroll company? Probably not the brightest bulb in the lamp ... 
• 25:10 – Earlier this year, Key Bank was at the center of another payroll provider debacle | Albany Business Review
•  29:20 – Stop back next week for the latest intel on the ongoing MyPayrollHR melee! 
•  29:37 – QuickBooks Live test-drives a new pricing tier based on the user's annual expenses | Firm of the Future
•  31:57 – Congratulations to Gusto for having cool workplace digs! | Inc.com 
•  32:46 – More on Clio's astronomical $250 million raise, straight from the CEO's mouth | LawSites 
•  33:19 – Visor, the tax-prep company we talked about in Episode 70, is still incognito 
•  34:21 – Will California set precedent with AB-5 and shake up the gig economy? | CalMatters 
•  37:43 – Has anyone bothered to ask Cali gig workers whether they WANT to become part-time employees vs contractors? 
•  38:37 – David sees this legislation as just another part of the innovation lifecycle running its course
•  40:40 – Madeline Pratt serves up some thought food on the shelf life of influencers | Fearless in Training
•  41:25 – As David promised, an assortment of links from LinkedIn, and a sampling of leaderboard-y goodness? from AccountingWEB: 

                     https://www.linkedin.com/feed/update/urn:li:activity:6577777378490109952
                     https://www.linkedin.com/feed/update/urn:li:activity:6577554625778581504
                     https://www.linkedin.com/feed/update/urn:li:activity:6575309489593954304

•  42:43 – Are influencers operating in an echo chamber? 
•  45:49 – Last, but definitely not least, we got some new reviews in! 
•  46:45 – Hear Blake's best interpretation of a smooth voice ... 
•  47:12 – We did make a list! Thanks to all our listeners, and reviewers for making it happen!   

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. 

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Spotify: http://cloudacctpod.link/Spotify
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Sponsors

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

Show Notes

• 01:21 – Jet lag does cause memory loss ... | ScienceDaily
• 01:39 – Thanks to everyone who made our trip to Boston for Accountex a success! 
• 03:18 – Just a little off the top … Hit up Xerocon Brisbane for a trim
• 04:22 – If you need some insight about pricing, like our listener, Danielbreez, check out the Soul of Enterprise podcast, or read Ron Baker's book on the subject
• 05:32 – Xero’s small-biz ecosystem just got a little bigger | Voxy
• 08:12 – Xero revs up the bank engine, partnering with BP on their Australian fuel card program | CIO
• 09:03 – Clio blows the roof off of VC raises with a $250 MILLION round | The Globe and Mail
• 10:39 – How long before the other industry practice-management SaaS providers get off the bench and follow Clio's lead?
• 11:57 – Clio’s biggest competition is pen and paper? | Clio
• 14:17 – Could this be David's new side hustle - PBFaaS - Psychic Business Forecasting as a Service? 
• 14:51 – Speaking of additional services, Square's got a new one - the Square EIN Assistant | Square
• 16:53 – Wake-up call - SaaS providers are starting to fill gaps where accountants and bookkeepers fall short. 
• 18:11 – Former guest, Sabrina Parsons of LivePlan, tackles yet another challenge - sitting on the board of directors for Oregon Pacific Bank | Insightful Accountant
• 18:44 – Blake and David are significantly less than whelmed with QuickBooks Desktop's new features for 2020
• 20:27 – SmartBooks introduces a new practice-management workflow tool - Blake-approved! | PYMNTS.com
• 22:35 – Ireland-based Surf Accounts catches a wave  (of BS?) into the U.S.  market | Insightful Accountant
• 23:43 – M&A is hot, hot, hot ... according to surveyed tax and accounting professionals | CPA Trendlines
• 24:46 – Is this a buyer's or seller's market? Check out Ep. 110 to hear some expert opinions! 
• 25:28 – Payroll-advance apps, like Earnin, are starting to face regulatory scrutiny | PYMNTS.com
• 26:59 – Breaking News Alert! We've got early details on the mystery of the missing MyPayrollHR  company (and even more to come in the next episode!) 
• 27:49 – “The whole place is going nuts!” Is this the payroll-processing version of Boiler Room? 
• 29:24 – Governor Cuomo's statement re: MyPayrollHR | Albany Business Review
• 32:57 – Before we go, though, check THIS out!  The LG G8X ThinQ Dual Screen phone! | Digital Trends
• 33:22 – Let us know if you've got some intel on the MyPayrollHR 'scandal', and also, whether you prefer one episode at a time, or want us to drop a bunch for your binge-listening enjoyment!

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. 

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Spotify: http://cloudacctpod.link/Spotify
• Google Play: http://cloudacctpod.link/GooglePlay
• Stitcher: http://cloudacctpod.link/Stitcher
• Overcast: http://cloudacctpod.link/Overcast