CPA Technology Blog Accounting Tech News and Commentary for Trusted Advisors

Intuit has quietly introduced a new product focused at companies with 10+ users called QuickBooks Online Advanced, with top class support, and priced at $150/month. Industry observers I speak with tell me that they expect this product to go upmarket top serve larger businesses over a period of years. A technique for involving accounting professionals and program consultants in QBO Advanced has not been launched yet, as the product is not accessible on wholesale billing for ProAdvisors at the moment 9/2018, and we haven’t heard of a QBES style “Intuit Solution Provider” VAR program for QBO Advanced at the moment. While we don’t have a method of offering a true “apples to apples” assessment of QuickBooks laptop user counts as compared to QBO user counts for a couple of reasons, it’s clear that desktop has a bigger share of revenue. The online atmosphere maintains to grow, and it’s hard to quantify the impact of the hot QuickBooks Enterprise price hikes on that computing device sales.

Sage and Xero continue to be a worthy competitor to QuickBooks in many segments, new products like BQE Core and AccountantsWorld Power CAS proceed to reveal promise. Ultimately, if synthetic intelligence and gadget learning may also partially live up to the hype surrounding them at the moment, the complete game could change – but for now, the computer systems are paying the bills. Many states offer what’s called a “Tax Free Weekend” or a “Sales Tax Holiday” every year. This is a chain of dates when sales tax is not charged in the state on sure types of items, like dresses, computers, and books right before school season, or typhoon preparedness right before storm season. While make sure to visit the website for your state’s department of revenue to learn more about your state’s program, I’ve included a partial list compiled by the Federation of Tax Administrators here which lists, in chronological order, the approaching sales tax holidays for the remainder of 2018. If you’d want to download the spreadsheet I used to create the table above and the maps so that you could try to determine what was required, you can down load it from my ShareFile site.

You may ask, “what does this need to do with accounting generation?”, and the answer is that I used two features in Microsoft Excel to seriously change the data. The first, Get and Transform Data previously known as Power Query was used to import the information from the Federation of Tax Administrators online page and convert it into a useful format. I then did some additional formulas in Excel to filter out the dates which happened earlier in the year. The second, 3D Maps previously known as Power Map was used to create the map appearing the states on a US map so I could have a picture to go along with this post. The point I’m looking to make is that blockchain is an application platform, and the applications – not the platform itself – are what’s going to change how we work, and that they in large part don’t exist external of a few pilot projects as of yet. I feel like much of the current fascination/obsession/cult of blockchain is not much more than misplaced enthusiasm for the get rich quick schemes surrounding the cryptocurrency asset bubble – say 80% of it is that this – there are some crucial parts 20%, but be sure you be cautious.

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While those apps might be useful subsequently, I think you should focus on what will make your cash as an alternative of what is shiny. Let’s take an alternative approach to explaining this believe if you and I were transported back in time to our 1970’s selves sans cigarettes and leisure suits and a person was speaking about how SQL based databases were going to change the area. I would say sure, SQL is a vital era for software developers, it’s a superb era, and the applications did change the realm – but for the top user accountant, auditor, or bookkeeper, SQL in 1975 was a tool which had to be handled once there have been applications which used this platform. From an accounting and auditing angle, IT auditors, inner auditors, and IT experts who worked with CPA firms were the simplest those that did much with SQL until the late 90’s. For the common, non Big Four firm, there are so many other applied sciences which need to be higher than blockchain on the priority list – CRM, social media, automation of bank feeds and transaction recording, OCR and AI applied sciences like those utilized by Receipt Bank and others, data analytics and checking out tools like TeamMate Analytics – the list goes on and on.

On that list, blockchain should be slightly below a Myspace page and just above alpha checking out a self using car on the latest technology priority list for most users and companies. While the tools utilizing this platform are evolving, the apps just aren’t there on a common construction basis at this point. In my opinion, there is a lot more profit to be earned by coping with practical, actionable era that you’re not presently using instead of looking to leapfrog to blockchain unless you’ve got specialized needs and are going to have custom code written, after which, it’s still a crapshoot. I do think that blockchain may be a bigger deal in the governments of most other industrialized nations before it is in the US because of the relatively poor state of US govt side generation and the fragmented nature of regulation in the US compared to the rest of the realm. In Canada, everybody can file all federal and provincial tax filings with the Canadian Revenue Agency online using an analogous algorithm and they take all returns.

Canada also has a standardized system for category of bills which allows economic reports to be filed electronically with the executive GIFI, that’s built into Caseware Working Papers 90% market share in Canada. In the US, we must file with so numerous jurisdictions and regulators, with distinctive taxability rules, and lots of of the states can’t really handle e filing, so there’s not the motivation for a centralized blockchain like one of the ones proposed for recording VAT in Europe See for more information here. As a result, there’s not the same needThe Indian economic system has had a couple of radical reforms after its implementation of a national value added tax GST in 2017. The executive is looking to put off the non taxed cash economic system by 1 taking out large denomination bills, 2 making their edition of ACH bills very affordable but not free, and 3 reducing the supply of paper banknotes in stream. While some think that blockchain may eliminate banks in India by 2030 , my gut says that the political power of banks/economic intermediaries and the state’s compelling attention in controlling money laundering and the money economic climate will current huge limitations to its implementation and common adoption of cryptocurrencies.

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Anything that takes political power clear of those that have it and the related money and handle of establishments can be resisted vigorously – and remember that the money laundering penalties in lots of nations are beyond draconian broadly speaking – so the consequences for being an early adopter are more like “life in prison” and fewer like the fines for driving a cab with out a medallion. The truth of the 25 years I have been in the career is that some really smart people said that computer systems were going to displace all accountants by 2000, then other experts said that outsourcing was going to kill the roles in profession by 2010, and now we’ve people saying that blockchain/AI/equipment learning goes to kill all accounting by 2020. My response to them is that it’s 2018, and we’re all still here – I don’t think anything will kill accounting totally. While it may change the style we work finally, trust how much accounting has modified in my 26 years in the career:Technology isn’t going to eliminate us unless we let it by trying to stay during the past and ignore how it changes our work. I would argue that the tools we’re going to use sooner or later and how we work in the future are going to change in the next 25 years as a minimum as much as they modified for me in the last quarter century. We’ll ought to have new tools which don’t yet exist to audit blockchains comfortably – but those tools becomes available in a better couple of years.

So learn a little bit about blockchain – I’ll be doing a little webinars to clarify one of the most ideas in the future – but don’t let the phobia of missing out FOMO drive you to try to force adopt it before the tools are ready for what you do.