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FloQast and Hubdoc Raise Millions 💰

Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers,
Own Your Close
FloQast and Hubdoc Raise Millions 💰
By Blake Oliver • Issue #47 • View online
Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers, and providers of outsourced accounting services. For more accounting technology updates, tune in to the Cloud Accounting Podcast.

I was pleased to read that two apps in my cloud accounting tool box raised VC money this past week: FloQast ($25 million) and Hubdoc (for $5 million). Investors are betting on the success of cloud accounting, and that’s good news for users!
If you’re a controller or do that sort of work on an outsourced basis, you need to look at FloQast. 
What’s so great about it? In short, FloQast brings order to the chaos of the monthly close. For more, read my article, FloQast & The Mid-Market Cloud Accounting Ecosystem.
If you have trouble collecting documents from clients (who doesn’t?), check out Hubdoc. 
Hubdoc automatically fetches PDFs of bank statements, check images, invoices, and more. Additionally, your clients can securely upload receipts and all sorts of documents by taking pictures on their mobile phones. Then you can choose to sync those documents into Xero or QuickBooks Online as transactions.
But wait, there’s more! 
News broke that K1 Investment Management will spend $125 million to create the largest independent company in expense management software, combining Certify, Nexonia, ExpenseWatch, and Tallie. 
How that will work, I have no idea. I’d love to hear your thoughts.
As usual, here are the top links I clicked on this past week.
Industry News
President Trump Wants to Move Government to the Cloud
President Trump Wants to Move Government to the Cloud
As Jared Kushner’s Office of American Innovation looks to move legacy systems to the cloud, the Trump administration wants to launch a cloud marketplace where companies can sell software-as-a-service applications to the government.
www.thestreet.com  •  Share
Future of the Profession
The next generation of jobs won’t be made up of professions
The next generation of jobs won’t be made up of professions
To prepare for the future, we need to shift from thinking about jobs and careers to thinking about challenges and problems, reports Alina Dizik.
www.bbc.com  •  Share
Sales & Marketing
Without healthy client retention, your firm is doomed to lower profits. Here are 5 reasons why business owners leave, and mistakes to avoid to keep clients engaged.
www.futrli.com  •  Share
Practice Management
Don’t expect your accountant to be sporting a tie or business suit. Workplace attire today is trending casual, even for historically more buttoned-up accounting and finance professions.
www.cpapracticeadvisor.com  •  Share
Automation
Norman Moore, CPA and partner at Horne LLP, on how to position your firm to take advantage of new technology: 
“Think in terms of shifting resources from processing documents to reviewing and analyzing results. Challenge your team to do the kind of thinking computers can’t. Focus on developing future-focused skills that add value and make us distinctive.”
msbusiness.com  •  Share
Remote Work
Wordpress parent Automattic is closing its San Francisco office because its remote workers never show up
Wordpress parent Automattic is closing its San Francisco office because its remote workers never show up
Automattic, the technology company that owns WordPress.com, has a beautiful office in a converted San Francisco warehouse, with soaring ceilings, a library, and a custom-made barn door. If you like the space, you’re free to move in.
qz.com  •  Share
Sales Tax
Here’s a helpful guide from TaxJar on how to register for a sales tax permit in every state. Use this when assisting clients with sales tax filings, or point them to it as a resource.
blog.taxjar.com  •  Share
Payroll
Here’s a quick read from Gusto, the payroll and benefits provider. Consider sending this out to your clients to encourage a conversation about HR compliance. You might help them avoid creating a significant liability.
gusto.com  •  Share
FinTech
Ethereum, a digital currency network that is winning over tech geeks and big companies, may soon surpass Bitcoin, its inspiration. Or it may fizzle.
www.nytimes.com  •  Share
Tips & Tricks
QBOA Team Permissions Breakdown
QBOA Team Permissions Breakdown
If you have staff that you’ve invited to your QuickBooks Online Accountant Dashboard, check out this guide to make sure you’ve assigned them appropriate permissions.
stacyk.net  •  Share
App News
K1 Investment Management spends $125 million to create the largest independent company in expense management software, combining Certify, Nexonia, ExpenseWatch, and Tallie.
ww2.cfo.com  •  Share
FloQast Raises $25 Million
FloQast Raises $25 Million
The new funding brings FloQast’s total capital raised to date to $33 million. With the investment, Harley Miller, vice president of Insight Venture Partners, will join FloQast’s board of directors.
floqast.com  •  Share
The funds will be used to scale growth in North America, Australia and the United Kingdom, and to accelerate innovation in accounting automation. The company plans to invest in talent across product development, machine learning, sales and marketing.
www.businesswire.com  •  Share
App Updates
Today, Avalara offers more than 550 pre-built integrations into business applications, adding more each month.
m.marketwired.com  •  Share
You can now pay your staff according to what area of your business they work in. Deputy is a top-ranked time tracking and employee management app that works with a variety of payroll processors.
www.deputy.com  •  Share
Expensify and FinancialForce expand software integration
Expensify and FinancialForce expand software integration
Expensify has expanded its expense reporting software integration with FinancialForce’s Accounting and Professional Services Automation (PSA) software. The solutions now sync in both directions.
www.accountingtoday.com  •  Share
Now you can import employee hours and wage info to Gusto via a CSV file upload.
support.gusto.com  •  Share
Among the new features are document sync between Bill.com, Expensify and the various ERP (enterprise resource planning) platform Intacct. In practice, this design is meant to reduce clicks and automatically populate documents in all three software platforms without added manual processes.
www.accountingtoday.com  •  Share
QuickBooks Online — June 2017 Features & Improvements
QuickBooks Online — June 2017 Features & Improvements
New in June:
  • Employee self setup in QuickBooks Online Payroll
  • New and improved custom statement tools
  • Customize invoice templates from your iOS mobile device
  • Accept mobile payments and receive free bank transfers in QuickBooks Self-Employed
quickbooks.intuit.com  •  Share
Still in Beta, but about to be released in June, Fetch is a new expense reporting tool for small businesses from the makers of Shoeboxed created for mobile devices. The product has been designed to make expense submission and employee reimbursement quick
www.cpapracticeadvisor.com  •  Share
Wagepoint — Now Integrated With TSheets
Wagepoint — Now Integrated With TSheets
What happens when one of the best time tracking and scheduling apps meets fast, friendly small business payroll? Everyone lives happily ever after.
blog.wagepoint.com  •  Share
This issue was lovingly crafted by Blake Oliver and Phil Gross. Thanks for reading, and have a great week!
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Blake Oliver

A newsletter for accountants, controllers, and providers of outsourced accounting services. Subscribe and stay up-to-date with the latest in accounting technology, new regulations, and management tips. For additional resources for management accountants, visit https://floqast.com/resources/. FloQast (where I work) is close management software built by accountants for accountants to help them close faster and more accurately.

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