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Gusto becomes a 🦄🦄 and Xero acquires Hubdoc

Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers,
Own Your Close
Gusto becomes a 🦄🦄 and Xero acquires Hubdoc
By Blake Oliver • Issue #94 • 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.

Good afternoon!
This past week, there was a rash of fundraising and acquisition activity in the cloud accounting ecosystem.
Gusto raised $140 million in a Series C that valued the payroll and HR disruptor at about $2 billion, twice its valuation from three years ago. That makes Gusto a rare “double unicorn” 🦄🦄 in the SaaS world. (A unicorn is a startup valued at $1 billion or more.) In fact, I only found 18 unicorns in the Business Software category on Fortune’s Unicorn List.
Gusto says it plans to use the money to create more flexible options for payroll, such as allowing employees to pick when they get paid without creating any more work for the employer. Gusto also claims it is now serving 1% of all employers in the U.S.
Watch out, ADP and Paychex!
In acquisitions news, Xero bought Hubdoc, a popular data capture app for small business. Xero says it plans to deeply integrate Hubdoc’s document processing technology into the app. That could help Xero’s uphill battle against Intuit in the United States. Both Xero and Hubdoc are reassuring customers on QuickBooks that Hubdoc will remain open to users on any accounting software.
David Leary and I chat about both of these news stories and more on the latest episode of the Cloud Accounting Podcast. Take a listen!
Also, check out this story in the Wall Street Journal about how despite the current oil boom, employment for blue-collar workers has fallen by 21% since 2014. That’s because the industry is leveraging automation and artificial intelligence to reduce its reliance on manual labor. Sound familiar?
Finally, did you know that there’s now an accounting solution for your cryptocurrency and other digital assets? Check out this demo video of Balanc3. The app provides a dashboard of all your holdings, automatically calculates realized and unrealized gains and losses, and allows you to code transactions for import into Quickbooks, Xero, and Sage Intaact.
For this and more of the best links I clicked on recently, keep on scrolling.
On the Podcast
Gusto raises $140M, Xero acquires Hubdoc, why the IRS should allow taxpayers to use U2F keys, and the open office under attack
Software News
Automation
Oil’s New Technology Spells End of Boom for Roughnecks
Cloud Computing
Microsoft Narrows Gap with Amazon in Cloud
Reviews
Does Workplace by Facebook Live Up to the Hype for Accountants?
Cryptocurrency
Balanc3 LIVE DEMO - A ConsenSys Formation - YouTube
Balanc3 LIVE DEMO - A ConsenSys Formation - YouTube
Big Four
Ernst & Young acquires CAAT cryptocurrency tech
Blockchain
5 Ways Blockchain Will Revolutionize Supplier Management
Events
Data Portability
Facebook, Google and more unite to let you transfer data between apps
Sales & Marketing
Accounting Today Podcast: The power of video
Modern Office
Library Rules: How to make an open office plan work
From the FloQast Blog
Thanks for reading, and have a great week!
Did you enjoy this issue?
Blake Oliver

"Cloud Accounting Weekly" is now "Own Your Close," a newsletter for industry accountants, controllers, and providers of outsourced accounting services! Subscribe and stay up-to-date with the latest in 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.

For accounting technology news and podcast episodes, check out my personal website at http://www.blakeoliver.com.

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