We introduce the Cloud Accounting Crew, the self-styled thought leaders of the Intuit QuickBooks and Xero Accounting SaaS accounting space. We intend to review the history and current activities of the Crew and their impact, or what they want you to think is their influence on the “Firm of the Future”, the intersection of accounting practice and technology. In fairness, each of these individuals has made a real genuine contribution to the advancement of the use of technology by the “average Joe” bookkeepers, generic accountants and those CPA’s who are conservative in their operations and rather risk averse in the SMB space to the exclusion of the Enterprise and Middle Tier. They don’t represent “cutting edge” of professional accounting practice, not the cutting edge of available technology. Them lead space for technology innovation in business is clearly the Enterprise B2B Digital Marketing & Social Media Space.
They are not engaged with the cutting edge of regulation and compliance for Professional Accountants and businesses including provisions that apply to regulated industries such as Healthcare, Financial Services [both Portfolio and Alternative Investments], Insurance, Banking and Professional Services by rules such as:
- SEC Rule 17(a)(4)
Our efforts are going to focus on:
- Highlighting some of the practices that members of the Cloud Accounting Crew engage which are in apposition to but not alignment with the constituencies they claim to represent.
- The current risks to the status of the CPA designation in business.
- Our view of of the “firm of the future” which is going to highlight aggressive adoption and deployment of technology.
We acknowledge that our frame of reference may be skewed at points to the somewhat narrow segment of the market where we practice. Each individual and firm has a responsibility both to itself, its clients and the public to be aware of the applicable professional standards and required compliance for the jurisdictions where they practice.