Cloud Accounting

Cloud Accounting News – Dec 2014

Written by Greg Lam

Here’s our Cloud Accounting News roundup for November/December, 2014.

QuickBooks Online

QuickBooks Online regularly releases updates, which we’ve specifically covered in the following blog posts:

So please visit those links for full coverage.


Xero acquires Monchilla

Xero has acquired Monchilla. The big reason is to integrate Monchilla’s payroll functionality, which has support for all 50 states, into Xero. Currently, Xero only provides payroll functionality for a handful of States. What’s going to happen to existing Monchilla customers? The plan is for them to transitioned to Xero as new States are supported.

Xero minor updates

Xero has a sniper team whose goal is to tackle all the little projects that are easy to quickly tackle.

The November 3, 2014 update includes:

  • New Balance Sheet report
  • Searching for contacts, no matter where (invoice, bill, or when reconciling a bank account) will be easier due to wider search parameters and speedier results
  • New contact account number field that user defined and displayable on invoices
  • The ability to void checks on a specified date (US only)

The November 24, 2014 update includes:

  • New Movements in Equity report
  • Ability to add text to “new reports” (Xero launched a new report format, so this ability is only available with the new reports)
  • Create cash receipts for receive money transactions that can be printed or emailed
  • The ability to hide deleted or voided invoices and bills from search results
  • The ability for the user to view and print remittance advice directly in Xero
  • Ability to give support access to the company when requesting help. I like this as it can cut down on the back and forth needed to authorize access to the company and get support.Xero Support

Xero gets TouchID support for its iOS apps

Xero’s iOS apps get TouchID support. This is Apple iOS 8’s new security feature, that allows a user to login to their smartphone using their thumbprint as their ID.

Xero U is launched

Xero U is launched. Xero U provides education, training, and events curated based on the user, from the business owner, to the CFO, to the Accountant. It doesn’t necessarily provide any new content that didn’t exist before, but it’s now easier to find content that’s tailored to a specific user’s needs.

Xero U

You can check out Xero U here.

Xero releases its 2014 interim report

Xero has released its 2014 interim report, for the six months ended in September 30, 2014. An tidbit that may be interesting is their paying subscriber numbers, which show their growth in various areas around the world.

At 30 September 2014 2013 % change
Australia 158,000 79,000 100%
New Zealand 119,000 86,000 38%
United Kingdom 61,000 30,000 103%
North America 22,000 10,000 120%
Rest of World 11,000 6,000 83%
Total paying customers 371,000 211,000 76%

US Xerocon announced

US Xerocon (i.e. Xero user conference) will be June 2015 in Denver, Colorado. The last time the conference was held in the U.S. was September 2013 San Francisco.

Xero November Payroll update

The November Payroll update includes:

  • Ability to electronically file W-2 forms in the U.S.
  • Employee time off requests are now easier to do

Kashoo gets a redesign of its web app

Kashoo redesigned its web app with new colors and a responsive design.

Kashoo Web App

The functionality under the hood is the same, but now the interface resizes as the browser width expands or contracts.

Wave gets a new tax liabilities page for its Payroll

Wave updates its payroll with a new tax liabilities page.

Wave Tax Liabilities

This is not new functionality, but instead makes it easier to track outstanding payroll tax liabilities.

Zoho Books adds Square Register integration

Zoho Books now integrates with Square. To quote their blog post,

“All sales in your Square Register will be automatically captured and consolidated in Zoho Books on a daily basis. With the advanced banking feature in Zoho Books, users can reconcile these transactions instantly to save even more time. “

While I have yet to fully investigate the integration, it seems very similar to Xero’s integration with Square. The integration includes:

  • Automatic entry of Square Register sales into Zoho Books
  • Tracking for: taxes, tips, discounts, refunds and processing fees
  • Square deposits that are viewable in Zoho Books via a clearing account set up

It’s good to see this level of integration with Square, as all integrations are not created equal (ex: the QuickBooks Online / Square integration)

About the author

Greg Lam

Greg Lam is a passionate small business guy who loves technology and automation. He holds a BBA from Simon Fraser University, Canada. He's a Certified QuickBooks ProAdvisor, Certified Xero Partner, and Kashoo MVP. His business interests are focused on online accounting and how it can be used to streamline and automate a company’s accounting processes. He currently lives in Tokyo, Japan.

Greg operates the Small Biz Doer website, an "Entrepreneur's Guide to Small Biz Bookkeeping." He is the author of Online Accounting Software: Finding the Right Match, published by The Sleeter Group.

Connect with Greg on Twitter, Google Plus, YouTube, LinkedIn, or Facebook.

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