No One Should Be Surprised to Learn FTX Used QuickBooks
Before the House Committee on Financial Services on Tuesday, recently-appointed FTX CEO John J. Ray III gave testimony to back up comments he made to the New York Times last month about FTX being a “complete failure” the likes of which he hadn’t seen in two decades. Back in the day, Ray was chairman of […]
Oprah Offers Vaguely Inspiring Words to Intuit’s Devout Followers
Last week, Oprah gave the keynote address at this year’s QuickBooks Connect Conference probably because Intuit understands that people need to heal spiritually after using QuickBooks Online. Don’t get me wrong. I love Oprah. I’m a total sucker for quasi-spiritual bullshit. And apparently Intuit is, too. But Oprah speaking to a group of accounting software […]
Snapchat Still Runs QuickBooks
Leaked financial statements are fun. This morning Sam Biddle at Gawker published Snapchat's internal balance sheet and 11-month income statement from last year. It's nothing to get too worked up about; the company lost a lot of money last year, which is to be expected, and they have a lot of cash on hand. Again, […]
Accounting News Roundup: GOP Targeting IRS Funding to Stall Healthcare; Grant Thornton, BDO Merge in South Africa; What Your Recruiter Isn’t Telling You | 10.26.10
IRS Funding A Target In Health-Care Implementation Battle [Dow Jones]
Funding for the Internal Revenue Service could become a battleground in the next Congress as Republicans seek to halt implementation of the new health-care law.
GOP candidates are running on a pledge to repeal that law. But some repeal advocates say a strategy of choking off funding to the IRS and federal health agencies is more politically viable.
“Repeal is not within the set of possible outcomes while President Obama holds his veto pen. However, a defunding strategy could throw sand in the gear bring it to a near standstill,” said Michael Cannon, director of health policy studies at the libertarian Cato Institute.
Stephen Lukens Named Grant Thornton LLP Advisory Services Leader [Business Wire]
Another Stephen! Mr Lukens came on board from IBM Global Business Services and was with PwC Consulting prior to Big Blue’s purchase of the practice.
Accountant describes ‘totally’ different transaction between GM and Delphi [Crain’s]
A forensic accountant testifying at former Delphi Corp. CEO J.T. Battenberg’s civil fraud trial in a federal courtroom in Detroit today said that the auto supplier recorded on its books a payment to its largest customer, General Motors, “totally differently from” the actual transaction conducted by the supplier and its former parent company.
Merger will create new accounting giant [Business Day]
THE merger between Grant Thornton and BDO Cape, which will become effective next Monday, will create the biggest accounting firm in SA’s mid-tier market , followed by Mazars.
The deal positions the merged firm to obtain more work, particularly from privately held businesses and listed companies. Previously the two firms obtained most of their work from privately held businesses.
The firm, which will be led by Grant Thornton national chairman Leonard Brehm, will have a staff compliment of 900 and 97 partners and directors, with combined revenue of R400m.
In Finance Team Building, Xerox Copied No One [CFO]
[M]ajor groundwork was laid through a finance reorganization and team-building effort that Lawrence Zimmerman began eight years ago after ending his retirement from IBM to become Xerox vice chairman and CFO.
“The big change Larry brought was to make the accounting unit independent of all other organizations,” says Gary Kabureck, who stayed on as chief accounting officer after Zimmerman joined Xerox. “That was a huge, very positive change.” The independent model, says Kabureck, replaced a Xerox structure that had tied accounting to business units. Now, accounting is used for “measuring operational results, which may which may [sic] not be what the local operation manager wants them to be, but it’s what the CFO wants them to be.”
Grassley: Three years before unemployment’s back to normal [The Hill]
2013 doesn’t sound that bad.
PayPal Names Patrick Dupuis as Chief Financial Officer [Business Wire]
Pat got his chops at the likes of Sitel, BJC Healthcare and GE Healthcare.
Should you upgrade QuickBooks? [AccMan]
SaaS/cloud upgrade issues are NOT the customer’s problem. They lie with the developers. Contrast this with the advice being given for a QuickBooks upgrade. There is plenty to think about. The same broad principles will apply to any on-premise solution. That’s a fundamental difference SaaS/cloud vendors should emphasize a lot more than they do. SaaS/cloud upgrades are usually seamless to the end customer while bug fixes are often more or less invisible to the user.
10 Things Employment Recruiters Won’t Say [SmartMoney]
You mean this person may not be completely honest with you? GET OUT.