New Zealand-based cloud accounting software developer Xero has raised $150 million in a new round of funding aimed at unseating Intuit as the small business accounting software leader.

Xero announced that it has raised $150 million to fund expansion in the United States and essentially help it compete against its primary rival Intuit and its QuickBooks product.

There is no question that technology is changing the accounting profession and the one-two punch of the cloud and mobile technology creates greater efficiencies and capabilities for CPAs and their clients.

Paychex has purchased a minority stake in and formed a strategic alliance with cloud accounting software provider Kashoo.

Australia-based job management software maker simPRO Software has purchased a 30 percent stake in Gem Accounts publisher Gem Software Solutions, with plans to aid the product’s global rollout including its recent foray into the U.S. market.

Paychex Inc. has a new SaaS platform to provide human resource administrators with all Paychex services accessible in one place.

The phrase “You don’t know what you don’t know” very accurately describes the business of accounting software for the practitioner and the provider or vendor. The reality is, most of us neither have the time nor the inclination to figure out just what it is we don’t know.

In its ongoing battle against Intuit and QuickBooks in particular, Xero is now offering a free service to help convert QuickBooks data directly into its cloud accounting solution.

New presidents, new products; overall the past week was all about the vendors topping the news and as ever I’m pleased to offer my take.

Epicor Software Corp. has named Joseph L. Cowan president and chief executive, replacing Pervez Qureshi who is stepping down to pursue new opportunities according to the company.

Epicor Software Corporation has released Epicor HCM version 5.8, its human capital management product now designed with expanded country-specific functionality for Australia, New Zealand and the UK, and enhancements to goal measurement and reporting.

AccountMate Software Corporation plans to release AccountMate Everywhere Mobile, a mobile application designed for all tablets, laptops and smartphones by the end of this year.

CCH has made several improvements to its ProSystem fx Engagement and Knowledge Coach products, designed to make it easier for audit professionals to monitor and report trial balance activity on multiple funds while ensuring compliance.

Australia-based Gem Accounts has launched a U.S. version of its midmarket-focused cloud accounting product, with plans to staff a newly opened office in San Francisco.

Most firms would like to add another zero to the annual fees paid by their top 100 clients. Adding additional advisory services will keep clients happy and increase fees. To some this sounds impossible and they may immediately resist what is transpiring in the global business world.

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