AvidXchange

APRIL 3, 2017

When you’re a bank, you gather deposits, mark up that money, and lend it back. Banks go out of business, and that’s what happened in 2008 with the global financial crisis. If you think about people who get into banking, stay in banking, and get promoted in banking they’re very risk-averse people.

Financial Services 40

Financial Services Deposits Billing 40

Cloud Accounting Podcast

JULY 7, 2020

If you've ever tried to get your clients' Stripe, Square, or PayPal transactions into QuickBooks or Xero, you've probably pulled your hair out a few times trying to get the income, and fees recorded correctly so the deposit amounts match the bank statement, so you can reconcile. Blake Oliver: [00:29:11] Right.

Tax 40

Tax Auditing Deposits Accounting 40

Cloud Accounting Podcast

MARCH 30, 2020

I send it to ADP to do the direct deposits, and when they shoot out those direct deposits, they're adding in that extra 1,200 bucks, or whatever the proper amount is that's from the government [crosstalk] the accounts. Mnuchin is saying three weeks. Historically, the IRS, it's taken them two months.

Accounting 40

Accounting Accounting Payroll Billing 40

Cloud Accounting Podcast

MARCH 21, 2020

When you're talking about taxpayer checks, notwithstanding the physical piece, which is that not everybody has direct deposit, I think there are some real security issues that you have to worry about when you have remote workers, at that point, because how- who has access to the system? Who has access to account numbers?

Tax 40

Tax Billing Payroll Bookkeeping 40

Cloud Accounting Podcast

APRIL 27, 2020

The last stimulus, in 2008, it was twice that. Yes, they sent out $155 billion, but there are still $36 billion that they haven't mailed yet or deposited that they're just sitting on. Now, step back and do the math on this. 900 billion. That's $45 billion for the banks that they get in fees. Blake Oliver: [00:21:06] Right.

Accounting 40

Accounting Accounting Tax Deposits 40

Cloud Accounting Podcast

APRIL 6, 2020

They have 60 million direct deposits they can do. David Leary: [00:13:21] I was listening to a podcast with somebody who worked in the 2008 banking crisis, and he was in charge of rolling out the stimulus money for that. Here's an Accounting Today article called: Some Coronavirus Stimulus Checks May Not Arrive Until September."

Payroll 40

Payroll QuickBooks Tax Bookkeeping 40

Cloud Accounting Podcast

MAY 26, 2020

bust, the 2008 crisis. Direct deposit volumes are surging three times, up to 14 million customers. What happens is when QuickBooks services the small business market, some firms are likely to fail, but what happens is you get all these new businesses taking their place because if you cannot get a job, you start a new business.

XERO 40

XERO Accounting Accounting QuickBooks 40