[13] The Opportunities for IT Companies in Cloud Accounting

In this episode, Richard speaks with Paul MacNeill, MD of Australian-based MSP Virage and co-founder of Wise-Sync.

Paul and I discuss:-

• What is upside down accounting?
• How is Cloud accounting changing the way companies do business?
• Why are some accountants resistant to Cloud accounting?
• How can Cloud accounting reduce both licensing and staffing costs?
• Paul's experience of partnering with Xero and Xero integration with 3rd party tools
• The nightmare of managing US sales tax codes
• The opportunity of Cloud Accounting for IT companies
• How to reduce the admin burden for IT companies in taking payments from their clients
• Maximising the value of your IT business prior to exit
• How peer communities and accountability groups have helped Paul's businesses grow
• The work involved in migrating to a Cloud accounting package
• The Wise-Sync brand journey and transparent pricing
• Developing thought leadership and helping businesses understand how to be more successful
• The book that Paul has read that has impacted him the most
• Overcoming the challenges of synchronisation between a Professional Service Automation (PSA) tool and an accounting tool
• The most successful people that Paul admires
• Paul's advice for any MSPs using Desktop accounting packages and manual processes

Mentioned in This Episode

• Virage IT
• Wise-Sync
• MSP Metrics That Matter – An Interview with Eric Dosal
• ConnectWise
• Sage Accounting
• QuickBooks Online
• Xero
• Kashflow
• ConnectWise Partner Community
• Powernet IT Consultants Wise-Sync Story
• ConnectWise Procurement & Inventory modules
• Quosal
• HTG (Heartland Technology Group)
• Flying Fox IT
• Xerocon
• ConnectWise IT Nation
• Wise-Pay
• MYOB
• Authorize.net
• Braintree
• Stripe
• Jamie Sutherland, Xero GM
• DeskDirector
• IT Glue
• SLI (Service Leadership Index)
• TubbTalk #02 – Interview with Phill Claxton of Desk Director
• TubbTalk #10 – The importance of IT documentation. An interview with Chris Day of IT Glue
• Xero Certification for Partners
• Book – The Go-Giver: A Little Story About a Powerful Business Idea 
• Book – The E-Myth by Michael Gerber
• Book – Getting Things Done: The Art of Stress-free Productivity 
• ConnectWise Marketplace
• Fully Managed
• Arnie Bellini, ConnectWise CEO
• David Bellini, ConnectWise MD International

Mentioned in this episode:

Get MSP Insights every Tuesday

Every Tuesday I share my thoughts on the business of IT with you, the Managed Services community. Thousands of Managed Service Providers already subscribe to MSP Insights. It’s easy to sign up, easy to cancel. MSP Insights is basically a short email from me, every Tuesday without fail, with advice on growing your IT business, plus cool resources I’ve found, discovered or starting exploring that week. It’s kind of like my diary of cool things, and often includes articles or books I’ve read, tools I’ve discovered, and events I think you’d be interested in, often sent to me by my friends and TubbTalk podcast guests. So, if that sounds fun, a short, tiny bite of MSP goodness every Tuesday, and you’d like to try it out, just go to https://go.tubb.co/tuesday, drop in your email and you’ll get the very next one.