In the News - March 11, 2022

This week's news for accounting professionals includes a list of which top 10 accounting firms leaving Russia and what repercussions they may face. 

Gusto and Engagedly, a leading provider of performance management software, have announced a seamless integration between their two platforms. Engagedly, a People Strategy software provider, offers a suite including performance management tools, employee development tools and employee engagement tools. 

This integration shows Gusto's commitment to the concept of People Advisory which includes expertise not only in payroll but also in health insurance, 401(k) and other benefits and human resources. The partnership with Engagedly expands employee management tools that can be accessed in Gusto, which in turn expands service offerings available for accountants and bookkeepers. Learn more about becoming a Certified People Advisor here.

Existing Gusto users can add Engagedly to their Gusto account straight from the Gusto App Directory.

Russian attacks on Ukraine have prompted significant government sanctions as well as the decision to withdraw from Russia. Currently, over 300 companies have reacted - some by leaving Russia completely others by suspending actions temporarily. The Yale School of Management is compiling a list that shows both companies who have withdrawn activities in Russia as well as significant companies who remain. Of this writing, six of the top 10 accounting firms are no longer doing business in Russia - BDO, Deloitte, EY, Grant Thornton, KPMY, and PwC.

Russia has responded to the 300+ companies that are suspending or ending Russian operations with their own threats. "We need to act decisively with those [companies] who are going to close their production," Putin said in a video aired on state media. "It is necessary, then ... to introduce external management and then transfer these enterprises to those who want to work," he added.

A report in Russian newspaper Izvestiya and later cited by Russian news agency TASS, has compiled their own list of companies that have decided to leave and could face being nationalized. As part of this nationalization, Putin 

During a video chat with government officials on Thursday, Putin said he would pursue "legal options" that would allow him to confiscate the assets of Western corporations that had decided to leave Russia.

Bill.com has expanded its relationship with CPA.com. The expanded partnership now includes Divvy as the partner for expense management, corporate card and spend management. Last week, we reported that 122% of Bill.com's revenue growth from the quarter ending 12/31/21 over the revenue growth from the previous quarter came from Divvy revenue. Bill.com acquired Divvy in June 2021. 

Tipalti, a global payables automation company, has partnered with Igenta, a leading intellectual properties management company. The partnership expands each company's financial capabilities within each of the two systems. The resulting combined solution helps to speed up cash flow while also ensuring precise and thorough royalty reporting.