In The News - March 4, 2022

Here is some recent accounting industry news that you may not have heard or read about yet. 

Sovos has announced new automation functionality within its Sovos Withholding Compliance solution for managing payroll and non-payroll withholding tax payments and related IRS and state returns. The expansion comes after a December 2020 acquisition of LTtax which allows the solution to automate processing.

Practice Ignition has been re-branded as Ignition. In a recent email from Ignition's co-founder and CEO,  Guy Pearson announced the rebranding, calling Ignition, "The world’s first client engagement and commerce platform for professional services, and especially accountants and bookkeepers." Wanting to hear directly from Guy? Watch his statement here. 

Bill.com share prices were up 26.4% in February. Why? The company's second-quarter (ending December 2021) revenue growth was 197% over the previous quarter. Some of the 2nd quarter revenue came from the June acquisition of Divvy, but 85% of the growth was from outside of Divvy. According to Billy Duberstein at The Motley Fool, Bill.com's revenue is split 68% from transaction fees and 31% from subscriptions.

Paychex was ranked fifth in the world with a 2022 Training APEX award for its innovative employee training programs. The company has appeared on Training magazine's list of top training organizations for 21 years. "The challenges presented by the COVID-19 pandemic reinforced this commitment and presented an opportunity for our team to evaluate and launch new training initiatives that allow employees to hone their skills and prioritize learning and development in an increasingly digital world," said Karen McClendon, Chief Human Resource Officer at Paychex.

Pex, a provider of prepaid, reloadable corporate card management, released a walk-through of their connection with QuickBooks Online. The Youtube video shows how to sync a PEX account and data with QBO.