Lawyer up! The MyPayrollHR fraud saga continues

September 24, 2019 / 54:47/E115

Gusto’s Will Lopez joins us to give his take on the continuing MyPayrollHR fraud saga. This week, Cachet gets hit with multiple class-action suits; Michael Mann, CEO of MyPayrollHR, lawyers up with a defense attorney specializing in white-collar crime, and New York politicians, inspired by this scandal, want tighter payroll-industry regulation. In other news, point-of-sale companies are tracking your tipping habits, why the founder of WeWork’s personality helped the company’s rise, but might also cause its fall, and we examine the number-one factor accounting firms need to consider when selling the firm. We’ll also look at big money - Practice Ignition’s $26 million raise, and Stripe’s $35 billion valuation - and even more of the latest accounting and bookkeeping news.

Show Notes

01:46 – Reminiscing with Will
03:03 – Will talks about life after YouTube and living life with Gusto!
04:12 – It's time for reviews!
06:37 – MyPayrollHR 101 - The nutshell version
07:31 – Catch up on our recent coverage in episodes 112 and 114
07:55 – Mum's the word, Mann | Albany Business Review
08:34 – It's always important to be proactive, especially AFTER committing fraud ...
09:03 – The fallout begins ... Two class action suits filed against Cachet | Albany Business Review
12:12 – The misgivings of MyPayrollHR may shine a bad light on the accountants and bookkeepers who recommended the company to their own clients
14:05 – Will explains how Gusto protects itself from payroll tampering
16:21 – According to Will, a payroll provider's level of transparency dictates the level (if any) of notifications whenever something changes in the system.
19:01 – Is this call for regulation of the payroll industry going to put a damper on innovation? | New York Post
22:01 – The MyPayrollHR debacle has exposed just how risky the ACH system really is
24:02 – WeWork - how something so right is going so wrong | Wall Street Journal
25:04 – A few flaws surfaced when WeWork went under the microscope
28:15 – WeWork's weak Wi-Fi woes | CNET
29:14 – Data security at WeWork isn't free. It'll cost you between $95 to $195 a month to keep your internet stuff to yourself!
30:35 – Guy Pearson’s Practice Ignition revs up with a $15 million raise and Stripe scores BIG with a $250 million round | TechCrunch
35:48 – Straight from Will's mouth - The Cloud Accounting Podcast - all the accounting and bookkeeping news you need to know!
38:53 – Stingy with your tips? POS terminals are tracking your tipping habits | NYT
41:46 – According to Toast's 2019 stats, tipping is not practiced by the majority of patrons at cafes, and fast casual restaurants
45:42 – Ride-share customers tip significantly less than their dining counterparts
47:40 – Can your firm's client-retention rate make or break selling the firm? | The Canadian Accountant
49:00 – Jump over to Episode 110 to learn more key factors for successfully selling your accounting or bookkeeping firm
49:35 – How small, rural firms possibly compete in the cloud accounting universe without reliable high-speed internet? | LinkedIn
50:22 – It'll be another decade before the FCC implements the fourth wave of broadband internet to some 36,000 'unserved' homes and businesses across 16 states | Business News Daily

Connect with Will

Website: https://gusto.com/blog/author/will-lopez
Twitter: @Zewillster
LinkedIn: Will Lopez
YouTube: https://www.youtube.com/c/advisorfitv

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.