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PEO Rev Drop Hurts Paychex 3Q

An 8-percent drop in revenue from its professional services organization revenues contributed a a 1-percent decline in revenue for Paychex for the third quarter ended February 28. Meanwhile, payroll services revenue was virtually unchanged.

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QB Cash Coming for Accountants

Intuit plans to make QuickBooks Cash available to accountants this spring. The software company this month that Cash is in a phased roll out to users of QuickBooks Online Accountant.

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Thomson Plans In-person Conference

Thomson Reuters is planning on holding its annual Synergy conference in Nashville, Tenn., in November. The company will offer both in-person and virtual options for the event.

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Bookgel Crowdfunds Pricing, Closing Software

Bookgel, which products pricing and closing software for accounting firms, is crowdfunding to support its development. The cloud-based application, which utilizes artificial intelligence, is currently in beta.

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AbacusNext Acquired

AbacusNext, which markets practice management software, has been acquired by Thomas Lee Partners. Terms of the deal, in which the private equity firm purchased a majority stake from PSG, another private equity firm, were not announced.

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QB Accountant Council Applications Open

Intuit is seeking accounting professionals who are interested in serving in the QuickBooks Accountant Council. Intuit pays members an honorarium of $1,000 for a full meeting day and covers cost of travel for in-person meetings.

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Xero Debuts Multi-Factor Authentication

Xero has introduced an application to provide multi-factor authentication to access their accounts. Two-step authentication has been available for the software company’s Australian customers since 2018.

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SmartVault Seeks Larger Firms

GetBusy, owner of two document management systems, is targeting larger customers in 2021. The disclosure was made as the parent company, England-based GetBusy, which also owns VirtualCabinet, reported financial results for the year ended December 31.

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NFP Income Plunged in Crisis

More than 70 percent of nonprofit organizations saw a decline in income last year, according to a recently released survey by BKD CPAs and Advisors. The study, the “State of the Nonprofit Sector” found that a quarter of respondents reported revenue fell by 26 percent to 50 percent.

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Investor Group Would Sell TaxAct

An investor group that is suing Blucora over alleged unfair practices in the election of its board of directors would consider selling the TaxAct tax software business. Ancora, which says it owns 3.4 percent of the company stock, says the tax software business and Blucora’s Avantax wealth management operations would be better off as stand-alone units.

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