News (1806)
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SEC Censures CohnReznik for 2017 Audits
The Securities and Exchange Commission has censured accounting firm Cohn Renick and ordered it to pay a $1.9-million civil money penalty. The actions stem from what the SEC said were deficiencies in the firm’s quality controls that led to audit issues with two companies in 2017.
QB Online Prices Increase
Intuit has increased prices for its QuickBooks Online software. The steepest increase is coming with QB Advanced, a mid-market product, which raises 11.1 percent to a $200-monthly base from a $180-monthly base for existing customers who pay directly for their subscriptions.
Intuit Ends QB Desktop Discounts
Intuit has ended discounts for any QuickBooks desktop products and at the same time, pulled the products from retail outlets. All desktop products will be sold at full manufacturer’s suggested price, the company said recently.
Firms Win Solver Awards
Accounting firms performed well in the recent awards given by analytical software company Solver recently. Chief among them was RSM US, which has been named Top Cloud Volume Partner 2021.
Xero N. American Subs Rise 19.9 Percent
Xero’s subscriptions in North America increased by 19.9 percent for the year ended March 31. The company this month also noted revenue on the continent rose 28 percent year-over-year, 31 percent in constant currency.
Avantax Wealth Pros Drop 8.3 Percent
The number of financial professionals employed in the Avantax wealth management arm of Blucora fell by 8.3. for the first quarter ended March 31, compared to the level a year earlier. Blucora CEO Chris Walters reported the decline in the company’s recent earnings webcast.
WK Revs Rise 13 Percent
Revenue for Wolters Kluwer rose by 13 percent for the first quarter ended March 31, up 8 percent in constant currencies and organically, the company said this month.
Iris Buys Irish Payroll Service
Iris Software Group, which owns AccountantsWorld and other practice software packages, has acquired Paycheck Plus. Terms were not disclosed for the purchase of the company which handles payrolls for Ireland and the United Kingdom.
ADP Raises Revenue Guidance
Automatic Data Processing is raising its revenue estimates for the year ending April 30. The company increased its guidance for revenue for fiscal 2022 to 7 percent from the previously expected 6 percent.
ADP Enhances Freelance Features
Automatic Data Processing has enhanced its WorkMarket freelance management system. The company said this month a new feature, Recruiting Campaigns 2.0, enables businesses to quickly onboard workers.
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