Bob Scott's Insights is published 48 times a year. Friday, August 2, is not one of those days. The wife and I will be in Alaska, somewhere down near Seward as the trip winds up next Friday. So unless there's really good Wi-Fi in Denali, the Kenai Peninsula and points in between, it is very unlikely that emails will be answered. The regular schedule will resume on August 9 as we head into a new round of conferences in August and September, including Acumatica, the Midwest Accounting Show, an Intuit get together and AccountMate roundtables.
The standard NetSuite financial report was issued for the second quarter ended June 30. The net loss was $20.4 million, more than double the $9.9 red ink in last year's corresponding period. Revenue reached $101 million, up 35 percent from $74.7 million a year ago. However, like the first quarter and unlike what has happened for a couple of years, non-GAAP earnings fell, instead of rising.
Intuit's top executives have been given executives, something that most have not seen in three years. Both CEO Brad Smith and CFO Neil Williams received bonuses for the year ended July 30. Neither received bonuses in fiscal 2011 or 2012. Smith got a bonus of $1.12 million while his base salary moved to $1 million for the current fiscal year.
Accounting firms in the channel fared well with this year's selection of the Intacct's Presidents' Club. Three of the eight firms selected were accounting firms including Armanino, CliftonLarsonAllen and LBMC Technologies. For Armanino, it was another award in what looks like a very good year. Earlier this month, the San Ramon, Calif.-based firm was named to the Microsoft Dynamics Inner Circle, the only U.S. accounting firm to make that group.