Avsnitt
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Blake and David take a dive into Google's decision to offshore accounting jobs to Mexico and India, which Google’s CFO claims is necessary to free up resources to invest in AI. They also discuss the stagnation of CPA salaries despite a shortage of talent. The conversation touches on a variety of other topics, including the modernization of the IRS, the future of the CPA profession, and advice for young accountants looking to carve their own career paths in a rapidly changing industry.
Sponsors
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Chapters
(05:53) - Blake reads some tweets about hours people are working during busy season(10:52) - Unlimited PTO is worse for employees(13:22) - College degrees aren't necessary for success(20:24) - Florida creates retired CPA status(23:35) - Listener mail on the 150-hour rule and salaries(29:16) - Update on Boston's commercial real estate woes(33:48) - Why office rent prices are still so high(43:10) - Some encouraging IRS news(48:27) - Internal audit reveals 279 former IRS employees or contractors still had access to logins(52:12) - Offshoring can be good or bad(54:04) - Setting a limit on billable hours(55:50) - Let accounting firms decide what requirements accountants need(58:08) - The rise of the "remote partner"(01:04:00) - Wrap up and Earmark now has a web browser versionShow Notes
Google restructures finance team as part of AI shift, CFO tells employees in memo
https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html
Josh Youngblood, EA didn’t work over 40 hours per week in tax season
https://x.com/joshyoungblood/status/1779858374403747847?s=12
Skills-Based Hiring Can Shred the Paper Ceiling | BCG
https://www.bcg.com/capabilities/diversity-inclusion/expert-insights/skill-based-hiring-can-shred-paper-ceiling
The Office Market Is in Turmoil. So Why Are Rents More Expensive? – WSJ
https://www.wsj.com/real-estate/commercial/the-office-market-is-in-turmoil-so-why-are-rents-more-expensive-d096f961?st=9ieavh5j7ep3wcw
Florida Legislature Passes Bill Creating New Retired CPA Status | Florida Institute of CPAs
https://www.ficpa.org/publication/florida-legislature-passes-bill-creating-new-retired-cpa-status
Kyle J. Bauman, CPA on X: "“Unlimited PTO” “Only 2100 Hours”
https://twitter.com/kjb_cpa/status/1763595505928442248
62% of Americans Lack a College Degree. Can They Solve the Labor Shortage?
https://www.wsj.com/lifestyle/careers/employers-open-more-doors-to-workers-without-degrees-but-few-are-getting-in-732f1098
Senior Leaders Nearly Twice as Likely To Receive AI Resources as Junior Staff | CFO
https://www.cfo.com/news/senior-leaders-are-nearly-twice-as-likely-to-receive-ai-guidance/707230/
IRS didn't remove contractors' access to sensitive information | Accounting Today
https://www.accountingtoday.com/news/irs-didnt-remove-contractors-access-to-sensitive-information
Boston mulls commercial tax hike
https://www.accountingtoday.com/articles/boston-mulls-commercial-tax-hike-to-counter-office-market-slump
IRS Commissioner Delivers End Of Tax Filing Season Message Touting Improvements
https://www.forbes.com/sites/kellyphillipserb/2024/04/15/irs-commissioner-delivers-end-of-tax-filing-season-message-touting-improvements/
Florida Creates New Status for Retired CPAs in the State
https://www.cpapracticeadvisor.com/2024/04/15/florida-creates-new-status-for-retired-cpas-in-the-state/103983/
Treasury cash balance jumps most in 2 years as tax payments rise
https://www.accountingtoday.com/articles/treasury-cash-balance-jumps-most-in-2-years-as-tax-payments-rise
The rise of the remote accounting firm partner
https://www.accountingtoday.com/news/the-rise-of-the-remote-accounting-firm-partner
Werfel sees IRS budget request yielding $341B in extra revenue
https://www.cfodive.com/news/werfel-sees-irs-budget-request-yielding-341b-extra-revenue-tax-taxation-enforcement/713534/
Google restructures finance team as part of AI shift, CFO tells employees in memo
https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html
Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says
https://www.journalofaccountancy.com/news/2024/apr/despite-moratorium-irs-gets-20000-erc-claims-weekly-werfel-says.html
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com -
Blake and David delve into the effects of remote work on accountant salaries and the mental health challenges faced by auditors at Big Four firms. They inspect a recent study showing lower pay for hybrid workers compared to fully remote or in-office employees. They also contemplate the future of work organization inspired by Bill Anderson, CEO of Bayer, and discuss the potential impact of AI on the accounting profession, the accuracy of AI-related surveys, and the misrepresentation of AI capabilities in recent news headlines.
Sponsors
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Earmark - https://earmark.app
Settle - http://accountingpodcast.promo/settle
Chapters
(00:34) - Will accountants soon earn overtime pay?(04:57) - Listener writes in about their own audit experience at a Top-30 firm(08:14) - Trump's Truth Social audit update(14:44) - PCAOB proposed audit metrics(20:44) - 71% of Big 4 auditors worry about mental health(23:27) - Blake shares a clip from new Bayer CEO(33:48) - H&R Block employees prefer remote work(38:14) - Remote accountants get paid less(39:35) - Executives and managers perceive in-office workers as higher performers(42:06) - The four day work week is becoming more common(45:27) - Cody writes in about Big 4 vs industry(47:09) - Hannah asks about outsourcing and offshoring costs(49:59) - Amazon Fresh stores were using Indian employees for "just walk out" tech(55:22) - Shohei Ohtani's translator charged in sports gambling case(58:14) - Accounting Today wrongly claims accountants are saving 30 hours a week on average using AI(01:01:34) - Blake shares a clip from the All In podcast on the future of AI(01:04:48) - Is it time for a new ERP system?(01:07:47) - Thanks for listening and remember to subscribeShow Notes
71% of Big 4 Auditors Worry About Mental Health | CFO
https://www.cfo.com/news/71-of-big-4-auditors-worry-about-mental-health/712063/
Will Getting Rid of Bosses Fix the Workplace? - The Journal. - WSJ Podcasts
https://www.wsj.com/podcasts/the-journal/will-getting-rid-of-bosses-fix-the-workplace/fc0d31d3-2d08-441e-abd8-d77b660fe258
59% of accountants use AI to save about 30 hours a week on tasks | Accounting Today
https://www.accountingtoday.com/news/59-of-accountants-use-ai-to-save-about-30-hours-a-week-on-tasks
Y Combinator wants to fund new enterprise resource planning (ERP) software"
https://www.instagram.com/reel/C3-zHmOIqbI/?igsh=dTMxMDBjNGg3a2p0
Ohtani translator charged with stealing millions for 19,000 bets | Accounting Today
https://www.accountingtoday.com/articles/ohtani-translator-charged-with-stealing-millions-for-19-000-bets
KPMG Fined Record $25 Million in Exam-Cheating Scandal – WSJ
https://www.wsj.com/articles/kpmg-fined-25-million-over-alleged-netherlands-exam-cheating-a4dcba2a?st=yl6xiqm8nh6gug8
Botkeeper Infinite replaces outsourcing with more AI to help firms automate | Accounting Today
https://www.accountingtoday.com/news/botkeeper-infinite-replaces-outsourcing-with-more-ai-to-help-firms-automate
More Companies Adopt 4-Day Work Week - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2024/03/27/more-companies-adopt-4-day-work-week/103199/
When Layoffs Happen, Remote Workers Are Hardest Hit - WSJ
https://www.wsj.com/lifestyle/careers/layoffs-remote-work-data-980ed59d?reflink=integratedwebview_share
Does Working from Home Boost Productivity Growth? | San Francisco Fed
https://www.frbsf.org/economic-research/publications/economic-letter/2024/january/does-working-from-home-boost-productivity-growth/
Trump Media's Accounting Firm Has Audit Deficiency Historyhttps://finance.yahoo.com/news/trump-media-accounting-firm-history-150150627.html
Amazon's Just Walk Out Actually Uses 1,000 People in India
https://www.businessinsider.com/amazons-just-walk-out-actually-1-000-people-in-india-2024-4
PCAOB Wallops KPMG Netherlands With Record $25M Fine For Exam Cheating
https://www.cpapracticeadvisor.com/2024/04/10/pcaob-wallops-kpmg-in-the-netherlands-with-25-million-fine-for-exam-cheating/103803/
PCAOB crackdown shifting to focus on auditing firms
https://www.accountingtoday.com/news/pcaob-crackdown-shifting-to-focus-on-auditing-firms
PCAOB Proposal Would Require Audit Firms to Disclose a Variety of Metrics
https://www.cpapracticeadvisor.com/2024/04/10/pcaob-issues-proposal-requiring-audit-firms-to-disclose-variety-of-metrics/103758/
PCAOB proposals call for firms to disclose more about themselves
https://www.journalofaccountancy.com/news/2024/apr/pcaob-proposals-call-firms-to-disclose-more-about-themselves.html
Only 48% of accounting, consulting, legal, and private capital professionals have used AI tools at work despite near ...
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Saknas det avsnitt?
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Joe Woodard joins Blake and David to examine how accountants and bookkeepers can increase the value of their services in the eyes of their clients. Joe introduces the Cobb value curve, illustrating how differentiation and relative value impact pricing. He emphasizes the importance of offering unique, high-value services like controllership and financial planning to stand out from commoditized offerings and command premium prices.
Meet Our Guest, Joe Woodard
LinkedIn: https://www.linkedin.com/in/quickbooksadvisor
Twitter: https://twitter.com/joewoodardLearn more about Woodard
Website: http://www.woodard.com
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David dive into the concerning trend of small CPA firms conducting shoddy audits of large companies and SPACs, raking in big fees while facing minimal consequences for deficient work. They also discuss the latest accounting app funding news, the power of AI for crafting persuasive arguments, and the American Institute of CPAs' puzzling resistance to changes in CPA licensure requirements and touch on the growing importance of client accounting services for public accounting firms.
Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Uncat - http://accountingpodcast.promo/uncat
Earmark - https://earmark.app
Chapters
(00:38) - Blake is back from a conference in Atlanta(03:12) - The truth behind Trump's Truth Social SPAC audit(18:41) - AI startup Fieldguide secures $30 million in Series B funding(21:57) - FundGuard secures $100 million in Series C funding round(23:42) - BotKeeper launches BotKeeper Infinite(29:29) - Scientists find that AI is more persuasive than humans at changing people's opinions(37:41) - Formula 1 team using Excel to track car parts(39:34) - CAS is the fastest-growing service in Accounting Today's annual survey(41:34) - The AICPA warns about losing the 150-hour rule(48:46) - Send us an email and remember you can earn FREE CPE for listening to this podcast!Show Notes
Fieldguide Raises $30 Million to Combat CPA Shortage With AIhttps://www.pymnts.com/news/investment-tracker/2024/fieldguide-raises-30-million-to-combat-cpa-shortage-with-ai/
AI accounting startup raises $100M
https://www.accountingtoday.com/articles/ai-accounting-startup-fundguard-raises-100m-in-new-funds
On the Conversational Persuasiveness of Large Language Models: A Randomized Controlled Trial (PDF)
https://arxiv.org/pdf/2403.14380.pdf?utm_source=www.therundown.ai&utm_medium=newsletter&utm_campaign=nvidia-s-new-ai-chip-competitor
The year CAS took over
https://www.accountingtoday.com/opinion/the-year-cas-took-over-accounting
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David dig through the latest accounting news, including the effectiveness of pizza parties in boosting accounting firm morale, the record number of baby boomers reaching retirement age, and the impact on Social Security, as well as the massive amount of COVID-related fraud originating in South Florida. They also take a look at audit integrity issues, the long working hours in accounting, and some of the latest app headlines.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Relay - http://accountingpodcast.promo/relay
Bookkeep - http://accountingpodcast.promo/bookkeep
Chapters
(00:22) - Thomson Reuters says pizza parties boost accountants morale(03:33) - Trump cheats at golf(04:50) - Truth Social goes public(07:41) - Grant Thornton sells majority stake to private equity firm(12:28) - Almost 20% of all PPP fraud happened in South Florida(17:59) - 49ers docked 5th round draft pick for accounting error(20:08) - Sam Bankman Freed sentenced to 25 years in prison(22:29) - David shares WSJ video on the future of social security(31:16) - Tingo audit faulire update(41:48) - Big 4 Transparency firm awards(50:28) - Blake takes on a Reddit user's problem(56:35) - Microsoft Teams combining business and personal offerings(57:04) - Thanks for listening and remember to subscribeShow Notes
FTX Founder Sam Bankman-Fried Sentenced to 25 Years https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9?st=d45lmr6uc8gg6wc
Trump ‘cheats like a mafia accountant’ at golf, writer who played with him says - pennlive.com https://www.pennlive.com/news/2024/03/trump-cheats-like-a-mafia-accountant-at-golf-writer-who-played-with-him-says.html
Big 4 Transparency - Awards Season 🏆
https://big4transparency.beehiiv.com/p/big-4-transparency-awards-season?utm_source=big4transparency.beehiiv.com&utm_medium=newsletter&utm_campaign=big-4-transparency-awards-seasonPCAOB bars Colorado firm Gries & Associates from doing audits | Accounting Today
https://www.accountingtoday.com/news/pcaob-bars-colorado-firm-from-doing-auditsSan Francisco 49ers docked 2025 fifth-round draft pick for accounting error | FOX Sports
https://www.foxsports.com/stories/nfl/san-francisco-49ers-docked-2025-fifth-round-draft-pick-for-accounting-error
Grant Thornton gets major PE stake from New Mountain Capital | Accounting Today
https://www.accountingtoday.com/news/grant-thornton-gets-major-pe-stake
How Miami Became a Hub of PPP Fraud After Pandemichttps://www.cpapracticeadvisor.com/2024/03/26/how-miami-became-a-hub-of-ppp-fraud-after-pandemic/103156/
Audit Plan to Flag Illegal Acts Needs Do-Over, Critics Charge
https://news.bloombergtax.com/financial-accounting/audit-plan-to-flag-illegal-acts-needs-do-over-critics-charge
Blackrock larry fink annual letter 8484e68e
https://www.wsj.com/finance/investing/blackrock-larry-fink-annual-letter-8484e68e
Ahead of sentencing, SBF team argues for 5-6 years in jail because FTX customers will get money back
https://www.cnbc.com/2024/03/27/sbf-team-argues-for-5-6-year-sentence-ftx-customers-to-get-money-back.html
The Home Stretch: Strategies & insights for today’s tax professionals as their busy season concludes
https://www.thomsonreuters.com/en-us/posts/tax-and-accounting/home-stretch-tax-professionals/
Trump's social media company rises 16% in first day trading gains, but the stock could fall 95%, says an IPO expert
https://fortune.com/2024/03/26/trump-social-media-rises-trading-gains-fall-expert/
FTX founder Sam Bankman-Fried gets 25 years in prison
https://www.bankingdive.com/news/sam-bankman-fried-25-years-prison-fraud-conspiracy-ftx-crypto-sbf-kaplan-alameda/711601/
IRS Criminal Investigation Says COVID-Related Fraud Totaled Nearly $9 Billion
https://www.forbes.com/sites/kellyphillipserb/2024/03/28/irs-criminal-investigation-says-covid-related-fraud-totaled-nearly-9-billion/
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Need Accounting Conference Info?
... -
Blake and David meet with M&A advisor Charles Bedard about valuations for accounting firms looking to sell. Bedard explains that subscription-based "modern" firms command much higher multiples than traditional hourly billing firms. Bedard provides specific valuation ranges based on revenue and EBITDA multiples and highlights the importance of recurring revenue. He also offers actionable tips for firm owners to increase their value in preparation for an exit.
Meet Our Guest, Charles Bedard
LinkedIn: https://www.linkedin.com/in/charlesbedard/
Twitter: https://twitter.com/SolvingtheValueLearn more about ERGO Comps, LLC
http://www.ergocomps.com/
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David look at the potential impact of AI on the accounting profession and discuss how AI tools like ChatGPT can boost productivity by automating tasks, improving communication, and assisting with problem-solving. They also examine the implications of these efficiency gains on the billable hour, predicting that firms will need to adapt their pricing strategies as a result. Finally, they review the results of a recent Accounting Today survey, which reveals accountants' perceptions and concerns about AI in the profession.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Keeper - http://accountingpodcast.promo/keeper
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Chapters
(02:24) - The inefficiency at Disney World compared to accountants and timesheets(09:38) - JP Morgan AI tool cuts human work by 90%(11:14) - BofA Cash Pro Forecasting(18:29) - Blake checks in on live chat(19:11) - Survey on how much people actually want to work(27:17) - Kindness initiatives at firms(28:26) - Is gratitude better than a pay raise?(29:34) - New Accounting Today AI survey(40:00) - Blake shares example of how he used AI in his personal life(42:36) - Forbes article on ChatGPT prompts for leaders and managers(55:29) - Thanks for listening and remember to subscribeShow Notes
JPMorgan Says Its AI Cashflow Tool Cut Human Work Almost 90%
https://www.entrepreneur.com/business-news/jpmorgan-says-its-ai-cashflow-tool-cut-human-work-almost-90/470682
Accounting's reluctant AI revolution
https://www.accountingtoday.com/research-report/accountings-reluctant-ai-revolution
Firms find it’s cool to be kind
https://www.journalofaccountancy.com/issues/2024/mar/firms-find-its-cool-to-be-kind.html
Bank Of America CashPro Forecasting
https://business.bofa.com/en-us/content/cashpro-forecasting.html
Americans Don’t Care as Much About Work. And It Isn’t Just Gen Z.
https://www.wsj.com/lifestyle/careers/americans-attitude-work-data-0c2e487c?st=zyx80zw1zyfu1jfGratitude is Better Than a Pay Raise for 55% of U.S. Workers, Survey Finds
https://www.cpapracticeadvisor.com/2024/02/29/gratitude-is-better-than-a-pay-raise-for-55-of-u-s-workers/102148/
12 ChatGPT Prompts For Leaders And Managers In 2024https://www.forbes.com/sites/rachelwells/2024/01/23/12-chatgpt-prompts-for-leaders-and-managers-in-2024/
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Professor Ed Ketz of Penn State joins the show to discuss audits' current state and future. We delve into the relevance of audits and explore the value of unqualified opinions in making audits meaningful. The discussion also touches on the overstandardization of audit reports and how this can lead to investor misunderstandings. Professor Ketz brings a unique perspective, sparking a debate on whether the existence of the unqualified opinion creates value rather than the content within. The episode ends with a brainstorm on potential regulation improvements to improve audit quality and usefulness.
Meet Our Guest, Ed Ketz
Website: https://directory.smeal.psu.edu/k55
LinkedIn: https://www.linkedin.com/in/ed-ketz-7982421a7
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David start with a discussion on Federal Reserve Chairman Jerome Powell's testimony regarding the failure of small and mid-sized banks due to exposure to the commercial real estate sector. They also get into Minnesota's CPA licensure bill for 150-hour requirement alternatives and KPMG's audit findings on the Department of Education and the cost of the federal student loan program. Rounding out the episode, they answer listener questions and comments on topics including the psychological challenges of CPA firm employment, NASBA's lack of customer service, and the high fees for taking the CPA exam internationally.
Sponsors
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Chapters
(00:28) - Welcome to the show, how much trouble are small banks in? (06:49) - Minnesota CPA Society's Pathways CPA Licensure Bill advances in Senate(10:08) - Our listener plugs a security hole in tax client portal software(14:03) - The cultural issues that plague the accounting profession(20:57) - Fortune magazine article that CPAs need to tell their stories(24:48) - Should we have a federal CPA license?(27:54) - The government doesn't know the costs of student loans(35:03) - Christy shares a positive message (36:21) - Does starting your career at Big 4 lead to better industry jobs?(40:42) - Alex writes in about problems they had scheduling their CPA exam(45:55) - IRS inviting biggest ERC filers to learn the correct way to file them (50:34) - Tax preparer using basic Word doc to collect information(52:04) - Listener replies to Blake's Accounting Today article (54:27) - The international costs to take the CPA exam(57:45) - The firm and work culture issue(58:52) - Why students don't want to major in accounting(59:39) - Thanks for listening! The new Earmark app is coming soon!Show Notes
Could CPAs telling their stories be the key to attracting Gen Zers to accounting? A PwC vice chair thinks so
https://fortune.com/2023/11/15/cpa-attracting-gen-z-accounting-pwc/
Senate File 1660, the MNCPA-backed bill to broaden the pathways to CPA licensure, advanced in the Minnesota Senate on Thursday.
https://www.mncpa.org/about/press/releases/pathways-cpa-senate-bill-hearing/
Powell: ‘There will be bank failures’ caused by commercial real estate losses
https://thehill.com/business/4516758-powell-there-will-be-bank-failures-caused-by-commercial-real-estate-losses/
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Here's a preview of Blake's recent appearance on Federal Tax Updates, where he joined host Roger Harris to unpack some of the biggest tax stories making headlines, from a federal court ruling deeming a new business reporting law unconstitutional to the staggering estimates of tax evasion by the wealthy. To hear the complete discussion, visit Federal Tax Updates: https://share.transistor.fm/s/d8c45ed9
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Blake and David meet up with AJ Yawn, partner at Armanino LLP, about Armanino's new tool, Audit Ally, which streamlines and automates SOC 2 audits. They discuss the growing trend of tech companies entering the audit space and commoditizing services like SOC 2 audits, and explore how Audit Ally aims to help accounting firms compete on price and quality by utilizing AI and machine learning.
Meet Our Guest, AJ Yawn
LinkedIn: https://www.armanino.com/company/people/aj-yawnLearn about about Audit Ally
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
We're celebrating surpassing 10,000 YouTube subscribers! Thank you! Blake and David look into H&R Block's new reality show about teaching people life skills like doing their taxes. They also talk about workflow automation challenges for accounting firms, how the IRS is contacting wealthy non-filers, and the Trump Organization CFO pleading guilty to perjury. They also break down the SEC's extensive new climate disclosure rules and the job opportunities this could create for accountants.
Sponsors
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Chapters
(03:04) - H&R Block is creating a reality TV show(08:51) - WSJ Op-Ed says IRS agents shouldn't work from home(12:21) - The Accountant 2 gets a big tax credit(14:42) - South Carolina finds $2 billion in bank account(20:49) - Bloomberg article on the lack of accountants(23:18) - Regional banks in trouble?(27:00) - Lyft being sued by their shareholders(29:39) - Is bad workflow automation the cause of bad work/life balances?(37:42) - CPA Trendlines: "Which Niche is the Best Niche?"(46:28) - TurboTax and H&R Block are using AI giving awful tax advice(50:12) - Blake shares new SEC rule's GPT he made(53:19) - AI and data privacy concerns(55:48) - Can AI predict when you'll die?(01:01:37) - Former Trump CFO Allen Weisselberg pleads guilty to perjury(01:03:56) - Thanks for listening and remember to subscribeShow Notes
2024 Report: The State of Accounting Workflow Automation
https://financial-cents.com/resources/articles/2024-report-state-of-accounting-workflow-automation/
Gartner Survey Shows That a Third of Accountants Make Several Financial Errors Per Week due to Capacity Constraints
https://www.gartner.com/en/newsroom/press-releases/2024-02-21-gartner-survey-shows-that-a-third-of-accountants-make-several-error-per-weeo-due-to-capacity-constraints
The U.S. is short 340,000 accountants-just look at the wave of earnings report mistakes
https://fortune.com/2024/03/01/accounting-shortage-earnings-report-mistakes/
Intuit, H&R Block tax AIs critiqued on accuracy
https://www.accountingtoday.com/news/intuit-h-r-block-tax-ais-critiqued-on-accuracy-of-answers-many-inaccurate
SC accounting error gets renewed focus over $1.8B sitting in state bank account
https://www.southcarolinapublicradio.org/sc-news/2024-03-05/legis-treasurermoney
Ex-Trump Org CFO Pleads Guilty to Perjury in Fraud Case
https://www.cpapracticeadvisor.com/2024/03/05/ex-trump-org-cfo-pleads-guilty-to-perjury-in-fraud-case/102306/
H&R Block to Release Short Format Comedy Streaming Series, “Responsibility Island”
https://www.cpapracticeadvisor.com/2024/02/29/hr-block-to-release-short-format-comedy-streaming-series-responsibility-island/102172/
Federal court holds Corporate Transparency Act unconstitutional
https://www.journalofaccountancy.com/news/2024/mar/federal-court-holds-corporate-transparency-act-unconstitutional.html
Lyft earnings report error prompts shareholder lawsuit
https://finance.yahoo.com/news/lyft-earnings-report-error-prompts-150849490.html
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Blake and David meet with Chris Vanover, President of CPAClub, about the recent $2 million PCAOB fine against Withum for poor audit quality on many 2021 SPAC audits. They examine Withum's 500% increase in audits with minimal staff growth, leading to overworked teams and partners working 100+ hour weeks. They also debate whether the fines are large enough to change behavior or just a cost of doing business.
Meet Our Guest, Chris Vanover
LinkedIn: https://www.linkedin.com/in/chrisvcpa/
Learn more about CPAClub
Website: https://cpaclub.cpa/
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Fast food chain Wendy's considers demand pricing – should your firm, too? We discuss the potential for surge pricing tax returns to smooth workload and raise revenue. We also dive into new AI-powered accounting productivity tools from Sage and Xero, Zoho's $5 per user practice management suite, and analyze the results of our listener survey.
Sponsors
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Chapters
(06:40) - What can accountants learn and try in pricing?(13:59) - The IRS debuts free file system(26:47) - Xero announces their AI tool JAX(34:12) - QuickBooks new offering, Solopreneur(40:11) - Zoho is getting into practice management(44:52) - FTC goes after H&R Block over free filing claims(47:15) - Can AI teach accounting?(55:41) - TAP Listener Survey results(01:00:40) - Blake asks AI to generate an image of the average listener(01:05:09) - Thanks for listening and remember to subscribeShow Notes
Just Ask Xero | Xero US
Introduction to QuickBooks Solopreneur (intuit.com)
Practice software features for businesses | Zoho practice
FTC alleges H&R Block deleted customer tax data, used deceptive advertising
IRS Direct File free tax system moves into public test phase
Intuit introduces QuickBooks Solopreneur for one-person businesses
Intuit Introduces QuickBooks Solopreneur, an Easy-to-Use Financial Tool Built for One-Person Businesses
H&R Block’s online tax prep tricked customers into paying more money, FTC claims
AI will 'change nature' of accounting, says Sage boss
Sage launches generative AI copilot assistant for SME accounting
H&R Block ‘Data Wiping’ and Upgrade Policies Harm Taxpayers, FTC Says
Expert Examines AI's Role in Accounting Education
Sage Intacct Unveils New Features to Streamline Operations and Boost Productivity
Zoho dives into practice management with Zoho Practice
Xero's AI Leap: Unveiling 'Just Ask Xero' to Revolutionize Small Business Accounting
How GenAI will shape the future for our customers
IRS reopens Direct File testing after pause
Study: ChatGPT Won’t Be Replacing Accounting Professors In the Near Future
ChatGPT in Education: Study Reveals Utility and Limits in Financial Accounting Learning
Xero wants to use AI to help your SMB solve all its accounting woes
Wendys surge pricing ai backlash internet
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Aaron Harris joins Blake and David to discuss Sage's new AI offering, Sage Copilot, which brings generative intelligence into Sage Intacct to eliminate routine accounting work. They discuss specific use cases Copilot handles, like chasing people for approvals/documents, drafting emails, and answering ad hoc questions without running reports. Aaron also shares his perspective on AI’s impact on the accounting profession and why increased automation will make human review and trust even more essential.
Meet Our Guest, Aaron Harris, CTO, Sage
LinkedIn: https://www.linkedin.com/in/aaron-harris-7407b2/
Twitter: https://twitter.com/i/flow/login?redirect_after_login=%2FAaronRHarrisLearn more about Sage
http://www.sage.com
Listener Survey
Please take our listener survey: https://accounting.show/surveyNeed CPE?
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David discuss the Lyft financial typo that sent its stock price soaring. They also examine how AI-powered help desks and customer service are improving efficiency by 10-20%, and look at some alternatives to the pesky 150-hour rule. Other news includes the future of commercial real estate taxes, the use of AI tools to monitor employee communications, and how the IRS plans to collect over $500 billion more in owed taxes.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
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Chapters
(00:39) - David asks Blake to guess the profession(07:25) - Lyft's earnings report typo(14:36) - Trump found guilty!(23:08) - The City of Boston could lose over $1 billion from commercial real estate taxes(29:24) - How are some companies using generative AI to improve their businesses?(37:11) - Companies using AI to monitor employee messaging(40:20) - New Jersey CPA Society talks 150-hour rule(52:21) - The IRS is collecting $500 billion more in taxes(54:04) - Thanks for listening, leave us a review and Earn Free CPEShow Notes
How Walmart, Delta, Chevron and Starbucks are using AI to monitor employee messages
Lyft's Extra Zero Puts Focus on Corporate Controls: Explained
$1,741 Is the Average Tax Refund So Far, IRS Says
IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit
As A New Tax Filing Season Kicks Off, We Look at the IRS Efforts to Improve Customer Service and the Audits of Two Very Different Kinds of Taxpayers
Trump civil fraud case: Judge fines Trump $354 million, says frauds 'shock the conscience'How WeWork became the largest tenant in Boston
In biggest office lease of the year, Deloitte plans move to Winthrop Center
Lyft CEO addresses major typo in earnings report
Listener Survey
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Get in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?Check out our new website - accountingconferences.com
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TranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David meet with Geoffrey Brown of the Illinois CPA Society to examine some key findings from ICPAS's recent retention report, including top reasons for turnover, where departing accountants are going, and ideas for improving work-life balance.
Meet Our Guest, Geoffrey Brown
LinkedIn: https://www.linkedin.com/in/geoffrey-brown-cae-9039484/
Twitter: https://twitter.com/IllinoisCPA
Facebook: https://www.facebook.com/ICPAS
Instagram: https://www.instagram.com/illinoiscpasociety/Learn more about the Illinois CPA Society (ICPAS)
Website: https://www.icpas.org/
Listener Survey
Please take our listener survey: https://accounting.show/surveyNeed CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
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Limited edition shirts, stickers, and other necessities
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Subscribe
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David break down the IRS's $99 million paper-check limit, how states use tax credits to attract movie productions (sometimes unsuccessfully) and give their take on actor Kenan Thompson losing $1.5 million to fraud as a child. They also cover couples arguing over finances, AI answering tax questions in California, accounting rules hiding commercial real estate loan losses on bank balance sheets, and the lack of action from accounting standards boards to change these rules.
Sponsors
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Chapters
(00:40) - What's the largest check you can write to the IRS?(05:38) - Jeff Bezos could be saving $600 million from moving to Florida(14:44) - Why movie studios are throwing out projects for tax breaks(21:03) - Keenan Thompson's accountant stole $1.5 million from him(26:27) - How much of relationship problems are finance-related?(31:38) - California plans to use AI to help answer people's tax questions(35:51) - PwC UK boss says AI is why workers should be in the office(40:45) - Silicon Valley Bank collapse follow-up and why it could happen again(51:09) - Thanks for listening and check out the Unofficial Quickbooks Accountants PodcastShow Notes
Warner Bros.' Disgusting Accounting Trick May Find an Opponent in the U.S. Government
IRS Seeks More Than $1 Billion From SVB for Taxes
IRS sues FDIC to get $1.45B in SVB back taxes
Mayweather’s $18 Million Check To The IRS Packs A Punch, But Is Under The $100 Million Weight Limit
California plans to use AI to answer your tax questions
Jeff Bezos will save over $600 million in taxes by moving to Miami
The Indicator from Planet Money : NPR
Mayweather’s $18 Million Check To The IRS Packs A Punch,
But Is Under The $100 Million Weight LimitJeff Bezos reaps Florida tax benefit with $4B Amazon
share saleYoung staff need to be in the office because of AI, says
PwC's UK boss | Accounting TodayMoney is the Biggest Relationship Hurdle for 1 in 4
Couples, Survey Reveals - CPA Practice AdvisorKenan Thompson Reveals a Crooked Accountant Stole $1.5
Million From Him During His Nickelodeon Days | VideoWhen accountants attack: why Netflix is cancelling Halle
Berry’s new sci-fi movieBen Affleck Reportedly Filming The Accountant 2 This Year
FASB Won’t Consider Changes in Securities Accounting
After Bank Failures - WSJNew York Community Bank’s Commercial Real Estate Loan
Problem May Be Isolated, Experts SayBanking Crisis Plays Out at America’s Smallest Lenders
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Blake and David talk with Chayton Farlee, an accounting student at the University of the Pacific, about his journey into accounting and his thoughts on the profession. They discuss his inspiring path from cleaning carpets during the pandemic to pursuing his CPA and CMA, the disconnect many students feel between accounting theory and real-world application, the importance of bookkeeping skills, and considerations around starting his career at a Big Four firm or a smaller, more lifestyle-friendly firm.
Meet Our Guest, Chayton Farlee
LinkedIn: https://www.linkedin.com/in/chaytonfarlee/
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Need Accounting Conference Info?
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David discuss a wealth of timely topics, including the risks of filing taxes electronically versus by mail, the impact of the 150-hour rule on diversity in the accounting profession, and how major accounting firms are turning to private equity funding to accelerate growth. They also explore news from the artificial intelligence space, including Google's unveiling of Gemini, as well as ADP's new AI assistant, and examine how deepfake video calls enabled the theft of $25 million.
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Chapters
(00:29) - Welcome to the show(03:24) - Finance worker pays $25 million after video call with a deep fake of company CFO(08:54) - Is QuickBook taking tax accountants' jobs?(16:23) - Three AI accounting startups raise money funding round(25:14) - Baker Tilly is now private-equity-owned(27:32) - How much do the Big 4 spend on lobbying?(31:52) - The Wall Street Journal's terrible opinion piece of E-filing(38:25) - 13 states are suing the IRS for direct file system(40:15) - MIT study on effects of 150-hour rule(46:28) - Dual licensed CPAs and CMAs earn almost $40k more per year(49:17) - Google releases Gemini and is retiring BARD(53:33) - ADP launches ADP Assist(56:48) - Gemini also now does AI art(59:25) - Thanks for listening and please fill out our surveyShow Notes
Finance Employee Defrauded for $25M by Deepfake CFO
Dual Certifications Mean Big Bucks for Accountants - CPA Practice Advisor
Baker Tilly US gets PE investment | Accounting Today
Big Four Lobby Congress on Accounting Pipeline, AI, Crypto
Beware of E-Filing Your Tax Return
QuickBooks Live Tax Update: Understanding QuickBooks customers use of tax prep services
Accounting software startup Pennylane becomes France’s latest unicorn | TechCrunch
Google’s Gemini is now in everything. Here’s how you can try it out.
Accounting body tells members to make annual pledge to be ethical
Platform Accounting Group gets $85M funding round
Finally, now with $10M, adds AI for better insight into small business accounting
AI Will Be Doing More Accounting If Startup Investors Have Their Way
ADP launches ADP Assist genAI assistant
Republican attorneys general denounce IRS free file pilot as rival to products like TurboTax
Higher tax filing costs could take a bite out of your refund
DataSnipper, startup that uses AI to eliminate some of the ‘dread’ in accounting, is valued at $1 billion in latest funding round
Platform Accounting Group Secures $85 million in Funding Led by Cynosure Group
Finally Raises $10 Million to Expand Small Business Automation Solutions
Finally, the AI-Powered Accounting & Finance Suite, Closes $10M Raise to Propel SMB Growth Forward
France gains a new unicorn as Pennylane raises €40m
QuickBooks Live Tax Update
Beware of E-Filing Your Tax Return
DataSnipper Raises $100M at $1B Valuation to Empower Auditors with AI
Big Four Lobby Congress on Accounting Pipeline, AI, Crypto
Finance worker pays out $25 million after video call with deepfake ‘chief financial officer’
I'm an Accountant and Here's Why I'd Never File My Taxes Online — Best Life
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