The Accounting Podcast Blake Oliver & David Leary

Blake and David Leary dive into several hot topics in the accounting world including the IRS's renewed focus on enforcement, targeting high-income individuals and non-filers, as well as the push to regulate non-credentialed tax preparers. They also explore the ongoing US CPA shortage and discuss potential solutions, including changes to education and recruitment strategies. Moving on, there's talk about emerging threats to traditional accounting software from industry-specific solutions like Clio's new accounting package for law firms. All this and more, right here, right now! 
SponsorsRelay - http://accountingpodcast.promo/relayZoho - http://accountingpodcast.promo/zohoMakers Hub - http://accountingpodcast.promo/makershubLendflow - http://accountingpodcast.promo/lendflow
Chapters(01:00) - Global IT Outage Chaos

(02:48) - Guess the Company Game

(05:04) - Accounting Salaries and Compensation

(14:47) - PwC Cutting Chinese Partners Pay by 50%

(16:24) - Relay: The Ultimate Banking Solution

(18:50) - Payday Advance Apps Under Scrutiny

(21:40) - Trump's Tax Plan and Tariffs

(29:03) - Community Engagement and Election 2024

(29:48) - Zoho Practice Management Overview

(31:34) - IRS Enforcement and Tax Resolution Opportunities

(39:40) - Regulating Non-Credentialed Tax Preparers

(43:09) - Corporate Tax Rates and Economic Impact

(48:49) - Thank you to MakersHub

(50:45) - Clio Accounting and Legal Software Innovations

(53:41) - Addressing the Accountant Shortage

(01:02:31) - Thanks for Listening and Remember to Earn Your Free CPE
 Show Notes
July 19, 2024, global tech outage news
https://www.cnn.com/business/live-news/global-outage-intl-hnk/index.html
 
AICPA & CIMA Achieves Global Recognition as a Great Place To Work
https://www.aicpa-cima.com/news/article/aicpa-and-cima-achieves-global-recognition-as-a-great-place-to-work
 
Just How Much Have Accounting Salaries Increased in the Last Five Years?
https://www.goingconcern.com/just-how-much-have-accounting-salaries-increased-in-the-last-five-years/
 
You Need to Make Six Figures to Buy a Home in Almost Half of the U.S.
https://www.cpapracticeadvisor.com/2024/04/04/you-need-to-make-six-figures-to-buy-a-house-in-almost-half-of-america/103541/
 
Number of the Day: $5.7 Billion - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2024/06/24/number-of-the-day-5-7-billion/107099/
 
I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion - The New York Times
https://www.nytimes.com/2024/07/11/business/irs-crackdown-wealthy-taxpayers.html
 
The IRS Tidal Wave Is Here - CPA Trendlines
https://cpatrendlines.com/2024/07/07/the-irs-tidal-wave-is-here/
 
Tax pros: IRS improving, but getting the right answer takes too long
https://www.journalofaccountancy.com/news/2024/jul/tax-pros-irs-improving-but-getting-right-answer-takes-too-long.html
 
IRS advisory committee recommends regulating tax preparers | Accounting Today 
https://www.accountingtoday.com/news/irs-advisory-committee-recommends-regulating-tax-preparers
 
Corporate Tax Rate Spurs Political Fight With More Than $1 Trillion at Stake - WSJ
https://www.wsj.com/politics/policy/corporate-tax-rate-election-53de5180?st=o43aay9xscjk9wt
 
Ohio's shortage of certified accountants is part of a national trend
https://www.10tv.com/article/news/local/ohio-shortage-of-cpas-part-of-national-trend/530-172bf0d5-0f6a-4037-817f-2a6ae4e12dbf
 
Accountants sound the alarm over high-income residents leaving Massachusetts – New Bedford Guide 
https://www.newbedfordguide.com/accountants-sound-the-alarm-over-high-income-residents-leaving-massachusetts/2024/06/20
 
Trump floats tariff hikes to offset income tax cuts
https://www.accountingtoday.com/articles/trump-floats-tariff-hikes-to-offset-income-tax-cuts 
 
The Accountant Shortage Highlights How Critical Accounting Is to Capital Markets | Smith School 
https://www.rhsmith.umd.edu/research/accountant-shortage-highlights-how-critical-accounting-capital-markets
 
#stitch

In light of recent events, Blake and David examine assassination attempts on US presidents, providing historical context. They move on to Intuit's recent layoffs, critiquing the company's communication strategy and exploring potential AI improvements for such announcements, and then shift to the Synapse bankruptcy, its impact on fintech users, and evolving regulatory scrutiny. Finally, Blake and David dig into AICPA CEO Barry Melancon's defense of the 150-hour CPA requirement, questioning its effectiveness and impact on the accounting profession.

SponsorsOnPay - http://accountingpodcast.promo/onpayRightRev - http://accountingpodcast.promo/rightrevMakersHub - http://accountingpodcast.promo/makershubLendflow - http://accountingpodcast.promo/lendflow
Chapters(01:12) - Assassination Attempt on President Trump

(02:05) - Historical Context of Presidential Assassinations

(06:38) - Intuit Layoffs and AI Transition

(11:20) - Analyzing Intuit's Communication Strategy

(21:41) - Listener Mail and CPA Exam Tips

(27:51) - Intuit's Overtime Wage Issue

(30:48) - CPA Licensure Flexibility

(32:02) - Ohio's Alternative Pathway to CPA

(34:04) - Listener Mailbag: Emma's Dilemma

(40:29) - Listener Mailbag: Walda's Insight

(45:45) - Synapse Bankruptcy Update

(53:05) - Barry Melancon's Retirement and Legacy

(01:05:11) - Join the Earmark Community
 
Show Notes
Intuit Marketing in the UK  pays for commercial/short film of human like talking dogs burying invoices/billshttps://directorslibrary.com/07/2024/latest/campaigns/dogs-intuit-quickbooks/ Bookkeeping Firm Digits Buys Accounting Platform Basis Financehttps://www.pymnts.com/acquisitions/2024/bookkeeping-firm-digits-buys-accounting-platform-basis-finance/
Assassination attempts on US presidents: https://www.perplexity.ai/search/how-many-assassination-attempt-nb5YvFGbShm0oSRKqi3Ukw
Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happenedhttps://techcrunch.com/2024/07/14/synapses-collapse-has-frozen-nearly-160m-from-fintech-users-heres-how-it-happened/
Evolve Bank & Trust Statement on Synapse Bankruptcyhttps://www.getevolved.com/about/news/evolve-bank-trust-statement-on-synapse-bankruptcy/ 
Banking With Third-Party Apps
https://www.fdic.gov/resources/consumers/consumer-news/2024-06.html 
Fintech nightmare: ‘I have nearly $38,000 tied up’ after Synapse bankruptcy
https://www.cnbc.com/2024/05/22/synapse-bankruptcy-customer-funds.html
AT Think Ask what you can do for your professionhttps://www.accountingtoday.com/opinion/ask-what-you-can-do-for-the-accounting-profession
Accounting Leader Calls for CPA Training to Evolvehttps://news.bloombergtax.com/financial-accounting/accounting-leader-calls-for-cpa-training-to-evolve-podcast
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Get 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
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
TeePublic Store: http://cloudacctpod.link/merch

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Today, Blake and David explore how artificial intelligence is reshaping accounting, discussing its potential to handle 70% of information-based tasks and impact workflows like data collection, reconciliation, and client services. They criticize the current theoretical approach to accounting education, advocating for more practical, hands-on learning experiences. They also dig into the ongoing 150-hour rule debate, examining recent state board initiatives for alternative CPA pathways and concerns about the accounting talent pipeline. Blake and David tackle the recent Evolve cybersecurity breach and its implications for fintech companies and move on to listener feedback and questions.

SponsorsLiveFlow - http://accountingpodcast.promo/liveflow Relay - http://accountingpodcast.promo/relayMakersHub - http://accountingpodcast.promo/makershub Genwise - http://accountingpodcast.promo/genwise
Chapters(02:40) - Vacation Plans and Quiet Vacationing

(07:45) - Generative AI in Accounting

(10:37) - Challenges and Opportunities in AI Adoption

(18:38) - CPA Firm Dynamics and Partner Retirement

(28:58) - Survey Insights and Alternative Pathways to CPA

(33:05) - Arkansaw State Board of Accountancy Pursuing Alternative Pathways to CPA

(34:19) - Blake and David Look at the California CPA License Survey

(37:29) - Addressing Concerns About CPA Mobility

(38:10) - Survey Reflections and Critique

(42:38) - Listener Mail: Nebraska's CPA Changes

(43:55) - The Practicality of Accounting Education

(01:00:38) - Evolve Bank Cyber Attack

(01:06:35) - Closing Thoughts and 4th of July Message
 
Show Notes
Millennials call it ‘quiet vacationing,’ but it’s really remote work gone wrong—and it’s CEOs’ worst nightmare
https://fortune.com/2024/05/23/quiet-vacation-millennials-gen-z-harris-poll-remote-work
 
Death, Taxes, and AI: How Generative AI Will Change Accounting
https://a16z.com/generative-ai-in-accounting/
 
Tech lag named top risk for accountants in 2024 Intuit QuickBooks survey
https://quickbooks.intuit.com/r/news/accountant-tech-survey-results/
 
Finding Qualified Staff Is the Top Issue Facing Most CPA Firms In 2024
https://www.cpapracticeadvisor.com/2024/06/07/finding-qualified-staff-is-the-top-issue-facing-most-cpa-firms-in-2024/106519/
 
Help! A Partner Wants to Retire Early
https://cpatrendlines.com/2024/04/24/help-a-partner-wants-to-retire-really-early/
 
Arkansas State Board of Public Accountancy – Proposed Rule Changes
https://www.labor.arkansas.gov/licensing/state-board-of-public-accountancy/proposed-rule-changes/
 
California Board of Accountancy 
https://www.dca.ca.gov/cba/
 
California Board of Accountancy’s LinkedIn Post on CPA Next Survey
https://www.linkedin.com/posts/cbanews_we-want-to-hear-from-you-this-weekend-is-activity-7212584294232285184-25sa
 
CPA Candidates Approved To Sit At 120 Hours Starting 1/1/2025
https://nebraska-cpa.thenewslinkgroup.org/cpa-candidates-approved-to-sit-at-120-hours-starting-1-1-2025/
 
Evolve Hit With Fed Enforcement Action, But Why Did It Take This Long?
https://substack.com/home/post/p-145886596
 
Cybersecurity Incident
https://www.getevolved.com/about/news/cybersecurity-incident/
 
Yieldstreet says some of its customers were affected by the Evolve Bank data breach
https://techcrunch.com/2024/07/02/yieldstreet-says-some-of-its-customers-were-affected-by-the-evolve-bank-data-breach/
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Get 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
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the pros

Blake and David explore the intersection of AI, remote work, and accounting technology. They take a look at the phenomenon of "mouse jiggling," examine various AI tools reshaping the accounting industry, and analyze a survey showing widespread adoption of AI in the workplace. There's also a review of different AI chatbots, highlights on new AI-powered accounting startups, and a brief look at the U.S. government's online passport renewal system. This wide-ranging conversation offers valuable insights into the evolving landscape of work and technology in the digital age.

SponsorsLiveFlow - http://accountingpodcast.promo/liveflowRightRev - http://accountingpodcast.promo/rightrevMakers Hub - http://accountingpodcast.promo/makershubGenwise - http://accountingpodcast.promo/genwise
Chapters(01:14) - Mouse Jiggling Scandal at Wells Fargo

(05:28) - Pig Butchering Scams and Synapse Bankruptcy

(09:20) - Return to Office Mandates and Employee Turnover

(12:55) - AI Tools in Accounting: Zapier Central Demo

(18:18) - Impact of AI on Freelance Jobs

(21:49) - Private Equity and Audit Board Acquisition

(26:05) - AI Co-Pilot for Accounting Firms: Materia Raises $6.3 Million

(30:04) - Technology Maturity and Firm Revenue

(36:10) - AI Adoption in the Workplace

(38:15) - AI Tools Revolutionizing Financial Reporting

(40:42) - The Rise of Chatbots: A Wall Street Journal Analysis

(42:08) - Comparing Chatbot Performance Across Different Tasks

(51:28) - The Future of AI in Accounting Firms

(01:00:57) - Innovations in Government Services

(01:03:23) - Wrap-Up and Announcements
 
Show Notes
Meet Zapier Central's Chrome extension: Work with your personal AI bots anywhere
https://zapier.com/blog/zapier-central-chrome-extension/
The Great AI Challenge: We Test Five Top Bots on Useful, Everyday Skills
https://www.wsj.com/tech/personal-tech/ai-chatbots-chatgpt-gemini-copilot-perplexity-claude-f9e40d26
Numeric secures $10m in Seed funding to revolutionise accounting automation
https://fintech.global/2024/05/08/numeric-secures-10m-in-seed-funding-to-revolutionise-accounting-automation/
Finaloop secures $35 Million in Series A
https://www.finextra.com/pressarticle/101198/finaloop-secures-35-million-in-series-a
June 2024 Update: Beta Release of an Online Passport Renewal System
https://travel.state.gov/content/travel/en/passports/have-passport/renew-online.html
California Board of Accountancy CPANext Survey
https://www.linkedin.com/posts/cbanews_we-want-to-hear-from-you-this-weekend-is-activity-7212584294232285184-25sa
Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

Get 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
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
TeePublic Store: http://cloudacctpod.link/merch

Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd

Transcripts
The full transcript for this episode is avail

Kwame Agyei, founder and CEO of Appoynt, joins Blake and David to discuss the benefits of outsourcing specific business functions like accounts receivable management. Kwame shares his unique journey from accountant to entrepreneur and offers practical advice on effectively leveraging virtual assistants while addressing common concerns around security and building trust. Meet Our Guest, Kwame Agyei
LinkedIn: https://www.linkedin.com/in/kwame-agyei-b3ab1333/

Learn more about Appoynt
Website: http://www.appoynt.co.uk/
Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

Get 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
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
TeePublic Store: http://cloudacctpod.link/merch

Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast
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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

Adam Zaki of CFO.com joins Blake and David to explore the trends reshaping the industry, from AI to the talent shortage. They dive into the murky waters of corporate financial controls and audit practices. They also examine what makes a truly effective CFO in today's dynamic business environment and why authenticity might be the most valuable trait in a leader's toolkit. Get an insider's perspective on the 150-hour CPA licensing requirement and hear ideas for reform that could revolutionize the profession.

Sponsors Cloud Accountant Staffing - http://accountingpodcast.promo/casRightRev - http://accountingpodcast.promo/rightrevMakers Hub - http://accountingpodcast.promo/makershub
Chapters(01:18) - AI Trends in Finance

(02:42) - Adoption and Challenges of AI

(09:34) - Talent Shortage in Finance

(13:33) - Gen Z in the Finance Profession

(20:36) - Real Consequences of The Breakdown of Financial Controls

(30:03) - AT&T is Bypassing Big 4 Recruitment & Blake's Career Path

(31:45) - Q&A Session Begins

(32:22) - Would You Trade Your Job for a CFO Role?

(33:23) - Work-Life Balance in Accounting

(35:10) - Other Ways We Can Attract Talent to The Accounting Profession

(39:21) - Challenges in the Accounting Profession

(50:06) - Mentorship and Leadership in Accounting

(57:22) - Closing Remarks and Future Guests
 
Show Notes
Follow Adam’s stories on CFO.com: https://www.cfo.com/editors/azaki/
75% of employees use AI at work: report | CFO
 
San Francisco 49ers, MLB Star Shohei Ohtani Wrestle With Poor Financial Controls
 
34% of KPMG tax, audit and advisory interns plan to stay 5 years at first job: report | CFO
 
Gen Z Pivots from Accounting, Pursues Creative Freedom and Entrepreneurship | CFO
 
No Gimmicks, Just Authenticity: How To Attract Gen-Z Talent | CFO
 
Peacocking, newskilling and digital detox: 9 new workplace trends CFOs must know | CFO
 
Senior Leaders Nearly Twice as Likely To Receive AI Resources as Junior Staff | CFO

Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

Get 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
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
TeePublic Store: http://cloudacctpod.link/merch

Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifieds
Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd

Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page