Cloud Accounting Podcast David Leary & Blake Oliver, CPA

Why AICPA's 12-point plan won't solve the CPA crisis; Earnings reports from Intuit, Sage, and Xero; Ramp adds AI features to spend management platform; why grads are ditching jobs at the Big Four; 70% of Gen Z employees would switch jobs for better tech, and more!

SponsorsLiveFlow - https://cloudaccountingpodcast.promo/liveflowTech Guru - https://cloudaccountingpodcast.promo/techguruClient Hub - https://cloudaccountingpodcast.promo/clienthub
Chapters
(00:00) - IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity

(00:52) - Welcome to the show

(04:52) - Potential debt-ceiling deal cuts IRS funding by $10 billion

(07:38) - Chat GPT made workers 37% faster at completing tasks

(11:44) - Accounting Today has ChatGPT retake the CPA exam

(16:36) - Number of people taking accountancy exams drops to lowest level in 17 years

(19:23) - WSJ article on the accounting industry’s low starting pay problem

(23:35) - The AICPA's 12-point plan to solve the accountant shortage

(35:13) - Thetab.com article on why grads are ditching jobs at Big Four firms

(38:13) - Update on the IRS's Free File tax system

(41:18) - Let's talk about the Intuit earnings call

(46:38) - Sage had their earnings call

(48:43) - Ramp announces "Ramp Intelligence"

(53:31) - Employee satisfaction reached an all-time high last year

(55:33) - Gen Z employees would change jobs for better tech

(01:01:34) - Wrap up and where to reach us. See you at AICPA Engage!
Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe

Show Notes
New MIT Research Shows Spectacular Increase In White Collar Productivity From ChatGPT – JOSH BERSIN
https://joshbersin.com/2023/03/new-mit-research-shows-spectacular-increase-in-white-collar-productivity-from-chatgpt/
 
ChatGPT retakes CPA Exam as v4.0, passes | Accounting Today
https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes
 
AICPA Council approves CPA pipeline plan | Accounting Today
https://www.accountingtoday.com/news/aicpa-council-approves-cpa-pipeline-plan
 
70% of Gen Z Employees Say They Would Switch Jobs for Better Tech: Weekly Stat
https://www.cfo.com/human-capital/workforce-management/2023/05/gen-z-gen-x-baby-boomer-millennials-technology-work-environments-productivity-work-life-balance/
 
AICPA details plans to boost CPA pipeline | Accounting Today
https://www.accountingtoday.com/news/aicpa-details-plans-to-boost-cpa-pipeline
 
Overworked and underpaid: Why grads are ditching jobs at the Big Four
https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634
 
The Future of AI in Finance is Here | Ramp Intelligence
https://ramp.com/intelligence
 
Numbers taking US accountancy exams drop to lowest level in 17 years | Financial Times
https://www.ft.com/content/e8dc2264-6b8d-4ed5-8bbd-e4a67e7d1e46
 
Avii Announces Significant Uplifts to Financial Modules In Avii ...
https://www.businesswire.com/news/home/20230508005420/en/Avii-Announces-Significant-Uplifts-to-Financial-Modules-In-Avii-WorkspaceTM-Platform-for-Accounting-Firms
 
Overworked and underpaid: Why grads are ditching jobs at the Big Four
https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634
 
Sage Intact Launches Native AP Bill Automation to Cut Down on ...
https://www.digitaljournal.com/pr/news/pr-zen/sage-intact-launches-native-ap-bill-automation-to-cut-down-on-invoice-processing-time
 
Intuit Inc. (INTU) Q3 2023 Earnings Call Transcript              
https://seekingalpha.com/article/4606883-intuit-inc-intu-q3-2023-earnings-call-transcript
 
Intuit (INTU) Reports Q3 Earnings: What Key Metrics Have to Say
https://www.zacks.com/stock/news/2098768/intuit-intu-reports-q3-earnings-what-key-metrics-have-to-say
 
ChatGPT retakes CPA Exam as v4.0, passes            
https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes
 

We're joined by Ashley the CPA (@seattle_tax) to talk about artificial intelligence coming soon to Microsoft products plus all the news you can use at the intersection of accounting and technology.
Chapters

(00:00) - ChatGPT is only the beginning

(00:58) - Introduction and welcome Ashley to the show

(02:47) - Microsoft Copilot updates

(08:43) - A new Microsoft Teams is coming

(10:46) - Report from Microsoft says meetings are the #1 productivity killer

(14:48) - A very small percentage of accountants are using these tools

(19:19) - How is consistency with AI?

(21:31) - Personalized training for these AI's

(30:55) - ChatGPT ads plugins

(34:27) - TurboTax is adding AI

(39:25) - Why should you learn AI now?

(44:09) - Tell us about your newsletter Ashley

(54:04) - Blake asks ChatGPT to book him a flight

(57:38) - Wrap up and where to reach us
Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe

Show Notes
Microsoft Crunches Some Data to Find Out Teams is the Biggest Productivity Killer at Work
https://www.goingconcern.com/microsoft-crunches-some-data-to-find-out-teams-is-the-biggest-productivity-killer-at-work/
 
The No. 1 workplace distraction that kills productivity, according to Microsoft
https://www.cnbc.com/2023/05/09/the-no-1-workplace-distraction-that-kills-productivity-according-to-microsoft.html
 Meet our Guest, Ashley Francis, CPALinkedIn: https://www.linkedin.com/in/ashley-francis-0115073/Website: https://kitchentableautomations.substack.com/
Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info? 
Check out our new website - accountingconferences.com
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

We're back from ExpensiCon in Italy with thoughts on Expensify's future and the future of spend management; a report from Kristen Keats at Accounting Today's Firm Growth Forum conference; ChatGPT coming soon to a Wendy's drive-thru near you!
Chapters

(00:25) - Every Payment Is A Conversation

(00:50) - Blake and David are back from Italy

(04:40) - Let’s talk about ExpensiCon

(09:48) - The original Expensify and ExpensiCon

(12:15) - The new Expensify they're building

(17:51) - Expensify is adding great tech support

(23:18) - The future of Expensify

(28:17) - How much do we think this event cost and playing the long game

(37:48) - Some general observations on Italy

(44:10) - Kristen Keats checks in from Accounting Today's conference

(51:40) - Let's hear some listener reviews of CAP

(52:22) - Is AI encouraging or discouraging for accountants and jobs?

(56:51) - Wendy's Fresh AI

(59:19) - ChatGPT 4 passes CPA exam

(01:00:42) - Wrap up and where to reach us

Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe

Show Notes
Expensify Launches Transactional Chat for Accountants - Business Wire
https://stocks.apple.com/ATL9AZYOSSKO_4jLMtB30pA 
Wendy’s to Launch AI-Powered Drive-Thru Service             
https://smallbiztrends.com/2023/05/ai-drive-thru-wendys-google-cloud.html
 
What if AI could rebuild the middle class? : Planet Money : NPR
https://www.npr.org/sections/money/2023/05/09/1174933574/what-if-ai-could-rebuild-the-middle-class

Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040
Need Accounting Conference Info? 
Check out our new website - accountingconferences.com
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TeePublic Store: http://cloudacctpod.link/merch
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YouTube: https://www.youtube.com/c/CloudAccountingPodcast

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? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info.
Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd 
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Accounting Today said ChatGPT failed the CPA Exam — here's why that's misleading; a WSJ reporter clones herself with AI and tricks her bank and family; TurboTax tops the TV ads for tax year 2022; Audit firms remove partners who fault clients' internal controls; 80 percent of BDO Alliance partners vote to eliminate or modify the 150-hour rule

SponsorsShareFile - https://cloudaccountingpodcast.promo/sharefileCCH Axcess - https://cloudaccountingpodcast.promo/axcessSuiteFiles - https://cloudaccountingpodcast.promo/suitefiles
Chapters
(00:00) - ChatGPT Was Set Up To Fail The CPA Exam

(00:30) - Does the accounting profession give your life meaning?

(01:00) - Welcome to the show, David is on the road this week

(04:49) - Accounting Today says ChatGPT completely failed CPA exam

(07:48) - Blake ran some of his own tests with GPT-4 and takeaways people should get from this article

(13:23) - WSJ article on the potential of AI and fraud

(15:09) - Blake plays clips of Joanna's voice cloned compared to her actual voice

(18:28) - TechCrunch article on Intuit's AI journey

(23:35) - Accounting Today article on firms removing audit partners from engagements where they found internal control problems

(28:41) - Accounting Today: PCAOB turns up the heat on auditing firms

(32:20) - Three failed banks all had KPMG in common

(38:26) - Which brands spent the most money on ads around tax day 2023?

(41:30) - TurboTax starts sending out checks as part of "free free free" settlement

(42:58) - Listener email about the 150 hour rule and underpaid CPAs

(46:57) - BDO Alliance poll results on the 150 hour requirement

(50:29) - Blake buys MedEvac insurance for the first time

(53:09) - Some quick app news roundup

(58:33) - Wrap up and where to reach us
Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe

Show Notes
KPMG pens deal with MindBridge to apply AI to digital audits | Accounting Today
https://www.accountingtoday.com/news/kpmg-pens-deal-with-mindbridge-to-apply-ai-to-digital-audits
 
We ran the CPA exam through ChatGPT and it failed miserably | Accounting Today
https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably
 
I Cloned Myself With AI. She Fooled My Bank and My Family.        
https://www.wsj.com/articles/i-cloned-myself-with-ai-she-fooled-my-bank-and-my-family-356bd1a3
 
Audit firms remove partners who fault clients' internal controls | Accounting Today
https://www.accountingtoday.com/news/audit-firms-remove-partners-who-fault-clients-internal-controls
 
BDO Alliance poll of managing partners on 150-hour rule
https://twitter.com/BlakeTOliver/status/1654553693830914048
 
TurboTax customers to receive checks for $141M settlement        
https://apnews.com/article/turbotax-inuit-settlement-checks-mail-0c01cf25aa34693163886d135f7a6560
Accounting automation developer Gappify scores $10m
https://fintech.global/2023/05/02/accounting-automation-developer-gappify-scores-10m/            
 
Intuit’s shift
https://techcrunch.com/2023/04/27/intuit-ai-shift/
 
Hundreds Of Tax Prep Services Hit The Airwaves Before April https://www.insideradio.com/free/hundreds-of-tax-prep-services-hit-the-airwaves-before-april-18/article_b59beb46-e5a2-11ed-a08f-d7b730e240b8.html
 
We had ChatGPT take the CPA exam — and it failed           
https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably
 
ChatGPT Just Failed This Accounting Exam
https://www.digitalinformationworld.com/2023/04/chatgpt-just-failed-this-accounting-exam.html
 
Accounting clerk created original art on billing statements to help a patient heal
https://www.cbsnews.com/video/accounting-clerk-created-original-art-on-billing-statements-to-help-a-patient-heal/
Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver an

Matt Rissell of TSheets dead in apparent murder-suicide; a review of the AI features you can use right now in Client Hub, Canopy, Karbon, Financial Cents and... Sturppy?; This week's guest: Giles Pearson, CEO of Accountests

SponsorsOnPay - https://cloudaccountingpodcast.promo/onpayRelay - https://cloudaccountingpodcast.promo/relayTech Guru - https://cloudaccountingpodcast.promo/techguru
Chapters
(00:00) - Have your AI contact my AI

(00:21) - Introduction and thoughts on the horrible news of Matt Rissell


(06:18) - Some of the history of TSheets


(12:36) - Practical application of Chat GPT and AI


(20:10) - Giles was a partner at PwC


(25:46) - Blake check on the live chat discussion

(00:50) - David has used ChatGPT to create and organize his calendar appointments


(30:43) - Let's look at Client Hub using their AI integration to help create tasks


(35:09) - Lets see how Canopy can help you draft emails


(37:51) - What Karbon has done with email


(44:48) - Is Giles using AI for anything?


(45:42) - Financial Sense integrates with ChatGPT


(47:52) - Expensify's genius AI blog post


(49:40) - Sturppy's AI virtual CFO

(00:30) - Wrap up and where to reach everyone


(57:07) - Congressional letter written about AI to create tax scams


(58:56) - Where to learn more about Accountest and follow Giles

Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe

Show Notes
Karbon AI | Karbon         
https://karbonhq.com/feature/ai/
 
Founder of TSheets Dies in Self-Inflicted Shooting
https://www.cpapracticeadvisor.com/2023/05/04/founder-of-tsheets-dies-in-self-inflicted-shooting/79360/
 
Senators want IRS to stop AI-generated tax scams
https://www.accountingtoday.com/news/senators-want-irs-to-stop-chatgpt-generated-ai-tax-scams
 
“What is the Best Expense Management App?” according to ChatGPT?
https://blog.expensify.com/2023/05/02/what-is-the-best-expense-management-app-according-to-chatgpt/
 
TSheets founder Rissell dead after what police call attempted murder/suicide in Eagle home
https://boisedev.com/news/2023/05/04/matt-rissell-dead/
Get in Touch
Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040
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

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YouTube: https://www.youtube.com/c/CloudAccountingPodcast


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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? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info.
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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

In this episode, Pat White and Rafael Casas interview Mackenzie Patel, CEO of Hash Basis, a crypto-native accounting firm based in San Francisco. Mackenzie shares her accounting background and how she got into crypto accounting. They also discuss the challenges of revenue accounting in crypto and the emerging trend of specialized crypto accounting.
Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE for listening to this episode.Checkout the Bitwave channel on Earmark to get even more CPE
Chapters

(00:00) - Preview: What does Hash Basis do?

(00:50) - Introduction and welcome Mackenzie to the show

(02:04) - A little bit of Mackenzie's background

(04:24) - Did you instantly love accounting?

(10:39) - What did you do after college?

(11:47) - What does revenue accounting look like in crypto?

(13:58) - Are you seeing more accountants who specialize in crypto accounting?

(18:32) - How did you get into crypto specifically?

(20:40) - Can you walk us through some fundamentals of crypto accounting?

(28:31) - What is streaming payroll and payments?

(31:53) - What resources do you do to stay up to date on crypto and crypto accounting?

(34:51) - FASB guidance has come out

(35:31) - What do you think about wrapped tokens now being counted as impaired?

(42:08) - Tell us about your new company, Hash Basis

(44:14) - Mackenzie will be speaking at EDAS

(46:13) - Thanks for listening and please subscribe for new episodes
Connect with our guest, Mackenzie Patellinkedin.com/in/mackenziepatel/twitter.com/maccbasisConnect with Pat
linkedin.com/in/patwhitetwitter.com/patwhiteConnect with Rafaellinkedin.com/in/rafaelcasastwitter.com/RafaelCasasBW
Follow the Crypto With Accountants Podcastfacebook.com/CryptoAcctsPodtwitter.com/CryptoAcctsPodlinkedin.com/showcase/cryptoacctspod
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This podcast is a production of the Earmark Media