The Accounting Podcast Blake Oliver & David Leary
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- News
The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.
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Trump Accountants Take the Stand Before the Stormy Daniels
This week, Blake and David are puzzled by the results of a survey that shows 40% of tax professionals believe generative AI will allow them to charge clients higher rates. They also cover the sham audit firm BF Borgers and question why the firm's CPA is still licensed despite SEC charges. Blake demonstrates how he uses Zapier Central to build an AI agent that can automatically respond to client emails about the status of their tax returns. Wrapping up, they examine Digits' $35 million raise and pivot to bill pay, and Xero's new filtering functionality for bank reconciliations.
SponsorsLiveFlow - http://accountingpodcast.promo/liveflow Cloud Accountant Staffing - http://accountingpodcast.promo/casKeeper - http://accountingpodcast.promo/keeperBlue Onion - http://accountingpodcast.promo/blueonion
Chapters(00:53) - Generative AI's Impact on Pricing
(05:39) - The Curious Case of BF Borgers and Sham Audits
(08:19) - The Slow Response of Regulatory Bodies to Fraud
(18:07) - NASBA Hires New President
(19:24) - NASBA and the CPA Exam: A Call for Modernization
(28:16) - The Trump Stormy Daniels NY Trial
(35:19) - Rudy Giuliani's Financial Woes: A Deep Dive
(38:18) - Building AI Agents with Zapier Central: A How-To Guide
(39:38) - AI Tools for Productivity: Insights from ClickUp
(40:41) - The Power of AI in Automating Client Communication
(48:04) - The Big Money in AI-Powered Practice Management
(53:54) - Bill Pay Innovations and Market Dynamics
(55:12) - Xero's New Features and Bank Feed Improvements
(58:58) - The Real Value of Dashboards in Business Management
(01:04:10) - Closing Remarks and Future Events
Show Notes
Rudy Giuliani Forced to Learn Accounting After Bankruptcy Beancounter Bails
https://www.thedailybeast.com/rudy-giuliani-forced-to-learn-accounting-after-bankruptcy-beancounter-bails
Stormy Daniels payment puts focus on Trump and check-writing as trial testimony resumes
https://www.nbcnews.com/politics/donald-trump/former-white-house-executive-assistant-stand-trump-trial-dramatic-stor-rcna151578
Trump Accountant on His Stormy Daniels Coverup Notes: ‘I Made a Boo-Boo’
https://www.yahoo.com/news/trump-accountant-stormy-daniels-coverup-152934446.html
Trump Accountant Exposes Checks to Michael Cohen in Damning Testimony
https://newrepublic.com/post/181344/trump-accountant-checks-signed-michael-cohen-hush-money-trial
What’s new in Xero — May 2024 - Xero Blog
https://blog.xero.com/product-updates/whats-new-in-xero-may-2024/
End of Trump Media’s Auditor Jolts Hundreds of Other Companies
https://news.bloombergtax.com/financial-accounting/end-of-trump-medias-auditor-jolts-hundreds-of-other-companies
Trump Media hires new auditor after previous accounting firm charged with 'massive fraud'
https://www.cnbc.com/2024/05/06/trump-media-hires-new-auditor-after-accounting-firm-charged-with-fraud.html
Digits Launches AI Bill Pay for Small Businesses
https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/
Countsy Debuts Platform to Streamline Back-Office Management
https://www.pymnts.com/back-office/2024/countsy-debuts-platform-to-streamline-back-office-management/
Why we’re calling 2024 ‘the year of the US bank feed’
https://blog.xero.com/product-updates/year-of-the-us-bank-feed/
Let's Meet NASBA's Next President and CEO
https://www.goingconcern.com/lets-meet-nasbas-next-president-and-ceo/
Digits Launches AI Bill Pay for Small Businesses
https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/
Digits AI Bill Pay -- The World's First AI Bill Pay, Built Specifically For Startups
https://www.prnewswire.com/news-releases/digits-ai-bill-pay--the-worlds-first-ai-bill-pay-built-specifically-for-startups-302131944.html
Imagine the Chaos If the PCAOB Starts Naming and Shaming Audit Deficiency Clients
https://www.goingconcern.com -
Exploring Non-Traditional Accounting Careers in Government
Cody Turley, CPA and Certified Fraud Examiner, joins Blake and David to discuss his SEC career path, describing what it's like to investigate securities law violations. He emphasizes that while Big Four experience is valuable, it's not the only way to have a successful and meaningful accounting career. Cody shares insights into the benefits of working in government accounting roles, including greater responsibility early on, work-life balance, and the ability to transition to public accounting or industry later if desired.
Meet Our Guest, Cody Turley
LinkedIn: https://www.linkedin.com/in/cody-turley-cpa-cff-cfe-776254122/
Learn about SEC internship opportunities: https://www.sec.gov/pathways-internship-program
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
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Classifieds
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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 -
SEC Charges Trump's Audit Firm with Massive Fraud
The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues.
Sponsors Zoho - http://accountingpodcast.promo/zohoRelay - http://accountingpodcast.promo/relayKeeper - http://accountingpodcast.promo/keeperHarbor Compliance - http://accountingpodcast.promo/harbor
Chapters(09:04) - Anthropic launches Claude for teams
(11:12) - More LLM models pass CPA exam
(18:28) - Blake demonstrates AI's abiity to help with emails
(32:56) - 28 AI prompts for small businesses
(36:39) - Oregon Senator going after TurboTax to issue refunds to Oregonians
(38:44) - The possibility of a regional banking crisis
(48:12) - The Corporate Transparency Act might be repealed
(54:15) - Tether claims they can't find a Big 4 firm to audit them
(56:54) - Mecurity Bank being looked at by FDIC
(01:02:05) - Square to allow users to transfer percent of daily sales to Bitcoin
(01:03:26) - Download and sign up for the Earmark app
Show Notes
Anthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNET
https://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/
SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
https://www.sec.gov/news/press-release/2024-51
Oregon senator demands refunds for TurboTax customers over glitch | Accounting Today
https://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch
Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096
Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review
https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/
Why hundreds of U.S. banks may be at risk of failure
https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html
Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority
https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-prioritterrestrial
Block lets Square merchants convert a part of their daily sales to bitcoin
https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/
The 28 best AI prompts for small businesses
https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/
Congress considers how to fix the Corporate Transparency Act
https://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act
Article from www.congress.gov
https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors
Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html
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; -
Finally! A Tax Bill That Adds Up
Blake and David examine the latest tax legislation traveling through Congress, including a new bill requiring the IRS to provide detailed explanations for math errors on tax returns. They also discuss the IRS's new direct file program, the banning of non-compete agreements, and the coolest profession around (spoiler alert: it's not accounting). Lastly, they touch on the concerning data breach at BerryDunn and the AICPA's efforts to rebrand the CPA to attract more young people to the field.
SponsorsLiveFlow - http://accountingpodcast.promo/liveflow Zoho - http://accountingpodcast.promo/zohoKeeper - http://accountingpodcast.promo/keeperHarbor Compliance - http://accountingpodcast.promo/harbor
Chapters(02:40) - New proposed IRS Math Act
(05:42) - IRS wraps first season with free file program
(09:44) - "The Magician" tax preparer arrested for $100 million tax fraud
(15:11) - The future of social security
(19:01) - Sam Bankman-Fried makes a deal in civil suit
(20:34) - FTC rules noncompetes are unlawful
(25:32) - Ryan Tax Firm challenges FTC noncompete ruling
(28:04) - QuickBooks Live announcement upsets accountants
(41:10) - Anonymous listener says you can work normal hours and still make money
(44:31) - Accountant charged with embezzling $800k from CA paving firm
(47:39) - Ryanair CEO thinks more accountants should be running airlines
(55:25) - Accounting firm sued for data leak
(57:22) - CPA "Coolest Profession Around)
(01:01:35) - What is "Accounting Plus"
(01:06:38) - NASBA offers The Accountancy Licensing Library
(01:10:00) - Thanks for listening and remember to subscribe
Show Notes
Accountant Charged With Embezzling $800,000 From Paving Firm in California - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2024/04/25/virginia-accountant-charged-with-embezzling-800000-from-richmond-paving-firm/104508/
Ryan Leads Charge Against Biden’s Ban on Noncompete Clauses - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2024/04/26/ryan-leads-charge-against-bidens-ban-on-noncompete-agreements/104537/
Move Over, TurboTax? IRS Considers Expanding Free Tax-Filing Program – WSJ
https://www.wsj.com/personal-finance/taxes/irs-considers-expanding-free-tax-filing-program-8f68cc9a?st=0akqqiu2v0gjb8v
Boeing Needs Another Accountant As CEO, Says Ryanair CEO – Avweb
https://www.avweb.com/aviation-news/boeing-needs-another-accountant-as-ceo-says-ryanair-ceo/
Ultra-Rich Should Pay More Taxes to Save Social Security, Poll Shows - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2024/04/25/ultra-rich-should-pay-more-taxes-to-save-social-security-poll-shows/104458/
FTC Bans Noncompete Agreements That Restrict Job Switching – WSJ
https://www.wsj.com/politics/policy/ftc-bans-noncompete-clauses-that-restrict-job-switching-984d2187?st=sxhwibcr49evqxc
Bronx tax preparer known as "the magician" arrested for $100 million tax fraud | ADN América
https://adnamerica.com/en/new-york/bronx-tax-preparer-known-magician-arrested-100-million-tax-fraud
With close calls mounting, the FAA will require more rest for air traffic controllers
https://www.npr.org/2024/04/22/1246349237/close-calls-faa-air-traffic-control-fatigue
New bill would force IRS to explain tax return errors | The Hill
https://thehill.com/business/4602429-new-bill-would-force-irs-to-explain-tax-return-errors/
The Accountancy Licensing Library: Your Ultimate Resource for CPA Licensure | NASBA
https://nasba.org/blog/2024/04/01/the-accountancy-licensing-library-your-ultimate-resource-for-cpa-licensure/
The cost of doing your taxes are up nearly 10% this year – Marketplace
https://www.marketplace.org/2024/03/15/tax-preaparation-costs-up-nearly-10-percent/
Sam Bankman-Fried agrees to help FTX investors in lawsuits against Tom Brady, Larry David
https://nypost.com/2024/04/22/business/sam-bankman-fried-agrees-to-help-ftx-investors-in-lawsuits-against-tom-brady-larry-david/
Intuit Hosting 'QuickBooks Live' We -
Maximizing Your Accounting Firm's Value with Brannon Poe
Blake Oliver sits down with Brannon Poe of Poe Group Advisors to discuss the differences between traditional and subscription-based virtual accounting firms. Brannon shares his expertise on firm valuation, revealing that factors like cash flow to owner and owner hours play a significant role in determining a firm's value. He also emphasizes the importance of pricing strategies, noting that implementing value pricing and subscription models can dramatically improve a firm's profitability and overall value. Throughout the conversation, Brannon provides valuable insights and real-world examples to help firm owners maximize their firm's value in preparation for a potential sale.
Meet Our Guest, Brannon Poe
LinkedIn: https://www.linkedin.com/company/poe-group-advisors/Twitter: https://twitter.com/poegroupadvisorFacebook: https://www.facebook.com/PoeGroupAdvisors/Instagram: https://www.instagram.com/poegroup/
Learn more about Poe Group Advisors
Website: https://poegroupadvisors.com/
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
Classifieds
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 -
Google Blames Accounting Layoffs on AI
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 Relay - http://accountingpodcast.promo/relay Zoho - http://accountingpodcast.promo/zohoKeeper - http://accountingpodcast.promo/keeperSettle - http://accountingpodcast.promo/settle
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 version
Show 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-accountin