The Accounting Podcast Blake Oliver & David Leary
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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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Rethinking Accounting Education in the Age of AI
Dr. Mfon Akpan, Assistant Professor of Accounting at Methodist University joins Blake and David for a conversation on the impact of AI on accounting education, the challenges faced by accounting graduates entering the workforce, and the future of the CPA profession. Dr. Akpan shares his insights on incorporating AI into the classroom and the importance of lifelong learning in the rapidly evolving world of technology.
Sponsors Cloud Accountant Staffing - http://accountingpodcast.promo/casKeeper - http://accountingpodcast.promo/keeperBean - http://accountingpodcast.promo/bean
Chapters(01:43) - AI in Accounting Education
(02:49) - Prompting Techniques for AI
(04:36) - Practical Applications of AI in Accounting
(05:52) - Challenges and Benefits of AI in Education
(07:00) - Incorporating AI into Accounting Curriculum
(15:07) - Debate on Accounting Education and Skills Gap
(23:51) - The 5th-Year Requirement for CPAs
(35:01) - The Value of Personal Interaction in Education
(35:42) - The Importance of Smaller Class Sizes
(37:33) - The Role of AI in Education
(41:29) - Improving Salaries in the Accounting Profession
(43:09) - The Impact of Technology on Accounting Jobs
(43:55) - Balancing Work and Life in Accounting
(56:26) - The Future of Accounting Education
(01:00:27) - Embracing AI in Accounting
(01:03:30) - Final Thoughts and Conclusion
Meet our Guest, Dr. Mfon AkpanWebsite: https://mfonakpan.com/LinkedIn: https://www.linkedin.com/in/drmfonakpan/Need CPE?
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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.
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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 -
The Startups Seeking to Dethrone QuickBooks
Blake and David dig into reports from the Illinois CPA Society and National Pipeline Advisory Group highlighting issues like long work hours, the 150-hour rule, and low starting salaries. They examine the potential disruption of traditional accounting software by startups and vertical SaaS companies offering embedded accounting functionality and review some of the CPA Practice Advisor Readers' Choice Awards. Wrapping things up, they highlight the health risks of long working hours, and discuss the need for better work-life balance in accounting firms, based on a recent WHO report.
SponsorsOnPay - http://accountingpodcast.promo/onpay Cloud Accountant Staffing - http://accountingpodcast.promo/casKeeper - http://accountingpodcast.promo/keeperBlue Onion - http://accountingpodcast.promo/blueonion
Chapters(01:44) - Does QuickBooks have some new competition?
(07:05) - Layer wants to be a GL service
(10:08) - Lili's place in the marketspace
(13:26) - The role of accountants in software success
(16:28) - CPA Practice Advisor's 2024 Reader Choice Awards
(18:53) - Illinois CPA Society survey results
(25:31) - WHO publishes estimates on health costs from working long hours
(30:02) - The long-awaited NPAG Impact Report was released!
(33:11) - Identifying pipeline problems
(35:06) - Reasons students don't choose accounting majors
(49:45) - Final points from report
(53:31) - Blake's theory on why accounting starting salaries are low
(01:00:15) - Thanks for listening and remember to subscribe
Show Notes
Teal Announces $8M Seed Investment to Drive Next-Gen Accounting Products for Vertical SaaS
https://www.businesswire.com/news/home/20240520567117/en/Teal-Announces-8M-Seed-Investment-to-Drive-Next-Gen-Accounting-Products-for-Vertical-SaaS
Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBookshttps://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/?guccounter=1
Illinois CPA Society Releases Updated CPA Pipeline Reporthttps://www.icpas.org/about-us/press/press-release-details/2024/05/16/illinois-cpa-society-releases-updated-cpa-pipeline-report
National Pipeline Advisory Group releases draft strategy reporthttps://www.accountingpipeline.org/draft-report/
Embedded accounting startup Layer secures $2.3M toward goal of replacing Quickbooks | TechCrunch
https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/
The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards
https://www.cpapracticeadvisor.com/2024/05/15/2024-cpa-practice-advisor-readers-choice-award-winners-announced/105089/
Lili Launches New Accountant AI for Small Business Financial Management
https://www.cpapracticeadvisor.com/2024/05/16/lili-launches-new-accountant-ai-for-small-business-financial-management/105520/
Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBooks
https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/
Kabbage Inc. Settles Allegations of PPP Fraud
https://smallbiztrends.com/?p=1487492
US accounting group bows to calls for faster path for recruits
https://www.ft.com/content/b6562303-cfda-4c6e-bb7b-8fe6e092bb01
National Pipeline Advisory Group releases draft strategy report - National Pipeline Advisory Group
https://www.accountingpipeline.org/draft-report/
Bench and Shopify alumni announce $11M CAD to build “the Stripe for accounting” with Teal - BetaKit
https://betakit.com/bench-and-shopify-alumni-announce-11-million-cad-to-build-the-stripe-for-accounting-with-teal/
Embedded accounting startup Teal raises $8M seed
https://www.axios.com/pro/fintech-deals/2024/05/20/embedded-accounting-teal-8-million-seed
The Indicator from Planet Money : NPR
https://www.npr.org/2024/05/17/1197964709/trade-wars-and-talent-shortages
Canadian fintech Teal raises $8M to build ‘Stripe for acco -
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
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 -
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
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Entertaining and content rich update on the accounting industry! Listen weekly and get CPE by using the Earmark App!