The Losers of AI & What CPAs Need to Know About OBBBA
The Accounting Podcast
The Risks of AI in Procurement and Internal Controls
This chapter explores the risks of integrating AI agents into procurement processes, particularly the potential for internal controls to be compromised. It emphasizes the importance of maintaining stringent internal checks to counteract the dangers of misinformation manipulated through AI systems.
Why is AI failing at basic accounting tasks while claiming to outsmart PhD students? Blake and David dive into the stark reality of AI implementation in accounting, from Ramp's promising new expense management agents to QuickBooks' baffling suggestion to credit and debit the same account. You'll discover the critical security vulnerabilities in AI systems and learn why clients are increasingly using AI to fact-check their accountants' advice. Plus, get a comprehensive breakdown of the top 10 tax planning opportunities in the One Big, Beautiful Bill Act—from permanent 100% bonus depreciation to Trump accounts for children. The hosts also explore which companies will be AI's biggest losers and why the future of accounting lies in financial management, not advisory services.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Keeper - http://accountingpodcast.promo/keeper
Chapters
- (00:30) - The Big Beautiful Bill: Tax Provisions Overview
- (01:53) - AI in Accounting: RAMP's New AI Agents
- (02:56) - QuickBooks AI Agents: Frustrations and Feedback
- (06:05) - RAMP's AI Agents: Features and Benefits
- (14:38) - AI's Impact on Employment: Winners and Losers
- (20:54) - Grok 4: The Future of AI in Accounting
- (36:53) - Juno and Tax Prep Automation
- (37:52) - The Rise of AI in Cyber Attacks
- (38:26) - Social Engineering and AI
- (39:18) - Hidden AI Prompts in Academic Papers
- (41:25) - AI Security Risks and Internal Controls
- (45:45) - The Accountant's Labor Shortage
- (46:59) - Tax Planning Opportunities in the New Bill
- (56:29) - The Impact of the New Tax Bill
- (01:00:45) - Final Thoughts and Wrap-Up
Show Notes
Ramp agents: Let finance teams do finance
https://ramp.com/blog/ramp-agents-announcement
Microsoft shares $500M in AI savings internally days after cutting 9,000 jobs
https://techcrunch.com/2025/07/09/microsoft-shares-500m-in-ai-savings-internally-days-after-cutting-9000-jobs/
Indeed, Glassdoor to lay off 1300 staff amid AI push
https://techcrunch.com/2025/07/11/indeed-glassdoor-to-lay-off-1300-staff/
Workday Stock Takes A Hit After Piper Sandler Survey Flags AI-Driven Headwinds, But Retail's Optimistic
https://stocktwits.com/news-articles/markets/equity/workday-stock-takes-a-hit-after-piper-sandler-survey-flags-ai-driven-headwinds/ch8GfqaR5kY
Elon Musk's xAI launches Grok 4 alongside a $300 monthly subscription
https://techcrunch.com/2025/07/09/elon-musks-xai-launches-grok-4-alongside-a-300-monthly-subscription/
Hidden AI prompts in academic papers spark concern about research integrity
https://www.japantimes.co.jp/news/2025/07/04/japan/ai-research-prompt-injection/
Tax provisions in the One Big Beautiful Bill Act
https://www.journalofaccountancy.com/news/2025/jun/tax-changes-in-senate-budget-reconciliation-bill/
Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe 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 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/ApplePodcasts
- YouTube: https://www.youtube.com/@TheAccountingPodcast
- Spotify: http://cloudacctpod.link/Spotify
- Podchaser: http://cloudacctpod.link/podchaser
- Stitcher: http://cloudacctpod.link/Stitcher
- Overcast: http://cloudacctpod.link/Overcast
Classifieds
REFRAME 2025 - http://accountingpodcast.promo/reframe2025
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
The AI-powered Podcast Player
