Blake and David look at the potential impact of AI on the accounting profession and discuss how AI tools like ChatGPT can boost productivity by automating tasks, improving communication, and assisting with problem-solving. They also examine the implications of these efficiency gains on the billable hour, predicting that firms will need to adapt their pricing strategies as a result. Finally, they review the results of a recent Accounting Today survey, which reveals accountants' perceptions and concerns about AI in the profession.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Keeper - http://accountingpodcast.promo/keeper
Bookkeep - http://accountingpodcast.promo/bookkeep
Chapters- (02:24) - The inefficiency at Disney World compared to accountants and timesheets
- (09:38) - JP Morgan AI tool cuts human work by 90%
- (11:14) - BofA Cash Pro Forecasting
- (18:29) - Blake checks in on live chat
- (19:11) - Survey on how much people actually want to work
- (27:17) - Kindness initiatives at firms
- (28:26) - Is gratitude better than a pay raise?
- (29:34) - New Accounting Today AI survey
- (40:00) - Blake shares example of how he used AI in his personal life
- (42:36) - Forbes article on ChatGPT prompts for leaders and managers
- (55:29) - Thanks for listening and remember to subscribe
Show Notes
JPMorgan Says Its AI Cashflow Tool Cut Human Work Almost 90%
https://www.entrepreneur.com/business-news/jpmorgan-says-its-ai-cashflow-tool-cut-human-work-almost-90/470682
Accounting's reluctant AI revolution
https://www.accountingtoday.com/research-report/accountings-reluctant-ai-revolution
Firms find it’s cool to be kind
https://www.journalofaccountancy.com/issues/2024/mar/firms-find-its-cool-to-be-kind.html
Bank Of America CashPro Forecasting
https://business.bofa.com/en-us/content/cashpro-forecasting.html
Americans Don’t Care as Much About Work. And It Isn’t Just Gen Z.
https://www.wsj.com/lifestyle/careers/americans-attitude-work-data-0c2e487c?st=zyx80zw1zyfu1jf
Gratitude is Better Than a Pay Raise for 55% of U.S. Workers, Survey Finds
https://www.cpapracticeadvisor.com/2024/02/29/gratitude-is-better-than-a-pay-raise-for-55-of-u-s-workers/102148/
12 ChatGPT Prompts For Leaders And Managers In 2024
https://www.forbes.com/sites/rachelwells/2024/01/23/12-chatgpt-prompts-for-leaders-and-managers-in-2024/
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 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
Classifieds
Royalwise - https://royalwise.com/partner
Forwardly - https://www.forwardly.com/
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
