Cut Your Tech Stack 50%, Threat to CPA in Florida, IRS Cuts Recap
The Accounting Podcast
Rethinking the Traditional Accounting Business Model
This chapter delves into the struggles of traditional accounting firms, critiquing their outdated business models and partnership structures. It advocates for a transformative shift towards outcome-based pricing and addresses the industry's resistance to meaningful change.
What if your firm could cut its tech stack in half while delivering faster results to clients? In this episode, Blake and David explore the consolidation revolution in accounting software as practice management tools secure massive funding rounds. They also break down how private equity is reshaping the profession's business model, with some firms now prohibiting CPAs from using their credentials in email signatures. Plus, discover why a proposed Florida bill eliminating the Board of Accountancy could have nationwide implications for licensed professionals. Learn why shorter turnaround times—not lower prices—might be your most cost-effective path to happier clients in today's AI-transformed landscape.
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Chapters
- (01:14) - Today's Topics Overview
- (03:53) - Travel Stories and Observations
- (05:14) - Conference Highlights and Industry Insights
- (16:50) - Florida CPA Threat and Licensing Issues
- (21:21) - Private Equity in Accounting Firms
- (39:39) - IRS Workforce Reduction Update
- (44:04) - IRS and ICE Data Sharing Agreement
- (45:42) - Proposed Bill to Regulate Tax Preparers
- (47:37) - Americans' Perception of Tax Fairness
- (52:16) - Improving Client Satisfaction in Tax Services
- (01:01:36) - Consolidation in Accounting Tech: Xero and Bill.com
- (01:03:43) - Gusto Expands into AR and AP
- (01:12:02) - The Impact of AI on Accounting Jobs
Show Notes
Firms with AI report higher per-employee revenue vs others
https://www.accountingtoday.com/news/firms-with-ai-report-higher-per-employee-revenue-vs-others
50% of finance teams still take over a week to close the books
https://www.cfo.com/news/50-of-finance-take-week-to-close-books-ledge-month-end-close-time-cfo-three-day-close-myth-/746085/
Shorter Turnaround Equals Happier Tax Clients
https://www.cpatrendlines.com/2025/05/shorter-turnaround-equals-happier-tax-clients/
Less than half of Americans believe federal income taxes are fair, Gallup poll finds
https://news.gallup.com/poll/taxes-fairness-poll-2025.aspx
Florida bill threatens to eliminate Board of Accountancy
https://www.goingconcern.com/florida-bill-threatens-to-eliminate-board-of-accountancy/
13 regional accounting firms unite under Sorin brand backed by private equity
https://www.accountingtoday.com/news/13-regional-accounting-firms-unite-under-sorin-brand
Bennett Thrasher rejects private equity, champions independence
https://www.accountingtoday.com/news/bennett-thrasher-rejects-private-equity-champions-independence
Interest in accounting rising among students, CAQ survey finds
https://www.thecaq.org/accounting-interest-students-survey-2025/
Treasury to stop issuing and accepting paper checks effective September 30, 2025
https://home.treasury.gov/news/press-releases/paper-checks-phase-out-2025
IRS and ICE reach agreement to share immigrants' tax information
https://www.irs.gov/newsroom/information-sharing-agreement-ice-2025
Bill to regulate tax preparers introduced in Congress
https://www.congress.gov/bill/tax-preparer-regulation-2025
Canopy raises $70 million Series C for practice management software
https://www.canopytax.com/blog/70-million-series-c-funding-2025
Thoma Bravo invests $100 million in HubSync for accounting technology growth
https://www.hubsync.com/news/thoma-bravo-investment-100-million
Xero and Bill forming alliance for embedded bill pay in the US
https://www.xero.com/blog/2025/05/bill-partnership-announcement/
Melio to embed payments for AR and AP inside Gusto
https://www.melio.com/blog/melio-gusto-partnership-2025
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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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