How Private Equity Could Hurt the Accounting Profession
The Accounting Podcast
Intro
This chapter highlights LiveFlow's accolades as one of the top accounting software products for 2024 and addresses the growing issue of accounting errors leading to financial statement retractions in U.S. companies. It concludes with an introduction of a special guest, ChatGPT, for an engaging conversation on current accounting challenges.
Blake, David, and special guest ChatGPT examine the impact of private equity on accounting firms, looking at how PE ownership affects compensation and firm structures. They dig into recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. They explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and more.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Suralink - http://accountingpodcast.promo/suralink
SmartVault - http://accountingpodcast.promo/smartvault
TaxBandits - http://accountingpodcast.promo/taxbandits
Chapters
- (00:59) - Introducing ChatGPT as Co-Host
- (01:58) - Hot Topics in Accounting News
- (04:05) - Private Equity in Accounting Firms
- (07:35) - Debating the Impact of Private Equity
- (22:40) - DirectFile Controversy
- (28:02) - App News and Updates
- (34:23) - Enron's Return?
- (38:28) - Fraudsters and Presidential Pardons
- (42:00) - Accounting Errors on the Rise
- (44:52) - The Daylight Savings Debate
- (50:04) - AI Tools: The Good, The Bad, and The Ugly
- (58:26) - Final Thoughts and Announcements
Show Notes
Accounting errors force US companies to pull statements in record numbers
https://www.ft.com/content/716c4ad5-e8fa-4a34-afba-9fb2d1db019d
Republican lawmakers ask Trump to kill IRS Direct File
IRIS to buy Dext in £500m deal
https://www.accountingweb.co.uk/tech/accounting-software/iris-to-buy-dext-in-ps500m-deal
How Private Funds Could Hurt Americans Under Trump
https://www.nytimes.com/2024/12/03/opinion/trump-presidency-billionaires.html
LegalZoom and 1-800Accountant Join Forces to Deliver Full-Service Tax and Bookkeeping Solutions for Small Business Owners
Zoho Releases New Payroll Solution in the U.S.
https://www.cpapracticeadvisor.com/2024/12/13/zoho-releases-new-payroll-solution-in-the-u-s/152935/
BILL Unveils 1099 Form Filing Solution for SMBs
Is Enron back? Here’s what we know …
CalCPA Submits Comments on Exposure Draft on CPA Licensure
https://www.calcpa.org/whats-happening/articles/calcpa-submits-comments-on-exposure-draft-on-cpa
CEOs Want Trump to Change Course on Tariffs. He Isn’t Budging.
https://www.wsj.com/economy/trade/trump-tariff-plan-business-lobbying-8f02ccea
Donald Trump vows to end daylight saving time
https://www.youtube.com/watch?v=EDR1IURzO1Q
More Than a Lost Hour of Sleep: The True Cost of Daylight Saving Time
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
- 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
Forwardly - https://www.forwardly.com/
Client Hub - https://clienthub.app/
Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fanc...
Remember Everything You Learn from Podcasts
