The Accounting Podcast

Accounting Teacher Tells Students Accountants Hate Their Lives

Aug 30, 2023

Hosts discuss negative stereotypes about accounting affecting students' interest, the concept of becoming a CPA in New York without a degree, and criticisms of the 150 hours requirement. They also cover limitations of audits, resources for learning and navigating accounting, and features of Keeper and Legal Zoom Books. They explore tax service integration, lack of curiosity in accounting, and benefits of using Fin Daily for financial data automation.

01:05:19

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Episode notes

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Quick takeaways

Charging fair rates for accounting work is crucial to cover costs and ensure profitability.

Negative stereotypes about accounting can discourage students from exploring the profession, highlighting the need for more positive representation.

Proposed changes to the CPA licensure process in South Carolina aim to reduce barriers, attract more individuals, and align with other states.

Deep dives

The Importance of Charging Enough for Services

One of the main ideas discussed in the podcast is the significance of charging enough for the work being done. The speaker emphasizes that many freelancers still bill at low rates, such as $20 an hour, which is insufficient. To cover the costs of software and services, it is crucial to charge a fair rate, at least $50 or more per hour.

Introduction

2min

The Impact of Negative Stereotypes on Students' Interest in Accounting

17min

The Mind-Blowing Concept of Becoming a CPA in New York Without a College Degree

3min

Discussion on the 150 hours requirement for becoming a CPA

12min

Understanding audits, FTC bankruptcy, and seeking recommendations for bookkeeping automation

5min

Resources and Communities for Learning and Navigating Accounting

8min

Discussion on Keeper and Legal Zoom Books

2min

Tax Service Integration and Lack of Curiosity in Accounting

15min

Sponsored by Fin Daily, Forwardly, and Royal Wise Owls, and Featuring QuickBooks Training and Financial Data Automation

3min

Blake and David discuss issues relating to the accounting profession's talent pipeline, including a high school student's negative experience in her first accounting class and efforts by state CPA societies to reduce licensing barriers. They move on to tech topics, like the slow adoption of AI tools such as ChatGPT among accountants and new product features announced by Intuit and Xero. Wrapping things up, they share listener feedback on finding resources to learn new accounting software and workflows and provide commentary on app subscription price increases and the need for accountants to price their services properly.

Sponsors
OnPay - https://cloudaccountingpodcast.promo/onpay
CCH Access - https://cloudaccountingpodcast.promo/axcess
Keeper - https://cloudaccountingpodcast.promo/keeper

Chapters

(00:00) - Preview: Accountants need to charge more
(01:02) - Welcome to The Accounting Podcast : Blake talks to high school senior in an accounting class
(10:41) - The South Carolina Accociation of CPAs introduces new changes to 150 rule
(20:02) - Air traffic controllers are understaffed and narrowly avoiding disaster
(23:51) - The number of EA's in The NAEA is down 23% over the last 5 years
(26:10) - Comparing air traffic controller shortage to accounting shortage
(31:26) - Attestation reports are not audits
(34:09) - Listener mail from a bookkeeper asking for recommendations on how to learn QuickBooks better
(40:36) - What should firms do when accounting software raise their prices?
(46:26) - LegalZoom launches LegalZoom Books
(49:02) - How many Ohio CPAs have tried ChatGPT at all?
(51:57) - Intuit released their year end earnings
(55:07) - Some new Xero AI news & Xerocon is back in the US for 2024
(59:15) - Relay ups FDIC insurance to $2.5 million and Stripe offers sales tax calculations
(01:01:25) - Wrap up and where to reach us