BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting

Jan 3, 2025

The hosts dive into the significant shutdown of the bookkeeping startup Bench and the ongoing confusion around Beneficial Ownership Information reporting. They put IRS Commissioner nominee Billy Long under the microscope, questioning his credentials. The discussion shifts to alarming trends such as the declining number of CPA candidates and concerning audit quality. Wrapping up, they reflect on KPMG CEO's thoughts about the 'dying language of accounting' and explore the challenges technology, including AI, poses for the industry.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

BOI Reporting Injunction Reinstated

The Beneficial Ownership Information (BOI) reporting requirement is currently on hold after a back-and-forth in court.
Blake Oliver speculates the law is unconstitutional due to its broad application to single-state LLCs.

ANECDOTE

Bench Shutdown

Bookkeeping startup Bench shut down abruptly, impacting thousands of businesses.
Bench raised over $100 million in funding but struggled with customer acquisition costs and churn.

INSIGHT

Bench's Business Model Failure

Bench's business model likely failed due to high customer acquisition costs and churn, particularly in a service-based organization.
High costs, coupled with churn on both the bookkeeper and customer sides, likely made the model unsustainable.

Get the Snipd Podcast app to discover more snips from this episode

Get the app