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The Accounting Podcast
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.
01:10:19
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Quick takeaways
- The abrupt shutdown of bookkeeping startup Bench highlights the significant challenges faced by accounting firms in achieving sustainable profitability amid high operational costs.
- The uncertain state of Beneficial Ownership Information reporting requirements, currently paused due to a court injunction, has sparked confusion and concern within the accounting community about future regulatory implications.
Deep dives
LiveFlow's Recognition in the Accounting Software Market
LiveFlow has been acknowledged as one of the best accounting and finance software products for 2024 by G2, which reflects its growing reputation in the industry. Additionally, LiveFlow made it onto G2's list of the 100 fastest growing products for 2024, showcasing its rapid adoption and customer satisfaction. Furthermore, it received the accolade for being the most implementable software for winter 2024, indicating its user-friendly integration for clients. This recognition highlights the significant support from users and positions LiveFlow as a leading tool for accountants and finance professionals.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode