The Accounting Podcast

How Smart Is Intuit's New AI "Intuit Assist" (with Jack Castonguay)

Sep 13, 2023

01:04:32

This week we dive into the pipeline shortage and the need for more accounting candidates, and discuss Intuit's groundbreaking use of AI in TurboTax and its potential impact on accounting professionals. Guest Jack Castonguay sheds light on FASB's recent announcement on accounting standards for digital assets and how it affects companies holding crypto assets. We also explore positive aspects of the accounting profession and address the need for critical changes like higher salaries and re-evaluating the audit process.

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Chapters

(00:47) - Welcome Jack Castonguay to the show
(02:00) - Jack is quoted: "Shrinking CPA Pipeline Fuels Calls to Relay Education Mandate"
(04:18) - Intuit introduces 'Intuit Assist' an AI chatbot for tax
(13:20) - The new AI in QuickBooks is ... less impressive
(15:21) - 6 in 10 Americans live paycheck to paycheck
(15:51) - FASB announcement on accounting standards for digital assets
(18:12) - Listener voicemail: Accounting teaches you to be a BS detector
(22:09) - Listener voicemail: Does the accounting profession cover too much?
(30:40) - Why more people should become accountants
(33:23) - The problem with ELE programs to reach 150
(38:27) - ADP study shows why and when people change jobs
(41:10) - How can starting salaries increase in accounting?
(46:33) - Why accounting students should double major
(53:01) - Checking back in on the live chat with questions
(58:48) - We get a one-star review!

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Show Notes

Intuit reveals new A.I. assistant after major investment

https://fortune.com/2023/09/06/intuit-ai-virtual-assistant-major-investment-ceo-sasan-goodarzi/

Intuit Assist - Your AI Accounting Assistant

https://quickbooks.intuit.com/ai-accounting/

Intuit Mailchimp Launches New Global Campaign to Help Marketers Untangle Their Clustomer Problem

https://investors.intuit.com/news/news-details/2023/Intuit-Mailchimp-Launches-New-Global-Campaign-to-Help-Marketers-Untangle-Their-Clustomer-Problem/default.aspx

Introducing Intuit Assist: The Generative AI-Powered Financial Assistant for Small Businesses and Consumers

https://investors.intuit.com/news/news-details/2023/Introducing-Intuit-Assist-The-Generative-AI-Powered-Financial-Assistant-for-Small-Businesses-and-Consumers/default.aspx

Promoting an employee may lead them to leave

https://www.accountingtoday.com/news/adp-examines-impact-of-promotions-on-employee-motivation-and-retention

Transformative Tax Preparation: Gen-AI Powered Intuit Apollo

https://blog.turbotax.intuit.com/breaking-news/tax-preparation-powered-by-gen-ai-59318/

Intuit Assist Poised To Boost Competitive Moat, Gets A Price Target Boost From Analysts

https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34327992/intuit-assist-poised-to-boost-competitive-moat-gets-a-price-target-boost-from-analy

Intuit cut hundreds of jobs and spent at least $20 billion in a massive bet on AI. Today the company is revealing its new virtual assistant

https://finance.yahoo.com/news/intuit-cut-hundreds-jobs-spent-120000980.html

Google to charge big businesses $30 per user per month for AI in Gmail and work apps

https://www.cnbc.com/2023/08/29/google-will-charge-enterprises-30-a-month-for-duet-ai-in-workspace.html

Meet our guest, Jack Castonguay
Website: https://scholar.google.com/citations?user=Pg5p99EAAAAJ&hl=en&oi=sra
LinkedIn: https://www.linkedin.com/in/jack-castonguay-phd-cpa/
Twitter: https://twitter.com/profjackc?lang=en
Instagram: https://www.instagram.com/profjackscout/

Get in Touch

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