The Accounting Podcast

Firms Using AI Make More $, PCAOB Shutdown Fight, The Impossible Tariff Test

May 7, 2025

AI is shaking up the accounting world, with firms seeing an impressive $45,000 more revenue per employee. Discover how AI tools like Claude can streamline workflows and enhance productivity. The threat of AI voice scams is real, but you’ll learn protective tips against these sophisticated frauds. Amid talk of an impossible customs broker exam, the podcast opens a conversation about new career opportunities in accounting as tariff issues rise. Get ready for a fascinating dive into the future of finance and technology!

01:18:15

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Firms using AI generate significantly more revenue per employee, indicating that technology adoption enhances profitability and efficiency in accounting.

The rise of AI voice cloning technology has escalated fraud risks, prompting necessary protective measures to safeguard against sophisticated scams.

The challenging U.S. Customs Broker exam presents a lucrative career path in tariff management, benefiting those who overcome its stringent requirements when opportunities arise.

Deep dives

AI's Impact on Firm Revenues

Firms actively utilizing AI exhibit significantly higher revenue per employee compared to those that do not. A survey revealed that firms leveraging AI generated an average of $167,000 in revenue per employee, while those merely testing AI reported $129,000, and firms without AI registered about $122,000. This disparity indicates that adopting AI technologies can substantially enhance profitability. Furthermore, firms using AI also reported saving time and improving service levels, which may contribute to these higher revenue figures.

Intro

3min

AI's Impact on Accounting Jobs and Tariff Insights

3min

Accounting Firms, AI Impact, and Live Stream Interactions

2min

Impact of AI Adoption on Firm Revenue and Efficiency

2min

AI Adoption in Accounting Firms and the Need for Policy

5min

The Evolving Landscape of Accounting and AI Voice Scam Risks

5min

Navigating AI Threats and Benefits in Finance

5min

Navigating AI's Impact on Workforce Dynamics

21min

Transforming Workflows with AI Integration

11min

10.

Disruption and Transformation in Professional Services

19min

11.

Embracing Change: Reinventing Accounting in an AI World

3min

Could AI create a $20 trillion professional services earthquake? In this episode, Blake and David dive into the data showing that AI firms generate $45,000 more revenue per employee than non-adopters. You'll discover how AI is reshaping traditional accounting and what Claude's new ability to connect with your Gmail and calendar means for productivity. They also demonstrate how indistinguishable AI-cloned voices have become, sharing practical tips to protect yourself and clients from increasingly sophisticated voice scams. Plus, hear why the "impossible" US customs broker exam (with its shocking 4% pass rate) might offer accountants a lucrative alternative career path as tariff disputes heat up.

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Chapters

(00:37) - The Impact of AI on Accounting Firms
(02:04) - Voice AI Scams and Protection Tips
(03:34) - Legislative Updates and Industry News
(05:44) - Live Stream Shoutouts and Sponsor Acknowledgements
(06:50) - AI in Accounting: Revenue and Efficiency Insights
(14:01) - AI Voice Cloning Demonstration
(16:29) - Protecting Against AI Voice Scams
(24:12) - AI's Impact on Work and Productivity
(32:32) - AI in Tax and Accounting Firms
(38:19) - Success in Contract Drafting
(38:43) - Starbucks' Automation Reversal
(41:07) - AI and Productivity Gains
(53:58) - The Great Legacy Extinction
(01:08:58) - The Impossible Tariff Test
(01:13:09) - Private Equity in Accounting Firms
(01:16:03) - Conclusion and CPE Credits

Show Notes

Firms with AI report higher per-employee revenue vs others
https://www.accountingtoday.com/news/firms-with-ai-report-higher-per-employee-revenue-vs-others

Nine Ways to Protect Yourself from 'Impostor' Voice Scams
https://www.magzter.com/stories/newspaper/The-Wall-Street-Journal/NINE-WAYS-TO-PROTECT-YOURSELF-FROM-IMPOSTOR-VOICE-SCAMS

Danish study challenges claims about AI disrupting the labor market
https://getcoai.com/news/danish-study-challenges-claims-about-ai-disrupting-the-labor-market/

50% of finance teams still take over a week to close the books
https://www.cfo.com/news/50-of-finance-take-week-to-close-books-ledge-month-end-close-time-cfo-three-day-close-myth-/746085/

The Great Legacy Extinction: AI's $20T Takeover of Professional Services
https://www.venrock.com/insights/insights-technology/the-great-legacy-extinction-ais-20t-takeover-of-professional-services/

What Do You Think of the New PwC Logo?
https://www.cpapracticeadvisor.com/2025/04/30/what-do-you-think-of-the-new-pwc-logo/159946/

Big Four accounting firm PwC to slash about 1,500 jobs in the US
https://www.reuters.com/sustainability/accounting-firm-pwc-cut-1500-us-jobs-ft-reports-2025-05-05/

How are different accounting firms using AI?
https://tax.thomsonreuters.com/blog/how-do-different-accounting-firms-use-ai/

Customs Broker License Exam (CBLE)
https://www.cbp.gov/trade/programs-administration/customs-brokers/license-examination-notice-examination

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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.

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Transcripts

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The Accounting Podcast

Firms Using AI Make More $, PCAOB Shutdown Fight, The Impossible Tariff Test

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

AI's Impact on Firm Revenues

Voice AI Scams and Protection Measures

AI's Role in Job Creation and Efficiency

The Debate over the PCAOB's Future

Emerging Opportunities in Customs Brokerage

Remember Everything You Learn from Podcasts