CPA Trendlines Podcasts

“Without AI literacy, we’re all at risk.” Accounting ARCWith Liz Mason, Byron Patrick, and Donny ShimamotoCenter for Accounting TransformationArtificial intelligence is revolutionizing accounting, automating everything from bookkeeping to tax preparation. But as AI advances, accountants must ask: Can we trust it? In this Accounting ARC episode, Donny Shimamoto, CPA.CITP, CGMA; Byron Patrick, CPA.CITP, CGMA; and Liz Mason, CPA, explore the growing risks AI poses to the profession, including deepfake fraud, financial market manipulation, and the loss of data privacy. MORE Accounting ARC: The Research Imperative: Why Data Drives Accounting Success | How Coaching Can Unlock Professional Success | Demystifying Accounting Governance |  Top 10 Red Flags to Watch for in Accounting Offices | Jeremy Dubow: Private Equity as a Catalyst for Growth | Break the Burnout Cycle in Accounting | Accounting in Transition: 2024 Reflections & the Road Ahead | Ron Baker: Visions for the Accounting Profession | Angie Grissom: Next Gen Inspo for Accountants | Does Accounting Belong in STEM? | Rose Wang: Where Numbers Meet Strategy and Creativity | TikTok Fraud Exposes Gaps in Financial Literacy | How Accounting Pros Own the Stage in Public Speaking | Greg Kyte: Being a CPA Is Like Being the Marie Kondo of Numbers | Rachel Bashore: A Lawyer's Case for Reinventing Accounting | Beyond the Basics in Ethics EducationTraditionally, software was designed and programmed by humans, making its logic transparent. Now, AI writes its own code, making its decisions harder to audit. As Patrick, CEO of VERIFYiQ and co-founder and educator for TB Academy, notes, “If we don’t know how AI arrives at conclusions, how can we verify its accuracy?” 

Make the most of financial contributions.Quick Tax TipWith Art WernerCPE TodayWhen it comes to charitable giving, many people think of writing an annual check to their favorite nonprofit. However, strategic charitable planning is much more than just making a yearly donation—it’s about aligning generosity with effective tax strategies to maximize impact while benefiting both the donor and the recipient. Get more Art Werner at cpatrendlines.com here: https://cpatrendlines.com/author/art-werner/ Whether you’re considering making gifts during your lifetime or planning your estate, understanding the best ways to direct your assets can create meaningful tax advantages while supporting causes that matter most to you.“Charitable planning goes well beyond just saying, ‘I’ll make a donation,’” Werner explains. “It involves estate planning, asset allocation, and structuring gifts in ways that are both tax-efficient and personally meaningful.”Donating to charitable organizations offers more than just a feel-good moment. With proper planning, taxpayers can leverage their generosity to reduce taxable income, manage estate taxes, and optimize their financial legacy. 

Do the work that fulfills you.The DisruptorsWith Liz FarrCannabis accounting is not for the faint of heart, says Monique Swansen, owner of Accounting for Green, which provides accounting services to cannabis businesses. First, there’s a big inventory component, so “if you're an accounting professional that does not want to deal in inventory, cannabis is not your space,” Swansen says. Cannabis inventory is further complicated by Federal law, which disallows tax deductions for anything but the cost of goods sold. This means meticulous tracking of all direct costs to get the maximum possible tax deduction. Compliance with state laws also requires “documentation for every single movement of inventory or money,” says Swansen. Banking is also challenging because “no Federal banks will bank cannabis.”  MORE PODCASTS and VIDEOS: Tina McGill: How to Create Lasting Client Impact | Stefan van Duyvendijk: Develop Operational Mindset | Steve Evans: Why Traditional Hiring Methods Fail | Roger Knecht: Can You Be an Accountrepreneur? | Beth Whitworth: Focus on Outcomes Not Hours | Mike Sylvester: Learn to Say No | Salim Omar: Identify Your Client's $100,000 Problem | Jackie Meyer: Earn More with Fewer Clients | Jack Fleherty: Don't Be a 'Yes' Person | Greg Adams: From Finance to Storytelling | The Disruptors | Jody Padar: Make Radical Changes Now If You Want to Be Relevant in 2030 | Cannabis business owners tend to know less about running a business than many other types of businesses. “So you really have to start that relationship early and try to talk with those people and understand those people where they're at so that you can really help them,” Swansen recommends. Her personal sweet spot is starting to work with cannabis businesses three to six months before they become operational.

Empowering employees is crucial in the fight against fraud. Training staff to recognize red flags like transaction discrepancies can enhance a firm's defenses. Sharing potential fraud scenarios encourages vigilance and teamwork. Employees are often the first line of defense, effectively serving as the organization's eyes and ears. A proactive approach not only protects the firm but also benefits clients by mitigating risks before they escalate.

In this discussion, Amy Vetter, CEO of the B3 Method Institute, shares her expertise in transforming workplace culture in accounting firms. She highlights how strong leadership and clear communication can create a thriving work environment. Vetter emphasizes the importance of setting boundaries to reduce stress and encourages employees to prioritize self-care. A unique touch includes her musical insights, showcasing how music can serve as a stress reliever. Overall, her strategies aim to empower employees and cultivate a supportive, engaged culture.

Dive into the fascinating realm of accounting transformation as thought leaders discuss the crucial role of research and data. Discover how data shapes industry trends and influences informed decision-making, helping accountants navigate complexities. Explore the challenges of confirmation bias and the need for objective analysis. Learn about evolving methodologies in accounting research and the importance of continuous learning. With playful analogies and insightful discussions, this is a must-listen for future-focused accounting professionals.

Tax season brings challenges, but there are still silver linings. Art Werner reveals that even in February and March, accountants can find ways to help clients minimize tax burdens. Proactive tax planning shines as a key strategy, especially with Form 1040. He emphasizes maneuvering through unexpected client scenarios—like financial losses or shifts in income—to optimize tax situations. It's a reminder that timely advice can lighten financial loads, proving it's never too late to strategize.

Tina McGill, founder of MMAS CPA, shares her insights from transitioning into public accounting, focusing on delivering true value to clients. She discusses the importance of understanding client needs beyond mere data delivery. Tina emphasizes the role of technology in improving client communication and highlights innovative strategies for building lasting relationships. Additionally, she talks about the significance of flexibility in employee practices and the advantages of listening to clients to navigate advisory success.

Level up your skills with powerful lookup formulas.Quick Tech TalkWith Steve YossCPE TodayFor professionals wrestling with massive datasets, finding specific information in Excel can feel like searching for a needle in a haystack. Whether it’s a customer ID, transaction number, or check number, pinpointing related details like totals, names, or dates can be daunting without the right tools. Enter Excel's powerful lookup formulas.MORE STEVE YOSSMORE TECHExclusively for PRO Members. Log in here or upgrade to PRO today.Among the trio of essential lookup functions—VLOOKUP, INDEX-MATCH, and the modern XLOOKUP—the latter emerges as the star. While VLOOKUP and INDEX-MATCH have long been staples for data retrieval, XLOOKUP combines their strengths with enhanced features, offering users a faster, more versatile solution.

"You don’t get to choose the leader you need to be. Your people tell you who you need to be to get the best out of them."Accounting Influencerswith Rob BrownLeadership is in the spotlight like never before. In a recent episode of the Accounting Influencers podcast, global leadership expert Mark Fritz shares his insights on how leaders can navigate today’s complex environment. Fritz emphasizes that the core principles of leadership remain timeless, but their application must adapt to the rapidly changing demands of the modern world.More Accounting Influencers with Rob Brown hereDrawing from his early career implementing enterprise systems globally, Fritz highlights how his international experience shaped his understanding of business operations and leadership dynamics. “The principles of leadership are universal,” he explains. “But the key is adapting them to the specific needs of your people.”Fritz underscores that effective leaders must evolve based on the situation. “Your people tell you who you need to be to get the best out of them,” he notes, stressing the importance of flexibility and understanding diverse team dynamics.