The Accounting Podcast

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.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowFreshBooks - http://accountingpodcast.promo/freshbooks South Carolina Association of CPAs (SCACPA) - http://accountingpodcast.promo/SCACPAChapters(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! Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpeShow NotesIntuit 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 Problemhttps://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 Apollohttps://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 Analystshttps://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 appshttps://www.cnbc.com/2023/08/29/google-will-charge-enterprises-30-a-month-for-duet-ai-in-workspace.html Meet our guest, Jack CastonguayWebsite: https://scholar.google.com/citations?user=Pg5p99EAAAAJ&hl=en&oi=sraLinkedIn: https://www.linkedin.com/in/jack-castonguay-phd-cpa/Twitter: https://twitter.com/profjackc?lang=enInstagram: https://www.instagram.com/profjackscout/Get in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/Spotify

Join us for an in-depth conversation with Jerry Maginnis, a retired Big Four audit partner, as he responds to criticisms and discusses the value of financial statement audits. Topics include: audit quality, staff work conditions, complexity in accounting standards, PCAOB inspections, audit fees and staff salaries, simplification of accounting standards, and the role of audits in capital markets. Jerry also shares career advice for young auditors and his motivation behind writing a book.

AI and voice cloning technology expert, Ryan Lazanis, discusses the applications of AI in accounting such as extracting information from emails and documents, AI-powered tax analysis tools, and enhancing advisory services. The podcast also covers issues with spam and scams in QuickBooks support, the need for more granular requirements in accounting services, and specialized education in tax. Other topics include changing the negative perception of accounting, the connection between ESG and working conditions, IRS employees' ties to corporations and auditors, and solutions for accounting firms.

Hosts discuss negative stereotypes about accounting affecting students' interest, the concept of becoming a CPA in New York without a degree, and criticisms of the 150 hours requirement. They also cover limitations of audits, resources for learning and navigating accounting, and features of Keeper and Legal Zoom Books. They explore tax service integration, lack of curiosity in accounting, and benefits of using Fin Daily for financial data automation.

The requirements to become a licensed CPA differ across states, yet CPAs maintain mobility to practice in multiple jurisdictions. How does this work? David Knoble, Chair of the South Carolina Association of CPAs (SCACPA), joins the show to bust myths around substantial equivalency and mobility rules for CPAs and discuss the SCACPA's proposed changes to licensure requirements in the state to encourage more accountants to become CPAs.Knoble clarifies how states have flexibility in setting licensing requirements under existing standards while still enabling cross-border practice privileges. With an in-depth look at the Uniform Accountancy Act, including real examples of alternative pathways, we shed light on this complex topic to provide an accurate understanding of what substantial equivalency and mobility mean for you as an accounting professional. Tune in as we separate fact from fiction around these critical concepts impacting the CPA profession.Meet Our Guest, David KnobleLinkedIn: https://www.linkedin.com/in/davidmknoble/Twitter: https://twitter.com/knoblecpaLearn more about Knoble Ingle CPAshttps://www.knobleingle.com/Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpeGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastYouTube: https://www.youtube.com/c/CloudAccountingPodcastWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info.Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

In this episode, Blake and David talk app integration frustrations, Gusto's new payroll feature, increased fees for tax professionals, a tragic accident involving an IRS agent, low job fulfillment among accountants, and an employee stock ownership plan at BDO. They also dive into Amazon's new product review feature and the appointment of a former Intuit executive as the new CEO of PayPal. Rounding things out, they speculate on Alex Chriss' move to PayPal and the potential benefits for accountants and bookkeepers.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowAero Workflow - http://accountingpodcast.promo/aeroKeeper - https://cloudaccountingpodcast.promo/keeperChapters(00:04) - Preview: BDO's new equity model (00:55) - Welcome to The Accounting Podcast (02:35) - Every app for accountants should have a spreadsheet view (05:59) - We have reached peak user interface: How AI will simplify app design (07:22) - Why Bob from accounting could soon be a bot (12:30) - NATP study shows tax pros raised prices by over 20% in 2023 (20:57) - IRS agent accidentally killed by fellow agent at gun range (24:12) - Sam Bankman Fried sent to jail (25:19) - 60% of accountants rate their job fulfillment at C or lower (27:20) - BDO USA borrows $1.3 billion to create an employee stock ownership plan (32:05) - How to solve the accounting talent crisis (35:50) - Amazon using AI to summarize customer reviews (37:25) - PayPal's names new CEO: How Intuit, PayPal, and X are all connected (47:24) - Wrap up, where to reach us, and checking in on the live chat Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpeShow NotesPayPal Names Alex Chriss as Next President and CEO        https://newsroom.paypal-corp.com/2023-08-14-PayPal-Names-Alex-Chriss-as-Next-President-and-CEO Alex Chriss Succeeds Dan Schulman as the new CEO of PayPal       https://ceoworld.biz/2023/08/17/alex-chriss-succeeds-dan-schulman-as-the-new-ceo-of-paypal/ IRS agent accidentally shot, killed by fellow agent during training at Phoenix gun rangehttps://www.azfamily.com/2023/08/17/irs-agent-accidentally-shot-killed-by-fellow-agent-during-training-phoenix-gun-range/ AICPA, NASBA Team to Help Ease Path to CPA Licensure   https://www.intuitiveaccountant.com/in-the-news/people-and-business/aicpa-nasba-team-to-help-ease-path-to-cpa-licensure/ Withum and Seton Hall launch CPA apprenticeshiphttps://www.accountingtoday.com/news/withum-and-seton-hall-launch-cpa-apprenticeship Large firm shakes up business model with employee stock ownership planhttps://www.journalofaccountancy.com/news/2023/aug/large-firm-shakes-up-business-model-employee-stock-ownership-plan.html Intuit Names Marianna Tessel General Manager of Small Business and Self-Employed Grouphttps://www.businesswire.com/news/home/20230814601878/en/Intuit-Names-Marianna-Tessel-General-Manager-of-Small-Business-and-Self-Employed-Group/ Can PayPal’s incoming CEO jump-start profitable growth?https://www.paymentsdive.com/news/paypal-ceo-checkout-venmo-smb-payments/690928/ BDO to create ESOP with $1.3B credit deal            https://www.accountingtoday.com/news/bdo-to-create-esop-with-1-3b-credit-deal Former eBay CEO Still Wields Influence over PayPal as It Names New CEOhttps://www.ecommercebytes.com/2023/08/14/former-ebay-ceo-still-wields-influence-over-paypal-as-it-names-new-ceo/ Elon Musk's 25-year obsession with 'X' explains what he did to Twitterhttps://mashable.com/article/musk-x-twitter-paypal With plans to hire 200, a former PayPal CEO launches new digital bank in Miamihttps://www.miamiherald.com/news/business/article251326533.html Outspoken: Bill Harris, Founder and Chairman of Personal Capital and former CEO of Intuit and Paypal       https://www.jsbarefoot.com/podcasts/2017/5/21/outspoken-bill-harris-ceo-of-personal-capital-and-former-ceo-of-intuit-and-paypal 5 things to know about Intuit’s small business guru Alex Chriss—PayPal’s incoming CEO https://www.fastcompany.com/90938418/paypal-ceo-alex-chriss-dan-schulman-what-to-know X.com names former Intuit brass its CEOhttps://www.cnet.com/tech/tech-industry/x-com-names-former-intuit-brass-its-ceo/ 5 ways the IRS funding boost is paying offhttps://www.washingtonpost.com/opinions/2023/08/17/irs-funding-tax-season-wait-times/ How Amazon continues to improve the customer reviews experience with generative AIhttps://www.aboutamazon.com/news/amazon-ai/amazon-improves-customer-reviews-with-generative-ai BDO partners in line for windfall after $1.3bn debt deal with Apollo Global Management | Financial Times               https://www.ft.com/content/78f60830-57a2...

We discuss whether the economy is headed for a soft landing or hard fall with Gusto's Chief Economist Liz Wilke. Topics include:Recession outlook and key indicators like interest rates and inflationLabor shortage impacts on the economyCommercial real estate risks for banksImpacts of bank mergers on small business lendingLiz evaluates recession odds, labor trends, and lending risks - offering nuanced outlooks on potential impacts for businesses, workers, banks, and more. It's a timely discussion providing an expert economic perspective on uncertainties ahead.Meet Our Guest, Liz Wilke, PhD LinkedIn: https://www.linkedin.com/in/lizwilke/Learn more about GustoWebsite: https://gusto.com/Show NotesListen to the Gustonomics podcast: https://podcasts.apple.com/ca/podcast/the-gustonomics-podcast/id1700748603The Economy Explained - August edition: https://gusto.com/partner-resources/the-economy-explained-august2023Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpeGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastYouTube: https://www.youtube.com/c/CloudAccountingPodcastWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info.Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Jen Cryder, CEO of Pennsylvania Institute of Certified Public Accountants, discusses the accounting talent shortage and how to attract and retain young talent. Topics include work-and-learn models, education requirements, company culture, starting salaries, and rebranding accounting firms.

Today, we have a special bonus episode from our sister podcast, Oh My Fraud. Hosts Caleb Newquist and Greg Kyte speak with Nathan Mueller. As a young person, Nathan was hyper-focused on wanting to make money, which led him to perpetuate an $8-million embezzlement scheme in the mid-2000s. Nathan tells his story and answers questions about the fraud, his time in prison, and his new job as ... an accountant! Want to hear more Oh My Fraud episodes? Listen and subscribe at ohmyfraud.comFollow Oh My Fraud on Social Media:twitter.com/ohmyfraudfacebook.com/OhMyFraud  linkedin.com/oh-my-fraud EARN FREE CPELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Blake and David delve into the use of AI in detecting plagiarism in students' papers and its implications for the ongoing debate on AI's impact on employment. They also shed light on the increasing cost of audits and the alarming decline in audit quality. Shifting the focus to remote work, they analyze a study's findings on productivity and emphasize the importance of considering the nature of the work. The conversation takes a concerning turn as they address the shortage of accounting staff and the urgent need to address overwork and its detrimental effects. The episode wraps up with an intriguing discussion on the IRS's transition to paperless operations and recent incidents involving lost tax information. As a bonus, they share amusing anecdotes of fraudsters and a heartwarming story of an accountant being inducted into a water ski hall of fame.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowZoho - http://accountingpodcast.promo/zohoSouth Carolina Association of CPAs (SCACPA) - http://accountingpodcast.promo/SCACPAChapters(00:04) - Preview: Where did Hunter Biden's income come from? (00:59) - Welcome to the show and a few quick AI stories (04:49) - Leaders split on whether AI will reduce or expand headcount (06:44) - The price of audits has doubled over the last 20 years (12:54) - Remote workers are less productive? (21:02) - The cost of forcing employees back to the office (29:07) - Less than 1% of accounting firms can find enough staff (34:58) - EY Oceania survey shows problems with work hours and culture at firm (40:12) - The IRS is going paperless? (45:37) - The IRS is losing track of tax info during shipments (47:05) - Some new details on the Hunter Biden story (48:58) - Tax preparer arrested after seeking over $124 million in phony tax credits (51:56) - A Chinese accountant stole the equivalent of $677,000 USD in an attempt to keep her boyfriend (54:30) - Blake reads some listener mail on ways to get the extra 30 hours required for a CPA license, and if getting a CPA license is the right choice (01:00:14) - How to reach David and Blake and subscribe to us on YouTube Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpeShow NotesIRS loses track of tax info during shipments between processing centers | Accounting Todayhttps://www.accountingtoday.com/news/irs-loses-track-of-tax-info-during-shipments-between-processing-centers Leaders split on whether AI will reduce or expand headcount | Accounting Todayhttps://www.accountingtoday.com/news/leaders-split-on-whether-ai-will-reduce-or-expand-headcount Hunter Biden plea deal outlines tax and accounting problems | Accounting Todayhttps://www.accountingtoday.com/articles/hunter-biden-plea-deal-outlines-tax-and-accounting-problems Less than 1% of accounting firms can find enough staff | Accounting Todayhttps://www.accountingtoday.com/news/less-than-1-of-accounting-firms-can-find-enough-staff IRS will finally let most Americans file taxes online next yearhttps://www.theverge.com/2023/8/3/23818531/irs-paperless-tax-filings-2024 Audit fees triple in 20 years | Accounting Today  https://www.accountingtoday.com/news/audit-fees-triple-in-20-years We're now finding out the damaging results of the mandated return to the office–and it's worse than we thoughthttps://fortune.com/2023/08/01/research-damaging-results-mandated-return-to-office-worse-than-we-thought-rto-remote-work-careers-leadership-gleb-tsipursky/ Students can use AI on applications, Arizona State law school says | Reutershttps://www.reuters.com/legal/transactional/students-can-use-ai-applications-arizona-state-law-school-says-2023-07-28/ EY Finally Admits It Has Some Serious Culture and Overwork Problems After Someone Died at the Officehttps://www.goingconcern.com/ey-finally-admits-it-has-some-serious-culture-and-overwork-problems-after-someone-died-at-the-office/ JPMorgan CEO Jamie Dimon chides managers who work from home: ‘I don’t know how you can be a leader and not be completely accessible to your people’     https://finance.yahoo.com/news/jpmorgan-ceo-jamie-dimon-chides-184750015.htmlGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://clo...