Journal of Accountancy Podcast

Barry Melancon, CPA, CGMA, the CEO of AICPA & CIMA, joins the show this week for the first part of a two-part conversation on the state of the profession and what CPA can expect in 2024 on several fronts. Melancon details concerns about a potential IRS shutdown in tax season, the state of ESG reporting and regulation, how elections could play out, and why the threats to CPA licensure are real. Part 2 of the conversation will be published in an early January episode of the JofA podcast. What you’ll learn from this episode: ·         Melancon’s one word that sums up the state of the profession looking ahead to the new year. ·         An overview of two major issues affecting CPAs: the moratorium on employee retention credit claims and requirements for beneficial ownership information reporting. ·         The “significant service implications” of a potential government shutdown related to the IRS. ·         Why legislation in Europe and California will have an effect on ESG reporting, even for businesses outside those areas and regardless of any SEC action on ESG. ·         Melancon’s assessment of “the art of compromise” in Washington. ·         The reasons CPA licensure is so important.

In the fourth-quarter results of the Business and Industry Economic Outlook Survey, CPA decision-makers remain pessimistic about both the global and U.S. economy, but less so about their own organizations. They also are showing a hesitance to hire, facing an array of challenges, as explained in this episode of the JofA podcast. Guest Ken Witt, CPA, CGMA, AICPA & CIMA associate director — Management, Accounting Research and Development, analyzes the results of the quarterly survey. What you’ll learn from this episode: How sentiment has changed regarding recession likelihood in the past few quarters. Projections for the next 12 months for revenue and profit. A recap of how the top challenges have shuffled lately, including regulatory concerns falling far down the list. The trends in hiring and why some workers may be more likely to stay put than look for another job. The specific part of decision-maker sentiment that Witt is waiting for in 2024.

Jeff Drew, the JofA’s editor-in-chief, is the guest on today’s episode, taking listeners through some of the articles in the December issue, which goes live on Friday.  Drew, a former JofA senior editor and manager with the AICPA’s Private Companies Practice Section, has focused on content for the daily and monthly magazines for more than a decade. He is also the host of the Small Firm Philosophy podcast. He previews coverage on the topics of: n  firm practice management; n  considerations for potential firm partners; n  the employee retention credit; n  Excel’s Automate feature; and n  Improving your work setup with a vertical mouse, mechanical keyboard, and more. If you have article ideas or other magazine feedback, you can reach Drew at jeff.drew@aicpa-cima.com. What you’ll learn from this episode: ·         Where readers can find the latest monthly issue of the JofA. ·         A summary of a small firm owner’s article about firm practice management. ·         Considerations for CPAs on the path to partner. ·         Drew’s explanation of the top item in the Tax Matters section. ·         The advice that Kelly Williams, CPA, shares about Excel in Technology Q&A. ·         Another Technology Q&A topic that reminds Drew of 1980s arcade games.

The 2023 Digital CPA Conference, Dec. 3–6 in Las Vegas, will be the event’s 12th year. To explore the trends that drive this year’s agenda – and to look back on the conference’s weather-delayed start – Michael Cerami joins the JofA podcast. Cerami is executive vice president of strategic alliances, business development, and communications at CPA.com, the AICPA’s business and technology subsidiary. Cerami discusses generative AI, previews some of the Digital CPA sessions, and explains how business model transformation is a key topic for future-focused CPA firms and practitioners. What you’ll learn from this episode: ·         More from CPA.com’s Michael Cerami on the recently released AI toolkit. ·         Cerami’s preview of some of the keynote speakers’ topics. ·         Why the initial Digital CPA event was delayed about six weeks. ·         Why business model transformation is top of mind for the profession. ·         How Digital CPA has led the discussion over the years on the topic of client advisory services, or CAS.

The title above is the first question posed to the guest on this episode of the JofA podcast. Byron Patrick, CPA/CITP, CGMA, vice president—Client Success at the B3 Method Institute, is a repeat guest on the show, and he’s spoken previously about best practices for virtual meetings. The conversation topic was spurred by an article covering recent research about how our brains perceive interaction differently in virtual meetings than in-person meetings. The first time Patrick appeared on the JofA podcast, in 2019, he discussed effective email rules. Over the years, he’s shared PowerPoint rules to live by and advice for virtual meetings. What you’ll learn from this episode: ·         Why trying to look someone in the eye is difficult in virtual meetings. ·         Patrick’s recall of memorable meeting gaffes. ·         How headphones can be useful in online meetings. ·         A cameo appearance from Patrick’s dog, Trinity. ·         Why Patrick says that 10 minutes of consideration can make meeting attendees more effective and presentable.

When will the SEC’s proposed rule on climate disclosures become final? And what effect will new legislation in California have on companies across the country? Those questions and more are topics of this episode of the JofA podcast. Ami Beers, CPA, CGMA, senior director–Assurance & Advisory Innovation at the AICPA, discusses the latest news on multiple regulatory and reporting fronts. She also previews a December virtual conference. and discusses the AICPA a summary resource document, created in response to recently signed laws in California. Beers also discusses SEC rules that are not climate-related, such as ones focusing on human capital and board diversity. What you'll learn from this episode: The nationwide impact of new climate-related legislation in California on public and private companies. Where the SEC stands on its proposed climate rule, and the SEC’s plans related to the “S” and “G” in ESG. The key role CPAs are positioned play in the rapidly evolving ESG reporting environment. How accounting professionals can benefit from the AICPA & CIMA ESG & Sustainability Conference in December.

For several years now, finance executives have had talent development and retention on their minds – even with all the other business headwinds they’re facing today. That’s why the timing of an apprenticeship program has been so important, and why it’s the main topic on this episode of the JofA podcast.  Today’s guest, Barry Payne, director—External Relations, Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, explains the tie-in between the emphasis on apprenticeships and the Future of Finance Leadership Advisory Group (FFLAG).  Also, hear a short segment of the Small Firm Philosophy podcast where the owner of a small CPA firm talks about a drastic change to her business model that paid personal and professional dividends.  Resources: U.S. apprenticeship program overview Future of Finance Summit agenda and registration JofA article on Sandy Johns and the transformative leap she took for her firm  What you’ll learn from this episode: An overview of progress in the Department of Labor-approved apprenticeship program in its first year. Some of the new companies now taking part in the program. How companies are applying the apprenticeship program to train and upskill existing employees. Payne’s explanation of how an emphasis on apprenticeships was a “fundamental action” of the FFLAG. The top challenge listed by finance executives who are part of the FFLAG. Information about the December summit and agenda and why Payne calls it a “safe haven” for finance leaders.

Stephanie Hughes doesn’t want anyone, especially families, to face an unforeseen crisis when it comes time to retire. Her family’s own struggles, when she was in college, helped shape that view. Hughes, CEO of the Wealth Management & Family Office at the firm Wiss & Co. LLP, said she’s teaching her daughter about money, saving, and thinking early about retirement. Dedicating a little bit of time now to educate others about retirement readiness can pay big dividends down the road. This episode of the JofA podcast also highlights breaking news related to IRS details on withdrawing employee retention credit claims. What you’ll learn from this episode: ·         More about Stephanie Hughes and the division of the firm Wiss of which she is CEO. ·         The personal experience that helped shape Hughes and her view on financial planning, especially as it relates to transferring family wealth. ·         How her family’s struggle led Hughes to a job that she says “became my passion.” ·         Why retirement readiness is sometimes more challenging for women. ·         The importance of early education when it comes to saving for retirement. ·         The YouTube series that Hughes and other firm leaders have begun.

Nicole Davis isn't your typical CPA firm owner. She has five children, owns three businesses, and has zero work experience in a public accounting firm. She has crafted a presence on social media including an account with more than 12,000 followers on X, formerly known as Twitter. How has Davis done all of this, launching the firm Butler-Davis Tax & Accounting and two other businesses? And what has she learned along the way? She shares her story in this episode, a collaboration with the Small Firm Philosophy podcast, which is produced by the AICPA's Private Companies Practice Section. What you’ll learn from this episode: Why Davis changed her firm's business model after the first year. How she uses video to communicate with clients and staff. How she shifted her firm away from taxes to accounting, bookkeeping, and advisory services. How price increases helped her firm right-size its client base. How she uses social media to connect with peers and land clients.

In the spring, two technology-focused accounting educators wrote an article about ChatGPT’s ability to answer hypothetical client questions. Now, they’re joining the JofA podcast to look into the future of generative AI. Mfon Akpan, CGMA, DBA, an assistant professor of accounting at Methodist University, and Scott Dell, CPA, DBA, an assistant professor of accounting at Francis Marion University, explain why CPAs and other professionals can be left behind professionally if they don’t spend time learning about tools such as ChatGPT. They talk about productivity gains, the competitive divide that could develop, and how, in the short term, more training is needed to fully harness generative AI. Akpan and Dell also note that although the power of generative AI tools is exciting, these tools are far from perfect. In particular, accuracy remains a concern. Editor’s note: The interview was recorded in August. What you’ll learn from this episode: How Akpan and Dell got to know each other. A forecast of how generative AI will look in 2024. Some of the other tools competing with ChatGPT. Akpan’s “aha moment” when giving a recent presentation. Why Dell said — twice — “the sky’s the limit” with AI tools.