The Accounting Podcast

Latest Episodes:

TikTok Tactics and Four-Day Workweeks Sep 26, 2024

Show notes

Blake and David meet with Natalie Lennon, the Australian accountant known as the "Queen of TikTok" in accounting circles. Natalie shares her experiences at Xerocon Nashville, discusses the differences between Australian and American accounting practices, and explains how she leveraged TikTok to grow her accounting business. She also outlines implementing a four-day workweek, embracing fixed-fee pricing, and her upcoming projects, including a TikTok course for accountants.

Meet Our Guest, Natalie Lennon

LinkedIn: https://www.linkedin.com/in/natalielennon/
TikTok: https://www.tiktok.com/@natlenno

Learn more about Two Sides Accounting

Website: https://www.twosides.com.au/

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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

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Remote Work Going Away or Here to Stay? Sep 25, 2024

Show notes

Blake and David examine the evolving landscape of remote work, discussing recent trends and their impact on productivity and employee well-being. They also explore the commercial real estate market's challenges due to the shift towards remote work and its potential implications for the banking sector. Moving on, they take a look at recent audit failures, particularly the FTX case and discuss the controversial Beneficial Ownership Information reporting requirements and some potential issues for small businesses.

Sponsors
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Chapters

(00:49) - Blake's Fitness Journey with Apple Watch
(02:59) - Impact of Remote Work on Health and Productivity
(06:08) - Amazon's Return to Office Policy
(11:19) - CEO Perspectives on Remote Work
(23:57) - Commercial Real Estate Crisis
(27:50) - Accounting Standards and Bank Balance Sheets
(31:08) - Listener Questions and Comments
(44:49) - The Sunk Cost Fallacy in Real Estate
(45:24) - The Looming Commercial Real Estate Bust
(47:34) - The Role of Intangible Assets in Modern Accounting
(51:07) - The CPA Journey: Is It Worth It?
(51:52) - The Kenneth CPA Hack
(01:01:37) - The BOI Reporting Controversy

Show Notes

How Remote Work Is Impacting Accounting Firms

https://cpatrendlines.com/2024/09/22/how-remote-work-is-impacting-accounting-firms/

2024 KPMG U.S. CEO Outlook Pulse Survey

https://kpmg.com/us/en/articles/2024/kpmg-2024-ceo-outlook-pulse-survey.html

Amazon tells employees to return to office five days a week

https://www.cnbc.com/2024/09/16/amazon-jassy-tells-employees-to-return-to-office-five-days-a-week.html

Wells Fargo employee found dead at her desk days after she last clocked into work, authorities say

https://www.cnn.com/2024/08/31/us/wells-fargo-employee-desk-arizona/index.html

Eric Schmidt Calls Remote Work a Mistake for Google in Disappearing Video

https://nationalcioreview.com/articles-insights/news/eric-schmidt-calls-remote-work-a-mistake-for-google-in-disappearing-video/

Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits and for Violating Auditor Independence Requirements

https://www.sec.gov/newsroom/press-releases/2024-133

Beneficial Ownership Reporting Outreach and Education Toolkit

https://www.fincen.gov/boi/toolkit

BOI requirements roll along despite concerns about too little outreach

https://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html

Property Fraud Allegations Snowball as Commercial Real Estate Values Fall

https://www.wsj.com/real-estate/property-fraud-allegations-snowball-as-commercial-real-estate-values-fall-492d964c

Nearly a Quarter of Office Space in the U.S. Will Be Empty by 2026

https://www.cpapracticeadvisor.com/2024/07/01/nearly-a-quarter-of-office-space-in-the-u-s-will-be-empty-by-2026/107376/

Big Banks are Taking Hits from Commercial Real Estate

https://www.wsj.com/finance/banking/commercial-property-loans-real-estate-banks-249a43b9

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Intuit Launches ERP, China Fines PwC, OpenAI's New Model Sep 20, 2024

Show notes

Blake and David explore Intuit's new Enterprise Suite, a product that appears to compete with NetSuite in the mid-market ERP space. They also
discuss a major audit failure by PwC in China related to Evergrande, raising concerns about the ethics and integrity at large accounting firms.
They also discuss the tragic death of a young accountant at EY in India due to overwork and explore the implications of OpenAI's latest model
outperforming humans on IQ tests.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
SafeSend - http://accountingpodcast.promo/safesend

Chapters

(01:32) - Intuit's New ERP System
(03:18) - Target Market and Pricing Concerns
(05:46) - Comparing to Competitors
(17:53) - PwC's Massive Fine in China
(18:39) - Evergrande's Financial Collapse
(26:34) - The Bigger Picture of Audit Quality
(29:43) - Australian Accountants and the PwC Debacle
(30:40) - Tragic Death of EY Employee in India
(32:51) - The Hypocrisy of Overwork in the Big Four
(40:17) - OpenAI's New Model: A Game Changer
(49:18) - Driverless Cars: The Future of Transportation
(52:50) - NASBA's New Competency-Based CPA Pathway
(01:00:58) - Conclusion and Farewell

Show Notes

Intuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scale

https://investors.intuit.com/news-events/press-releases/detail/1213/intuit-introduces-intuit-enterprise-suite-to-help-businesses-grow-streamline-operations-and-scale

PwC faces record fine over Evergrande audit in China

https://finance.yahoo.com/news/pwc-faces-record-fine-over-131518742.html

Death of young Ernst & Young employee raises questions about workplace culture

https://www.nbcnews.com/news/world/death-young-ernst-young-employee-raises-questions-workplace-culture-rcna171945

Comparison of Models: Quality, Performance & Price Analysis

https://artificialanalysis.ai/models

Waymo significantly outperforms comparable human benchmarks over 7+ million miles of rider-only driving

https://waymo.com/blog/2023/12/waymo-significantly-outperforms-comparable-human-benchmarks-over-7-million

AICPA, NASBA propose a new pathway to CPA licensure

https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

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Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

How Kenyth Got His CPA Credits in 3 months and 36 Days Sep 19, 2024

Show notes

Blake and David meet with Kenyth Holdefer, who shares his unconventional path to becoming a CPA. Kenyth details how he obtained his bachelor's and master's degrees in just over four months through Western Governors University's competency-based education model, followed by passing all four CPA exams within six months. Kenyth highlights his transition from a successful career in mortgages to public accounting, emphasizing the potential for alternative educational paths in addressing the accounting profession's talent shortage.

Meet Our Guest, Kenyth Holdefer

LinkedIn: https://www.linkedin.com/in/ken-holdefer-101745105/

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Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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Classifieds

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

SuiteWorld Recap & Bookkeeping Startup Raises $200M Sep 17, 2024

Show notes

Back from SuiteWorld, Blake and David discuss key takeaways from Oracle NetSuite's conference, including product updates and the event's growing scale. They also examine recent fundraising in the accounting-tech space, notably bookkeeping startup Finally's $200 million Series B round. Moving on, there's Big Four firm news, including PwC's layoffs and return-to-office policies, as well as a viral TikTok trend exploiting a Chase Bank ATM glitch.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
SafeSend - http://accountingpodcast.promo/safesend

Chapters

(00:46) - Recap of Oracle SuiteWorld Conference
(02:01) - NetSuite's Growth and Market Position
(12:23) - Product Announcements and AI Integration
(18:31) - Listener Questions and Career Advice
(25:38) - Bookkeeping Startup Raises $200 Million
(28:48) - Exploring All-in-One Bookkeeping Services
(29:38) - The Future of Accounting Software Market
(31:06) - Mercury Bank Acquires Teal
(31:47) - Challenges in Automated Bookkeeping
(35:14) - Consolidation in the Financial Services Industry
(38:19) - Viral TikTok ATM Glitch Exploits
(41:53) - PwC Layoffs and Office Policies
(49:44) - Deloitte's Olympic Gold Medalist
(54:33) - Career Advice for Tech and Accounting Professionals

Show Notes

Oracle NetSuite – SuiteWorld

https://www.netsuitesuiteworld.com/

Accounting Software Market Size With Growing Demand and Forecast to 2032

https://www.linkedin.com/pulse/accounting-software-market-size-growing-demand-qsgic/

Mercury acquires Teal

https://mercury.com/blog/inside-mercury/mercury-acquires-teal

Revolut Business Adds Bill Pay Feature

https://www.pymnts.com/news/b2b-payments/2024/revolut-business-adds-bill-pay-feature

Paylocity Announces Definitive Agreement to Acquire Airbase Inc., a Leading Spend Management Software Solution Provider

https://www.airbase.com/press-release/paylocity-announces-definitive-agreement-to-acquire-airbase-inc-a-leading-spend-management-software-solution-provider

The Chase ATM 'glitch' that went viral is likely check fraud, bank says

https://www.usatoday.com/story/money/2024/09/03/chase-bank-atm-glitch-fraud/75058813007/

PwC Laying Off 1,800 Employees in First Formal Cuts Since 2009

https://www.wsj.com/articles/pwc-laying-off-1-800-employees-plans-restructuring-of-products-business-b5dfe7c1

PwC tells employees it will use location data to police 'back-to-office' rule

https://www.ctvnews.ca/business/pwc-tells-employees-it-will-use-location-data-to-police-back-to-office-rule-1.7031968

PwC Isn’t Used to Being Called Desperate But Here We Are

https://www.goingconcern.com/pwc-isnt-used-to-being-called-desperate-but-here-we-are/

Deloitte rower earned gold at Paris Olympics

https://www.accountingtoday.com/news/deloitte-rower-earned-gold-medal-at-paris-olympics

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Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Why EY Has The Worst Big Four PCAOB Deficiency Rate Sep 05, 2024

Show notes

In our 400th episode, Blake and David dive into the controversial world of audit quality and Big Four accounting firms. They also discuss a listener's critical email about their audit coverage, explore recent audit failures and deficiencies, and debate the underlying incentives in the audit industry. The discussion turns to workplace culture issues at major firms and potential solutions to improve audit quality.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Zoho - http://accountingpodcast.promo/zoho
Makers Hub - http://accountingpodcast.promo/makershub

Chapters

(01:05) - Listener Email: Criticism of Audit Discussions
(01:59) - Reading and Responding to Connor's Email
(05:19) - Understanding Audit Deficiencies
(07:46) - Audit Quality and Deficiency Rates
(13:26) - EY's Audit Deficiency and Industry Comparison
(15:28) - The Business Model of Big Four Firms
(19:13) - Challenges in the Audit Profession
(19:39) - Listener Feedback and Commentary
(35:33) - Super Micro Accounting Scandal
(43:53) - AI's Impact on Auditing
(44:11) - The Tipping Point: Media Coverage and Reactions
(44:40) - Audit Issues and Historical Context
(46:10) - The Role of Consulting in Audit Firms
(48:04) - Materiality and Audit Quality
(51:32) - The Future of Auditing and AI
(53:16) - EY's Secret Drinking Club Controversy
(01:15:35) - Addressing the CPA Crisis
(01:19:10) - Listener Mail and Final Thoughts

Show Notes

PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer

https://hindenburgresearch.com/smci/

AI Spotted Super Micro Risks Two Years Before Filing Fiasco

https://www.forbes.com/sites/noahbarsky/2024/08/30/ai-spotted-super-micro-risks-two-years-before-filing-fiasco/

EY's PR nightmare: A ‘secret drinking club’, misconduct allegations and resignations

https://www.stuff.co.nz/nz-news/350292387/eys-pr-nightmare-secret-drinking-club-misconduct-allegations-and-resignations

Super Micro shares fall 19% on filing delay, Hindenburg Research report

https://www.cnbc.com/2024/08/28/super-micro-shares-fall-23percent-on-filing-delay-hindenburg-research-report.html

Who Wants to See How Much Big 4 Revenue by Service Line Has Changed Since SOX?

https://www.goingconcern.com/who-wants-to-see-how-much-big-4-revenue-by-service-line-has-changed-since-sox/

PCAOB releases two new, divergent inspection reports for Canadian accounting firms

https://www.canadian-accountant.com/content/practice/pcaob-inspection-reports-deloitte-kreston-gta

Rethinking Rankings: The Top 100 Firms — Adjusted

https://www.vision.cpa/blog/Rethinking%20Rankings:%20Revenue%20Per%20Employee

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Need Accounting Conference Info?

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Is Intuit Going Enterprise? In THIS Economy? Aug 28, 2024

Show notes

In this episode, Blake and David dive into Intuit's strategic shift towards enterprise solutions, discussing the potential impact on the accounting industry. They also examine some recent economic trends, including the U.S. debt situation and its comparison to historical empires. They then get into audit deficiency rates reported by the PCAOB, highlighting the need for transparency and reform in the auditing profession. There's also talk AI applications in education, recent accounting scandals, and more challenges facing the accounting industry.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
Makers Hub - http://accountingpodcast.promo/makershub

Chapters

(01:50) - Intuit's Strategic Shift to Enterprise
(04:19) - Intuit's Pricing and Market Position
(12:48) - Economic Outlook and Accountants' Perspectives
(21:22) - China's Debt and Bankruptcy System
(28:29) - Listener Mail and Industry Insights
(35:33) - A Compromise Between Hourly Billing and Subscription Pricing
(45:10) - AI as a Personal Tutor
(46:11) - Understanding SAFE Notes
(54:01) - AI in Retail and Business
(01:01:24) - Audit Deficiencies and Industry Issues
(01:25:11) - Conclusion and Final Thoughts

Show Notes

Intuit (INTU) Q4 2024 Earnings Call Transcript

https://www.fool.com/earnings/call-transcripts/2024/08/22/intuit-intu-q4-2024-earnings-call-transcript/

6 podcast episodes CFOs should listen to before summer ends

https://www.cfo.com/news/6-podcast-episodes-cfos-should-listen-to-accounting-podcast-strategic-cfo-360-rockstar-cfo/723667/

Accountants bearish, mostly

https://www.accountingtoday.com/news/accountants-bearish-mostly-save-for-their-own-firm-and-clients

Goldman Sachs Lowers Probability of US Recession

https://www.investopedia.com/goldman-sachs-lowers-probability-of-us-recession-8697194

China’s Punishment for People With Bad Debts: No Fast Trains or Nice Hotels

https://www.wsj.com/world/china/chinas-punishment-for-people-with-bad-debts-no-fast-trains-or-nice-hotels-bde24da2

Target to Roll Out Transformative GenAI Technology to its Store Team Members Chainwide

https://corporate.target.com/press/release/2024/06/target-to-roll-out-transformative-genai-technology-to-its-store-team-members-chainwide

N.J. Accounting Professor Convicted of Tax Evasion

https://www.cpapracticeadvisor.com/2024/08/19/n-j-accounting-professor-convicted-of-tax-evasion/109210/

Everyone from the sunken yacht off Sicily has now been accounted for

https://www.npr.org/2024/08/22/g-s1-18939/tech-mogul-mike-lynchs-body-is-found-as-the-search-goes-on-for-1-more-yacht-passenger

PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

EY Sheds U.S. Audit Clients in Response to Shortfalls

https://www.wsj.com/articles/ey-sheds-u-s-audit-clients-in-response-to-shortfalls-2ba1172e

Regulator Explores Naming Companies Tied to Auditing Deficiencies Amid Investor Pushback

https://www.wsj.com/articles/regulator-explores-naming-companies-tied-to-auditing-deficiencies-amid-investor-pushback-8ee1d1f3

Auditors failed to raise alarm before 75% of UK corporate collapses

https://www.ft.com/content/14a63c36-ba27-495c-96c0-3d34460d73cc

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Need Accounting Conference Info?

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Xero Now Does Bank Reconciliations! Aug 21, 2024

Show notes

Blake and David leap into the latest updates from Xerocon, including new features like traditional bank reconciliations, embedded bill pay with BILL and AI capabilities through JAX (Just Ask Xero). They look at Xero's strategy to double and how it compares to Intuit's mid-market growth focus. They also touch on the potential impact of QuickBooks' pricing strategy.

Sponsors
Lendflow - http://accountingpodcast.promo/lendflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
Keeper - http://accountingpodcast.promo/keeper

Chapters

(01:01) - Xerocon Highlights and New Features
(01:18) - Deep Dive into Xero's Bank Reconciliation
(06:13) - Xero's Strategic Focus: The Three by Three Initiative
(10:18) - Xero's Market Share and Competitive Strategy
(17:52) - Listener Questions and Advice for Aspiring Accountants
(21:37) - Xero's Upcoming Features and Integrations
(40:46) - Alternative Career Paths in Accounting
(41:16) - Xero's New AI Features and Bill Payments Experience
(45:53) - Exploring Xero's JAX AI and Its Functionalities
(54:04) - Xero's Market Strategy and Competition with QuickBooks
(01:01:51) - Xerocon Highlights and Nashville Adventures
(01:07:44) - The Mysterious Case of Mike Lynch
(01:14:27) - Closing Remarks and Upcoming Events

Show Notes

New features announced at Xerocon Nashville

https://blog.xero.com/product-updates/new-features-xerocon-nashville/

Intuit cut to Equal-Weight at Morgan Stanley, citing reliance on pricing lever

https://seekingalpha.com/news/4139926-intuit-cut-to-equal-weight-at-morgan-stanley-citing-reliance-on-pricing-lever

British entrepreneur Mike Lynch among missing after luxury yacht sinks off Sicily

https://www.reuters.com/world/europe/seven-missing-15-rescued-after-sailboat-sinks-off-sicily-2024-08-19/

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Sponsorships

Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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TeePublic Store: http://cloudacctpod.link/merch

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Automating SOX Audits with RAG Aug 19, 2024

Show notes

Blake Oliver meets with Josh Poresky, a recent college graduate working in audit at RSM. Josh describes his innovative AI project that uses retrieval augmented generation (RAG) to query PCAOB audit guidelines instantly. They explore how this technology could potentially automate up to 99% of staff work for internal controls testing in SOX audits and also highlight some of the challenges and future possibilities of implementing AI in auditing processes.

Meet Our Guest, Josh Poresky

LinkedIn: https://www.linkedin.com/in/josh-poresky956/

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How To Write Emails 3x Faster With AI Aug 16, 2024

Show notes

Blake and David discuss the slow adoption of AI tools in accounting firms, with a recent study showing low usage rates. They also explore the potential of AI to streamline tasks like email writing and fraud detection, highlighting tools like Superwhisper. Moving on, there are political discussions around tax exemptions for tips and their potential consequences, updates on the Wirecard fraud case, and insights from a study linking corporate ethics language to negative outcomes.

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