The Accounting Podcast

Latest Episodes:

Beware of E-Filing Your Tax Return Feb 15, 2024

Show notes

Blake and David discuss a wealth of timely topics, including the risks of filing taxes electronically versus by mail, the impact of the 150-hour rule on diversity in the accounting profession, and how major accounting firms are turning to private equity funding to accelerate growth. They also explore news from the artificial intelligence space, including Google's unveiling of Gemini, as well as ADP's new AI assistant, and examine how deepfake video calls enabled the theft of $25 million.

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Chapters

(00:29) - Welcome to the show
(02:26) - Finance worker pays $25 million after video call with a deep fake of company CFO
(07:56) - Is QuickBook taking tax accountants' jobs?
(15:25) - Three AI accounting startups raise money funding round
(22:42) - Baker Tilly is now private-equity-owned
(25:00) - How much do the Big 4 spend on lobbying?
(28:09) - The Wall Street Journal's terrible opinion piece of E-filing
(34:42) - 13 states are suing the IRS for direct file system
(36:32) - MIT study on effects of 150-hour rule
(41:24) - Dual licensed CPAs and CMAs earn almost $40k more per year
(44:13) - Google releases Gemini and is retiring BARD
(48:29) - ADP launches ADP Assist
(51:44) - Gemini also now does AI art
(54:21) - Thanks for listening and please fill out our survey

Show Notes

Finance Employee Defrauded for $25M by Deepfake CFO

Dual Certifications Mean Big Bucks for Accountants - CPA Practice Advisor

Baker Tilly US gets PE investment | Accounting Today

Big Four Lobby Congress on Accounting Pipeline, AI, Crypto

Beware of E-Filing Your Tax Return

QuickBooks Live Tax Update: Understanding QuickBooks customers use of tax prep services

Accounting software startup Pennylane becomes France’s latest unicorn | TechCrunch

Google’s Gemini is now in everything. Here’s how you can try it out.

Accounting body tells members to make annual pledge to be ethical

Platform Accounting Group gets $85M funding round

Finally, now with $10M, adds AI for better insight into small business accounting

AI Will Be Doing More Accounting If Startup Investors Have Their Way

ADP launches ADP Assist genAI assistant

Republican attorneys general denounce IRS free file pilot as rival to products like TurboTax

Higher tax filing costs could take a bite out of your refund

DataSnipper, startup that uses AI to eliminate some of the ‘dread’ in accounting, is valued at $1 billion in latest funding round

Platform Accounting Group Secures $85 million in Funding Led by Cynosure Group

Finally Raises $10 Million to Expand Small Business Automation Solutions

Finally, the AI-Powered Accounting & Finance Suite, Closes $10M Raise to Propel SMB Growth Forward

France gains a new unicorn as Pennylane raises €40m

QuickBooks Live Tax Update

Beware of E-Filing Your Tax Return

DataSnipper Raises $100M at $1B Valuation to Empower Auditors with AI

Big Four Lobby Congress on Accounting Pipeline, AI, Crypto

Finance worker pays out $25 million after video call with deepfake ‘chief financial officer’

I'm an Accountant and Here's Why I'd Never File My Taxes Online — Best Life

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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver ...

Building a Bank for Accountants and Small Businesses Feb 07, 2024

Show notes

Yoseph West joins Blake and David to examine Relay Financial's background and their ambition to solve banking problems by becoming a bank themselves, designing the ideal user experience, and overcoming regulatory challenges. West also outlines Relay's redesigned accountant partner program, its many benefits, and upcoming features like receipt capture. The discussion turns to best practices for incorporating technology like Relay into accounting practices to solve client problems and the importance of understanding client pain points.

Meet Our Guest, Yoseph West

LinkedIn: https://www.linkedin.com/in/yosephwest/
Twitter: https://twitter.com/bankwithrelay
Facebook: https://www.facebook.com/bankwithrelay
Instagram: https://instagram.com/bankwithrelay

Learn more about the Relay Partner Program:

https://www.relayfi.com/advisor-partner-program?referralcode=acctpod&utm_source=ab&utm_medium=podcast&utm_campaign=abpartnerprogram

Disclaimer:
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted

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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

What to Do if You Can't Find an Accountant for Tax Season Feb 02, 2024

Show notes

CNBC tells taxpayers to seek out EAs if they can't find a CPA, crypto fraud by a pastor who claims God told him to do it, issues with IRS taxpayer notices and filing, accounting irregularities at agricultural giant ADM send the stock plummeting, CPA reciprocity is a pain, AI updates including Microsoft Mesh VR meetings in Teams, FTC forcing TurboTax to stop advertising as "free," Wave’s new paid subscription model, and the liquidation threat facing massive Chinese developer Evergrande.

Sponsors
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Zoho - http://accountingpodcast.promo/zoho
Client Hub - http://accountingpodcast.promo/clienthub

Chapters

(00:29) - Welcome to the show
(01:16) - CNBC article on what to do if you can't find a CPA to do your taxes
(06:09) - Trump tax leaker sentenced to 5 years in prison
(07:42) - FTC rules Intuit can no longer advertise their product as free
(11:48) - H&R Block and Intuit are suing each other and each one's AI
(16:31) - Brex is cutting 20% of their staff
(18:51) - Microsoft Mesh and virtual reality meetings
(22:06) - Wave introduces paid pro plan
(23:57) - Microsoft passes Apple as the world's most valuable company
(27:53) - Blake reads a few live viewer comments
(28:49) - ADM suffers big stock drop amid accounting investigation
(32:44) - Pastor charged with cryptocurrency fraud
(35:16) - FTX has amassed $4.4 billion by selling cyrpto assets
(36:35) - Tingo fraud update and correction
(41:24) - Iowa CPA survey shows CPAs support alternative pathways to license besides 150-hour requirement
(48:02) - A few IRS stories
(55:52) - Blake teases China and Evergrande story
(57:10) - Wrap up and please fill out our listener survey

Show Notes

SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Obtains Emergency Relief

Pastor Charged With Cryptocurrency Fraud Said God Told Him to Do It - The New York Times

Accounting investigation under way at ADM and its top financial executive has been placed on leave | AP News

Here's what to do if you can’t find an accountant for tax season

Former IRS Contractor Sentenced for Disclosing Tax Return Information to News Organizations | United States Department of Justice

TurboTax Can No Longer Advertise Products as Free, F.T.C. Says

H&R Block launches AI tax filing assistant - The Verge

TurboTax bolsters support options, both human and AI

Brex cuts 20% of staff amid reports of stalled growth, high burn | TechCrunch

Bring virtual connections to life with Microsoft Mesh, now generally available in Microsoft Teams

Investors see Microsoft's stock market value leaving Apple behind

Input steers CPA licensure pathways recommendation - Iowa Society of CPAs

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Need Accounting Conference Info?

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The CAS Cache -

Listener Mail: Finding Balance with Tech & CPA Pipeline Problem Jan 30, 2024

Show notes

This week, Blake and David Leary sort through the mail and respond to a variety of listener emails and voicemails. Amongst the topics covered, they explore working as a TurboTax preparer to barriers faced by career-changers entering public accounting. They go on to debate the root causes behind accounting's heavy workloads and offer perspectives on how licensing rules and firm profitability shape experiences.

Sponsors
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Chapters

(00:04) - Welcome to the show and some personal updates from David and Blake
(06:37) - A TurboTax expert tells us why she loves her job
(14:17) - Tyler writes in about the pipeline problem
(21:33) - Looking at other career certification requirements as inspiration for CPA change
(24:27) - CPA mobility and reciprocity
(34:12) - Bank statements are the norm for getting any loan in Puerto Rico
(36:17) - The CPA profession is the transmission of a car
(40:11) - Accountant's starting salaries are the biggest pipeline problem
(49:13) - Blake checks in with the live chat
(53:00) - Creating a "paralegal" type license in the accounting field
(54:33) - Ways to mitigate busy season
(57:51) - Wrap up and remember to send us your thoughts and stories

Show Notes

Coming soon!

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Sponsorships

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Need Accounting Conference Info?

Check out our new website - accountingconferences.com

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How To Take The Pain Out Of Busy Season Jan 25, 2024

Show notes

Blake and David discuss the challenges of busy season and achieving work-life balance as accountants. They also debate the value and investment risks of cryptocurrency and analyze global economic impacts like outflows from China's economy. They also review some of the latest AI trends including self-driving vehicle safety data, and examine some recent news regarding a software error falsely accusing hundreds, an SEC crypto ETF approval, and a feel-good small town tax budget balanced without rate hikes thanks to a new accounting system implementation. Grab your favorite snack and have a listen!

Sponsors
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FinDaily - http://accountingpodcast.promo/findaily
Client Hub - http://accountingpodcast.promo/clienthub

Chapters

(00:31) - Welcome to the show. Blake has been traveling
(06:03) - How can accountants attract lifelong customers
(08:58) - KPMG working to reduce late hours and weekend work
(13:59) - UK coffee shop introduces subscription pricing
(17:45) - Are accounting tech jobs more balanced?
(19:40) - We did a bonus interview with Rightworks and more AI updates
(22:23) - Waymo caused accidents vs human drivers
(26:20) - Are AI-caused layoffs coming?
(28:10) - The SEC approves crypto ETFs
(31:33) - NYT story on NYU student's $6 million crypto mine
(36:16) - Update on UK Postal scandal and Fujitsu
(40:33) - An estimated $50 billion per month moved out of China in 2023
(43:26) - Hydroxychloroquine and putting numbers in perspective
(46:46) - David's personal information may have been leaked in the Framework leak
(48:40) - GM suing the city of San Francisco over taxes
(50:55) - Small Pennsylvania town cancels tax hikes after new accounting system finds unaccounted revenue
(51:57) - Thanks for listening and remember to subscribe

Show Notes

KPMG looks to take some of the pain out of the auditing ‘busy season’

OpenAI debuts ChatGPT subscription aimed at small teams | TechCrunch

Comparison of Waymo Rider-Only Crash Data to Human Benchmarks at 7.1 Million Miles

Expanding Copilot for Microsoft 365 to businesses of all sizes

A third of companies have already laid off workers due to AI

This N.Y.U. Student Owns a $6 Million Crypto Mine. His Secret Is Out. - The New York Times

SEC Approves Bitcoin ETFs for Everyday Investors

Gold Bars and Tokyo Apartments: How Money Is Flowing Out of China. - The New York Times

Hydroxychloroquine could have caused 17,000 deaths during Covid, study finds

GM blasts San Francisco in lawsuit over $108M tax bill

OpenAI debuts small team ChatGPT subscription

Intuit sues H&R Block over marketing claims it says are false, misleading

The role of auditors in the Post Office scandal: A need for greater accountability?

Framework email customers for data breach from accounting partner getting phished

Fujitsu shares drop nearly 4% as its Europe chief says compensating Post Office victims is a 'moral obligation'

Report: 25% of CEOs Expect AI to Lead to Job Cuts in 2024

Expanding Copilot for Microsoft 365 to businesses of all sizes

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Listener Survey
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Get in Touch

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, st...

Pay Transparency Website Levels Playing Field for Accountants Jan 23, 2024

Show notes

Dominic Piscopo is the founder of Big4Transparency.com, an accounting salary transparency website. Dominic was inspired to start the site based on his experience discovering the disparity in compensation between his accounting job and what other accountants were making in the same city. To date, Big4Transparency.com has collected over 13,000 salary data points. In the episode, we discuss the value of using the platform for salary negotiation. Dominic also highlights trends in accounting salaries, the impact of job hopping on earnings, and the relationship between work environment and job satisfaction.

Meet Our Guest, Dominic Piscopo

LinkedIn: https://www.linkedin.com/in/dopiscopo/

Learn more about Big4Transparency.com

Website: https://www.big4transparency.com/

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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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Classifieds

Transcripts

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

Survey Says 80% of CPAs Support Alternatives to 150 Hours Jan 19, 2024

Show notes

Blake and David mull over the Arizona CPA Society's survey revealing that 80% of Arizona CPAs support 150-hour-rule alternatives. They also examine the UK Post Office scandal that led to hundreds of criminal convictions of postmasters, as well as Deloitte's recent massive audit failures, and the impacts of the talent shortage illustrated by delayed government audits in Wyoming. Wrapping things up, some reflections on the need for major reforms in auditing and regulation of the accounting profession. All this and more, right here, right now!

Sponsors
Zoho - http://accountingpodcast.promo/zoho
Relay - http://accountingpodcast.promo/relay
Client Hub - http://accountingpodcast.promo/clienthub

Chapters

(00:29) - Blake goes over the Arizona Society of CPA's survey results
(05:11) - Do 150-hour employees do better work?
(08:40) - Are firms facing an accounting shortage?
(12:36) - Did you know Nikki Haley was an accountant?
(14:22) - Deloitte audit failure in Nigeria
(27:29) - Certified Pastry Aficionado
(29:31) - Tsunami miracle baby, now 19, pursuing an accounting degree
(31:15) - Fujitsu, Horizon, and the disgusting postal worker prosecution failure by the UK government
(45:26) - Blake checks in on the live chat
(48:55) - Going Concern: Wyoming firm faces staffing shortage in critical government audits
(52:25) - Download Earmark. Earn free CPE for listening

Show Notes

Arizona CPA Society releases 150-hour survey results

https://www.ascpa.com/news/ddf50a1e-70cc-4d5b-9e00-cc9c5f82c17e:az-cpa-januaryfebruary-2024

How Deloitte missed a massive Nigerian company fraud

https://www.forbes.com/sites/brandonkochkodin/2024/01/10/how-auditor-deloitte-missed-a-nigerian-companys-massive-fraud/?sh=49b6cce059f4

Tsunami miracle baby now majoring in accounting

https://www.nst.com.my/news/nation/2023/12/994163/tsunami-miracle-baby-now-19-pursues-accounting-degree-nsttv

Only two firms in Wyoming can do government audits, and one can’t do its job

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

There Are Only Two Firms in Wyoming That Can Do Government Audits and One Can’t Do Its Job Because of Staff Shortages

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

Revealed: The Fujitsu fat cats who pocketed huge salaries while its flawed Horizon accounting system ruined...

https://www.dailymail.co.uk/news/article-12948671/The-Fujitsu-fat-cats-pocketed-huge-salaries-flawed-Horizon-accounting-ruined-lives-thousands-postmasters-wrongly-accused-stealing-Post-Office-emerges-charge-government-contracts.html

What should accounting technology providers learn from the Post Office Horizon scandal?

https://www.accountancyage.com/2024/01/09/what-should-accounting-technology-providers-learn-from-the-post-office-horizon-scandal/

Plans to legislate for resolution of Post Office accounting scandal

https://www.accountancydaily.co/plans-legislate-resolution-post-office-accounting-scandal

Post Office under criminal investigation for potential fraud over Horizon scandal

https://www.theguardian.com/uk-news/2024/jan/05/post-office-criminal-investigation-potential-horizon-accounting-fraud

Some 86 people have seen their convictions for false accounting and theft overturned

https://curated.tncontentexchange.com/partners/afp/the-firm-created-faulty-accounting-software-that-saw-subpostmasters-wrongly-convicted-of-theft/image_383af729-fda2-517c-b5ff-85afffefb214.html

UK police launch fraud inquiry over post office IT scandal

https://www.themountaineer.com/news/national/uk-police-launch-fraud-inquiry-over-post-office-it-scandal/article_72e76f8b-7e6f-55ad-9605-93183aefb01e.html

How the Post Office’s Horizon system failed: a technical breakdown

https://www.theguardian.com/uk-news/2024/jan/09/how-the-post-offices-horizon-system-failed-a-technical-breakdown

Bad software sent postal workers to jail, because no one wanted to admit it could be wrong

https://www.theverge.com/2021/4/23/22399721/uk-post-office-software-bug-criminal-convictions-overturned

Post Office warned of software flaw in 2006, but failed to alert subpostmaster network

https://www.computerweekly.com/news/252514110/Post-Office-warned-of-software-flaw-in-2006-but-failed-to-alert-subpostmaster-network

Post Office spunks fresh £36m on Fujitsu after cloud fail

https://www.thestack.technology/post-office-fujitsu-extension/

When did the Post Office scandal start? Timeline of key events

https://www.thetimes.co.uk/article/when-post-office-scandal-start-happen-timeline-of-key-events-2q23bhm2c

Briefing presumption that comp...

AI for Accountants - Exploring Rightworks Spark Jan 17, 2024

Show notes

Blake and David meet up with TJ Lewis and Aaron Van Ruler from Rightworks about their new AI tool called Spark, built specifically for accountants on top of ChatGPT. They discuss how Spark helps accounting professionals by providing industry-specific content, tools, and assistants to enhance efficiency and expertise. TJ and Aaron also share details on Spark's capabilities, roadmap, and potential integration with other Rightworks products.

Meet Our Guests
TJ Lewis, Innovation Strategist, Rightworks

LinkedIn: https://www.linkedin.com/in/tj-lewis/

Aaron Van Ruler, Innovation Strategist, Rightworks
LinkedIn: https://www.linkedin.com/in/avanruler/

Learn more about Rightworks

https://ai.rightworks.com/

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Sponsorships

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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

How Much Tax Preparers Charge Jan 12, 2024

Show notes

Blake throws his hat into the ring for President and CEO of NASBA! Hear how he intends to shake things up should he be chosen! Next, Blake and David unpack a survey on the surprisingly low tax-preparer fees across the country, discuss the headaches still posed by interstate CPA licensing, and consider some solutions like modeling CPA reciprocity rules! Grab some snacks and enjoy!

Sponsors
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Chapters

(00:00) - How Much Tax Preparers Charge
(00:21) - Blake applied to be the new NASBA President and CEO
(07:59) - David's customer experience at a Publix's grocery store
(10:09) - National Association of Tax Professionals 2023 survey results
(16:57) - What type of returns are they doing?
(21:15) - How do tax preparers operate?
(22:31) - How do tax preparers price?
(25:37) - Now lets talk about business tax returns
(28:51) - When do tax preparers get paid?
(46:21) - What work went unbilled?
(50:22) - Type of services offered
(50:51) - Average wages for tax employees
(51:32) - Blake checks in with the live stream
(54:38) - Daryl asks for career advice
(01:00:20) - New TurboTax ad doesn't shy away from "free" claim
(01:01:34) - Listener email on reciprocity
(01:14:02) - Wrap up and where to reach us

Show Notes

Intuit TurboTax's 2024 "Make Your Moves Count" Campaign Highlights Its Tax Experts, AI Technology and Filing Solutions Ensuring the Best Tax Outcome for All Types of Filers

TurboTax Free Edition 2024 Commercial "Free Connoisseur" (Official TV Ad :30)

NATP 2023 Tax Professional Fee Study

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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

Turning Staff Into Workaholics Makes Them Way Less Productive Jan 05, 2024

Show notes

In this 2023 wrap-up, Blake and David discuss an appeals court ruling that audit reports are so generic they are essentially useless to investors. They also explore the concept of "productivity theater" where employees pretend to be constantly working, even though it leads to disengagement and burnout. Continuing the theme, they contemplate why mandatory weekend work persists and share ideas on how firms can improve work-life balance. Rounding out the discussion, they offer up some career advice to accounting students on finding fulfilling roles and avoiding common traps such as extreme overwork.

Sponsors
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Chapters

(00:21) - David will get an Earmark tattoo at 100,000 subscribers
(03:16) - Slack survey reveals forced overtime reduces productivity
(06:40) - Remote workers' surveillance
(09:20) - Mandatory Saturdays going away
(15:15) - What is keeping firms up at night?
(19:37) - What percentage of firms are filing tax extensions for their clients
(21:45) - A junior accounting student asks for some advice
(27:47) - Appeals court rules audit report is immaterial
(32:57) - SPACs accounted for at least 21 bankruptcies and $46 billion lost in 2023
(36:38) - The importance of finding and making your own work/life balance
(45:30) - Back to advice for younger accountants entering the profession
(53:24) - An accountant has a breakdown at the airport
(55:26) - Thanks for listening and remember to subscribe