The Accounting Podcast

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**The Accounting Podcast**

The most authoritative voice in accounting news. Every week, Blake Oliver and David Leary break down the stories reshaping the profession — AI, the Big Four, firm M&A, audit failures, and the talent crisis — with analysis you won’t get from the trade press. Earn free NASBA-approved CPE just for listening, with the Earmark app.

Latest Episodes:

Why ScaleFactor Failed, According to Employees (It Wasn't COVID-19) Jul 28, 2020

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05:55 - What Arizona's Tenuous Coronavirus Plateau Could Teach Us – NYTimes
09:32 - McConnell’s stimulus waiting game turns into race against clock – Accounting Today
10:10 - White House, GOP Agree On $1T CARES 4.0 - PYMNTS.com
11:12 - What Democrats and Republicans want in the next coronavirus relief package – Reuters
14:10 - State CPA society CEOs call for federal relief for state and local governments amid coronavirus – Accounting Today
15:09 - New AICPA tool automates PPP loan forgiveness process - Journal of Accountancy
- https://www.pppforgivenesstool.com/
17:15 - Strip-club stimulus reveals lingering uncertainties over U.S. small-business aid – Reuters
21:00 - Why Zoom meetings really do leave you exhausted - Journal of Accountancy
23:12 - Companies Start to Think Remote Work Isn’t So Great After All – Wall Street Journal
24:41 - Staff do worse when asked to report frequently, accounting study shows – CFO Dive
25:23 - 66% Working from Home Say They're More Likely to Work Nights and Weekends – Small Business Trends
27:41 - Employees Want to Return to a Physical Workplace – Small Business Trends
30:25 - ScaleFactor Raised $100 Million In A Year Then Blamed Covid-19 For Its Demise. Employees Say It Had Much Bigger Problems. – Forbes
48:20 - Siri Srinivas on Twitter on the Forbes ScaleFactor article - Twitter
52:12 – A listener's feedback on our brief discussion on modern monetary theory – Twitter
58:37 - The Rescues Ruining Capitalism – WSJ
1:00:58 Jirav scores $8M in Series A funding – Accounting Today
1:01:03 - Lawsuit Alleges Plaid Violated User Privacy - PYMNTS.com
1:01:20 - Kabbage Rolls Out Checking Accounts For SMBs - PYMNTS.com
1:01:24 - Brex Offers FDIC Insurance - PYMNTS.com
1:01:31 - FinTech Revolut Raises $80M In New Funding - PYMNTS.com
1:01:41 - Painting the Art of the Possible, with Brad Smith - Shift

Addendum: Scale Factor

Botkeeper story we broke in FEB 2019

VisorTax's failure

Our past Scalefactor coverage

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Thanks 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) 695-1040

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Technology Reduces Accountant Stress During Pandemic Jul 20, 2020

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06:40 – Faulty data collection raises questions about Trump’s claims on PPP program – Washington Post
10:41 – New York City Didn’t Get Fair Share of PPP Loans, Comptroller Report Says – Wall Street Journal
11:59 – Public Favors Small-Business Funds Going to Non-Chain Restaurants, Medical Groups, Private Schools - Morning Consult
13:18 – Kanye West says he’s running for president – POLITtransactions
13: 51 – Last week's discussion on PPP agent fees
14:08 – How banks are trying to hurt small business in a time of crisis - Newsweek
15:10 – Accountants predict 2020 will be worst year for economy since World War II – Accounting Today
16:00 – Wall Street’s Earnings Forecast: Cloudy With a Chance of Turbulence - Wall Street
Journal
16:50 – 5 reasons borrowers shouldn’t rush their PPP forgiveness applications - AICPA Insights
- Under stress, accountants seek new tech to get through the pandemic – Accounting Today
17:54 – Under stress, accountants seek new tech to get through the pandemic – Accounting Today
29:25 — U.K. Regulator Orders Big Four to Separate Audit Practices by 2024 – Wall Street Journal
32:27 – Debating the CPA License: Martin Zych + Blake Oliver + Brian Tankersley - CPA Review & More
33:40 – FASB Concepts Statement No. 8 – Conceptual Framework for Financial Reporting ... – FASB
34:49 – Zoom for Home is Here to Empower Remote Workers – Zoom
- Zoom introduces all-in-one home communications appliance for $599 – TechCrunch
38:45 – Right Networks Releases Enhancements to Transaction Pro for QuickBooks Online – AccountingWEB
40:51 – Coconut Notches $3.15M For SMB Accounting - PYMNTS.com
42:15 – Stimulus Package May Be Unveiled Next Week - PYMNTS.com
44:28 – Fact check: Americans could get a $4,000 tax credit for domestic travel in stimulus – USA Today
- Sen. Schumer Calling for more Federal Funding for Small Businesses and Schools in the S. Tier – WENY

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Transcript

ADP has your back with Accountant Connect. Their award-winning multi-client payroll management and analytics platform is a remarkably effective tool for adding value to every client engagement. Stay tuned to hear more from our sponsor, ADP Accountant Connect, later in the episode.

Blake Oliver: [00:00:21] Most accountants are working harder and longer si...

Who Didn't Get a PPP Loan? Jul 14, 2020

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Show Notes

00:18 – Hasan Does Tax ASMR, Patriot Act Digital Exclusive, Netflix – YouTube
03:47 – SBA, Treasury release names of some PPP recipients - Journal of Accountancy
05:01 – PPP millions went to firm identified in Ukraine money-laundering suit – Crain's Cleveland Business
05:11 – The billionaires who received small business loans from the government, plus everything else you missed in business news - CNBC After Hours
- Kanye West’s Yeezy Got Millions From Federal Government’s Paycheck Protection Program – 2 CBS Chicago
05:16 – Small business aid winners include Five Guys, Planned Parenthood, Grindr - POLITICO
05:31 – Millions in aid from small business relief fund went to "hate groups" – CBS News
05:43 – In sign of the times, Ayn Rand Institute approved for PPP loan – Reuters
- The Ayn Rand Institute bootstrapped its way to a PPP Loan of at least $350K – Literary Hub
06:03 – Grover Norquist’s Anti-Tax Group Took Money From the Paycheck Protection Program - Slate
06:25 – Religious organizations receive $7.3 billion in PPP loans, megachurches amass millions - Newsweek
- U.S. Catholic Church Received Billions in Taxpayer Funds From Paycheck Protection Program - TIME
06:43 – A List Of Rich & Famous People Who Got Small Business Loans From The Government – Refinery29
- Here are the eyebrow-raising Paycheck Protection Program loans in Florida – Tampa Bay Times
07:16 – Trump’s Waikiki Partner, Kushner Family Among PPP Borrowers – Washington Post
07:40 – Let the Paycheck Protection Program Shaming End! | LinkedIn
09:09 – Small business coronavirus relief loan database contains some big errors, firms say - CNBC
11:49 – Here Are the Accounting Firms That Received PPP Loans Because We Know You Want to Know - Going Concern
12:12 – Accounting Firms Take Billions in PPP Payouts – CPA Trendlines
15:52 – IRS to start collecting overdue tax payments as AICPA urges continued relief – Accounting Today
16:40 – Mnuchin: Any PPP Extension Would Be 'Targeted' - PYMNTS.com
17:43 – ProPublica: Tracking PPP Loans - ProPublica
19:38 – Wells Fargo Sets Out Its $400M Plan For SMB aid - PYMNTS.com
20:16 – Banks Could Get $24 Billion in Fees From PPP Loans - WSJ
21:31 – How small NJ bank Cross River distributed $5.4B in PPP funds – New York Post
23:08 – Latest product news – July | Xero Blog
26:39 – Welcoming the Stitch Labs Team to Square - Square
28:58 – Venmo Pilots Business Payments For Micro SMBs - PYMNTS.com
29:38 – Big jumps seen in tax prep fees: Survey – Accounting Today
31:00 – More AICPA tax talk from last week's episode
32:08 – Supreme Court grants N.Y. access to Trump taxes, blocks House – Accounting Today
33:57 – Why Doing Taxes is So Hard - YouTube

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Tax Day is July 15... Still Jul 07, 2020

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Show Notes

07:02 - Treasury Department, IRS will not extend Tax Day a second time - CNBC
07:09 - July 15 Filing Date — Not to Move – AICPA
- In March, the AICPA advocated to move the deadlines to October 15 - AICPA
- Some AICPA tweet (and replies) about the filing extension issue – Twitter
09:10 - Tax TeleGraf tweet on reasons you can control vs. can’t control: - Twitter
11:10 - IRS will not postpone July 15 deadline - Journal of Accountancy
12:02 - Wirecard’s Adventure-Seeking No. 2 Was Key to the Firm’s Rapid Rise. Then He Disappeared. - WSJ
12:58 - Wirecard ex-COO Marsalek's entry into Philippines was faked, minister says - Reuters
14:40 - More Wirecard discussion from last week's episode, 181
16:17 - Wirecard Scandal Puts Spotlight on Auditor Ernst & Young - WSJ
17:05 - Wirecard Exposes Big 4 Accounting Lapses Endure Post-Enron – Claims Journal
20:06 - Your Wirecard E-Cash Was Safe Until It Wasn’t - Bloomberg
21:24 - SoftBank Wants Out Of Wirecard Partnership | PYMNTS.com
22:27 - Corporate audits fell 71% as coronavirus crippled IRS – Accounting Today
22:33 - Millionaires face near-zero chance of IRS audit — for now – Accounting Today
23:12 - IRS wasting millions on audits with no results, watchdog says – Accounting Today
26:05 - IRS chief pledges to work with Congress on examining tax code's role in racial wealth disparities – The Hill
26:59 - House joins Senate in approving 5-week PPP extension - Journal of Accountancy
- Senate passes extension of small business loan program – Accounting Today
27:50 - Has There Been $1 Billion in PPP Fraud? - Entrepreneur
29:19 - Watchdog’s deceased mother one of 1.1M to get stimulus check – Accounting Today
29:58 - What Should Business Owners Do After They Run Out of PPP Loan Money? - AccountingWEB
33:09 - In the Covid-19 Economy, You Can Have a Kid or a Job. You Can’t Have Both. - The New York Times

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If you...

ScaleFactor Fails to Scale, Blames COVID-19 Jun 28, 2020

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09:59 – A Message from Founder and CEO Kurt Rathmann - ScaleFactor
12:06 – Fintech Startup That Raised $100 Million From Investors Bessemer And Coatue Is Abruptly Shutting Down - Forbes
14:05 – ScaleFactor is shutting down after coronavirus craters sales – Austin Business Journal
16:58 – ScaleFactor Announces “2.020” Vision, Including Plans to Build Marketplace for On-Demand Financial Solutions – Business Wire
19:45 – Our early ScaleFactor speculations - Episode 70
20:36 – The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch - 20VC: Raising $105m in Just 13 Months Over 3 Separate Rounds, The 5 Core Ways VCs Can Add Value & How Founders Can and Should Fully Leverage Their Cap Table with Kurt Rathmann, Founder & CEO @ ScaleFactor – The Twenty Minute VC
29:16 – ScaleFactor: Our Response to the News - Acuity
32:18 – Wirecard AG’s former chief executive officer was detained by Munich prosecutors – Accounting Today
33:42 – Wirecard filed for bankruptcy this week – Wall Street Journal
- Backstory: Wirecard’s suspect accounting practices revealed – Financial Times
34:00 – Softbank sues E&Y over Wirecard - CNBC
38:36 – Nasdaq to suspend trading of Luckin Coffee shares from Monday - Reuters
39:12 – GE KPMG Auditor Swap: General Electric and KPMG Officially Call It Quits – Going Concern
40:38 – Intuit changes tech development focus, lays off 715 – Accounting Today
44:45 – IRS sent $1.4B in stimulus checks to dead people, audit finds – Accounting Today
47:42 – PPP recipients can apply early for loan forgiveness, SBA says - Journal of Accountancy
48:31 – SBA exempted lawmakers, federal officials from ethics rules in $660 billion loan program – Washington Post
52:39 – Mastercard to purchase open-banking company Finicity for $825 million – MarketWatch
55:40 – Last week's Square discussion – Episode 180
56:35 – Are Intuit and Square dating? - Square

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Blake Oliver: [00:00:20] One of the questions I had immediately was where did all the money go? What happened to the $100 million? Because there's no way, with 100 employees, that they burned through $100 million in a year. Not possible.

David Leary: [00:00:32] That's a lot of money, but they got 1,000 clients. That's $100,000 per client. I texted somebody who is a leader at a Top-100 accounting firm, and I said, "Hey, can I buy your firm for $100 million?" I...

PPP loans over $150,000 to be made public Jun 23, 2020

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06:22 – U.S. Treasury, SBA to disclose names of most businesses taking PPP loans - CNBC
08:06 – Members of Congress took small-business loans — and the full extent is unknown - POLITICO
08:21 – More on Rubio's flip-flopping record from last week's episode
11:19 – Charter Schools, Some With Billionaire Benefactors, Tap Coronavirus Relief - The New York Times
12:54 – SBA and Treasury streamline PPP loan forgiveness applications – Accounting Today
14:30 – PPP Small-Business Loans Left Behind Many of America’s Neediest Firms - WSJ
18:28 – SBA launches tool to match underserved borrowers with PPP lenders - Journal of Accountancy
20:21 – IRS employees are returning to offices amid coronavirus – Accounting Today
22:10 – Tax Court Will Zoom into Your Living Room - AccountingWEB
22:23 – IRS urged to pursue preparers with overdue returns, debts and penalties – Accounting Today
25:23 – Toronto accounting firm hit by ransomware – IT World Canada
26:50 – Only 1/3 of Small Businesses Inform Employees of Personal Device Security Requirements – Small Business Trends
28:37 – Behind the Fall of China’s Luckin Coffee: a Network of Fake Buyers and a Fictitious Employee - WSJ
33:26 – Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t Exist - WSJ
40:04 – Receipt Bank acquires data quality specialist Xavier – Accounting Today
43:03 – Rewind Introduces Client Data Transfer Tool for QuickBooks Online – AccountingWEB
45:23 – Botkeeper raises $25 million to automate accounting tasks - VentureBeat

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Transcript

Clients are looking for trusted advice and a sense of stability as they navigate the new normal, and by using Bill.com, accounting firms can free up more time for valuable strategic advisory services by helping clients shift their accounts-payable process online. Stay tuned to hear more from our sponsor, Bill.com, later in the episode.

Blake Oliver: [00:00:23] So, the chief executive and chief technology officer of Wirecard is Markus Braun, who, the Wall Street Journal notes, is known for his tall ... He's tall, and known for his intense manner of speaking, and adopted the sartorial style of the tech world, wearing black turtlenecks similar to Apple Inc. founder, Steve Jobs.

David Leary: [00:00:44] Oh, and the blood girl ...

Blake Oliver: [00:00:44] Yeah, you remember- Theranos ...

David Leary: [00:00:47] Theranos, yeah. Elizabeth Holmes.

Blake Oliver: [00:00:51] Yes, she also did the same thi...

Wave Makes Waves by Becoming a Bank Jun 16, 2020

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