BREAKING NEWS: David and Blake record a special episode to make sense of the rapidly changing coronavirus and COVID-19 news impacting the accounting industry.

COVID-19 Impact on the Accounting Industry

The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.

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Joe Woodard joins Blake and David to examine how accountants and bookkeepers can increase the value of their services in the eyes of their clients. Joe introduces the Cobb value curve, illustrating how differentiation and relative value impact pricing. He emphasizes the importance of offering unique, high-value services like controllership and financial planning to stand out from commoditized offerings and command premium prices. Meet Our Guest, Joe Woodard LinkedIn: https://www.linkedin.com/in/quickbooksadvisor
Twitter: https://twitter.com/joewoodard 
 Learn more about Woodard Website: http://www.woodard.com Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
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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. 
 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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 Transcripts The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Delivering Nuclear Value in Accounting

Blake and David dive into the concerning trend of small CPA firms conducting shoddy audits of large companies and SPACs, raking in big fees while facing minimal consequences for deficient work. They also discuss the latest accounting app funding news, the power of AI for crafting persuasive arguments, and the American Institute of CPAs' puzzling resistance to changes in CPA licensure requirements and touch on the growing importance of client accounting services for public accounting firms.  Sponsors
 Cloud Accountant Staffing - http://accountingpodcast.promo/cas
 Uncat - http://accountingpodcast.promo/uncat
Earmark - https://earmark.app
Chapters
(00:38) - Blake is back from a conference in Atlanta

(03:12) - The truth behind Trump's Truth Social SPAC audit

(18:41) - AI startup Fieldguide secures $30 million in Series B funding

(21:57) - FundGuard secures $100 million in Series C funding round

(23:42) - BotKeeper launches BotKeeper Infinite

(29:29) - Scientists find that AI is more persuasive than humans at changing people's opinions

(37:41) - Formula 1 team using Excel to track car parts

(39:34) - CAS is the fastest-growing service in Accounting Today's annual survey

(41:34) - The AICPA warns about losing the 150-hour rule

(48:46) - Send us an email and remember you can earn FREE CPE for listening to this podcast!
 
 Show Notes 
Fieldguide Raises $30 Million to Combat CPA Shortage With AI https://www.pymnts.com/news/investment-tracker/2024/fieldguide-raises-30-million-to-combat-cpa-shortage-with-ai/

 AI accounting startup raises $100M https://www.accountingtoday.com/articles/ai-accounting-startup-fundguard-raises-100m-in-new-funds On the Conversational Persuasiveness of Large Language Models: A Randomized Controlled Trial (PDF)  https://arxiv.org/pdf/2403.14380.pdf?utm_source=www.therundown.ai&utm;_medium=newsletter&utm;_campaign=nvidia-s-new-ai-chip-competitor   The year CAS took over https://www.accountingtoday.com/opinion/the-year-cas-took-over-accounting 
Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com 
 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. 
 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 
 SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast
 Classifieds
Royalwise - https://royalwise.com/partner
Forwardly - https://www.forwardly.com/ Classifieds Want 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? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd 
 Transcripts The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Get Rich Doing Bad Audits

Blake and David dig through the latest accounting news, including the effectiveness of pizza parties in boosting accounting firm morale, the record number of baby boomers reaching retirement age, and the impact on Social Security, as well as the massive amount of COVID-related fraud originating in South Florida. They also take a look at audit integrity issues, the long working hours in accounting, and some of the latest app headlines.  Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
 Relay - http://accountingpodcast.promo/relay
 Bookkeep - http://accountingpodcast.promo/bookkeep
Chapters
(00:22) - Thomson Reuters says pizza parties boost accountants morale

(03:33) - Trump cheats at golf

(04:50) - Truth Social goes public

(07:41) - Grant Thornton sells majority stake to private equity firm

(12:28) - Almost 20% of all PPP fraud happened in South Florida

(17:59) - 49ers docked 5th round draft pick for accounting error

(20:08) - Sam Bankman Freed sentenced to 25 years in prison

(22:29) - David shares WSJ video on the future of social security

(31:16) - Tingo audit faulire update

(41:48) - Big 4 Transparency firm awards

(50:28) - Blake takes on a Reddit user's problem

(56:35) - Microsoft Teams combining business and personal offerings

(57:04) - Thanks for listening and remember to subscribe
 
 Show Notes FTX Founder Sam Bankman-Fried Sentenced to 25 Years https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9?st=d45lmr6uc8gg6wc 
 Trump ‘cheats like a mafia accountant’ at golf, writer who played with him says - pennlive.com https://www.pennlive.com/news/2024/03/trump-cheats-like-a-mafia-accountant-at-golf-writer-who-played-with-him-says.html 
 Big 4 Transparency - Awards Season 

Pizza Parties Boost Morale

Blake and David meet with M&A; advisor Charles Bedard about valuations for accounting firms looking to sell. Bedard explains that subscription-based "modern" firms command much higher multiples than traditional hourly billing firms. Bedard provides specific valuation ranges based on revenue and EBITDA multiples and highlights the importance of recurring revenue. He also offers actionable tips for firm owners to increase their value in preparation for an exit. Meet Our Guest, Charles Bedard LinkedIn: https://www.linkedin.com/in/charlesbedard/
Twitter: https://twitter.com/SolvingtheValue 
 Learn more about ERGO Comps, LLC http://www.ergocomps.com/ Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com 
 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. 
 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 
 SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast
 Classifieds Want 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? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd 
 Transcripts The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Modern Pricing Models Drive Higher Valuations for Accounting Firms

Blake and David look at the potential impact of AI on the accounting profession and discuss how AI tools like ChatGPT can boost productivity by automating tasks, improving communication, and assisting with problem-solving. They also examine the implications of these efficiency gains on the billable hour, predicting that firms will need to adapt their pricing strategies as a result. Finally, they review the results of a recent Accounting Today survey, which reveals accountants' perceptions and concerns about AI in the profession.  Sponsors
 OnPay - http://accountingpodcast.promo/onpay
Keeper - http://accountingpodcast.promo/keeper
 Bookkeep - http://accountingpodcast.promo/bookkeep
Chapters
(02:24) - The inefficiency at Disney World compared to accountants and timesheets

(09:38) - JP Morgan AI tool cuts human work by 90%

(11:14) - BofA Cash Pro Forecasting

(18:29) - Blake checks in on live chat

(19:11) - Survey on how much people actually want to work

(27:17) - Kindness initiatives at firms

(28:26) - Is gratitude better than a pay raise?

(29:34) - New Accounting Today AI survey

(40:00) - Blake shares example of how he used AI in his personal life

(42:36) - Forbes article on ChatGPT prompts for leaders and managers

(55:29) - Thanks for listening and remember to subscribe
 
 Show Notes JPMorgan Says Its AI Cashflow Tool Cut Human Work Almost 90% https://www.entrepreneur.com/business-news/jpmorgan-says-its-ai-cashflow-tool-cut-human-work-almost-90/470682   Accounting's reluctant AI revolution     https://www.accountingtoday.com/research-report/accountings-reluctant-ai-revolution   Firms find it’s cool to be kind     https://www.journalofaccountancy.com/issues/2024/mar/firms-find-its-cool-to-be-kind.html   Bank Of America CashPro Forecasting                https://business.bofa.com/en-us/content/cashpro-forecasting.html Americans Don’t Care as Much About Work. And It Isn’t Just Gen Z.
https://www.wsj.com/lifestyle/careers/americans-attitude-work-data-0c2e487c?st=zyx80zw1zyfu1jf 
 Gratitude is Better Than a Pay Raise for 55% of U.S. Workers, Survey Finds
https://www.cpapracticeadvisor.com/2024/02/29/gratitude-is-better-than-a-pay-raise-for-55-of-u-s-workers/102148/ 
12 ChatGPT Prompts For Leaders And Managers In 2024 https://www.forbes.com/sites/rachelwells/2024/01/23/12-chatgpt-prompts-for-leaders-and-managers-in-2024/ 
 
Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com 
 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. 
 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 
 SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast
 Classifieds
Royalwise - https://royalwise.com/partner
Forwardly - https://www.forwardly.com/ Classifieds Want 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? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd 
 Transcripts The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

COVID-19 Impact on the Accounting Industry

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