Sponsors Jirav - https://cloudaccountingpodcast.promo/jirav
Zoho - https://cloudaccountingpodcast.promo/zoho
Relay - https://cloudaccountingpodcast.promo/relay Need CPE? 

 Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.com
Get CPE for listening to podcasts with Earmark CPE: https://earmarkcpe Show Notes

 6:35 – SURVEY: Tax Software Favorite Keeps Crown - CPA Trendlines https://cpatrendlines.com/2022/11/22/survey-tax-software-favorite-keeps-crown/   18:05 – Top Trends ’23: Look Who’s Making Money Now https://cpatrendlines.com/2022/11/18/outlook-2023-look-whos-making-money-now/   34:05 – Editing active services https://support.ignitionapp.com/en/articles/6713627-editing-agreed-services   38:45 – Texas startup has laid off most employees after failing to secure more funding https://www.wsj.com/articles/anti-woke-bank-glorifi-to-shut-down-11669051554   51:30 – Ramp on Twitter: "NEW for Accountants &amp; Bookkeepers: Ramp’s Advisor Console. https://twitter.com/tryramp/status/1592899081495613440?s=20&t;=Eg_35_92Q13VVNjzgFcLWQ  Get in Touch

 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
 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/ApplePodcastsPodchaser: http://cloudacctpod.link/podchaserSpotify: http://cloudacctpod.link/SpotifyStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastYouTube: https://www.youtube.com/c/CloudAccountingPodcast
 Classifieds RightTool for QuickBooks Online - https://righttool.app
uCollect - https://ucollect.biz/cap

 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? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd  Full Transcript Available Upon Request - info@cloudaccountingpodcast.com

How Much Do Accounting Firm Partners Make?

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.

Business News

Business

News

News Commentary

Anthony Venette, Director of Business Valuation and Advisory Services at DeJoy & Co., joins Blake to discuss his unconventional career path and the world of business valuation. Anthony shares his journey from audit to tax and eventually to valuation, highlighting the importance of soft skills and effective communication in advisory roles. He also provides valuable insights into the day-to-day life of a valuation professional and offers advice for young CPAs interested in pursuing this career path. Meet Our Guest, Anthony Venette LinkedIn: https://www.linkedin.com/in/anthonyvenettecpaabv/ 
 Learn more about DeJoy & Co. https://www.teamdejoy.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

From Compliance to Consulting: A CPA's Journey into M&A and Business Valuation

Blake and David delve into the accounting and bookkeeping aspects of Donald Trump's recent guilty verdict in New York. They discuss the charges related to falsifying business records and hush money payments and explore the potential implications for Trump's businesses and campaign. Their conversation also touches on the current state of AI in accounting, the retirement of AICPA president Barry Melancon, and the challenges facing the profession in attracting new talent.
 Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
 Zoho - http://accountingpodcast.promo/zoho
 Blue Onion - http://accountingpodcast.promo/blueonion
 Bean - http://accountingpodcast.promo/bean
Chapters
(01:10) - Breaking Down Trump's Guilty Verdict

(02:56) - Analyzing the Charges

(04:52) - Legal Implications and Campaign Finance

(07:54) - Trump's Bookkeeping and Legal Strategies

(10:01) - Asking ChatGPT How This Entry Should Have Been Coded

(17:14) - Commercial Real Estate and Trump's Properties

(24:50) - Puzzle Accounting and AI Automation

(29:15) - Rose Financial's EASBY adds AI 

(33:23) - Challenges in AI Categorization

(34:07) - Human Oversight in AI Accounting

(35:38) - Digits' AI Performance and Market Comparison

(39:10) - Live Listener Question: Career Path in Accounting

(42:28) - University of Scranton  Brags About Number of Accounting Papers They've Published

(43:00) - AICPA's Future as President Barry Melancon Announces Retirement

(52:32) - App Review: Rose AI-Powered Spreadsheet

(54:34) - Watch Our TurboTax Business Assisted 2024 Review and Listen to the Best Metrics Podcast 

(57:07) - Earn CPE For Listening To Our Podcast
 
 Show Notes "Who's the victim of Trump's Bookkeeping?" Washington Examiner https://www.washingtonexaminer.com/daily-memo/3014100/who-is-the-victim-of-trumps-bookkeeping/   Trump May Owe $100 Million From Double-Dip Tax Breaks, Audit Shows https://www.nytimes.com/2024/05/11/us/trump-taxes-audit-chicago.html   The Office-Market Meltdown Comes for Trump’s Prized Wall Street Building https://www.wsj.com/real-estate/commercial/the-office-market-meltdown-comes-for-trumps-prized-wall-street-building-31b3a667   Profession Leader Humbly Requests You STFU About Long Hours, Busy Season, and Stress https://www.goingconcern.com/profession-leader-humbly-requests-you-stfu-about-long-hours-busy-season-and-stress/   New AICPA chair: ‘We need to promote the cool work we do’ https://www.journalofaccountancy.com/issues/2024/jun/new-aicpa-chair-we-need-to-promote-the-cool-work-we-do.html   Rose Financial Solutions Sets Goal to Automate 85% of Finance and Accounting Activities by 2030 https://www.prnewswire.com/news-releases/rose-financial-solutions-sets-goal-to-automate-85-of-finance-and-accounting-activities-by-2030-302145576.html   TAP: TurboTax Business Assisted Review 2024 (for Tax Year 2023) https://www.youtube.com/watch?v=zaaMIV1lyns   Check out Best Metrics here:  https://bestmetrics.transistor.fm/ 
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/OvercastClassifieds 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

What's the Journal Entry for a Hush Money Payment?

Dr. Mfon Akpan, Assistant Professor of Accounting at Methodist University joins Blake and David for a conversation on the impact of AI on accounting education, the challenges faced by accounting graduates entering the workforce, and the future of the CPA profession. Dr. Akpan shares his insights on incorporating AI into the classroom and the importance of lifelong learning in the rapidly evolving world of technology.  Sponsors
 Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Keeper - http://accountingpodcast.promo/keeper
Bean - http://accountingpodcast.promo/bean
Chapters
(01:43) - AI in Accounting Education

(02:49) - Prompting Techniques for AI

(04:36) - Practical Applications of AI in Accounting

(05:52) - Challenges and Benefits of AI in Education

(07:00) - Incorporating AI into Accounting Curriculum

(15:07) - Debate on Accounting Education and Skills Gap

(23:51) - The 5th-Year Requirement for CPAs

(35:01) - The Value of Personal Interaction in Education

(35:42) - The Importance of Smaller Class Sizes

(37:33) - The Role of AI in Education

(41:29) - Improving Salaries in the Accounting Profession

(43:09) - The Impact of Technology on Accounting Jobs

(43:55) - Balancing Work and Life in Accounting

(56:26) - The Future of Accounting Education

(01:00:27) - Embracing AI in Accounting

(01:03:30) - Final Thoughts and Conclusion
 
 Meet our Guest, Dr. Mfon Akpan
Website: https://mfonakpan.com/
LinkedIn: https://www.linkedin.com/in/drmfonakpan/

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/OvercastClassifieds 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

Rethinking Accounting Education in the Age of AI

Blake and David dig into reports from the Illinois CPA Society and National Pipeline Advisory Group highlighting issues like long work hours, the 150-hour rule, and low starting salaries. They examine the potential disruption of traditional accounting software by startups and vertical SaaS companies offering embedded accounting functionality and review some of the CPA Practice Advisor Readers' Choice Awards. Wrapping things up, they highlight the health risks of long working hours, and discuss the need for better work-life balance in accounting firms, based on a recent WHO report.  Sponsors
OnPay - http://accountingpodcast.promo/onpay
 Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Keeper - http://accountingpodcast.promo/keeper
Blue Onion - http://accountingpodcast.promo/blueonion
Chapters
(01:44) - Does QuickBooks have some new competition?

(07:05) - Layer wants to be a GL service

(10:08) - Lili's place in the marketspace

(13:26) - The role of accountants in software success

(16:28) - CPA Practice Advisor's 2024 Reader Choice Awards

(18:53) - Illinois CPA Society survey results

(25:31) - WHO publishes estimates on health costs from working long hours

(30:02) - The long-awaited NPAG Impact Report was released!

(33:11) - Identifying pipeline problems

(35:06) - Reasons students don't choose accounting majors

(49:45) - Final points from report

(53:31) - Blake's theory on why accounting starting salaries are low

(01:00:15) - Thanks for listening and remember to subscribe
 
 Show Notes Teal Announces $8M Seed Investment to Drive Next-Gen Accounting Products for Vertical SaaS https://www.businesswire.com/news/home/20240520567117/en/Teal-Announces-8M-Seed-Investment-to-Drive-Next-Gen-Accounting-Products-for-Vertical-SaaS Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBooks
https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/?guccounter=1 Illinois CPA Society Releases Updated CPA Pipeline Report
https://www.icpas.org/about-us/press/press-release-details/2024/05/16/illinois-cpa-society-releases-updated-cpa-pipeline-report National Pipeline Advisory Group releases draft strategy report
https://www.accountingpipeline.org/draft-report/ Embedded accounting startup Layer secures $2.3M toward goal of replacing Quickbooks | TechCrunch                 https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/   The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards         https://www.cpapracticeadvisor.com/2024/05/15/2024-cpa-practice-advisor-readers-choice-award-winners-announced/105089/   Lili Launches New Accountant AI for Small Business Financial Management    https://www.cpapracticeadvisor.com/2024/05/16/lili-launches-new-accountant-ai-for-small-business-financial-management/105520/   Embedded accounting startup Layer secures $2.3M toward goal of replacing QuickBooks      https://techcrunch.com/2024/05/15/embedded-accounting-layer-2-3m-quickbooks/   Kabbage Inc. Settles Allegations of PPP Fraud         https://smallbiztrends.com/?p=1487492   US accounting group bows to calls for faster path for recruits https://www.ft.com/content/b6562303-cfda-4c6e-bb7b-8fe6e092bb01   National Pipeline Advisory Group releases draft strategy report - National Pipeline Advisory Group    https://www.accountingpipeline.org/draft-report/   Bench and Shopify alumni announce $11M CAD to build “the Stripe for accounting” with Teal - BetaKit                 https://betakit.com/bench-and-shopify-alumni-announce-11-million-cad-to-build-the-stripe-for-accounting-with-teal/   Embedded accounting startup Teal raises $8M seed           https://www.axios.com/pro/fintech-deals/2024/05/20/embedded-accounting-teal-8-million-seed   The Indicator from Planet Money : NPR https://www.npr.org/2024/05/17/1197964709/trade-wars-and-talent-shortages   Canadian fintech Teal raises $8M to build ‘Stripe for accounting’                https://techfundingnews.com/canadian-fintech-teal-raises-8m-to-build-stripe-for-accounting/   Kabbage to pay $120M in PPP fraud settlements with DOJ https://www.bankingdive.com/news/kabbage-pay-120-million-ppp-fraud-doj-small-business-loan-pandemic/716053/ 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 

The Startups Seeking to Dethrone QuickBooks

This week, Blake and David are puzzled by the results of a survey that shows 40% of tax professionals believe generative AI will allow them to charge clients higher rates. They also cover the sham audit firm BF Borgers and question why the firm's CPA is still licensed despite SEC charges. Blake demonstrates how he uses Zapier Central to build an AI agent that can automatically respond to client emails about the status of their tax returns. Wrapping up, they examine Digits' $35 million raise and pivot to bill pay, and Xero's new filtering functionality for bank reconciliations.
 
 Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
 Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Keeper - http://accountingpodcast.promo/keeper
Blue Onion - http://accountingpodcast.promo/blueonion
Chapters
(00:53) - Generative AI's Impact on Pricing

(05:39) - The Curious Case of BF Borgers and Sham Audits

(08:19) - The Slow Response of Regulatory Bodies to Fraud

(18:07) - NASBA Hires New President

(19:24) - NASBA and the CPA Exam: A Call for Modernization

(28:16) - The Trump Stormy Daniels NY Trial

(35:19) - Rudy Giuliani's Financial Woes: A Deep Dive

(38:18) - Building AI Agents with Zapier Central: A How-To Guide

(39:38) - AI Tools for Productivity: Insights from ClickUp

(40:41) - The Power of AI in Automating Client Communication

(48:04) - The Big Money in AI-Powered Practice Management

(53:54) - Bill Pay Innovations and Market Dynamics

(55:12) - Xero's New Features and Bank Feed Improvements

(58:58) - The Real Value of Dashboards in Business Management

(01:04:10) - Closing Remarks and Future Events
 
 Show Notes Rudy Giuliani Forced to Learn Accounting After Bankruptcy Beancounter Bails https://www.thedailybeast.com/rudy-giuliani-forced-to-learn-accounting-after-bankruptcy-beancounter-bails   Stormy Daniels payment puts focus on Trump and check-writing as trial testimony resumes https://www.nbcnews.com/politics/donald-trump/former-white-house-executive-assistant-stand-trump-trial-dramatic-stor-rcna151578   Trump Accountant on His Stormy Daniels Coverup Notes: ‘I Made a Boo-Boo’ https://www.yahoo.com/news/trump-accountant-stormy-daniels-coverup-152934446.html   Trump Accountant Exposes Checks to Michael Cohen in Damning Testimony https://newrepublic.com/post/181344/trump-accountant-checks-signed-michael-cohen-hush-money-trial   What’s new in Xero — May 2024 - Xero Blog       https://blog.xero.com/product-updates/whats-new-in-xero-may-2024/   End of Trump Media’s Auditor Jolts Hundreds of Other Companies       https://news.bloombergtax.com/financial-accounting/end-of-trump-medias-auditor-jolts-hundreds-of-other-companies   Trump Media hires new auditor after previous accounting firm charged with 'massive fraud'   https://www.cnbc.com/2024/05/06/trump-media-hires-new-auditor-after-accounting-firm-charged-with-fraud.html   Digits Launches AI Bill Pay for Small Businesses             https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/  Countsy Debuts Platform to Streamline Back-Office Management https://www.pymnts.com/back-office/2024/countsy-debuts-platform-to-streamline-back-office-management/   Why we’re calling 2024 ‘the year of the US bank feed’   https://blog.xero.com/product-updates/year-of-the-us-bank-feed/   Let's Meet NASBA's Next President and CEO     https://www.goingconcern.com/lets-meet-nasbas-next-president-and-ceo/   Digits Launches AI Bill Pay for Small Businesses             https://www.pymnts.com/news/b2b-payments/2024/digits-launches-ai-bill-pay-for-small-businesses/   Digits AI Bill Pay -- The World's First AI Bill Pay, Built Specifically For Startups https://www.prnewswire.com/news-releases/digits-ai-bill-pay--the-worlds-first-ai-bill-pay-built-specifically-for-startups-302131944.html   Imagine the Chaos If the PCAOB Starts Naming and Shaming Audit Deficiency Clients https://www.goingconcern.com/imagine-the-chaos-if-the-pcaob-starts-naming-and-shaming-audit-deficiency-clients/   'Nobody seems interested' in helping Giuliani with accounting in bankruptcy case, lawyers claim https://thehill.com/video/%e2%80%98nobody-seems-interested%e2%80%99-in-helping-giuliani-with-accounting-in-bankruptcy-case-lawyers-claim/9675968/ Canopy Secures $35 Million in Funding to Enhance AI-Powered Practice Management for Accounting Firms  https://www.einnews.com/pr_news/709723429/canopy-secures-35-million-in-funding-to-enhance-ai-powered-practice-management-for-accounting-firms    Trump Media Replaces Its Accounting Firm BF Borgers With Semple, Marchal & Cooper https://www.fxleaders.com/news/2024/05/06/trump-media-replaces-its-accounting-firm-bf-borgers-with-semple-marchal-cooper/   Trump Org. accounting system was de...

How Much Do Accounting Firm Partners Make?

Download our free app to listen on your phone