IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity

Why AICPA's 12-point plan won't solve the CPA crisis; Earnings reports from Intuit, Sage, and Xero; Ramp adds AI features to spend management platform; why grads are ditching jobs at the Big Four; 70% of Gen Z employees would switch jobs for better tech, and more! Sponsors

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Chapters

(00:00) - IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity

(00:52) - Welcome to the show

(04:52) - Potential debt-ceiling deal cuts IRS funding by $10 billion

(07:38) - Chat GPT made workers 37% faster at completing tasks

(11:44) - Accounting Today has ChatGPT retake the CPA exam

(16:36) - Number of people taking accountancy exams drops to lowest level in 17 years

(19:23) - WSJ article on the accounting industry’s low starting pay problem

(23:35) - The AICPA's 12-point plan to solve the accountant shortage

(35:13) - Thetab.com article on why grads are ditching jobs at Big Four firms

(38:13) - Update on the IRS's Free File tax system

(41:18) - Let's talk about the Intuit earnings call

(46:38) - Sage had their earnings call

(48:43) - Ramp announces "Ramp Intelligence"

(53:31) - Employee satisfaction reached an all-time high last year

(55:33) - Gen Z employees would change jobs for better tech

(01:01:34) - Wrap up and where to reach us. See you at AICPA Engage!

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Show Notes New MIT Research Shows Spectacular Increase In White Collar Productivity From ChatGPT – JOSH BERSIN https://joshbersin.com/2023/03/new-mit-research-shows-spectacular-increase-in-white-collar-productivity-from-chatgpt/   ChatGPT retakes CPA Exam as v4.0, passes | Accounting Today https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes   AICPA Council approves CPA pipeline plan | Accounting Today https://www.accountingtoday.com/news/aicpa-council-approves-cpa-pipeline-plan   70% of Gen Z Employees Say They Would Switch Jobs for Better Tech: Weekly Stat https://www.cfo.com/human-capital/workforce-management/2023/05/gen-z-gen-x-baby-boomer-millennials-technology-work-environments-productivity-work-life-balance/   AICPA details plans to boost CPA pipeline | Accounting Today https://www.accountingtoday.com/news/aicpa-details-plans-to-boost-cpa-pipeline   Overworked and underpaid: Why grads are ditching jobs at the Big Four https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634   The Future of AI in Finance is Here | Ramp Intelligence https://ramp.com/intelligence   Numbers taking US accountancy exams drop to lowest level in 17 years | Financial Times https://www.ft.com/content/e8dc2264-6b8d-4ed5-8bbd-e4a67e7d1e46   Avii Announces Significant Uplifts to Financial Modules In Avii ... https://www.businesswire.com/news/home/20230508005420/en/Avii-Announces-Significant-Uplifts-to-Financial-Modules-In-Avii-WorkspaceTM-Platform-for-Accounting-Firms   Overworked and underpaid: Why grads are ditching jobs at the Big Four https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634   Sage Intact Launches Native AP Bill Automation to Cut Down on ... https://www.digitaljournal.com/pr/news/pr-zen/sage-intact-launches-native-ap-bill-automation-to-cut-down-on-invoice-processing-time   Intuit Inc. (INTU) Q3 2023 Earnings Call Transcript               https://seekingalpha.com/article/4606883-intuit-inc-intu-q3-2023-earnings-call-transcript   Intuit (INTU) Reports Q3 Earnings: What Key Metrics Have to Say https://www.zacks.com/stock/news/2098768/intuit-intu-reports-q3-earnings-what-key-metrics-have-to-say   ChatGPT retakes CPA Exam as v4.0, passes             https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes   Xero reports 28% year-over-year growth https://www.accountingtoday.com/news/xero-reports-28-year-over-year-growth   Pentagon Says Accounting Mistake Leaves U.S. With $3 Billion ... https://www.wsj.com/articles/accounting-error-leaves-pentagon-with-3-billion-more-in-arms-for-ukraine-u-s-says-6d6f4576   AICPA details plans to boost the CPA pipeline                 https://www.accountingtoday.com/news/aicpa-details-plans-to-boost-cpa-pipeline   AICPA releases expanded plan for addressing CPA pipeline ... https://www.journalofaccountancy.com/news/2023/may/aicpa-releases-expanded-plan-addressing-cpa-pipeline-challenges.html   IRS to pilot free tax prep system in January