Silicon Valley Bank FAIL With Paul Barnhurst, The FP&A Guy

Guest: Paul Barnhurst, The FP&A; Guy; Corporate frauds go undetected; Xero lays off 800; IRS process had a 20X improvement, and more! Sponsors

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(00:23) - State regulators shut down Silicon Valley Bank

(00:52) - Introduction and some thoughts on their Ken Bishop interview

(04:33) - Some background on Paul

(09:29) - Silicon Valley Bank is in trouble

(13:45) - How banks work and make money

(16:50) - Blake shares a tweet from a listener

(18:04) - Almost all corporate fraud goes undetected

(23:21) - News breaks that SVB has been shut down

(27:43) - Fireball sued for whiskey fraud

(30:51) - Ramp raises $5 million to build expense tracking

(37:10) - ChatGPT used to recover over $100k in unpaid invoices

(43:11) - FinTech failures and Xero's layoffs

(47:29) - Startup CFO used Chat GPT to create FP&A; tool

(52:41) - Which GL will embed AI first?

(55:24) - Randomly assigning auditors to companies improves their quality

(57:58) - The IRS has already scanned 20 times more documents than all of 2022

(59:15) - New commissioner of IRS approved

(59:46) - Wrap up and where to reach everyone

Show Notes Xero to lay off up to 800 staff as tech downturn spreads to accounting https://www.accountingweb.co.uk/tech/accounting-software/xero-to-lay-off-up-to-800-staff-as-tech-downturn-spreads-to-accounting   IRS expands digital processing https://www.accountingtoday.com/news/irs-expands-digital-processing   Senate approves Werfel as IRS chief https://www.accountingtoday.com/news/senate-approves-werfel-as-irs-chief   Reshaping Xero to enable disciplined growth and focus https://www.xero.com/blog/2023/03/reshaping-xero-to-enable-growth/   Bill.com Holdings: QuickBooks Flips From Asset To Serious Threat ... https://seekingalpha.com/article/4585422-billcom-holdings-quickbooks-flips-from-asset-to-serious-threat   Ramp Raises $5 Million for User and Revenue Forecasting Platform https://www.pymnts.com/news/investment-tracker/2023/ramp-raises-5-million-for-user-and-revenue-forecasting-platform/   The Week That Broke the Bank for Crypto              https://www.pymnts.com/cryptocurrency/2023/the-week-that-broke-the-bank-for-crypto/   FinTech Cash Burn Totaled $12 Billion in 2022       https://www.pymnts.com/news/fintech-investments/2023/fintech-cash-burn-totaled-12-billion-in-2022/   What’s going on at Silicon Valley Bank?!  https://newsletter.dtrh.co/p/whats-going-on-at-silicon-valley   Silicon Valley Bank shoots self in foot       https://techcrunch.com/2023/03/09/silicon-valley-bank-shoots-self-in-foot/   Most corporate fraud goes undetected   https://www.cfobrew.com/stories/2023/01/26/most-corporate-fraud-undetected-new-study 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

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