Joe Woodard on pricing your monthly services; Firms with workflow problems do nothing to fix it; FTX is the latest Crypto Collapse; Xero: New CEO and half-year results and more!

TurboTax LIVE for S Corp Pricing Revealed

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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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
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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/

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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 
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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

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
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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
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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...

Trump Accountants Take the Stand Before the Stormy Daniels

Cody Turley, CPA and Certified Fraud Examiner, joins Blake and David to discuss his SEC career path, describing what it's like to investigate securities law violations. He emphasizes that while Big Four experience is valuable, it's not the only way to have a successful and meaningful accounting career. Cody shares insights into the benefits of working in government accounting roles, including greater responsibility early on, work-life balance, and the ability to transition to public accounting or industry later if desired. Meet Our Guest, Cody Turley LinkedIn: https://www.linkedin.com/in/cody-turley-cpa-cff-cfe-776254122/ 
Learn about SEC internship opportunities: 
https://www.sec.gov/pathways-internship-program 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
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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

Exploring Non-Traditional Accounting Careers in Government

The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues.  Sponsors
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Chapters
(09:04) - Anthropic launches Claude for teams

(11:12) - More LLM models pass CPA exam

(18:28) - Blake demonstrates AI's abiity to help with emails

(32:56) - 28 AI prompts for small businesses

(36:39) - Oregon Senator going after TurboTax to issue refunds to Oregonians

(38:44) - The possibility of a regional banking crisis

(48:12) - The Corporate Transparency Act might be repealed

(54:15) - Tether claims they can't find a Big 4 firm to audit them

(56:54) - Mecurity Bank being looked at by FDIC

(01:02:05) - Square to allow users to transfer percent of daily sales to Bitcoin

(01:03:26) - Download and sign up for the Earmark app

 
 Show Notes Anthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNET https://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/   SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings https://www.sec.gov/news/press-release/2024-51   Oregon senator demands refunds for TurboTax customers over glitch | Accounting Today https://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch   Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN            https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096   Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review     https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/   Why hundreds of U.S. banks may be at risk of failure    https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html   Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority             https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-prioritterrestrial Block lets Square merchants convert a part of their daily sales to bitcoin https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/   The 28 best AI prompts for small businesses     https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/   Congress considers how to fix the Corporate Transparency Act https://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act   Article from www.congress.gov               https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors   Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html 
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: 

TurboTax LIVE for S Corp Pricing Revealed

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