Ben Richmond, Xero's Country Manager for the United States, joins us to discuss new Xero product features like improved inventory management and AI integration, plans for the upcoming XeroCon 2024 conference, the future of the accounting profession, and Xero's sponsorship of the FIFA Women's World Cup. Ben provides an insider's look into Xero's roadmap and vision for transforming accounting with technology.  (00:00) - Intro and XeroCon Conference Plans

(02:15) - New Xero Product Features

(07:15) - AI in Accounting Software

(14:30) - Rebranding the Accounting Profession

(21:45) - Advice for Accounting Firms

(25:30) - Activating Brand Sponsorships

(30:15) - Xero's Small Business Fund

(37:00) - Diversity and Inclusion in Accounting 


Meet Our Guest, Ben RichmondLinkedIn: https://www.linkedin.com/in/ben-richmond-ca-b8794220/
Twitter: https://twitter.com/BenRichmond1 Learn more about Xero
https://www.xero.com/us/

Show Notes:  Xero Beautiful Business Fund (applications close Oct. 6)
AI guide
Xero's 2023 Money Matters Report 
Future Focus: Xero’s AI Guide for Accountants and Bookkeepers  
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 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
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What’s New at Xero in the United States

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

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News Commentary

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
 Zoho - http://accountingpodcast.promo/zoho
Relay - http://accountingpodcast.promo/relay
Keeper - http://accountingpodcast.promo/keeper
Harbor Compliance - http://accountingpodcast.promo/harbor
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: 

SEC Charges Trump's Audit Firm with Massive Fraud

Blake and David examine the latest tax legislation traveling through Congress, including a new bill requiring the IRS to provide detailed explanations for math errors on tax returns. They also discuss the IRS's new direct file program, the banning of non-compete agreements, and the coolest profession around (spoiler alert: it's not accounting). Lastly, they touch on the concerning data breach at BerryDunn and the AICPA's efforts to rebrand the CPA to attract more young people to the field.  Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
 Zoho - http://accountingpodcast.promo/zoho
Keeper - http://accountingpodcast.promo/keeper
Harbor Compliance - http://accountingpodcast.promo/harbor
Chapters
(02:40) - New proposed IRS Math Act

(05:42) - IRS wraps first season with free file program

(09:44) - "The Magician" tax preparer arrested for $100 million tax fraud

(15:11) - The future of social security

(19:01) - Sam Bankman-Fried makes a deal in civil suit

(20:34) - FTC rules noncompetes are unlawful

(25:32) - Ryan Tax Firm challenges FTC noncompete ruling

(28:04) - QuickBooks Live announcement upsets accountants

(41:10) - Anonymous listener says you can work normal hours and still make money

(44:31) - Accountant charged with embezzling $800k from CA paving firm

(47:39) - Ryanair CEO thinks more accountants should be running airlines

(55:25) - Accounting firm sued for data leak

(57:22) - CPA "Coolest Profession Around)

(01:01:35) - What is "Accounting Plus"

(01:06:38) - NASBA offers The Accountancy Licensing Library

(01:10:00) - Thanks for listening and remember to subscribe
 
 Show Notes Accountant Charged With Embezzling $800,000 From Paving Firm in California - CPA Practice Advisor             https://www.cpapracticeadvisor.com/2024/04/25/virginia-accountant-charged-with-embezzling-800000-from-richmond-paving-firm/104508/   Ryan Leads Charge Against Biden’s Ban on Noncompete Clauses - CPA Practice Advisor https://www.cpapracticeadvisor.com/2024/04/26/ryan-leads-charge-against-bidens-ban-on-noncompete-agreements/104537/   Move Over, TurboTax? IRS Considers Expanding Free Tax-Filing Program – WSJ https://www.wsj.com/personal-finance/taxes/irs-considers-expanding-free-tax-filing-program-8f68cc9a?st=0akqqiu2v0gjb8v   Boeing Needs Another Accountant As CEO, Says Ryanair CEO – Avweb https://www.avweb.com/aviation-news/boeing-needs-another-accountant-as-ceo-says-ryanair-ceo/   Ultra-Rich Should Pay More Taxes to Save Social Security, Poll Shows - CPA Practice Advisor https://www.cpapracticeadvisor.com/2024/04/25/ultra-rich-should-pay-more-taxes-to-save-social-security-poll-shows/104458/   FTC Bans Noncompete Agreements That Restrict Job Switching – WSJ https://www.wsj.com/politics/policy/ftc-bans-noncompete-clauses-that-restrict-job-switching-984d2187?st=sxhwibcr49evqxc   Bronx tax preparer known as "the magician" arrested for $100 million tax fraud | ADN América https://adnamerica.com/en/new-york/bronx-tax-preparer-known-magician-arrested-100-million-tax-fraud   With close calls mounting, the FAA will require more rest for air traffic controllers https://www.npr.org/2024/04/22/1246349237/close-calls-faa-air-traffic-control-fatigue   New bill would force IRS to explain tax return errors | The Hill https://thehill.com/business/4602429-new-bill-would-force-irs-to-explain-tax-return-errors/   The Accountancy Licensing Library: Your Ultimate Resource for CPA Licensure | NASBA https://nasba.org/blog/2024/04/01/the-accountancy-licensing-library-your-ultimate-resource-for-cpa-licensure/   The cost of doing your taxes are up nearly 10% this year – Marketplace https://www.marketplace.org/2024/03/15/tax-preaparation-costs-up-nearly-10-percent/ 
Sam Bankman-Fried agrees to help FTX investors in lawsuits against Tom Brady, Larry David https://nypost.com/2024/04/22/business/sam-bankman-fried-agrees-to-help-ftx-investors-in-lawsuits-against-tom-brady-larry-david/   Intuit Hosting 'QuickBooks Live' Webinar            https://insightfulaccountant.com/in-the-news/people-and-business/intuit-hosting-quickbooks-live-webinar/   QuickBooks "Live Experts" May Not Be So Bad https://insightfulaccountant.com/accounting-tech/general-ledger/quickbooks-live-experts-may-not-be-so-bad/   Millions more salaried workers will be eligible for overtime pay under final Biden administration rule https://www.cnn.com/2024/04/23/politics/overtime-pay-salaried-workers-biden/index.html   Senators introduce bill to simplify IRS notices  https://www.accountingtoday.com/news/senators-introduce-bill-to-simplify-irs-notices   IRS Says It Saw ‘Strong Response’ From Direct File Pilot Users This Tax Season https://www.cpapracticeadvisor.com/2024/04/26/irs-saw-strong-response-from-direct-file-pilot-users-this-tax-season/104545/   U.S. accounting firm Be...

Finally! A Tax Bill That Adds Up

Blake Oliver sits down with Brannon Poe of Poe Group Advisors to discuss the differences between traditional and subscription-based virtual accounting firms. Brannon shares his expertise on firm valuation, revealing that factors like cash flow to owner and owner hours play a significant role in determining a firm's value. He also emphasizes the importance of pricing strategies, noting that implementing value pricing and subscription models can dramatically improve a firm's profitability and overall value. Throughout the conversation, Brannon provides valuable insights and real-world examples to help firm owners maximize their firm's value in preparation for a potential sale. Meet Our Guest, Brannon Poe LinkedIn: https://www.linkedin.com/company/poe-group-advisors/
Twitter: https://twitter.com/poegroupadvisor
Facebook: https://www.facebook.com/PoeGroupAdvisors/
Instagram: https://www.instagram.com/poegroup/ Learn more about Poe Group Advisors Website: https://poegroupadvisors.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

Maximizing Your Accounting Firm's Value with Brannon Poe

Blake and David take a dive into Google's decision to offshore accounting jobs to Mexico and India, which Google’s CFO claims is necessary to free up resources to invest in AI. They also discuss the stagnation of CPA salaries despite a shortage of talent. The conversation touches on a variety of other topics, including the modernization of the IRS, the future of the CPA profession, and advice for young accountants looking to carve their own career paths in a rapidly changing industry.  Sponsors
 Relay - http://accountingpodcast.promo/relay
 Zoho - http://accountingpodcast.promo/zoho
Keeper - http://accountingpodcast.promo/keeper
Settle - http://accountingpodcast.promo/settle
Chapters
(05:53) - Blake reads some tweets about hours people are working during busy season

(10:52) - Unlimited PTO is worse for employees

(13:22) - College degrees aren't necessary for success

(20:24) - Florida creates retired CPA status

(23:35) - Listener mail on the 150-hour rule and salaries

(29:16) - Update on Boston's commercial real estate woes

(33:48) - Why office rent prices are still so high

(43:10) - Some encouraging IRS news

(48:27) - Internal audit reveals 279 former IRS employees or contractors still had access to logins

(52:12) - Offshoring can be good or bad

(54:04) - Setting a limit on billable hours

(55:50) - Let accounting firms decide what requirements accountants need

(58:08) - The rise of the "remote partner"

(01:04:00) - Wrap up and Earmark now has a web browser version
 Show Notes Google restructures finance team as part of AI shift, CFO tells employees in memo https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html   Josh Youngblood, EA didn’t work over 40 hours per week in tax season https://x.com/joshyoungblood/status/1779858374403747847?s=12   Skills-Based Hiring Can Shred the Paper Ceiling | BCG https://www.bcg.com/capabilities/diversity-inclusion/expert-insights/skill-based-hiring-can-shred-paper-ceiling   The Office Market Is in Turmoil. So Why Are Rents More Expensive? – WSJ https://www.wsj.com/real-estate/commercial/the-office-market-is-in-turmoil-so-why-are-rents-more-expensive-d096f961?st=9ieavh5j7ep3wcw   Florida Legislature Passes Bill Creating New Retired CPA Status | Florida Institute of CPAs https://www.ficpa.org/publication/florida-legislature-passes-bill-creating-new-retired-cpa-status   Kyle J. Bauman, CPA on X: "“Unlimited PTO” “Only 2100 Hours” https://twitter.com/kjb_cpa/status/1763595505928442248   62% of Americans Lack a College Degree. Can They Solve the Labor Shortage? https://www.wsj.com/lifestyle/careers/employers-open-more-doors-to-workers-without-degrees-but-few-are-getting-in-732f1098   Senior Leaders Nearly Twice as Likely To Receive AI Resources as Junior Staff | CFO https://www.cfo.com/news/senior-leaders-are-nearly-twice-as-likely-to-receive-ai-guidance/707230/   IRS didn't remove contractors' access to sensitive information | Accounting Today https://www.accountingtoday.com/news/irs-didnt-remove-contractors-access-to-sensitive-information   Boston mulls commercial tax hike         https://www.accountingtoday.com/articles/boston-mulls-commercial-tax-hike-to-counter-office-market-slump   IRS Commissioner Delivers End Of Tax Filing Season Message Touting Improvements https://www.forbes.com/sites/kellyphillipserb/2024/04/15/irs-commissioner-delivers-end-of-tax-filing-season-message-touting-improvements/   Florida Creates New Status for Retired CPAs in the State           https://www.cpapracticeadvisor.com/2024/04/15/florida-creates-new-status-for-retired-cpas-in-the-state/103983/   Treasury cash balance jumps most in 2 years as tax payments rise https://www.accountingtoday.com/articles/treasury-cash-balance-jumps-most-in-2-years-as-tax-payments-rise   The rise of the remote accounting firm partner                https://www.accountingtoday.com/news/the-rise-of-the-remote-accounting-firm-partner   Werfel sees IRS budget request yielding $341B in extra revenue https://www.cfodive.com/news/werfel-sees-irs-budget-request-yielding-341b-extra-revenue-tax-taxation-enforcement/713534/   Google restructures finance team as part of AI shift, CFO tells employees in memo https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html   Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says https://www.journalofaccountancy.com/news/2024/apr/despite-moratorium-irs-gets-20000-erc-claims-weekly-werfel-says.html Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com...

What’s New at Xero in the United States

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