The Accounting Podcast

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


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

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  • (00:00) - E323
  • (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

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    The Accounting PodcastBy Blake Oliver & David Leary

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