The Accounting Podcast

Blake and David look into OpenAI's complex entity structure and potential conversion from nonprofit to for-profit, highlighting the significant financial implications. They also discuss the challenges facing FreshBooks amid recent layoffs and shifting market dynamics and then explore the journey of Vuori's CEO Joe Kudla, emphasizing how his accounting background contributed to the company's success. Wrapping things up, we’ve got listener questions about the value of CPA licenses and growing advisory services in accounting firms.

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• (02:15) - OpenAI's Nonprofit to For-Profit Dilemma

Show Notes

OpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidia

https://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/

How Vuori’s Joe Kudla went from accountant to fashion industry success

https://www.goldmansachs.com/insights/goldman-sachs-talks/joe-kudla

FreshBooks lays off 140

https://www.accountingtoday.com/news/freshbooks-lays-off-140-staff-cites-challenging-18-months

SEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraud

https://www.sec.gov/newsroom/press-releases/2024-157

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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

Blake and David discuss a controversial TurboTax ad campaign encouraging people to "break up" with their tax professionals, analyze survey data on AI adoption in accounting firms, and critically examine proposed changes to CPA licensure requirements. They also explore NASBA's influence on the profession end debate the merits of automatic mobility for CPAs across states.

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• (01:32) - Intuit's Controversial NFL Commercial

Show Notes

TurboTax 2024 Beat Your Price Commercial "Tax Break-Up" (Official TV Ad :30)

https://www.youtube.com/watch?v=GW7rfwO6_is

Intuit Hosts Investor Day, Reaffirms First-Quarter and Fiscal 2025 Guidance

https://investors.intuit.com/news-events/press-releases/detail/1215/intuit-hosts-investor-day-reaffirms-first-quarter-and-fiscal-2025-guidance

The State of AI in Accounting Report 2024

https://karbonhq.com/resources/state-of-ai-accounting-report-2024/

AICPA, NASBA propose a new pathway to CPA licensure

https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

AICPA and NASBA Propose Changes to the Uniform Accountancy Act

https://www.masscpas.org/news/f339a29a-f278-4bc3-bf30-b1e10d198ca2:aicpa-and-nasba-propose-changes-to-the-uniform-accountancy-act

The Hazards of Redefining Mobility

https://nasba.org/blog/2024/09/19/the-hazards-of-redefining-mobility/

How Accounting Firms Can Overcome the Profit Plateau

https://www.accountingtoday.com/opinion/how-accounting-firms-can-overcome-the-profit-plateau

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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

Blake and David meet with Natalie Lennon, the Australian accountant known as the "Queen of TikTok" in accounting circles. Natalie shares her experiences at Xerocon Nashville, discusses the differences between Australian and American accounting practices, and explains how she leveraged TikTok to grow her accounting business. She also outlines implementing a four-day workweek, embracing fixed-fee pricing, and her upcoming projects, including a TikTok course for accountants.

Meet Our Guest, Natalie Lennon

LinkedIn: https://www.linkedin.com/in/natalielennon/
TikTok: https://www.tiktok.com/@natlenno

Learn more about Two Sides Accounting

Website: https://www.twosides.com.au/

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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

Blake and David examine the evolving landscape of remote work, discussing recent trends and their impact on productivity and employee well-being. They also explore the commercial real estate market's challenges due to the shift towards remote work and its potential implications for the banking sector. Moving on, they take a look at recent audit failures, particularly the FTX case and discuss the controversial Beneficial Ownership Information reporting requirements and some potential issues for small businesses.

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• (00:49) - Blake's Fitness Journey with Apple Watch

Show Notes

How Remote Work Is Impacting Accounting Firms

https://cpatrendlines.com/2024/09/22/how-remote-work-is-impacting-accounting-firms/

2024 KPMG U.S. CEO Outlook Pulse Survey

https://kpmg.com/us/en/articles/2024/kpmg-2024-ceo-outlook-pulse-survey.html

Amazon tells employees to return to office five days a week

https://www.cnbc.com/2024/09/16/amazon-jassy-tells-employees-to-return-to-office-five-days-a-week.html

Wells Fargo employee found dead at her desk days after she last clocked into work, authorities say

https://www.cnn.com/2024/08/31/us/wells-fargo-employee-desk-arizona/index.html

Eric Schmidt Calls Remote Work a Mistake for Google in Disappearing Video

https://nationalcioreview.com/articles-insights/news/eric-schmidt-calls-remote-work-a-mistake-for-google-in-disappearing-video/

Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits and for Violating Auditor Independence Requirements

https://www.sec.gov/newsroom/press-releases/2024-133

Beneficial Ownership Reporting Outreach and Education Toolkit

https://www.fincen.gov/boi/toolkit

BOI requirements roll along despite concerns about too little outreach

https://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html

Property Fraud Allegations Snowball as Commercial Real Estate Values Fall

https://www.wsj.com/real-estate/property-fraud-allegations-snowball-as-commercial-real-estate-values-fall-492d964c

Nearly a Quarter of Office Space in the U.S. Will Be Empty by 2026

https://www.cpapracticeadvisor.com/2024/07/01/nearly-a-quarter-of-office-space-in-the-u-s-will-be-empty-by-2026/107376/

Big Banks are Taking Hits from Commercial Real Estate

https://www.wsj.com/finance/banking/commercial-property-loans-real-estate-banks-249a43b9

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Blake and David explore Intuit's new Enterprise Suite, a product that appears to compete with NetSuite in the mid-market ERP space. They also
discuss a major audit failure by PwC in China related to Evergrande, raising concerns about the ethics and integrity at large accounting firms.
They also discuss the tragic death of a young accountant at EY in India due to overwork and explore the implications of OpenAI's latest model
outperforming humans on IQ tests.

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• (01:32) - Intuit's New ERP System

Show Notes

Intuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scale

https://investors.intuit.com/news-events/press-releases/detail/1213/intuit-introduces-intuit-enterprise-suite-to-help-businesses-grow-streamline-operations-and-scale 

PwC faces record fine over Evergrande audit in China

https://finance.yahoo.com/news/pwc-faces-record-fine-over-131518742.html

 Death of young Ernst & Young employee raises questions about workplace culture

https://www.nbcnews.com/news/world/death-young-ernst-young-employee-raises-questions-workplace-culture-rcna171945 

Comparison of Models: Quality, Performance & Price Analysis

https://artificialanalysis.ai/models

Waymo significantly outperforms comparable human benchmarks over 7+ million miles of rider-only driving

https://waymo.com/blog/2023/12/waymo-significantly-outperforms-comparable-human-benchmarks-over-7-million 

AICPA, NASBA propose a new pathway to CPA licensure

https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

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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

Blake and David meet with Kenyth Holdefer, who shares his unconventional path to becoming a CPA. Kenyth details how he obtained his bachelor's and master's degrees in just over four months through Western Governors University's competency-based education model, followed by passing all four CPA exams within six months. Kenyth highlights his transition from a successful career in mortgages to public accounting, emphasizing the potential for alternative educational paths in addressing the accounting profession's talent shortage.

Meet Our Guest, Kenyth Holdefer

LinkedIn: https://www.linkedin.com/in/ken-holdefer-101745105/

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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

Back from SuiteWorld, Blake and David discuss key takeaways from Oracle NetSuite's conference, including product updates and the event's growing scale. They also examine recent fundraising in the accounting-tech space, notably bookkeeping startup Finally's $200 million Series B round. Moving on, there's Big Four firm news, including PwC's layoffs and return-to-office policies, as well as a viral TikTok trend exploiting a Chase Bank ATM glitch.

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• (00:46) - Recap of Oracle SuiteWorld Conference

Show Notes

Oracle NetSuite – SuiteWorld

https://www.netsuitesuiteworld.com/

Accounting Software Market Size With Growing Demand and Forecast to 2032

https://www.linkedin.com/pulse/accounting-software-market-size-growing-demand-qsgic/

Mercury acquires Teal

https://mercury.com/blog/inside-mercury/mercury-acquires-teal

Revolut Business Adds Bill Pay Feature

https://www.pymnts.com/news/b2b-payments/2024/revolut-business-adds-bill-pay-feature

Paylocity Announces Definitive Agreement to Acquire Airbase Inc., a Leading Spend Management Software Solution Provider

https://www.airbase.com/press-release/paylocity-announces-definitive-agreement-to-acquire-airbase-inc-a-leading-spend-management-software-solution-provider

The Chase ATM 'glitch' that went viral is likely check fraud, bank says

https://www.usatoday.com/story/money/2024/09/03/chase-bank-atm-glitch-fraud/75058813007/

PwC Laying Off 1,800 Employees in First Formal Cuts Since 2009

https://www.wsj.com/articles/pwc-laying-off-1-800-employees-plans-restructuring-of-products-business-b5dfe7c1

PwC tells employees it will use location data to police 'back-to-office' rule

https://www.ctvnews.ca/business/pwc-tells-employees-it-will-use-location-data-to-police-back-to-office-rule-1.7031968

PwC Isn’t Used to Being Called Desperate But Here We Are

https://www.goingconcern.com/pwc-isnt-used-to-being-called-desperate-but-here-we-are/

Deloitte rower earned gold at Paris Olympics

https://www.accountingtoday.com/news/deloitte-rower-earned-gold-medal-at-paris-olympics

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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

In our 400th episode, Blake and David dive into the controversial world of audit quality and Big Four accounting firms. They also discuss a listener's critical email about their audit coverage, explore recent audit failures and deficiencies, and debate the underlying incentives in the audit industry. The discussion turns to workplace culture issues at major firms and potential solutions to improve audit quality.
 

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• (01:05) - Listener Email: Criticism of Audit Discussions

Show Notes

PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer

https://hindenburgresearch.com/smci/

AI Spotted Super Micro Risks Two Years Before Filing Fiasco

https://www.forbes.com/sites/noahbarsky/2024/08/30/ai-spotted-super-micro-risks-two-years-before-filing-fiasco/

EY's PR nightmare: A ‘secret drinking club’, misconduct allegations and resignations

https://www.stuff.co.nz/nz-news/350292387/eys-pr-nightmare-secret-drinking-club-misconduct-allegations-and-resignations

Super Micro shares fall 19% on filing delay, Hindenburg Research report

https://www.cnbc.com/2024/08/28/super-micro-shares-fall-23percent-on-filing-delay-hindenburg-research-report.html

Who Wants to See How Much Big 4 Revenue by Service Line Has Changed Since SOX?

https://www.goingconcern.com/who-wants-to-see-how-much-big-4-revenue-by-service-line-has-changed-since-sox/

PCAOB releases two new, divergent inspection reports for Canadian accounting firms

https://www.canadian-accountant.com/content/practice/pcaob-inspection-reports-deloitte-kreston-gta

Rethinking Rankings: The Top 100 Firms — Adjusted

https://www.vision.cpa/blog/Rethinking%20Rankings:%20Revenue%20Per%20Employee

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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

In this episode, Blake and David dive into Intuit's strategic shift towards enterprise solutions, discussing the potential impact on the accounting industry. They also examine some recent economic trends, including the U.S. debt situation and its comparison to historical empires. They then get into audit deficiency rates reported by the PCAOB, highlighting the need for transparency and reform in the auditing profession. There's also talk AI applications in education, recent accounting scandals, and more challenges facing the accounting industry.

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• (01:50) - Intuit's Strategic Shift to Enterprise

Show Notes

Intuit (INTU) Q4 2024 Earnings Call Transcript

https://www.fool.com/earnings/call-transcripts/2024/08/22/intuit-intu-q4-2024-earnings-call-transcript/

6 podcast episodes CFOs should listen to before summer ends

https://www.cfo.com/news/6-podcast-episodes-cfos-should-listen-to-accounting-podcast-strategic-cfo-360-rockstar-cfo/723667/

Accountants bearish, mostly

https://www.accountingtoday.com/news/accountants-bearish-mostly-save-for-their-own-firm-and-clients

Goldman Sachs Lowers Probability of US Recession

https://www.investopedia.com/goldman-sachs-lowers-probability-of-us-recession-8697194

China’s Punishment for People With Bad Debts: No Fast Trains or Nice Hotels

https://www.wsj.com/world/china/chinas-punishment-for-people-with-bad-debts-no-fast-trains-or-nice-hotels-bde24da2

Target to Roll Out Transformative GenAI Technology to its Store Team Members Chainwide

https://corporate.target.com/press/release/2024/06/target-to-roll-out-transformative-genai-technology-to-its-store-team-members-chainwide

N.J. Accounting Professor Convicted of Tax Evasion

https://www.cpapracticeadvisor.com/2024/08/19/n-j-accounting-professor-convicted-of-tax-evasion/109210/

Everyone from the sunken yacht off Sicily has now been accounted for

https://www.npr.org/2024/08/22/g-s1-18939/tech-mogul-mike-lynchs-body-is-found-as-the-search-goes-on-for-1-more-yacht-passenger

PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

EY Sheds U.S. Audit Clients in Response to Shortfalls

https://www.wsj.com/articles/ey-sheds-u-s-audit-clients-in-response-to-shortfalls-2ba1172e

Regulator Explores Naming Companies Tied to Auditing Deficiencies Amid Investor Pushback

https://www.wsj.com/articles/regulator-explores-naming-companies-tied-to-auditing-deficiencies-amid-investor-pushback-8ee1d1f3

Auditors failed to raise alarm before 75% of UK corporate collapses

https://www.ft.com/content/14a63c36-ba27-495c-96c0-3d34460d73cc

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Blake and David leap into the latest updates from Xerocon, including new features like traditional bank reconciliations, embedded bill pay with BILL and AI capabilities through JAX (Just Ask Xero). They look at Xero's strategy to double and how it compares to Intuit's mid-market growth focus. They also touch on the potential impact of QuickBooks' pricing strategy.

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• (01:01) - Xerocon Highlights and New Features

Show Notes

New features announced at Xerocon Nashville

https://blog.xero.com/product-updates/new-features-xerocon-nashville/

Intuit cut to Equal-Weight at Morgan Stanley, citing reliance on pricing lever

https://seekingalpha.com/news/4139926-intuit-cut-to-equal-weight-at-morgan-stanley-citing-reliance-on-pricing-lever

British entrepreneur Mike Lynch among missing after luxury yacht sinks off Sicily

https://www.reuters.com/world/europe/seven-missing-15-rescued-after-sailboat-sinks-off-sicily-2024-08-19/

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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.

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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