We're back from the AICPA Engage conference sharing takeaways. Also, we're talking about all the latest generative AI developments in accounting, plus the recent PwC scandal in Australia.

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• (00:00) - PREVIEW: The PwC scandal

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Show Notes

Google DeepMind’s game-playing AI just found another way to make code faster | MIT Technology Review              

https://www.technologyreview.com/2023/06/07/1074184/google-deepmind-game-ai-alphadev-algorithm-code-faster/

Crypto scams five times as costly as other cybercrimes says study | Accounting Today

https://www.accountingtoday.com/news/crypto-scams-five-times-as-costly-as-other-cybercrimes-says-study

A Man Sued Avianca Airline. His Lawyer Used ChatGPT. - The New York Times

https://www.nytimes.com/2023/05/27/nyregion/avianca-airline-lawsuit-chatgpt.html?smid=nytcore-ios-share&referringSource=articleShare

Equals Launches the First Native AI Assistant for Spreadsheets

https://www.newswire.com/news/equals-launches-the-first-native-ai-assistant-for-spreadsheets-22045667

Intuit introduces proprietary large language models for fintech with GenOS

https://cointelegraph.com/news/intuit-introduces-proprietary-large-language-models-for-fintech-with-genos

Intuit (INTU) Introduces Generative AI Operating System

https://www.zacks.com/stock/news/2105195/intuit-intu-introduces-generative-ai-operating-system?cid=CS-ZC-FT-analyst_blog|company_news_tech_sector-2105195

Intuit Unveils Generative AI Operating System and Finance LLMs for TurboTax, Credit Karma, QuickBooks, and Mailchimp Developers    

https://voicebot.ai/2023/06/07/intuit-unveils-generative-ai-operating-system-and-finance-llms-for-turbotax-credit-karma-quickbooks-and-mailchimp-developers/

Intuit Introduces Generative AI Operating System with Custom Trained Financial Large Language Models

https://financialpost.com/pmn/business-wire-news-releases-pmn/intuit-introduces-generative-ai-operating-system-with-custom-trained-financial-large-language-models

Intuit Launches GenOS: AI Operating System for Financial Data

https://medium.com/@cryptomarket06/intuit-launches-genos-ai-operating-system-for-financial-data-6bf8f161ef3a

IKEA Parent Ingka Acquires Supply Chain Software Solutions Provider Made4net

https://www.pymnts.com/news/retail/2023/ikea-parent-ingka-acquires-supply-chain-software-solutions-provider-made4net/

Landscaping Business Sues Accounting Firm Over Alleged COVID ...

https://www.law.com/dailyreportonline/2023/05/30/landscaping-business-sues-accounting-firm-over-alleged-covid-19-scheme/

Intuit Expert BrandVoice: How Intuit Is Leveraging AI To Catapult The Role Of Tax And Bookkeeping Experts To Deliver Confidence Inspiring Customer Experiences           

https://www.forbes.com/sites/intuit-expert/2023/05/23/how-intuit-is-leveraging-ai-to-catapult-the-role-of-tax-and-bookkeeping-experts-to-deliver-confidence-inspiring-customer-experiences/

 
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. DIA...

David is a lifelong programmer who founded Expensify in 2008 and built it into the most popular "pre-accounting" platform on the planet. Hear David's vision for the New Expensify, in which every payment is a conversation.

Meet Our Guest:

David Barrett, CEO of Expensify
https://www.linkedin.com/in/davidmbarrett/

Learn more about Expensify

http://expensify.com

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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 full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Why AICPA's 12-point plan won't solve the CPA crisis; Earnings reports from Intuit, Sage, and Xero; Ramp adds AI features to spend management platform; why grads are ditching jobs at the Big Four; 70% of Gen Z employees would switch jobs for better tech, and more!

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• (00:00) - IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity

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Show Notes

New MIT Research Shows Spectacular Increase In White Collar Productivity From ChatGPT – JOSH BERSIN

https://joshbersin.com/2023/03/new-mit-research-shows-spectacular-increase-in-white-collar-productivity-from-chatgpt/

ChatGPT retakes CPA Exam as v4.0, passes | Accounting Today

https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes

AICPA Council approves CPA pipeline plan | Accounting Today

https://www.accountingtoday.com/news/aicpa-council-approves-cpa-pipeline-plan

70% of Gen Z Employees Say They Would Switch Jobs for Better Tech: Weekly Stat

https://www.cfo.com/human-capital/workforce-management/2023/05/gen-z-gen-x-baby-boomer-millennials-technology-work-environments-productivity-work-life-balance/

AICPA details plans to boost CPA pipeline | Accounting Today

https://www.accountingtoday.com/news/aicpa-details-plans-to-boost-cpa-pipeline

Overworked and underpaid: Why grads are ditching jobs at the Big Four

https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634

The Future of AI in Finance is Here | Ramp Intelligence

https://ramp.com/intelligence

Numbers taking US accountancy exams drop to lowest level in 17 years | Financial Times

https://www.ft.com/content/e8dc2264-6b8d-4ed5-8bbd-e4a67e7d1e46

Avii Announces Significant Uplifts to Financial Modules In Avii ...

https://www.businesswire.com/news/home/20230508005420/en/Avii-Announces-Significant-Uplifts-to-Financial-Modules-In-Avii-WorkspaceTM-Platform-for-Accounting-Firms

Overworked and underpaid: Why grads are ditching jobs at the Big Four

https://thetab.com/uk/2023/05/10/big-four-grad-scheme-whats-it-like-306634

Sage Intact Launches Native AP Bill Automation to Cut Down on ...

https://www.digitaljournal.com/pr/news/pr-zen/sage-intact-launches-native-ap-bill-automation-to-cut-down-on-invoice-processing-time

Intuit Inc. (INTU) Q3 2023 Earnings Call Transcript              

https://seekingalpha.com/article/4606883-intuit-inc-intu-q3-2023-earnings-call-transcript

Intuit (INTU) Reports Q3 Earnings: What Key Metrics Have to Say

https://www.zacks.com/stock/news/2098768/intuit-intu-reports-q3-earnings-what-key-metrics-have-to-say

ChatGPT retakes CPA Exam as v4.0, passes            

https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes

Xero reports 28% year-over-year growth https://www.accountingtoday.com/news/xero-reports-28-year-over-year-growth

Pentagon Says Accounting Mistake Leaves U.S. With $3 Billion ...

https://www.wsj.com/articles/accounting-error-leaves-pentagon-with-3-billion-more-in-arms-for-ukraine-u-s-says-6d6f4576

AICPA details plans to boost the CPA pipeline                

https://www.accountingtoday.com/news/aicpa-details-plans-to-boost-cpa-pipeline

AICPA releases expanded plan for addressing CPA pipeline ...

https://www.journalofaccountancy.com/news/2023/may/aicpa-releases-expanded-plan-addressing-cpa-pipeline-challenges.html

IRS to pilot free tax prep system in January            

We're joined by Ashley the CPA (@seattle_tax) to talk about artificial intelligence coming soon to Microsoft products plus all the news you can use at the intersection of accounting and technology.

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• (00:00) - ChatGPT is only the beginning

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Show Notes

Microsoft Crunches Some Data to Find Out Teams is the Biggest Productivity Killer at Work

https://www.goingconcern.com/microsoft-crunches-some-data-to-find-out-teams-is-the-biggest-productivity-killer-at-work/

The No. 1 workplace distraction that kills productivity, according to Microsoft

https://www.cnbc.com/2023/05/09/the-no-1-workplace-distraction-that-kills-productivity-according-to-microsoft.html

 
Meet our Guest, Ashley Francis, CPA
LinkedIn: https://www.linkedin.com/in/ashley-francis-0115073/
Website: https://kitchentableautomations.substack.com/

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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We're back from ExpensiCon in Italy with thoughts on Expensify's future and the future of spend management; a report from Kristen Keats at Accounting Today's Firm Growth Forum conference; ChatGPT coming soon to a Wendy's drive-thru near you!

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• (00:25) - Every Payment Is A Conversation

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Show Notes

Expensify Launches Transactional Chat for Accountants - Business Wire

https://stocks.apple.com/ATL9AZYOSSKO_4jLMtB30pA 

Wendy’s to Launch AI-Powered Drive-Thru Service             

https://smallbiztrends.com/2023/05/ai-drive-thru-wendys-google-cloud.html

What if AI could rebuild the middle class? : Planet Money : NPR

https://www.npr.org/sections/money/2023/05/09/1174933574/what-if-ai-could-rebuild-the-middle-class

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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Accounting Today said ChatGPT failed the CPA Exam — here's why that's misleading; a WSJ reporter clones herself with AI and tricks her bank and family; TurboTax tops the TV ads for tax year 2022; Audit firms remove partners who fault clients' internal controls; 80 percent of BDO Alliance partners vote to eliminate or modify the 150-hour rule

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• (00:00) - ChatGPT Was Set Up To Fail The CPA Exam

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Show Notes

KPMG pens deal with MindBridge to apply AI to digital audits | Accounting Today

https://www.accountingtoday.com/news/kpmg-pens-deal-with-mindbridge-to-apply-ai-to-digital-audits

We ran the CPA exam through ChatGPT and it failed miserably | Accounting Today

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

I Cloned Myself With AI. She Fooled My Bank and My Family.        

https://www.wsj.com/articles/i-cloned-myself-with-ai-she-fooled-my-bank-and-my-family-356bd1a3

Audit firms remove partners who fault clients' internal controls | Accounting Today

https://www.accountingtoday.com/news/audit-firms-remove-partners-who-fault-clients-internal-controls

BDO Alliance poll of managing partners on 150-hour rule

https://twitter.com/BlakeTOliver/status/1654553693830914048

TurboTax customers to receive checks for $141M settlement        

https://apnews.com/article/turbotax-inuit-settlement-checks-mail-0c01cf25aa34693163886d135f7a6560

Accounting automation developer Gappify scores $10m

https://fintech.global/2023/05/02/accounting-automation-developer-gappify-scores-10m/            

Intuit’s shift

https://techcrunch.com/2023/04/27/intuit-ai-shift/

Hundreds Of Tax Prep Services Hit The Airwaves Before April https://www.insideradio.com/free/hundreds-of-tax-prep-services-hit-the-airwaves-before-april-18/article_b59beb46-e5a2-11ed-a08f-d7b730e240b8.html

We had ChatGPT take the CPA exam — and it failed           

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

ChatGPT Just Failed This Accounting Exam

https://www.digitalinformationworld.com/2023/04/chatgpt-just-failed-this-accounting-exam.html

Accounting clerk created original art on billing statements to help a patient heal

https://www.cbsnews.com/video/accounting-clerk-created-original-art-on-billing-statements-to-help-a-patient-heal/

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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Matt Rissell of TSheets dead in apparent murder-suicide; a review of the AI features you can use right now in Client Hub, Canopy, Karbon, Financial Cents and... Sturppy?; This week's guest: Giles Pearson, CEO of Accountests

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• (00:00) - Have your AI contact my AI

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Show Notes

Karbon AI | Karbon         

https://karbonhq.com/feature/ai/

Founder of TSheets Dies in Self-Inflicted Shooting

https://www.cpapracticeadvisor.com/2023/05/04/founder-of-tsheets-dies-in-self-inflicted-shooting/79360/

Senators want IRS to stop AI-generated tax scams

https://www.accountingtoday.com/news/senators-want-irs-to-stop-chatgpt-generated-ai-tax-scams

“What is the Best Expense Management App?” according to ChatGPT?

https://blog.expensify.com/2023/05/02/what-is-the-best-expense-management-app-according-to-chatgpt/

TSheets founder Rissell dead after what police call attempted murder/suicide in Eagle home

https://boisedev.com/news/2023/05/04/matt-rissell-dead/

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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In this episode, Pat White and Rafael Casas interview Mackenzie Patel, CEO of Hash Basis, a crypto-native accounting firm based in San Francisco. Mackenzie shares her accounting background and how she got into crypto accounting. They also discuss the challenges of revenue accounting in crypto and the emerging trend of specialized crypto accounting.

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• (00:00) - Preview: What does Hash Basis do?

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This podcast is a production of the Earmark Media

Raising prices is a priority; NASBA extends time to complete CPA exam; Canopy now writes emails with AI; PwC to invest $1 billion in AI; staff not allowed to go to conferences

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• (00:05) - Preview: Accounting is in a bad place

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Show Notes

ChatGPT Fails When It Comes to Accounting, Finds Major Study

https://www.latestly.com/technology/chatgpt-fails-when-it-comes-to-accounting-finds-major-study-5078092.html

KPMG Joins MindBridge in Global Launch of AI-Assisted Audit Tech
https://news.bloombergtax.com/financial-accounting/kpmg-joins-mindbridge-in-global-launch-of-ai-assisted-audit-tech

What Microsoft’s Dynamics GP Announcement Means for the User Community

https://dynamicscommunities.com/ug/dynamics-gp-ug/what-microsofts-dynamics-gp-announcement-means-for-the-user-community/

ChatGPT is still no match for humans when it comes to accounting             

https://phys.org/news/2023-04-chatgpt-humans-accounting.html

Lili Claims Super App Status With New Accounting Platform

https://www.pymnts.com/smbs/2023/lili-claims-super-app-status-with-new-accounting-platform/

Leading Financial Platform, Lili, Launches 'Lili Smart' to Integrate ...

https://www.businesswire.com/news/home/20230418005500/en/Leading-Financial-Platform-Lili-Launches-%E2%80%98Lili-Smart%E2%80%99-to-Integrate-and-Consolidate-Accounting-Services-into-Small-Business-Banking

KPMG signs AI deal to improve audit transparency            

https://www.accountancydaily.co/kpmg-signs-ai-deal-improve-audit-transparency

NASBA extends time to complete the CPA exam to 30 months

https://www.accountingtoday.com/news/nasba-extends-time-to-complete-the-cpa-exam-to-30-months

Accounting Bachelors Degree Requirements: What You Need to Know

https://seaver.pepperdine.edu/blog/posts/accounting-bachelors-degree-requirements-what-you-need-to-know.htm

ChatGPT: How AI will change law, finance, accounting and property ...       

https://www.afr.com/work-and-careers/workplace/how-chatgpt-will-change-these-four-industries-20230328-p5cvzx

Canopy Launches ChatGPT AI in Accounting Practice Management Software

https://www.einnews.com/pr_news/629260399/canopy-launches-chatgpt-ai-in-accounting-practice-management-software

Accountant shortage hurts city credit scores         

https://fortune.com/2023/04/21/accountant-shortage-affecting-city-credit-scores/

Technology News | ⚡Study Finds ChatGPT No Match for Human When It Comes to Accounting

https://www.latestly.com/quickly/technology/study-finds-chatgpt-no-match-for-human-when-it-comes-to-accounting-5078092.html

PwC Stakes $1 Billion on AI Investments in Tax, Consulting Work

https://news.bloombergtax.com/financial-accounting/pwc-us-partners-with-microsoft-in-1-billion-ai-investment

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FTX had 80,000 transactions in Ask My Accountant; the crazy cost accounting behind EY's failed breakup; using ChatGPT for financial statement analysis; what the tech world thinks AI will automate in accounting and more!

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• (00:00) - CAP 329

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Show Notes

Blake Oliver on Twitter: "My speaking session was selected for #Expensicon”

https://twitter.com/BlakeTOliver/status/1649440639355097088

SURVEY: Busy Season Looking Good - CPA Trendlines         

https://cpatrendlines.com/2023/04/10/survey-busy-season-looking-good/

EY Confronts Slowing Growth After Breakup Deal Fails - WSJ          

https://www.wsj.com/articles/ey-confronts-slowing-growth-after-breakup-deal-fails-9442c85d

Magic Workflow: AI-Powered Workflow and Process Generator   

https://clienthub.app/blog/new-feature-magic-workflowai-powered-workflow-and-process-generator/

Ernst & Young has axed its plan for a split of its auditing and consulting arms, marking a dramatic and costly retreat                

https://www.wsj.com/articles/ernst-young-halts-breakup-plan-bd2e2fa0

Is that the IRS with your refund? No, it's a ChatGPT scam

https://www.politico.com/newsletters/weekly-tax/2023/04/17/is-that-the-irs-with-your-refund-no-its-a-chatgpt-scam-00092169

Taylor Swift avoided $100 million FTX deal with securities question: lawyer https://www.businessinsider.com/taylor-swift-avoided-100-million-ftx-deal-with-securities-question-2023-4

ChatGPT less than 50% accurate in accounting exams, study finds https://www.accountancyage.com/2023/04/21/chatgpt-less-than-50-accurate-in-accounting-exams-study-finds/

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

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page