The Accounting Podcast

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Earmark Media Presents a bonus episode of Unofficial QuickBooks Accountants Podcast.

Hector and Alicia dig into all the details and speculation around Intuit's newest cloud accounting product QuickBooks Ledger. Is it an affordable option for write-up clients or an over-hyped limited edition QBO?

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Send your Questions/Comments (we could read/answer them on air) [email protected]

Links/Apps Mentioned in this episode:

• Hector's App - RightTool www.righttool.app
• Alicia's Training - RoyalWise http://royl.ws/uqapodcast
• QuickBooks Connect Conference:www.quickbooksconnect.com
• Firm of the Future: www.firmofthefuture.com

Blake and David examine the downfall of FTX and founder Sam Bankman-Fried and look at some controversies around Deloitte auditors backdating audit paperwork in Canada, receiving only a minor fine. They also marvel at Donald Trump's attempt to blame accountants for alleged financial statement fraud in his organization. All this, and other news including NASBA's CEO's upcoming retirement, IRS budget cut updates, and generational differences around public accounting work environments.

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• (00:39) - Blake is back from Maryland where he gave a talk on AI and accounting

Show Notes

House passes Israel aid tied to IRS cuts, triggering Biden clash | Accounting Today

https://www.accountingtoday.com/articles/house-passes-israel-aid-tied-to-irs-cuts-triggering-biden-clash

New York accounting firm Grassi announces ESOP | Accounting Today

https://www.accountingtoday.com/news/new-york-accounting-firm-grassi-announces-esop

Trump’s Sons Cast the Blame for Fraud on Their Company’s Accountants

https://www.nytimes.com/2023/11/02/nyregion/eric-trump-donald-jr-fraud-trial.html?smid=nytcore-ios-share&referringSource=articleShare

NASBA CEO Ken Bishop plans to retire | Accounting Today

https://www.accountingtoday.com/news/nasba-ceo-ken-bishop-plans-to-retire

IG reel: Good salary BUT don’t become a CPA

https://www.instagram.com/reel/CzCgptfpjmv/

Can Artificial Intelligence Become an Accounting Expert? - The CPA Journal

https://www.cpajournal.com/2023/10/24/can-artificial-intelligence-become-an-accounting-expert-2/

Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers

https://www.goingconcern.com/deloitte-auditors-got-caught-changing-their-computer-clocks-to-backdate-workpapers/

Ohio floats plan to recruit more CPAs      

https://www.accountingtoday.com/news/ohio-floats-plan-to-recruit-more-cpas

WeWork, once valued at $47 billion, files for bankruptcy 

https://www.cnbc.com/2023/11/07/wework-files-for-bankruptcy.html

Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcy

https://www.cnbc.com/2023/11/07/heres-how-much-wework-founder-adam-neumann-got-before-bankruptcy.html

Sam Bankman-Fried found guilty on all seven criminal fraud counts

https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html

Amazon founder Jeff Bezos is leaving Seattle for Miami    

https://www.cnbc.com/2023/11/03/amazon-founder-jeff-bezos-is-leaving-seattle-for-miami.html

Ohio Society of CPAs Develops Action Plan Aimed at Talent Shortage

https://www.cpapracticeadvisor.com/2023/11/06/ohio-society-of-cpas-develops-action-plan-aimed-at-talent-shortage/97271/

Billions still lost through bad accounting, says auditor general       

https://mg.co.za/business/2023-11-03-billions-still-lost-through-bad-accounting-says-auditor-general/

Eric Trump testified over and over again he had nothing to do with his dad’s accounting. Then he was shown his own emails   

https://fortune.com/2023/11/03/eric-trump-testifies-fraud-trial-never-worked-donald-financial-statements-emails-testimony-involvement/

Former FTX CEO found guilty of fraud      

https://www.bankingdive.com/news/former-ftx-ceo-sam-bankman-fried-found-guilty-7-counts-fraud-conspiracy/698555/

House Passes Israel Aid Bill Tied to IRS Cuts

https://www.cpapracticeadvisor.com/2023/11/02/house-passes-israel-aid-bill-tied-to-irs-cuts/97224/

Jeff Bezos: Leaving Seattle and Embracing Miami

https://www.smallbiztechnology.com/archive/2023/11/jeff-bezos-leaving-seattle-and-embracing-miami.html/

Billionaire Amazon founder Jeff Bezos moves to Florida, where his parents live-and capital gains are not taxed        

https://finance.yahoo.com/news/billionaire-amazon-founder-jeff-bezos-12582885...

An independent audit reveals over $1.4 billion in questionable spending and lack of financial oversight at Maryland's Health Department during the COVID pandemic. We break down the audit's alarming findings, and the response from state officials committed to improving financial practices.

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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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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

A former Vegas hotel manager is accused of stealing over $773,000 in guest refunds and using the money to live lavishly. We unpack how he allegedly pulled off the massive refund scam and what could have been done to catch it sooner.

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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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Need Accounting Conference Info? 

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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

An embezzlement scheme at Aria Hotel costs MGM $770,000, an accounting firm apologizes for paying a staffer below minimum wage, problems with Workday ERP implementations for state and local governments, a spike in accounting enrollment at Purdue University, and tax migration trends between high-tax and low-tax states.

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• (00:59) - Clarence Thomas and a questionable RV loan

Show Notes

Clarence Thomas Didn’t Fully Repay $267,230 Loan for Luxury Motor Home, Senate Report Says - WSJ

https://www.wsj.com/politics/policy/clarence-thomas-didnt-fully-repay-267-230-loan-for-luxury-motor-home-senate-report-says-4651d23f?st=3z9ga4dwlcgci2c

Accounting firm apologises for paying trainee below minimum wage

https://www.efinancialcareers.com/news/2023/10/pay-for-trainee-accountants

Audit of Maryland Health Department finds $1.4 billion accounting lapse - The Washington Post

https://www.washingtonpost.com/dc-md-va/2023/10/25/maryland-health-department-audit-accounting-lapse/

Justice Thomas’s R.V. Loan Was Forgiven, Senate Inquiry Finds - The New York Times

https://www.nytimes.com/2023/10/25/us/politics/clarence-thomas-rv-loan-senate-inquiry.html?smid=nytcore-ios-share&referringSource=articleShare

Michael Cohen Testifies Trump Ordered Him to Inflate Wealth - WSJ

https://www.wsj.com/politics/policy/michael-cohen-testifies-against-trump-in-civil-fraud-trial-f9bb52c1?st=ep1l5nyp84fsot2

Purdue University sees spike in accounting enrollment | Accounting Today

https://www.accountingtoday.com/news/purdue-university-sees-spike-in-accounting-enrollment

Trump’s Longtime CFO Lied, Under Oath, About Trump Tower Penthouse

https://www.forbes.com/sites/danalexander/2023/10/12/trumps-longtime-cfo-lied-under-oath-about-trump-tower-penthouse/

IRS announces withdrawal process for Employee Retention Credit claims

https://www.irs.gov/newsroom/irs-announces-withdrawal-process-for-employee-retention-credit-claims-special-initiative-aimed-at-helping-businesses-concerned-about-an-ineligible-claim-amid-aggressive-marketing-scams

Donald Trump Watches as Witness Dismantles His Net Worth Calculations

https://www.newsweek.com/donald-trump-watches-witness-dismantles-his-net-worth-calculations-1835556

How an IRS contractor leaked tax data on Donald Trump, Jeff Bezos and Elon Musk | Accounting Today

https://www.accountingtoday.com/articles/how-an-irs-contractor-leaked-tax-data-on-donald-trump-jeff-bezos-and-elon-musk

Profits and Pay Lag Behind Revenue Gains at CPA Firms - CPA Trendlines

https://cpatrendlines.com/2023/10/11/cpa-firm-profits-and-pay-lag-as-revenue-tops-1-million/

'Better Call Saul' creators beat Liberty Tax's defamation, trademark lawsuit | Reuters

https://www.reuters.com/legal/better-call-saul-creators-beat-liberty-taxs-defamation-trademark-lawsuit-2023-09-25/

Crazy Embezzlement Case At Aria Las Vegas: Hotel Manager Refunds $770,000+ To His Debit Card - LoyaltyLobby

https://loyaltylobby.com/2023/09/09/crazy-embezzlement-case-at-aria-las-vegas-hotel-manager-refunds-770000-to-his-debit-card/

IRS Announces Special Process For Withdrawing Inappropriate ERC Claims

https://www.forbes.com/sites/kellyphillipserb/2023/10/19/irs-announces-special-process-for-withdrawing-inappropriate-erc-claims/

Roblox tells employees they have to come to office three days a week or take severance package            

https://www.cnbc.com/2023/10/17/roblox-tells-employees-they-have-to-come-to-office-three-days-a-week.html

What do young accountants want to do with their lives?

Today, we are honoring the life of Joshua Lance, CPA, founder of Lance CPA Group, who passed away in October at the age of 40 after a battle with cancer. To commemorate Josh's life, we are playing a eulogy delivered by Kenji Kuramoto at Josh's memorial service this past weekend. Kenji represented the many voices in the accounting profession that Josh was a part of. Kenji shares stories about Josh's humility, thoughtfulness, and influence. Although Josh never sought the spotlight, he became well-known in the accounting world through his steady leadership and generosity of spirit. Josh's presence will be deeply missed in the accounting community.

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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.

Sponsorships

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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

A recent report alleges Supreme Court Justice Clarence Thomas failed to disclose that a $267,000 recreational vehicle loan from a friend was forgiven, raising questions about potential tax issues and scrutiny around the justice's financial practices.

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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.

Sponsorships

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Need Accounting Conference Info? 

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Limited edition shirts, stickers, and other necessities

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Subscribe

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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 the factors that impact accountant salaries, including location, experience, and industry, and highlight the correlation between accounting salaries and overall economic conditions, noting that periods of economic growth can lead to higher salaries. They also take a look at the partnership between PwC and OpenAI and speculate on the potential impact of AI on accounting consulting and fraud detection. All this and more, right now!

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• (00:27) - Blake and David are back from SuiteWorld and talk about NetSuite's new AI features

Show Notes

Bill to compete with Intuit after partnership ends               

https://www.paymentsdive.com/news/bill-intuit-partnership-embedded-payments-smb-competition-b2b/691269/

BILL Introduces Integrated Financial Operations Platform for Small Businesses

https://www.pymnts.com/smbs/2023/bill-introduces-integrated-financial-operations-platform-for-small-businesses/

Intuit Introduces QuickBooks Bill Pay, Expanding Money Platform to Deliver Business-to-Business Payments with AP Automation        

https://investors.intuit.com/news/news-details/2023/Intuit-Introduces-QuickBooks-Bill-Pay-Expanding-Money-Platform-to-Deliver-Business-to-Business-Payments-with-AP-Automation/default.aspx

Intuit Introduces QuickBooks Bill Pay       

https://thepaypers.com/online-mobile-banking/intuit-introduces-quickbooks-bill-pay--1265038

Is FTX the biggest audit disaster ever?     

https://www.accountingweb.co.uk/community/blogs/philip-fisher/is-ftx-the-biggest-audit-disaster-ever

The mystery of FTX's missing $9B is unraveled     

https://www.accountingtoday.com/articles/the-mystery-of-ftxs-missing-9b-is-unraveled-at-sbf-trial

Bill Unveils Accountant Console for Accountant Partners 

https://insightfulaccountant.com/accounting-tech/vendor-news/bill-unveils-accountant-console-for-accountant-partners/

Stick with high standards — and 150 hours           

https://www.accountingtoday.com/opinion/stick-with-high-standards-and-the-150-credit-hour-requirements-for-cpas

With annual reports in the hundreds of pages, who has time to run a business?   

https://www.cityam.com/with-annual-reports-in-the-hundreds-of-pages-who-has-time-to-run-a-business/

PwC partners with ChatGPT creator OpenAI         

https://www.accountingtoday.com/articles/pwc-offers-advice-from-bots-in-deal-with-chatgpt-firm-openai

Avalara Expands Partnership with Oracle NetSuite to Deliver Integrated E-Invoicing Solution

https://www.cpapracticeadvisor.com/2023/10/17/avalara-expands-partnership-with-oracle-netsuite-to-deliver-integrated-e-invoicing-solution/96047/

New York AG accuses crypto firms of deceiving investors in $1 billion fraud

https://www.cnn.com/2023/10/19/tech/crypto-firms-fraud-charges-new-york/index.html

CPA Standoff: Why haven't the other provincial bodies joined the ...          

https://www.canadian-accountant.com/content/profession/cpa-standoff-other-provincial-bodies

Accounting is facing a labor crisis. Could fraud be part of the solution?     

https://phys.org/news/2023-10-accounting-labor-crisis-fraud-solution.html

FTX Used Billions in Customer Funds to Buy Back Binance Stake   

https://www.coindesk.com/policy/2023/10/19/ftx-used-billions-in-customer-funds-to-buy-back-binance-stake/

Accounting is facing a labor crisis. Could fraud be part of the solution?     

https://news.ufl.edu/2023/10/accounting-facing-labor-crisis/

Accountants battle software integration frustration          

https://www.accountingweb.co.uk/tech/accounting-software/accountants-battle-software-integration-frustration

Oracle NetSuite Embeds Generative AI Throughout the Suite to Help Organizations Boost Productivity       

NetSuite founder Evan Goldberg discusses the company's 25th anniversary, new AI features like Text Enhance and Customer 360, and his long-term vision for intelligent assistants integrated with NetSuite.

Meet Our Guest, Evan Goldberg

LinkedIn: https://www.linkedin.com/in/evan-netsuite/

Learn more about NetSuite

Website: https://www.netsuite.com/portal/home.shtml

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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.

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

Wayne Berson, CEO of BDO USA, joins Blake and guest host, David Leary, on the Earmark Podcast to discuss BDO's recent transition to an employee stock ownership plan (ESOP), making it the first major accounting firm to implement an ESOP structure. They discuss how the ESOP aims to attract and retain talent in the accounting profession and provide employees at all levels with an ownership stake in the firm.

Meet Our Guest, Wayne Berson

LinkedIn: https://www.linkedin.com/in/wayneberson/

Learn more about BDO
Website: https://www.bdo.com/

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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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Need Accounting Conference Info? 

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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