The Race to Automate Audits

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 PoeLinkedIn: https://www.linkedin.com/company/poe-group-advisors/Twitter: https://twitter.com/poegroupadvisorFacebook: https://www.facebook.com/PoeGroupAdvisors/Instagram: https://www.instagram.com/poegroup/Learn more about Poe Group AdvisorsWebsite: https://poegroupadvisors.com/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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.Chapters(05:53) - Blake reads some tweets about hours people are working during busy season (10:32) - Unlimited PTO is worse for employees (13:02) - College degrees aren't necessary for success (18:30) - Florida creates retired CPA status (21:41) - Listener mail on the 150-hour rule and salaries (26:12) - Update on Boston's commercial real estate woes (30:44) - Why office rent prices are still so high (38:35) - Some encouraging IRS news (43:52) - Internal audit reveals 279 former IRS employees or contractors still had access to logins (46:18) - Offshoring can be good or bad (48:10) - Setting a limit on billable hours (49:56) - Let accounting firms decide what requirements accountants need (52:14) - The rise of the "remote partner" (58:06) - Wrap up and Earmark now has a web browser version  Show NotesGoogle restructures finance team as part of AI shift, CFO tells employees in memohttps://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 seasonhttps://x.com/joshyoungblood/status/1779858374403747847?s=12 Skills-Based Hiring Can Shred the Paper Ceiling | BCGhttps://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? – WSJhttps://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 CPAshttps://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 | CFOhttps://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 Todayhttps://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 Improvementshttps://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 risehttps://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 revenuehttps://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 memohttps://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 sayshttps://www.journalofaccountancy.com/news/2024/apr/despite-moratorium-irs-gets-20000-erc-claims-weekly-werfel-says.htmlNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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, ...

Blake and David delve into the effects of remote work on accountant salaries and the mental health challenges faced by auditors at Big Four firms. They inspect a recent study showing lower pay for hybrid workers compared to fully remote or in-office employees. They also contemplate the future of work organization inspired by Bill Anderson, CEO of Bayer, and discuss the potential impact of AI on the accounting profession, the accuracy of AI-related surveys, and the misrepresentation of AI capabilities in recent news headlines.SponsorsLiveFlow - http://accountingpodcast.promo/liveflow Uncat - http://accountingpodcast.promo/uncatEarmark - https://earmark.appSettle - http://accountingpodcast.promo/settleChapters(00:34) - Will accountants soon earn overtime pay? (04:57) - Listener writes in about their own audit experience at a Top-30 firm (08:14) - Trump's Truth Social audit update (14:44) - PCAOB proposed audit metrics (20:44) - 71% of Big 4 auditors worry about mental health (23:27) - Blake shares a clip from new Bayer CEO (33:48) - H&R Block employees prefer remote work (38:14) - Remote accountants get paid less (39:35) - Executives and managers perceive in-office workers as higher performers (42:06) - The four day work week is becoming more common (45:27) - Cody writes in about Big 4 vs industry (47:09) - Hannah asks about outsourcing and offshoring costs (49:59) - Amazon Fresh stores were using Indian employees for "just walk out" tech (55:22) - Shohei Ohtani's translator charged in sports gambling case (58:14) - Accounting Today wrongly claims accountants are saving 30 hours a week on average using AI (01:01:34) - Blake shares a clip from the All In podcast on the future of AI (01:04:48) - Is it time for a new ERP system? (01:07:47) - Thanks for listening and remember to subscribe  Show Notes71% of Big 4 Auditors Worry About Mental Health | CFO             https://www.cfo.com/news/71-of-big-4-auditors-worry-about-mental-health/712063/ Will Getting Rid of Bosses Fix the Workplace? - The Journal. - WSJ Podcastshttps://www.wsj.com/podcasts/the-journal/will-getting-rid-of-bosses-fix-the-workplace/fc0d31d3-2d08-441e-abd8-d77b660fe258 59% of accountants use AI to save about 30 hours a week on tasks | Accounting Todayhttps://www.accountingtoday.com/news/59-of-accountants-use-ai-to-save-about-30-hours-a-week-on-tasks Y Combinator wants to fund new enterprise resource planning (ERP) software"https://www.instagram.com/reel/C3-zHmOIqbI/?igsh=dTMxMDBjNGg3a2p0 Ohtani translator charged with stealing millions for 19,000 bets | Accounting Todayhttps://www.accountingtoday.com/articles/ohtani-translator-charged-with-stealing-millions-for-19-000-bets KPMG Fined Record $25 Million in Exam-Cheating Scandal – WSJhttps://www.wsj.com/articles/kpmg-fined-25-million-over-alleged-netherlands-exam-cheating-a4dcba2a?st=yl6xiqm8nh6gug8 Botkeeper Infinite replaces outsourcing with more AI to help firms automate | Accounting Todayhttps://www.accountingtoday.com/news/botkeeper-infinite-replaces-outsourcing-with-more-ai-to-help-firms-automate More Companies Adopt 4-Day Work Week - CPA Practice Advisor        https://www.cpapracticeadvisor.com/2024/03/27/more-companies-adopt-4-day-work-week/103199/ When Layoffs Happen, Remote Workers Are Hardest Hit - WSJ               https://www.wsj.com/lifestyle/careers/layoffs-remote-work-data-980ed59d?reflink=integratedwebview_share Does Working from Home Boost Productivity Growth? | San Francisco Fed     https://www.frbsf.org/economic-research/publications/economic-letter/2024/january/does-working-from-home-boost-productivity-growth/Trump Media's Accounting Firm Has Audit Deficiency History https://finance.yahoo.com/news/trump-media-accounting-firm-history-150150627.html Amazon's Just Walk Out Actually Uses 1,000 People in Indiahttps://www.businessinsider.com/amazons-just-walk-out-actually-1-000-people-in-india-2024-4 PCAOB Wallops KPMG Netherlands With Record $25M Fine For Exam Cheatinghttps://www.cpapracticeadvisor.com/2024/04/10/pcaob-wallops-kpmg-in-the-netherlands-with-25-million-fine-for-exam-cheating/103803/ PCAOB crackdown shifting to focus on auditing firmshttps://www.accountingtoday.com/news/pcaob-crackdown-shifting-to-focus-on-auditing-firms PCAOB Proposal Would Require Audit Firms to Disclose a Variety of Metricshttps://www.cpapracticeadvisor.com/2024/04/10/pcaob-issues-proposal-requiring-audit-firms-to-disclose-variety-of-metrics/103758/ PCAOB proposals call for firms to disclose more about themselveshttps://www.journalofaccountancy.com/news/2024/apr/pcaob-proposals-call-firms-to-disclose-more-about-themselves.html Only 48% of accounting, consulting, legal, and private capital professionals have used AI tools at work despite near ...

Joe Woodard joins Blake and David to examine how accountants and bookkeepers can increase the value of their services in the eyes of their clients. Joe introduces the Cobb value curve, illustrating how differentiation and relative value impact pricing. He emphasizes the importance of offering unique, high-value services like controllership and financial planning to stand out from commoditized offerings and command premium prices.Meet Our Guest, Joe WoodardLinkedIn: https://www.linkedin.com/in/quickbooksadvisorTwitter: https://twitter.com/joewoodardLearn more about WoodardWebsite: http://www.woodard.comNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake and David dive into the concerning trend of small CPA firms conducting shoddy audits of large companies and SPACs, raking in big fees while facing minimal consequences for deficient work. They also discuss the latest accounting app funding news, the power of AI for crafting persuasive arguments, and the American Institute of CPAs' puzzling resistance to changes in CPA licensure requirements and touch on the growing importance of client accounting services for public accounting firms.Sponsors Cloud Accountant Staffing - http://accountingpodcast.promo/cas Uncat - http://accountingpodcast.promo/uncatEarmark - https://earmark.appChapters(00:38) - Blake is back from a conference in Atlanta (03:12) - The truth behind Trump's Truth Social SPAC audit (18:41) - AI startup Fieldguide secures $30 million in Series B funding (21:57) - FundGuard secures $100 million in Series C funding round (23:42) - BotKeeper launches BotKeeper Infinite (29:29) - Scientists find that AI is more persuasive than humans at changing people's opinions (37:41) - Formula 1 team using Excel to track car parts (39:34) - CAS is the fastest-growing service in Accounting Today's annual survey (41:34) - The AICPA warns about losing the 150-hour rule (48:46) - Send us an email and remember you can earn FREE CPE for listening to this podcast!  Show NotesFieldguide Raises $30 Million to Combat CPA Shortage With AIhttps://www.pymnts.com/news/investment-tracker/2024/fieldguide-raises-30-million-to-combat-cpa-shortage-with-ai/AI accounting startup raises $100Mhttps://www.accountingtoday.com/articles/ai-accounting-startup-fundguard-raises-100m-in-new-fundsOn the Conversational Persuasiveness of Large Language Models: A Randomized Controlled Trial (PDF) https://arxiv.org/pdf/2403.14380.pdf?utm_source=www.therundown.ai&utm_medium=newsletter&utm_campaign=nvidia-s-new-ai-chip-competitor The year CAS took overhttps://www.accountingtoday.com/opinion/the-year-cas-took-over-accountingNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsRoyalwise - https://royalwise.com/partnerForwardly - https://www.forwardly.com/ClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake and David dig through the latest accounting news, including the effectiveness of pizza parties in boosting accounting firm morale, the record number of baby boomers reaching retirement age, and the impact on Social Security, as well as the massive amount of COVID-related fraud originating in South Florida. They also take a look at audit integrity issues, the long working hours in accounting, and some of the latest app headlines.SponsorsLiveFlow - http://accountingpodcast.promo/liveflow Relay - http://accountingpodcast.promo/relay Bookkeep - http://accountingpodcast.promo/bookkeepChapters(00:22) - Thomson Reuters says pizza parties boost accountants morale (03:33) - Trump cheats at golf (04:50) - Truth Social goes public (07:41) - Grant Thornton sells majority stake to private equity firm (12:28) - Almost 20% of all PPP fraud happened in South Florida (17:59) - 49ers docked 5th round draft pick for accounting error (20:08) - Sam Bankman Freed sentenced to 25 years in prison (22:29) - David shares WSJ video on the future of social security (31:16) - Tingo audit faulire update (41:48) - Big 4 Transparency firm awards (50:28) - Blake takes on a Reddit user's problem (56:35) - Microsoft Teams combining business and personal offerings (57:04) - Thanks for listening and remember to subscribe  Show NotesFTX Founder Sam Bankman-Fried Sentenced to 25 Years https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9?st=d45lmr6uc8gg6wcTrump ‘cheats like a mafia accountant’ at golf, writer who played with him says - pennlive.com https://www.pennlive.com/news/2024/03/trump-cheats-like-a-mafia-accountant-at-golf-writer-who-played-with-him-says.htmlBig 4 Transparency - Awards Season 🏆 https://big4transparency.beehiiv.com/p/big-4-transparency-awards-season?utm_source=big4transparency.beehiiv.com&utm_medium=newsletter&utm_campaign=big-4-transparency-awards-seasonPCAOB bars Colorado firm Gries & Associates from doing audits | Accounting Today https://www.accountingtoday.com/news/pcaob-bars-colorado-firm-from-doing-auditsSan Francisco 49ers docked 2025 fifth-round draft pick for accounting error | FOX Sports https://www.foxsports.com/stories/nfl/san-francisco-49ers-docked-2025-fifth-round-draft-pick-for-accounting-errorGrant Thornton gets major PE stake from New Mountain Capital | Accounting Today https://www.accountingtoday.com/news/grant-thornton-gets-major-pe-stakeHow Miami Became a Hub of PPP Fraud After Pandemichttps://www.cpapracticeadvisor.com/2024/03/26/how-miami-became-a-hub-of-ppp-fraud-after-pandemic/103156/ Audit Plan to Flag Illegal Acts Needs Do-Over, Critics Chargehttps://news.bloombergtax.com/financial-accounting/audit-plan-to-flag-illegal-acts-needs-do-over-critics-charge Blackrock larry fink annual letter 8484e68e      https://www.wsj.com/finance/investing/blackrock-larry-fink-annual-letter-8484e68e Ahead of sentencing, SBF team argues for 5-6 years in jail because FTX customers will get money back          https://www.cnbc.com/2024/03/27/sbf-team-argues-for-5-6-year-sentence-ftx-customers-to-get-money-back.html The Home Stretch: Strategies & insights for today’s tax professionals as their busy season concludes              https://www.thomsonreuters.com/en-us/posts/tax-and-accounting/home-stretch-tax-professionals/ Trump's social media company rises 16% in first day trading gains, but the stock could fall 95%, says an IPO expert  https://fortune.com/2024/03/26/trump-social-media-rises-trading-gains-fall-expert/ FTX founder Sam Bankman-Fried gets 25 years in prison           https://www.bankingdive.com/news/sam-bankman-fried-25-years-prison-fraud-conspiracy-ftx-crypto-sbf-kaplan-alameda/711601/ IRS Criminal Investigation Says COVID-Related Fraud Totaled Nearly $9 Billionhttps://www.forbes.com/sites/kellyphillipserb/2024/03/28/irs-criminal-investigation-says-covid-related-fraud-totaled-nearly-9-billion/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? ...

Blake and David meet with M&A advisor Charles Bedard about valuations for accounting firms looking to sell. Bedard explains that subscription-based "modern" firms command much higher multiples than traditional hourly billing firms. Bedard provides specific valuation ranges based on revenue and EBITDA multiples and highlights the importance of recurring revenue. He also offers actionable tips for firm owners to increase their value in preparation for an exit.Meet Our Guest, Charles BedardLinkedIn: https://www.linkedin.com/in/charlesbedard/Twitter: https://twitter.com/SolvingtheValueLearn more about ERGO Comps, LLChttp://www.ergocomps.com/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake and David look at the potential impact of AI on the accounting profession and discuss how AI tools like ChatGPT can boost productivity by automating tasks, improving communication, and assisting with problem-solving. They also examine the implications of these efficiency gains on the billable hour, predicting that firms will need to adapt their pricing strategies as a result. Finally, they review the results of a recent Accounting Today survey, which reveals accountants' perceptions and concerns about AI in the profession.Sponsors OnPay - http://accountingpodcast.promo/onpayKeeper - http://accountingpodcast.promo/keeper Bookkeep - http://accountingpodcast.promo/bookkeepChapters(02:24) - The inefficiency at Disney World compared to accountants and timesheets (09:38) - JP Morgan AI tool cuts human work by 90% (11:14) - BofA Cash Pro Forecasting (18:29) - Blake checks in on live chat (19:11) - Survey on how much people actually want to work (27:17) - Kindness initiatives at firms (28:26) - Is gratitude better than a pay raise? (29:34) - New Accounting Today AI survey (40:00) - Blake shares example of how he used AI in his personal life (42:36) - Forbes article on ChatGPT prompts for leaders and managers (55:29) - Thanks for listening and remember to subscribe  Show NotesJPMorgan Says Its AI Cashflow Tool Cut Human Work Almost 90%https://www.entrepreneur.com/business-news/jpmorgan-says-its-ai-cashflow-tool-cut-human-work-almost-90/470682 Accounting's reluctant AI revolution    https://www.accountingtoday.com/research-report/accountings-reluctant-ai-revolution Firms find it’s cool to be kind    https://www.journalofaccountancy.com/issues/2024/mar/firms-find-its-cool-to-be-kind.html Bank Of America CashPro Forecasting               https://business.bofa.com/en-us/content/cashpro-forecasting.htmlAmericans Don’t Care as Much About Work. And It Isn’t Just Gen Z.https://www.wsj.com/lifestyle/careers/americans-attitude-work-data-0c2e487c?st=zyx80zw1zyfu1jfGratitude is Better Than a Pay Raise for 55% of U.S. Workers, Survey Findshttps://www.cpapracticeadvisor.com/2024/02/29/gratitude-is-better-than-a-pay-raise-for-55-of-u-s-workers/102148/12 ChatGPT Prompts For Leaders And Managers In 2024https://www.forbes.com/sites/rachelwells/2024/01/23/12-chatgpt-prompts-for-leaders-and-managers-in-2024/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsRoyalwise - https://royalwise.com/partnerForwardly - https://www.forwardly.com/ClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Professor Ed Ketz of Penn State joins the show to discuss audits' current state and future. We delve into the relevance of audits and explore the value of unqualified opinions in making audits meaningful. The discussion also touches on the overstandardization of audit reports and how this can lead to investor misunderstandings. Professor Ketz brings a unique perspective, sparking a debate on whether the existence of the unqualified opinion creates value rather than the content within. The episode ends with a brainstorm on potential regulation improvements to improve audit quality and usefulness.Meet Our Guest, Ed KetzWebsite: https://directory.smeal.psu.edu/k55LinkedIn: https://www.linkedin.com/in/ed-ketz-7982421a7Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake and David start with a discussion on Federal Reserve Chairman Jerome Powell's testimony regarding the failure of small and mid-sized banks due to exposure to the commercial real estate sector. They also get into Minnesota's CPA licensure bill for 150-hour requirement alternatives and KPMG's audit findings on the Department of Education and the cost of the federal student loan program. Rounding out the episode, they answer listener questions and comments on topics including the psychological challenges of CPA firm employment, NASBA's lack of customer service, and the high fees for taking the CPA exam internationally.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowKeeper - http://accountingpodcast.promo/keeperClient Hub - http://accountingpodcast.promo/clienthubChapters(00:28) - Welcome to the show, how much trouble are small banks in? (06:49) - Minnesota CPA Society's Pathways CPA Licensure Bill advances in Senate (10:08) - Our listener plugs a security hole in tax client portal software (14:03) - The cultural issues that plague the accounting profession (20:57) - Fortune magazine article that CPAs need to tell their stories (24:48) - Should we have a federal CPA license? (27:54) - The government doesn't know the costs of student loans (35:03) - Christy shares a positive message (36:21) - Does starting your career at Big 4 lead to better industry jobs? (40:42) - Alex writes in about problems they had scheduling their CPA exam (45:55) - IRS inviting biggest ERC filers to learn the correct way to file them (50:34) - Tax preparer using basic Word doc to collect information (52:04) - Listener replies to Blake's Accounting Today article (54:27) - The international costs to take the CPA exam (57:45) - The firm and work culture issue (58:52) - Why students don't want to major in accounting (59:39) - Thanks for listening! The new Earmark app is coming soon!  Show NotesCould CPAs telling their stories be the key to attracting Gen Zers to accounting? A PwC vice chair thinks so   https://fortune.com/2023/11/15/cpa-attracting-gen-z-accounting-pwc/ Senate File 1660, the MNCPA-backed bill to broaden the pathways to CPA licensure, advanced in the Minnesota Senate on Thursday.     https://www.mncpa.org/about/press/releases/pathways-cpa-senate-bill-hearing/ Powell: ‘There will be bank failures’ caused by commercial real estate losseshttps://thehill.com/business/4516758-powell-there-will-be-bank-failures-caused-by-commercial-real-estate-losses/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsFutureFirm - https://futurefirmaccelerate.com/capRoyalwise - https://royalwise.com/partnerForwardly - https://www.forwardly.com/ClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page