The Accounting Podcast Blake Oliver & David Leary

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 Woodard
LinkedIn: https://www.linkedin.com/in/quickbooksadvisorTwitter: https://twitter.com/joewoodard

Learn more about Woodard
Website: http://www.woodard.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

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.app
Chapters(00:38) - Blake is back from a conference in Atlanta

(03:58) - The truth behind Trump's Truth Social SPAC audit

(19:27) - AI startup Fieldguide secures $30 million in Series B funding

(22:43) - FundGuard secures $100 million in Series C funding round

(24:28) - BotKeeper launches BotKeeper Infinite

(30:03) - Scientists find that AI is more persuasive than humans at changing people's opinions

(38:15) - Formula 1 team using Excel to track car parts

(40:08) - CAS is the fastest-growing service in Accounting Today's annual survey

(42:08) - The AICPA warns about losing the 150-hour rule

(49:20) - Send us an email and remember you can earn FREE CPE for listening to this podcast!
 
Show Notes
Fieldguide Raises $30 Million to Combat CPA Shortage With AI
https://www.pymnts.com/news/investment-tracker/2024/fieldguide-raises-30-million-to-combat-cpa-shortage-with-ai/
AI accounting startup raises $100M
https://www.accountingtoday.com/articles/ai-accounting-startup-fundguard-raises-100m-in-new-funds
On 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 over
https://www.accountingtoday.com/opinion/the-year-cas-took-over-accounting
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Get in Touch
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

Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch

Subscribe
Apple 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/Overcast
ClassifiedsRoyalwise - https://royalwise.com/partnerForwardly - https://www.forwardly.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

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/bookkeep
Chapters(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 Notes
FTX Founder Sam Bankman-Fried Sentenced to 25 Years https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9?st=d45lmr6uc8gg6wc

Trump ‘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.html

Big 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-season

PCAOB bars Colorado firm Gries & Associates from doing audits | Accounting Today https://www.accountingtoday.com/news/pcaob-bars-colorado-firm-from-doing-audits

San 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-error
Grant Thornton gets major PE stake from New Mountain Capital | Accounting Today https://www.accountingtoday.com/news/grant-thornton-gets-major-pe-stake
How Miami Became a Hub of PPP Fraud After Pandemic
https://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 Charge
https://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 Billion
https://www.forbes.com/sites/kellyphillipserb/2024/03/28/irs-criminal-investigation-says-covid-related-fraud-totaled-nearly-9-billion/

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 Bedard
LinkedIn: https://www.linkedin.com/in/charlesbedard/Twitter: https://twitter.com/SolvingtheValue

Learn more about ERGO Comps, LLC
http://www.ergocomps.com/
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Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

Get in Touch
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

Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch

Subscribe
Apple 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/Overcast
Classifieds
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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 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/bookkeep
Chapters(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 Notes
JPMorgan 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.html
Americans 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=zyx80zw1zyfu1jf

Gratitude 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 2024
https://www.forbes.com/sites/rachelwells/2024/01/23/12-chatgpt-prompts-for-leaders-and-managers-in-2024/

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Get in Touch
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

Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch

Subscribe
Apple 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/Overcast
ClassifiedsRoyalwise - https://royalwise.com/partnerForwardly - https://www.forwardly.com/
Classifieds
Want 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/RunClassifiedAd

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

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 Ketz
Website: https://directory.smeal.psu.edu/k55
LinkedIn: https://www.linkedin.com/in/ed-ketz-7982421a7
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Get in Touch
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

Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch

Subscribe
Apple 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/Overcast
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Want 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/RunClassifiedAd

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