IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity

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! Sponsors LiveFlow - https://cloudaccountingpodcast.promo/liveflow Tech Guru - https://cloudaccountingpodcast.promo/techguru Client Hub - https://cloudaccountingpodcast.promo/clienthub Chapters (00:00) - IRS Loses $10 Billion In Debt Ceiling Deal & Proof ChatGPT Massively Increases Productivity (00:52) - Welcome to the show (04:52) - Potential debt-ceiling deal cuts IRS funding by $10 billion (07:38) - Chat GPT made workers 37% faster at completing tasks (11:44) - Accounting Today has ChatGPT retake the CPA exam (16:36) - Number of people taking accountancy exams drops to lowest level in 17 years (19:23) - WSJ article on the accounting industry’s low starting pay problem (23:35) - The AICPA's 12-point plan to solve the accountant shortage (35:13) - Thetab.com article on why grads are ditching jobs at Big Four firms (38:13) - Update on the IRS's Free File tax system (41:18) - Let's talk about the Intuit earnings call (46:38) - Sage had their earnings call (48:43) - Ramp announces "Ramp Intelligence" (53:31) - Employee satisfaction reached an all-time high last year (55:33) - Gen Z employees would change jobs for better tech (01:01:34) - Wrap up and where to reach us. See you at AICPA Engage! Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.com Get CPE for listening to podcasts with Earmark CPE: https://earmarkcpe 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