About this episode
Guest: Paul Barnhurst, The FP&A Guy; Corporate frauds go undetected; Xero lays off 800; IRS process had a 20X improvement, and more! Sponsors OnPay - https://cloudaccountingpodcast.promo/onpay Relay - https://cloudaccountingpodcast.promo/relay Client Hub - https://cloudaccountingpodcast.promo/clienthub Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.com Get CPE for listening to podcasts with Earmark CPE: https://earmarkcpe (00:00) - E323 (00:23) - State regulators shut down Silicon Valley Bank (00:52) - Introduction and some thoughts on their Ken Bishop interview (04:33) - Some background on Paul (09:29) - Silicon Valley Bank is in trouble (13:45) - How banks work and make money (16:50) - Blake shares a tweet from a listener (18:04) - Almost all corporate fraud goes undetected (23:21) - News breaks that SVB has been shut down (27:43) - Fireball sued for whiskey fraud (30:51) - Ramp raises $5 million to build expense tracking (37:10) - ChatGPT used to recover over $100k in unpaid invoices (43:11) - FinTech failures and Xero's layoffs (47:29) - Startup CFO used Chat GPT to create FP&A tool (52:41) - Which GL will embed AI first? (55:24) - Randomly assigning auditors to companies improves their quality (57:58) - The IRS has already scanned 20 times more documents than all of 2022 (59:15) - New commissioner of IRS approved (59:46) - Wrap up and where to reach everyone Show Notes Xero to lay off up to 800 staff as tech downturn spreads to accounting https://www.accountingweb.co.uk/tech/accounting-software/xero-to-lay-off-up-to-800-staff-as-tech-downturn-spreads-to-accounting IRS expands digital processing https://www.accountingtoday.com/news/irs-expands-digital-processing Senate approves Werfel as IRS chief https://www.accountingtoday.com/news/senate-approves-werfel-as-irs-chief Reshaping Xero to enable disciplined growth and focus https://www.xero.com/blog/2023/03/reshaping-xero-to-enable-growth/ Bill.com Holdings: QuickBooks Flips From Asset To Serious Threat ... https://seekingalpha.com/article/4585422-billcom-holdings-quickbooks-flips-from-asset-to-serious-threat Ramp Raises $5 Million for User and Revenue Forecasting Platform https://www.pymnts.com/news/investment-tracker/2023/ramp-raises-5-million-for-user-and-revenue-forecasting-platform/ The Week That Broke the Bank for Crypto https://www.pymnts.com/cryptocurrency/2023/the-week-that-broke-the-bank-for-crypto/ FinTech Cash Burn Totaled $12 Billion in 2022 https://www.pymnts.com/news/fintech-investments/2023/fintech-cash-burn-totaled-12-billion-in-2022/ What’s going on at Silicon Valley Bank?! https://newsletter.dtrh.co/p/whats-going-on-at-silicon-valley Silicon Valley Bank shoots self in foot https://techcrunch.com/2023/03/09/silicon-valley-bank-shoots-self-in-foot/ Most corporate fraud goes undetected https://www.cfobrew.com/stories/2023/01/26/most-corporate-fraud-undetected-new-study 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 Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts Podchaser: http://cloudacctpod.link/podchaser Spotify: http://cloudacctpod.link/Spotify Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast YouTube: https://www.youtube.com/c/CloudAccountingPodcast Classifieds Client Hub - https://clienthub.app/ RightTool for QuickBooks Online - https://righttool.app Future Firm Accelerate - https://futurefirmaccelerate.com/cap Uncat - https://www.uncat.com/ Nett Tracker - h ttps://www.nett-tracker.com/ Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro...