How Smart Is Intuit's New AI "Intuit Assist" (with Jack Castonguay)

This week we dive into the pipeline shortage and the need for more accounting candidates, and discuss Intuit's groundbreaking use of AI in TurboTax and its potential impact on accounting professionals. Guest Jack Castonguay sheds light on FASB's recent announcement on accounting standards for digital assets and how it affects companies holding crypto assets. We also explore positive aspects of the accounting profession and address the need for critical changes like higher salaries and re-evaluating the audit process. Sponsors LiveFlow - http://accountingpodcast.promo/liveflow FreshBooks - http://accountingpodcast.promo/freshbooks South Carolina Association of CPAs (SCACPA) - http://accountingpodcast.promo/SCACPA Chapters (00:47) - Welcome Jack Castonguay to the show (02:00) - Jack is quoted: "Shrinking CPA Pipeline Fuels Calls to Relay Education Mandate" (04:18) - Intuit introduces 'Intuit Assist' an AI chatbot for tax (13:20) - The new AI in QuickBooks is ... less impressive (15:21) - 6 in 10 Americans live paycheck to paycheck (15:51) - FASB announcement on accounting standards for digital assets (18:12) - Listener voicemail: Accounting teaches you to be a BS detector (22:09) - Listener voicemail: Does the accounting profession cover too much? (30:40) - Why more people should become accountants (33:23) - The problem with ELE programs to reach 150 (38:27) - ADP study shows why and when people change jobs (41:10) - How can starting salaries increase in accounting? (46:33) - Why accounting students should double major (53:01) - Checking back in on the live chat with questions (58:48) - We get a one-star review! 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 Intuit reveals new A.I. assistant after major investment https://fortune.com/2023/09/06/intuit-ai-virtual-assistant-major-investment-ceo-sasan-goodarzi/ Intuit Assist - Your AI Accounting Assistant https://quickbooks.intuit.com/ai-accounting/ Intuit Mailchimp Launches New Global Campaign to Help Marketers Untangle Their Clustomer Problem https://investors.intuit.com/news/news-details/2023/Intuit-Mailchimp-Launches-New-Global-Campaign-to-Help-Marketers-Untangle-Their-Clustomer-Problem/default.aspx Introducing Intuit Assist: The Generative AI-Powered Financial Assistant for Small Businesses and Consumers https://investors.intuit.com/news/news-details/2023/Introducing-Intuit-Assist-The-Generative-AI-Powered-Financial-Assistant-for-Small-Businesses-and-Consumers/default.aspx Promoting an employee may lead them to leave https://www.accountingtoday.com/news/adp-examines-impact-of-promotions-on-employee-motivation-and-retention Transformative Tax Preparation: Gen-AI Powered Intuit Apollo https://blog.turbotax.intuit.com/breaking-news/tax-preparation-powered-by-gen-ai-59318/ Intuit Assist Poised To Boost Competitive Moat, Gets A Price Target Boost From Analysts https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34327992/intuit-assist-poised-to-boost-competitive-moat-gets-a-price-target-boost-from-analy Intuit cut hundreds of jobs and spent at least $20 billion in a massive bet on AI. Today the company is revealing its new virtual assistant https://finance.yahoo.com/news/intuit-cut-hundreds-jobs-spent-120000980.html Google to charge big businesses $30 per user per month for AI in Gmail and work apps https://www.cnbc.com/2023/08/29/google-will-charge-enterprises-30-a-month-for-duet-ai-in-workspace.html Meet our guest, Jack Castonguay Website: https://scholar.google.com/citations?user=Pg5p99EAAAAJ&hl=en&oi=sra LinkedIn: https://www.linkedin.com/in/jack-castonguay-phd-cpa/ Twitter: https://twitter.com/profjackc?lang=en Instagram: https://www.instagram.com/profjackscout/ 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