About this episode
Can an AI reconcile your books while you sleep? Blake and David run a live experiment with ChatGPT-5’s Agent Mode in Xero—watching it match transactions, stumble on prepayments, and reveal what’s realistically automatable today. They also break down a flood of app news: Dext's bill pay, Ramp’s mega raise, Thomson Reuters and Deloitte’s agentic AI, plus Ignition–Financial Cents and Canopy portal moves. They dig into survey findings showing that 58% of employees are secretly using AI at work despite company bans, and take a look at how AI is disrupting the job market for college graduates. Sponsors TeamUp - http://accountingpodcast.promo/teamup Relay - http://accountingpodcast.promo/relay Human at Scale - http://accountingpodcast.promo/human Missive - http://accountingpodcast.promo/missive Chapters (01:32) - Exploring AI in Accounting (02:20) - Testing ChatGPT for Accounting Tasks (05:26) - Reconciling Transactions with AI (10:27) - App News (18:34) - AI and Automation in Accounting (23:29) - Recent Raises and Acquisitions (31:10) - Government and Regulatory Updates (35:14) - AI Agent Struggles with Prepayment (35:39) - VC Investments in Accounting Firms (37:43) - Ignition and Financial Sense Integration (40:13) - Canopy's Smart Intake and AI Innovations (42:58) - AI in the Workplace: Surveys and Insights (44:39) - AI Agent Finally Figures Out Prepayment (52:36) - AI's Limitations and Future Potential (01:01:55) - Fundraising and AI in Accounting Apps (01:12:28) - Impact of AI on the market (01:13:42) - Conclusion and CPE Information Show Notes Product Specialist-Accounting,AI - Xero https://builtinlondon.uk/job/product-specialist-accounting-ai/6683466 Rillet raises $70M to replace 20th-century accounting software with AI-native ERP built by accountants https://www.globenewswire.com/news-release/2025/08/06/3128328/0/en/Rillet-raises-70M-to-replace-20th-century-accounting-software-with-AI-native-ERP-built-by-accountants.html AI accounting startup Rillet raises $70 million in Andreessen Horowitz, ICONIQ-led round https://www.investing.com/news/economy-news/ai-accounting-startup-rillet-raises-70-million-in-andreessen-horowitz-iconiqled-round-4172975 Ramp Raises $500 Million at $22.5 Billion Valuation to Accelerate AI and Build the Future of Finance https://www.prnewswire.com/news-releases/ramp-raises-500-million-at-22-5-billion-valuation-to-accelerate-ai-and-build-the-future-of-finance-302516953.html Ramp hits $22.5B valuation just 45 days after reaching $16B https://techcrunch.com/2025/07/30/ramp-hits-22-5b-valuation-just-45-days-after-reaching-16b/ IRS, White House clashed over immigrants' data before Billy Long was ousted https://www.washingtonpost.com/business/2025/08/09/trump-administration-irs-data-dispute/ Trump replaces IRS Commissioner Billy Long with Scott Bessent https://www.washingtonpost.com/business/2025/08/08/billy-long-irs-commissioner-bessent/ Trump ousts Billy Long as IRS commissioner, names Bessent acting head https://www.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner IRS Chief Forced Out After Immigrant Tax Data Pushback—Report https://www.newsweek.com/irs-chief-forced-immigrant-tax-data-pushback-report-2111292 Billy Long's IRS ouster follows clashes with Treasury, sparks concern https://thehill.com/homenews/administration/5449180-treasury-clashes-irs-commissioner/ Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe 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 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/ApplePodcasts YouTube: https://www.youtube.com/@TheAccountingPodcast Spotify: http://cloudacctpod.link/Spotify Podchaser: http://cloudacctpod.link/podchaser Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast 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 c...