About this episode
Blake and David discuss the slow adoption of AI tools in accounting firms, with a recent study showing low usage rates. They also explore the potential of AI to streamline tasks like email writing and fraud detection, highlighting tools like Superwhisper. Moving on, there are political discussions around tax exemptions for tips and their potential consequences, updates on the Wirecard fraud case, and insights from a study linking corporate ethics language to negative outcomes. Sponsors Lendflow - http://accountingpodcast.promo/lendflow The Small Business Research Institute - http://accountingpodcast.promo/ceanow Bookkeeping Biz Workshops - http://accountingpodcast.promo/bbworkshop Practice Protect - http://accountingpodcast.promo/protect Chapters (00:00) - Introduction and Welcome (00:59) - AI Tools for Accountants (01:21) - CPA Pathway Discussion (03:21) - SuperWhisper Demo (05:30) - Email Efficiency with AI (29:20) - Savannah Bananas Business Model (36:54) - LegalZoom Layoffs and Restructuring (38:35) - Challenges of Software in Service Businesses (38:51) - QuickBooks Live and Bookkeeping Models (42:19) - AI in Accounting: JPMorgan Chase's New Tool (44:33) - IRS Free File Expansion (48:26) - Debate on Taxing Tips (54:08) - Wirecard Scandal Update (55:15) - Ethical Companies and Investor Skepticism (01:00:16) - Listener Feedback and Career Advice (01:13:14) - The Accountant 2 Movie Announcement Show Notes Study finds accountants slow to adopt gen AI https://www.accountingtoday.com/news/study-finds-accountants-slow-to-adopt-gen-ai-tools Why Trump and Harris’s ‘no tax on tips’ plans may not help tipped workers https://www.washingtonpost.com/business/2024/08/13/trump-harris-tax-free-tips/ Beware When a Company Says It Is Trustworthy https://www.wsj.com/finance/investing/ethics-companies-trust-b182f2b5?mod=itp_wsj Two more Wirecard executives charged over accounting scandal https://www.reuters.com/technology/two-more-wirecard-executives-charged-over-accounting-scandal-2024-08-06/ LegalZoom Announces Leadership Transition https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-announces-leadership-transition JPMorgan Launches AI Assistant for 60,000 Employees https://www.investopedia.com/jpmorgan-launches-ai-assistant-for-60000-employees-8693103 Eligible taxpayers in 12 states can file for free with IRS Direct File https://www.irs.gov/newsroom/eligible-taxpayers-in-12-states-can-file-for-free-with-irs-direct-file The Accountant 2: Official release date revealed, here’s when new episodes will air https://economictimes.indiatimes.com/news/international/us/the-accountant-2-official-release-date-revealed-heres-when-new-episodes-will-air/articleshow/112474832.cms?from=mdr 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 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/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 Classifieds Forwardly - https://www.forwardly.com/ Client Hub - https://clienthub.app/ 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