Today, Blake and David explore how artificial intelligence is reshaping accounting, discussing its potential to handle 70% of information-based tasks and impact workflows like data collection, reconciliation, and client services. They criticize the current theoretical approach to accounting education, advocating for more practical, hands-on learning experiences. They also dig into the ongoing 150-hour rule debate, examining recent state board initiatives for alternative CPA pathways and concerns about the accounting talent pipeline. Blake and David tackle the recent Evolve cybersecurity breach and its implications for fintech companies and move on to listener feedback and questions.

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Chapters

(02:40) - Vacation Plans and Quiet Vacationing
(07:45) - Generative AI in Accounting
(10:37) - Challenges and Opportunities in AI Adoption
(18:38) - CPA Firm Dynamics and Partner Retirement
(28:58) - Survey Insights and Alternative Pathways to CPA
(33:05) - Arkansaw State Board of Accountancy Pursuing Alternative Pathways to CPA
(34:19) - Blake and David Look at the California CPA License Survey
(37:29) - Addressing Concerns About CPA Mobility
(38:10) - Survey Reflections and Critique
(42:38) - Listener Mail: Nebraska's CPA Changes
(43:55) - The Practicality of Accounting Education
(01:00:38) - Evolve Bank Cyber Attack
(01:06:35) - Closing Thoughts and 4th of July Message

Show Notes

Millennials call it ‘quiet vacationing,’ but it’s really remote work gone wrong—and it’s CEOs’ worst nightmare

https://fortune.com/2024/05/23/quiet-vacation-millennials-gen-z-harris-poll-remote-work

Death, Taxes, and AI: How Generative AI Will Change Accounting

https://a16z.com/generative-ai-in-accounting/

Tech lag named top risk for accountants in 2024 Intuit QuickBooks survey

https://quickbooks.intuit.com/r/news/accountant-tech-survey-results/

Finding Qualified Staff Is the Top Issue Facing Most CPA Firms In 2024

https://www.cpapracticeadvisor.com/2024/06/07/finding-qualified-staff-is-the-top-issue-facing-most-cpa-firms-in-2024/106519/

Help! A Partner Wants to Retire Early

https://cpatrendlines.com/2024/04/24/help-a-partner-wants-to-retire-really-early/

Arkansas State Board of Public Accountancy – Proposed Rule Changes

https://www.labor.arkansas.gov/licensing/state-board-of-public-accountancy/proposed-rule-changes/

California Board of Accountancy

https://www.dca.ca.gov/cba/

California Board of Accountancy’s LinkedIn Post on CPA Next Survey

https://www.linkedin.com/posts/cbanews_we-want-to-hear-from-you-this-weekend-is-activity-7212584294232285184-25sa

CPA Candidates Approved To Sit At 120 Hours Starting 1/1/2025

https://nebraska-cpa.thenewslinkgroup.org/cpa-candidates-approved-to-sit-at-120-hours-starting-1-1-2025/

Evolve Hit With Fed Enforcement Action, But Why Did It Take This Long?

https://substack.com/home/post/p-145886596

Cybersecurity Incident

https://www.getevolved.com/about/news/cybersecurity-incident/

Yieldstreet says some of its customers were affected by the Evolve Bank data breach

https://techcrunch.com/2024/07/02/yieldstreet-says-some-of-its-customers-were-affected-by-the-evolve-bank-data-breach/

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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.

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