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!
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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
Introducing Intuit Assist: The Generative AI-Powered Financial Assistant for Small Businesses and Consumers
Promoting an employee may lead them to leave
https://www.accountingtoday.com/news/adp-examines-impact-of-promotio
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