QuickBooks Launches Bill Pay | NetSuite Adds AI | How Financial Fraud Will Fill CPA Pipeline

Blake and David discuss the factors that impact accountant salaries, including location, experience, and industry, and highlight the correlation between accounting salaries and overall economic conditions, noting that periods of economic growth can lead to higher salaries. They also take a look at the partnership between PwC and OpenAI and speculate on the potential impact of AI on accounting consulting and fraud detection. All this and more, right now! Sponsors

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Chapters

(00:27) - Blake and David are back from SuiteWorld and talk about NetSuite's new AI features

(09:31) - Using AI to audit cattle

(12:22) - Former Trump CFO, Allen Weisselberg, describes GAAP

(14:03) - FTX trial update

(17:27) - The "proof of reserves" myth in crypto

(20:22) - Are financial statements and audits irrelevant in 2023

(26:45) - QuickBooks is launching bill pay

(33:01) - The 150-hour rule is a barrier, not a bar

(40:24) - Should CPAs have more specific designations and should bookkeeping require licensure?

(43:10) - 3 professors know how to solve the pipeline problem?

(46:45) - Some ChatGPT updates

(50:44) - PwC partners with OpenAI

(55:53) - Xero announces AI with searches

(57:38) - Wrap up and where to reach Blake and David

Show Notes Bill to compete with Intuit after partnership ends                https://www.paymentsdive.com/news/bill-intuit-partnership-embedded-payments-smb-competition-b2b/691269/   BILL Introduces Integrated Financial Operations Platform for Small Businesses https://www.pymnts.com/smbs/2023/bill-introduces-integrated-financial-operations-platform-for-small-businesses/   Intuit Introduces QuickBooks Bill Pay, Expanding Money Platform to Deliver Business-to-Business Payments with AP Automation         https://investors.intuit.com/news/news-details/2023/Intuit-Introduces-QuickBooks-Bill-Pay-Expanding-Money-Platform-to-Deliver-Business-to-Business-Payments-with-AP-Automation/default.aspx   Intuit Introduces QuickBooks Bill Pay        https://thepaypers.com/online-mobile-banking/intuit-introduces-quickbooks-bill-pay--1265038   Is FTX the biggest audit disaster ever?      https://www.accountingweb.co.uk/community/blogs/philip-fisher/is-ftx-the-biggest-audit-disaster-ever   The mystery of FTX's missing $9B is unraveled      https://www.accountingtoday.com/articles/the-mystery-of-ftxs-missing-9b-is-unraveled-at-sbf-trial   Bill Unveils Accountant Console for Accountant Partners  https://insightfulaccountant.com/accounting-tech/vendor-news/bill-unveils-accountant-console-for-accountant-partners/   Stick with high standards — and 150 hours            https://www.accountingtoday.com/opinion/stick-with-high-standards-and-the-150-credit-hour-requirements-for-cpas   With annual reports in the hundreds of pages, who has time to run a business?    https://www.cityam.com/with-annual-reports-in-the-hundreds-of-pages-who-has-time-to-run-a-business/   PwC partners with ChatGPT creator OpenAI          https://www.accountingtoday.com/articles/pwc-offers-advice-from-bots-in-deal-with-chatgpt-firm-openai   Avalara Expands Partnership with Oracle NetSuite to Deliver Integrated E-Invoicing Solution https://www.cpapracticeadvisor.com/2023/10/17/avalara-expands-partnership-with-oracle-netsuite-to-deliver-integrated-e-invoicing-solution/96047/   New York AG accuses crypto firms of deceiving investors in $1 billion fraud https://www.cnn.com/2023/10/19/tech/crypto-firms-fraud-charges-new-york/index.html   CPA Standoff: Why haven't the other provincial bodies joined the ...           https://www.canadian-accountant.com/content/profession/cpa-standoff-other-provincial-bodies   Accounting is facing a labor crisis. Could fraud be part of the solution?      https://phys.org/news/2023-10-accounting-labor-crisis-fraud-solution.html   FTX Used Billions in Customer Funds to Buy Back Binance Stake    https://www.coindesk.com/policy/2023/10/19/ftx-used-billions-in-customer-funds-to-buy-back-binance-stake/   Accounting is facing a labor crisis. Could fraud be part of the solution?      https://news.ufl.edu/2023/10/accounting-facing-labor-crisis/   Accountants battle software integration frustration           https://www.accountingweb.co.uk/tech/accounting-software/accountants-battle-software-integration-frustration   Oracle NetSuite Embeds Generative AI Throughout the Suite to Help Organizations Boost Productivity