The "How" of Being Intentional with Twyla Verhelst, CPA and Andrea MacDonald, CPA

Blake’s conversation with Kendale King, CPA, gives an insider’s view into the intriguing world of entertainment finance. Kendale shares his transition from Big Four auditor to accounting for multi-million dollar studio deals. You’ll see a new side of accounting blending creativity with business strategy. Gain insight into entertainment studios’ complex “Hollywood Accounting” practices around profit participation and residuals. Understand Kendale’s integral role as crypto assets shape future accounting standards. Appreciate his vision to directly integrate CPA abilities into AI applications. If you want to hear an unconventional accounting journey and glimpse the opportunities for accountants to impact media and emerging technologies, join us for Kendale’s exclusive look behind the scenes.

Chapters

• (00:45) - Welcome Kendale to the Show
• (01:38) - Favorite Gigs and the Impact of DreamCon
• (06:11) - The Transition from Deloitte to the Entertainment Industry
• (08:18) - Making the Leap to LA: From Audit to Entertainment Accounting
• (13:59) - Deep Dive into Entertainment Accounting with Netflix
• (16:14) - Understanding the Complexities of Content Accounting
• (22:22) - Why do Studios Shelve Finished Films?
• (26:36) - The Intricacies of Hollywood Accounting Explained
• (34:25) - The Evolution of Kendale's Own Firm: KCK
• (40:01) - The Pricing Puzzle: How KCK CPA Approaches Client Engagements
• (42:58) - How Can Accountants Learn the Entertainment Business?
• (46:25) - How Did Kendale Get into the Crypto Space?
• (49:12) - How Did You Get Invovled with FASB?
• (55:35) - Exploring AI in Accounting: The Future is Now
• (57:38) - Where to Reach Kendale

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

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Connect with Our Guest, Kendale King

LinkedIn: https://www.linkedin.com/in/kendale-king-cpa-90916721/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

(Originally recorded on February 15, 2024 on Earmark Webinars+)

Hector and Blake recount a brief history of QuickBooks Desktop vs QuickBooks Online through the end of 2023, the state of Intuit’s current offers and posturing in the market, and where they think QuickBooks is moving into for 2024 and beyond.

Chapters

• (01:11) - Hector's Journey: From Tax Practice to Tech Innovator
• (03:16) - A Deep Dive into QuickBooks' Evolution
• (07:12) - The Shift to QuickBooks Online and Its Ecosystem
• (11:41) - Predicting the Future: QuickBooks Desktop's Demise
• (12:08) - QuickBooks Online: Aiming for Total Workflow Control
• (14:03) - The Role of AI in Shaping QuickBooks' Future
• (16:08) - Intuit's Strategy: Moving Beyond Desktop Versions
• (25:21) - The Controversy Around QuickBooks Live Bookkeeping and Tax Services
• (30:15) - The Impact of QuickBooks on Accounting Professionals
• (31:16) - QuickBooks' Strategy for Tax Services
• (33:07) - The Evolution of QuickBooks Live and Assisted Services
• (35:14) - The Challenges of Running a Service Business vs. Software Company
• (37:22) - Intuit's Strategic Shift Towards Assisted Services
• (42:08) - The Future of Accounting: AI and Automation
• (48:02) - Listener Questions and Insights on QuickBooks Features
• (54:37) - Exploring TurboTax Verified Pro and Its Implications
• (57:08) - Closing Remarks and Resources

Earn CPE for this episode

https://app.earmarkcpe.com/?course_id=8b2e537a-e5f6-4c4d-a94f-c93b44000eba

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

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Connect with Our Guest, Hector Garcia, CPA

LinkedIn: https://www.linkedin.com/in/hectormgarciacpa/
Website: http://www.hectorgarcia.com
Twitter: https://twitter.com/qbkaccounting

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Rob Valdez joins Blake to discuss how artificial intelligence and generative chatbots like ChatGPT could automate routine audit tasks. They also explore the potential to train staff more effectively, save significant time on substantive testing, draft higher quality work, and some challenges around adopting these tools, such as security fears, poor system integration, and partners resistant to change.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

• (00:53) - Rob Valdez Joins the Show to Talk About AI
• (02:27) - What Does Rob Do and What Is His Background?
• (03:35) - State of Artificial Intelligence in Audit
• (05:21) - Exploring the Use of AI Chatbots
• (08:55) - Potential of AI in Drafting Financial Statements
• (12:16) - The Future of AI with Audit
• (23:41) - Implications of AI on Audit Staff Roles
• (29:14) - The Power of Automation and Teamwork
• (31:00) - Challenges in Adopting AI in Firms
• (33:36) - The Inefficiencies of Current Data Management
• (35:53) - The Need for Integrated Systems
• (39:40) - What Will Motivate Aduit Firms To Adapt?
• (49:04) - The Possibility of Private Equity Getting Involved
• (53:30) - The Importance of Self-Disruption
• (54:59) - Thanks For Listening and How To Reach Rob

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest, Rob Valdez

LinkedIn: https://linkedin.com/in/rob-valdez
Twitter: https://twitter.com/robvaldezcpa

Learn more about Novogradac

Website: https://www.novoco.com/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Phong Ngo and Charley Howe join Blake to discuss how their accounts payable automation software is helping small and mid-sized manufacturers, construction companies, and other businesses capture detailed invoice data to enable precise job costing and reporting without expensive ERP implementations. Learn how starting with solving the accounts payable data entry pain point allows them to streamline workflows while accounting firms and their clients gain efficiency. They also highlight the benefits of the MakersHub partner program for accountants.

Sponsor
MakersHub - https://earmarkcpe.promo/makershub

• (00:00) - Solving Accounts Payable Pain Points with MakersHub
• (00:55) - Welcome Charley and Phong from MakersHub to the show
• (01:16) - What makes MakersHub different from other AP solutions?
• (05:18) - The power of MakersHub's proprietary technology
• (06:20) - Phong's journey from engineering to business
• (09:16) - The limitations of solutions already on the market
• (12:15) - The vision for MakersHub
• (15:00) - Charley's journey from banking to startups
• (20:24) - The evolution of MakersHub
• (26:47) - Solving at the build level first
• (34:40) - Which accountants and bookkeepers is MakersHub For?
• (39:05) - Creating a product that creates value for accounting firms
• (44:32) - How does an accountant or firm get started with MakersHub?
• (47:00) - Thanks for listening and please reach out to learn more

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guests:

Charley Howe

LinkedIn: https://www.linkedin.com/in/charles-howe-7a9816118
Facebook: https://www.facebook.com/MakersHub.aiOfficial/

Phong Ngo

LinkedIn: https://www.linkedin.com/in/phong-ngo

Learn more about MakersHub

Website: http://www.discover.makershub.ai/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Blake chats with Brandt Kucharski, former chief accounting officer at GrubHub and current CAO at Ethos Life, about his career journey from public accounting to leading startups through IPOs. They discuss Brandt's pivotal role in taking GrubHub public as one of the first "unicorn" startups, the process of scaling accounting teams and controls, nonprofit work with the Holiday Heroes Foundation, and thoughts on increasing accounting talent amid growing complexity.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

• (01:06) - Welcome Brandt Kurcharski to the show
• (02:37) - Early Career and Joining GrubHub
• (05:07) - What was the first thing you did at GrubHub?
• (05:41) - The Journey to IPO
• (09:51) - What advice would you give a young controller going through an IPO
• (11:29) - Let's talk about GrubHub's tech stack at the time
• (15:26) - Building the Accounting Team at GrubHub
• (18:03) - The smartest thing you did at GrubHub
• (23:56) - Reflection on GrubHub's Success
• (25:21) - Biggest mistake you made at GrubHub
• (26:47) - Size of Your Accounting Team
• (29:03) - The Merger with Seamless and Going Public Again
• (31:09) - Let's talk Sarbanes-Oxley
• (34:47) - The Journey of Grubhub's Second Public Listing
• (35:54) - The Challenges of Merging and Going Public Again
• (37:53) - The Role of Charity in Personal Growth
• (41:04) - Accounting Challenges For a Charity
• (43:19) - The Journey from Grubhub to Ethos Life
• (47:35) - Accounting at Ethos vs GrubHub
• (49:14) - The Impact of Accounting Standards on Business
• (55:13) - The Accounting Talent Crisis and Possible Solutions
• (01:01:11) - Thanks for Listening and Remember to Subscribe

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest, Brandt Kucharski

LinkedIn: https://www.linkedin.com/in/brandtkucharski/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

On this bonus episode Blake explores how artificial intelligence will transform the accounting profession. You'll learn how leading AI tools and chatbots can help automate routine tasks, freeing you up to focus on more strategic, higher-value services. He'll also walk through real-world examples of using AI for document analysis, tax research, correspondence, transcript review, drafting/editing, and more. Whether you're a sole practitioner or work in a large firm, this episode will equip you with actionable tactics to drive efficiency with existing clients and expand your advisory services. Don't let AI disrupt accounting without you!

Chapters

• (00:00) - Introduction and Overview of AI Chatbots
• (01:11) - Potential of AI in Automating Accounting
• (02:43) - How AI Can Improve Communication in Accounting
• (03:19) - Current Usage of AI in Accounting
• (04:17) - Exploring Leading AI Chatbots
• (04:32) - Introduction to ChatGPT
• (06:22) - Introduction to Claude by Anthropic
• (07:03) - Introduction to BARD and Grammarly
• (08:19) - Using Bing Chat for Web Search
• (16:42) - Document Analysis with Claude
• (23:48) - Explaining Accounting Concepts with AI
• (31:12) - Exploring ChatGPT's Web Search Feature
• (31:41) - Answering Audience Questions: Data Protection in Microsoft Copilot
• (33:27) - Demonstrating ChatGPT's Response Generation
• (36:08) - Using AI for Client Questions and Voicemail Transcripts
• (41:36) - Drafting Policies and Procedures with AI
• (41:45) - Responding to IRS Notices with AI
• (46:48) - Summarizing Meeting Transcripts with AI
• (54:21) - Q&A and Closing Remarks

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Hitendra R. Patil joins Blake for an insightful conversation about the staffing shortage in the accounting profession, identifying overwork and lack of work-life balance as key issues causing high burnout rates. They explore potential solutions like dropping the billable hour model, measuring impact rather than hours worked, outsourcing certain tasks, and focusing on specific value-added services. Patil also describes how his company helps accounting firms efficiently leverage offshore talent.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

• (00:47) - Hitendra Patil joins the show
• (03:24) - Let's talk about CAS
• (04:43) - What do you see firms call their communication with clients?
• (12:19) - National Association of Tax Professionals 2023 study
• (13:27) - CAS is vague and firms need to figure out what they want to offer from it
• (14:17) - What is causing the accounting shortage?
• (20:35) - How big of problems are the overwork and pay?
• (25:01) - More and more firms are offshoring work
• (29:34) - How long is offshoring a viable option?
• (32:52) - What are the accounting student numbers in India?
• (35:03) - Korn Ferry study on future shortages of working professionals
• (40:13) - What is the real underlying cause of the talent shortage
• (41:52) - Hourly timesheets and billing
• (44:01) - How can accountants measure impact on clients?
• (51:13) - Datamatics Business Solutions Inc.
• (58:07) - Thanks for listening and remember to earn your free CPE on Earmark

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest, Hitendra R. Patil

LinkedIn: https://www.linkedin.com/in/hitendrapatil/
Twitter: https://twitter.com/HitendraRPatil
Facebook: https://www.facebook.com/HitendraRPatil/
Instagram: https://www.instagram.com/accountaneur/

Learn more about Datamatics Business Solutions, Inc. (DBSI)
Website: https://datamaticscpa.com/accounting-bookkeeping-outsourcing-for-usa-cpas/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Blake is joined by two "Young" CPAs, Hannah Hood, and Joey Kinney, both virtual CFOs with Summit Virtual CFO by Anders. Among the topics of discussion are challenges for young accountants including low starting salaries, lack of flexibility and career path at traditional firms, the value of remote work, and the need for more women leaders and work-life balance in the accounting industry. Hannah and Joey also promote changing the accounting profession to be more adaptable and inclusive.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

• (00:49) - Welcome Hannah and Joey to the show
• (04:47) - Where are Hannah and Joey located?
• (07:12) - Hannah, what is it like being a virtual CFO?
• (09:16) - What kind of clients do you work with?
• (10:04) - Joey what is different about your job and clients?
• (13:30) - How did you learn to do forecasting
• (16:05) - Are accountants leaving the profession because of boredom?
• (19:49) - Joey can you tell us about how you set your own schedule with hours
• (22:14) - How is your pay determined?
• (29:46) - Summit allows you to work fully remote
• (33:43) - What do you think holds back most firms from making these types of shifts?
• (41:15) - How do we get higher starting salaries in accounting?
• (42:16) - How Hannah and Joey each got their 30 extra semester hours for CPA licensure
• (49:10) - Is the old promise of the accounting dream gone?
• (55:54) - What's one thing you would change about the accounting profession if you could change anything?
• (01:01:28) - Wrap up and how to listen to The Young CPA Success Show

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guests

Hannah Hood

LinkedIn: https://www.linkedin.com/in/hannah-hood-7a4740b2

Joey Kinney

LinkedIn: https://www.linkedin.com/in/joey-kinney-cpa-60658188/

Learn more about Summit Virtual CFO by Anders

Website: https://www.summitcpa.net

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Rising CPA star Logan Graf joins Blake to discuss his success in growing a profitable firm in just three years. Logan shares his unique transparent approach, how he rapidly increases his pricing year over year, and how he structures productized service packages to maximize profits. Blake and Logan talk about automating the client onboarding process, and key strategies around requiring upfront payments. This eye-opening episode is full of actionable advice to help CPAs accelerate firm growth and build their dream practice.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

• (07:40) - How Logan spends his time making content
• (10:41) - What type of services do you offer at your firm?
• (17:12) - How do you reevaluate pricing and implement higher pricing?
• (26:25) - Do you have any tips to raise prices without making clients angry?
• (29:48) - Getting clients to pay you upfront
• (35:55) - Have you started sending out proposals for next year yet?
• (49:03) - Tell me about your package offerings on your website
• (55:29) - How do you track projects and thoughts on practice management software?
• (01:03:14) - Blake demonstrates the ChatGPT CapCut integration
• (01:08:30) - Thanks for listening and remember to subscribe

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest, Logan Graf
LinkedIn: https://www.linkedin.com/in/logangraf/
Twitter: https://twitter.com/LoganGrafTax
YouTube: https://www.youtube.com/channel/UCF2X_OgakltGGp-r5AJNsPQ

Learn more about The Graf Tax Co. PLLC
https://www.graftaxco.com/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Jody Grunden, the founder of Summit CPA Group, was a trailblazer in establishing one of the first CPA firms specializing in virtual CFO services. They recently achieved an impressive $10 million in revenue. What propelled Jody's success? The key lies in his commitment to regular client meetings. In this enlightening discussion, Jody unveils his strategy of revolutionizing client relationships by transitioning from traditional monthly engagements to weekly touchpoints. Tune in now to unlock the potential of this simple yet transformative shift, enabling you to enhance your advisory services and propel your firm's growth to new heights.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

• (00:00) - Welcome To The Earmark Podcast
• (01:24) - What inspired Jody to start his firm, and how did he start doing CFO work and not just compliance?
• (06:10) - Jody wanted to find what his firm could change from the traditional model
• (13:09) - Automatically charging clients for your services
• (20:00) - What do you do for a typical client?
• (32:02) - The importance of having a dynamic forecast
• (35:14) - Where did you learn to do this driver based modeling?
• (37:04) - How do you staff these engagements?
• (42:57) - Only do tax returns for clients you do the books for
• (44:11) - How did you get into doing remote work?
• (51:12) - Jody has always invested in marketing and now content
• (55:02) - What made you choose Anders over other firm merger possibilities?
• (58:12) - Jody's 5 requirements for selling or merging his firm
• (01:06:09) - Wrap up and where people can learn about Summit and find Jody online

Download the Earmark CPE App
 
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest,  Jody Grundon

LinkedIn: https://www.linkedin.com/in/jodygrunden
Website: https://www.summitcpa.net/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/