Accounting Exposed

Andrew Yas is a business valuator for the Business Development Bank of Canada or BDC. Business valuators are so important because they help provide a credible estimate of a business's worth. There are various methods depending if the business is a going concern or near liquidation. There is the asset based method, market based method as well as other methods. Another important factor to consider is industry comparisons. With new tech startups that don't have a history of sales and other variables, it is more difficult to get an industry comparison, which is a challenge for business valuators.

Do accountants need to become literate in new technologies such as blockchain? Erica Pimentel conducted research on the confidence auditors have on their understanding of blockchain technologies and the limitations that can put on engagements with startup clients in the blockchain space. There is a lot of opportunity for assurance and verification in the blockchain space which is being filled right now by assurance providers native to the blockchain space, while it could be a natural role played by accountants.
Many startups in blockchain are not aware of the value which could be brought by having accountants verify their books, provide internal controls and strategic advice.
Accounting curriculums will have to change as accountants will need to be literate in new technologies such as basic programming understanding.
How do professionals find meaning at work, specifically during the COVID-19 pandemic? Working from home has greatly affected the working experience by work becoming mostly virtual as well as the uncertainty of job security.
How are relationships affected by physical interaction being replaced by Zoom interactions? Some things such as information sharing is relatively doable, while other things such as learning from a mentor or an employer firing an employee are more difficult to be done virtually.

Why do we pay taxes? There are various schools of thought, philosophers and religious basis for taxation. Till today we debate the extent of government service vs private service providers. Another question is should people take advantage of loopholes in the tax system to avoid paying taxes. Is it ethical? Does it matter?

In my interview with Professor Smith we discuss:
- How he got into accounting
- The importance of programming and knowledge of hacking
- Research into how accountants have been portrayed in film and literature
- Why these portrayals persist
- Future trends which may affect society's perceptions of accountants
- Professor Smith advice to people interested in the accounting profession

In my interview with Erik Solbakken, CPA, business coach and founder of Accountant Success Formula, we discuss:
- How Erik got into accounting, his career path and his decision to start his own firm with a different way of doing things
- The three lies: 1. Our worth is equal to the hours we work, 2. Our clients are naturally price sensitive and 3. Tax time just has to suck.
- Erik's philosophy on how to run an accounting firm, make more money and never work overtime
- How to talk to clients: Focusing on pain points vs money
- The types of clients that will enable this business model
- Year long engagement with monthly fees vs year end engagement with fee based on billable hours
- Erik's advice for young accountants
Erik can be reached and his book can be ordered at https://eriksolbakkencpa.com/

In my interview with Professor Gail Fayerman of John Molson School of Business, we discuss:
- How she got into accounting
- The challenges and rewards of teaching
- The impact of the pandemic on school and work
- Are exams necessary for working
- The future of working in an office vs from home
- Future jobs and opportunities in the accounting industry

In my interview with David Malamed, forensic accountant, we discuss:
- Why David went into accounting
- How he became a forensic accountant
- Stories from the courtroom
- Examples of frauds and fraudsters
- Frauds happening during the COVID-19 pandemic
- Link between technology, older people and fraud
- Signs of fraud people should be aware of
- What, if anything, a victim of fraud can do

In my interview with Kevin Whitehouse, we discuss:
- Why Kevin went into accounting
- Importance of technology in the accounting profession
- Added value that accountants can bring to clients
- How Kevin operates without deadlines
- Mentoring accountants
- Future opportunities in accounting

In my interview with Ron Baker, we discuss:
- Ron's career path
- Value based pricing definition
- Comparing traditional to value based
- Examples of value based pricing
- Importance of offering three choices to clients
- Importance of asking the right questions to clients
- Importance of niching
- The placebo effect
- Liberal arts education vs business school

In my interview with Dr. Lauren Beck, we discuss:
- Accounting documents from the 16th century
- Accounting for slavery
- Dowries and what it said about the status of women
- Accounting records in history vs modern

In my interview with Mark Goldman, we discuss:
- Mark's career path
- The value of obtaining the CPA title
- Tips for candidates looking for jobs
- Getting published
- The value of the accountant with automation

In my interview with Christie Tsartolias of Doctor Payroll, we discuss:
- What was her motivation to become an entrepreneur
- Her background in payroll
- Most difficult parts of being an entrepreneur
- Canadian and Quebec payroll deductions
- Important things business owners should know about payroll
- 3rd party vs inhouse payroll processing
- Interprovincial payroll
- Shyness and how to get over it

In my interview with Sammie Johannes, we discuss:
- Sammie's career path
- Her transition from accounting to sales
- Transferrable skills from accounting
- Hard sale vs soft sale
- Body language tips
- Sammie's challenges with anorexia and how she dealt with it
- New fintech product development
- The future of the accounting profession
- Sammie's recommendations for young accountants
- Networking tips
- Sammie's book recommendations


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In my interview with Reuben Abitbol, we discuss among other things:
- How and why Reuben became a CPA and tax lawyer
- Reuben's experience in audit working at a Big 4 firm
- Reuben's experience in law school
- Reuben's experience working at a law firm
- The kinds of issues in tax law that Reuben deals with
- The major value that clients see in professionals such as lawyers and accountants
- Does Reuben recommend a CPA go to law school and why
- Skills and personality traits that would help a CPA succeed in law school
- Educational requirements to get into law school
- Audit red flags to be aware of

In my interview with Professor Kadous, we discuss among other things:
- Why she chose to go into accounting
- Her experience as an auditor
- Her experience as a controller
- Her research into intrinsic motivation and its impact on work performance of auditors
- Intrinsic vs extrinsic motivation
- The method which she used on auditors to increase their intrinsic motivation
- Can anyone increase their intrinsic motivation for anything

In my interview with the ultimate tax professional, CPA and tax lawyer Mike Skoczylas, we discuss among other things:
- How did Mike become a CPA and tax lawyer and which one came first
- Some of the major tax issues such as real estate that Mike deals with
- Important skills and personality traits for being a CPA and lawyer
- Difference between tax law and other law fields
- Advantages of going to law school with an accounting background
- Mike's opinion of audit vs tax
- Mike's take on the Trump administration's new tax law
- Recommendations to people who may be interested in the CPA and law career path

In my interview with Jonathan Schacter, we discuss:
- How Jonathan got into accounting
- Switching from public accounting to industry
- The role of controller
- The role of CFO
- Useful transferable skills from public accounting
- How Jonathan got into teaching
- The value that accountants bring
- Artificial intelligence

In my interview with Doug Hoyes, we discuss:
- How he went from accounting to insolvency
- Transferable skills from accounting
- What it's like to work in insolvency
- The difference between bankruptcy and consumer proposal
- Debt vs equity financing for companies
- Student debt
- Canadian vs American health care systems

In episode 3, find out about:
- The function of money and cash in society
- The function of credit and accrual accounting
- The major Canadian banks and the banking system
- The different bank accounts you could have
- The cash flow statement
- The pros and cons of having excess cash
- Liquidity ratios
- What are bank reconciliations

What is the history of the accounting profession? How did it evolve into what it is today?
In this interview with Professor Thomas King, author of the book 'More Than a Numbers Game: A Brief History of Accounting', we discuss among other things:
- How Professor King got into the accounting profession
- His role as an auditor for the Arthur Andersen accounting firm
- His role as controller and then treasurer for Progressive Insurance
- The Enron scandal and Arthur Andersen's role in it
- The earliest history and origins of accounting
- British investment in American railroads and how that led to the beginning of audit firms
- The development of the accounting profession through the 20th century, alongside with world events