Earmark Podcast | Earn Free Accounting CPE

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

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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

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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

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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/

David Toth of Winding River Consulting joins Blake to examine how digital marketing and AI are disrupting accounting firm marketing. They also look at how innovative firms use marketing automation, CRMs, and content marketing to generate leads and close deals from their websites.

Sponsor
Check out our Sponsor LiveFlow — Advanced Financial Reporting on Autopilot

• (00:51) - Earn Free CPE credit
• (01:28) - David Toth joins the show to talk about marketing for accounting firms
• (04:49) - How marketing fits into accounting firm's strategic growth
• (06:58) - What has changed in digital marketing over the last few years?
• (09:28) - How can a firm move from the old model to the new one?
• (11:45) - What are successful firms doing differently?
• (13:31) - Who is using HubSpot?
• (22:12) - Introhive and other data scraping tools
• (24:59) - What's the best practice for setting up these teams for success?
• (34:08) - What's your favorite digital marketing activity?
• (36:27) - Using LinkedIn correctly
• (38:59) - Have you seen any top 400 firms leveraging short form video content for social media?
• (43:24) - Having a plan and making priorities
• (47:24) - How do you see AI changing accounting marketing?
• (50:14) - Wrap up and where to reach David

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, David Toth

LinkedIn: https://www.linkedin.com/in/davidmtoth
Website: https://windingriverconsulting.com/

Connect with Blake Oliver, CPA

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

Mike Manalac, AKA "Mike from Accounting," joins the show to share his inspiring career journey and unconventional path from public accounting to a dream role at Google. Despite accounting stereotypes, Mike crafted his adventurous route to his ideal job. He opens up about hustling into big tech, regrouping after rejection, taking calculated risks, and breaking out of the "lazy river" career approach. Mike dishes creative tips for personal branding, nailing interviews, and landing your dream accounting job. His story proves that with grit and imagination, accountants can forge exciting careers beyond the stereotypes.

Sponsor
Check out our Sponsor LiveFlow — Advanced Financial Reporting on Autopilot

• (01:07) - Mike Manalac joins the show
• (05:00) - Can can AI help with rev rec in the future?
• (07:02) - Are you allowed to use Excel at Google?
• (09:00) - Mike started out in public accounting as an auditor
• (14:44) - How do we help accountants be happier in their jobs?
• (18:29) - How did you transition from public accounting to private industry?
• (24:21) - Starting from scratch in San Francisco
• (29:48) - How many interviews did it take?
• (37:32) - How to get through the phone screen
• (43:19) - Tips for in-person interviews
• (51:25) - Why Mike wrote "No Flux Given"
• (56:34) - How to reach Mike and get his book

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, Mike Manalac

LinkedIn: https://www.linkedin.com/in/mikemanalac
Website: https://www.mikefromaccounting.com

Connect with Blake Oliver, CPA

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

Wayne Berson, CEO of BDO USA, joins Blake and guest host, David Leary, to discuss BDO's recent transition to an employee stock ownership plan (ESOP), making it the first major accounting firm to implement an ESOP structure. They discuss how the ESOP aims to attract and retain talent in the accounting profession and provide employees at all levels with an ownership stake in the firm.

Chapters

• (00:44) - Why do an Employee Stock Ownership Plan(ESOP) now?
• (09:06) - BDO borrowed $1.3 billion - what is that money for?
• (14:52) - How will ESOP benefit staff?
• (19:06) - Is there a way to pull money out of the ESOP without leaving?
• (29:15) - How do you become a partner at BDO?
• (31:25) - What are my options when I'm a partner at BDO?
• (35:54) - What are your thoughts on the talent shortage and the 150-hour rule?
• (47:47) - What advice do you have for other firms thinking of becoming an ESOP?

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, Wayne Berson

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

Learn more about BDO

Website: https://www.bdo.com/

Connect with Blake Oliver, CPA

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

Blake is joined by Twyla Verhelst, Head of Accountant Channel at FreshBooks, to discuss a groundbreaking concept in advisory known as "Collaborative Accounting." This innovative approach aims to enhance collaboration between accountants and clients by providing a platform for efficient financial management. They delve into various aspects of this new approach, including FreshBooks' certification program, dedicated support for accounting partners, and a community for accountants to exchange best practices and insights. Prepare to be inspired by the transformative power of Collaborative Accounting!

Sponsor
FreshBooks - https://earmarkcpe.promo/freshbooks

Chapters

• (00:19) - Earn Free CPE
• (01:02) - Welcome Twyla Verhelst to the show
• (08:02) - How do you make advisory services efficient?
• (11:54) - What is "collaborative accounting"?
• (14:10) - Who are we collaborating with?
• (19:28) - Can you give us an example of this?
• (24:13) - How do we make the time for this when we're so busy helping with clients with other problems?
• (35:54) - Why clients are seeking financial advice elsewhere
• (39:36) - What is FreshBooks doing to help make collaborative advisory possible?
• (45:08) - FreshBooks has top-notch support
• (46:01) - Community partnership is a huge part of this
• (47:10) - Wrap up and where to learn more about FreshBooks
• (50:32) - Remember to Earn Free CPE by listening to this Episode

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, Twyla Verhelst

LinkedIn: https://www.linkedin.com/in/twylav/?originalSubdomain=ca
Twitter: https://twitter.com/TwylaVerhelst
Instagram: https://www.instagram.com/thattwylagirl/?hl=en

Learn more about FreshBooks:

Website: https://www.freshbooks.com/

Connect with Blake Oliver, CPA

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

Jerry Maginnis has over 40 years of experience in the accounting profession. In this episode, he shares his journey from college student to managing partner at KPMG, offering advice to young accountants on how to build a successful career. Jerry emphasizes the importance of soft skills like communication, empathy, and relationship-building, arguing that technical expertise alone is not enough. He shares how to navigate busy season without burning out, urging accountants to speak up about their personal commitments. Jerry also shares tips on expanding your business acumen, stressing the need to deeply understand a client’s strategy and industry. We also reflect on lessons learned, and why young accountants need to allocate time to networking and relationship-building earlier in their careers. Finally, Jerry weighs the pros and cons of different career paths, while emphasizing the need to find the right fit based on your personality and interests. Whether you’re a student or young professional, this episode offers indispensable guidance to maximize your career as an accountant.

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• (01:14) - Welcome Jerry Maginnis to the show
• (02:36) - How Jerry got started in accounting
• (05:04) - What inspired you to write this book?
• (09:12) - What are some of the biggest mistakes that you see young professionals making early in their careers and how can they avoid those pitfalls?
• (16:06) - What's the best way for a staff accountant to make the partners happy when it comes to busy season?
• (18:27) - What is the difference between a great employee and an average one?
• (20:27) - Why are soft skills so important for accountants these days?
• (24:20) - When have you used soft skills in your career?
• (30:21) - Honesty is the best policy
• (33:50) - How important is business development to making partner and do I need to know how to golf?
• (36:42) - How did you learn to bring in business for the firm?
• (41:19) - What parts of accounting are in demand right now for college students?
• (44:28) - How can students and professionals prepare for AI emerging into the workspace?
• (50:46) - How would you advise a student on which career path to take out of college?
• (56:57) - What do you know now that you wish you knew at the start of your career?
• (59:53) - How to Earn FREE CPE

Download the Earmark CPE App
 
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Connect with Our Guest

Jerry Maginnis
LinkedIn: https://www.linkedin.com/in/jerry-maginnis-18a47813/

Read Jerry's book, Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities: https://a.co/d/azkmFmO

Connect with Blake Oliver, CPA

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

Think the pathway to owning an accounting firm is linear? Think again.

In this episode, Blake has a fascinating conversation with Scott “OKR” Scarano, an accounting firm owner with an unconventional background.

Before becoming a successful firm owner, Scott started dealing drugs, got kicked out of UNC, and ended up with a felony conviction. But with persistence and grit, Scott cleaned up his act, got back on track with his accounting degree, and hustled his way up to leading an accounting practice approaching $2 million in annual revenue.

Scott gives an honest account of his journey—the highs, the lows, and the lessons learned along the way. He talks about the mistakes he made scaling his firm and the tools and systems he implemented to get “out of the work” and create more freedom in his life.

These days Scott is pursuing his creative passions, like rapping as "OKR," while his firm runs smoothly in the background.

His story offers inspiration that firm ownership isn't one-size-fits-all and that with the right mindset and support, unlikely entrepreneurs can thrive in accounting.

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• (00:46) - Blake's first impressions of Scott
• (07:14) - The definition of a successful firm
• (11:28) - Scott works an hour a week on his firm
• (12:09) - The bottom line: What Scott takes home
• (13:32) - Are you planning to grow the firm?
• (15:33) - Scott felt guilty about not doing the work
• (16:55) - How Scott started his firm
• (21:34) - Learning from mistakes
• (23:29) - Scott's felony charge and what it taught him about business
• (26:02) - The similarities between pricing drugs and accounting services
• (32:09) - What did you do after you bought the firm?
• (35:55) - Getting stuck at $1.2 million revenue
• (36:40) - How EOS changed things
• (38:25) - What is Padgett?
• (39:24) - Back to EOS
• (44:48) - Joining XPAC, the Xero Partner Advisory Council
• (48:27) - Stuck in Mexico during COVID caused a mindset shift
• (51:16) - Cal Newport and digital minimalism
• (56:05) - What Scott is working on next
• (01:01:37) - Where to reach Scott and how to listen to Accounting High
• (01:04:01) - Where do you want to see the accounting profession go?

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, Scott Scarano
Website: https://www.accountinghigh.com/
LinkedIn: https://www.linkedin.com/in/scottscarano/
Twitter: https://twitter.com/scottscarano

Learn more about Scott's firm, Padgett NC

Website: https://raleigh.padgettadvisors.com/index.php

Connect with Blake Oliver, CPA

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

From tracking gambling sessions to offsetting winnings with losses, professional gamblers and enthusiasts alike need to know how to beat the house when it comes to taxes. Join Certified Public Accountant Zak Zimbile, owner of a remote CPA firm specializing in gambling taxation, as he breaks down federal and state requirements for reporting gambling income. Zak leverages his decade-plus of experience advising recreational and professional gamblers across the country to explain what counts as gambling income, how to properly track activity, when winnings must be reported, and how losses can be used to lower your tax bill. With insights ranging from tax forms to watch out for to foreign reporting requirements, this episode helps gamblers and tax professionals alike formulate strategies to minimize the house's take.

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• (00:00) - Preview: How professional gamblers stay under the radar
• (00:57) - Earn Free CPE
• (01:18) - Welcome Zak to the show
• (03:31) - How did you get into this niche?
• (05:05) - What is considered gambling income?
• (06:36) - How do people keep track of all of their winnings and losings?
• (08:19) - How do you recommend your clients keep track of all of this?
• (11:03) - Why is it so important to track this data
• (15:10) - Do you direct your clients to any specific sites that keep good records of bets?
• (16:35) - Where does the IRS publish this information on gambling and sessions
• (19:08) - Why can a W-2G and tracking by session be beneficial?
• (22:24) - Do these tax laws apply the same for professional vs recreational gamblers? And lets talk a little more about how pros are defined
• (25:15) - How does the IRS treat gambling winnings on a tax return?
• (30:34) - Does the IRS push back on the professional vs amateur classification
• (31:59) - How do taxes vary state to state on gambling wins and loses
• (35:45) - Do you see gamblers relocating specifically for tax purposes?
• (37:51) - Has video game gambling taken off?
• (39:20) - Are there any other tax forms I may receive or deal with related to gambling?
• (44:24) - What do I need to know about gambling in a foreign country?
• (49:20) - What is your favorite and the hardest part about this niche?
• (53:03) - Wrap up and where to reach Zak

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, Zak Zimbile

Twitter: https://twitter.com/ZakTheCPA
LinkedIn: https://www.linkedin.com/in/zachary-zimbile-cpa-5a4b2224/

Learn more about Zachary Zimbile, CPA

Website: https://www.zakthecpa.com/

Connect with Blake Oliver, CPA

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

Major changes are afoot in the world of QuickBooks. QBO and Payroll prices are going up. Intuit is phasing out QuickBooks Desktop Pro while touting QuickBooks Online and Enterprise as the future, though Hector predicts Desktop will still have a 2024 edition. QBO Advanced still needs improvements, like reverting to a static navigation bar, and Hector is excited about new integrations with QuickBooks Checking. Tune in for insights from Hector Garcia, CPA, on the past, present, and future of Intuit’s small business accounting software.

Sponsor
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• (00:00) - Quickbooks dropped the ball with QuickBooks Checking
• (00:57) - Earn Free CPE
• (01:18) - Welcome Hector back to the show
• (02:41) - QuickBook Online price changes
• (06:46) - How will Intuit make sure its LLM is learning the right things?
• (10:17) - What's new with QuickBooks Desktop Pro and Premier?
• (18:26) - Why can't QBO do better inventory and what apps do you recommend for inventory?
• (19:43) - Let's talk about QuickBooks Checking
• (27:25) - Are you recommending QuickBooks checking to clients? And what do they need to do to get to that point?
• (31:30) - Revisiting Hector's 2022 predictions for QuickBooks Desktop
• (33:06) - Some new features
• (37:41) - Hector's QuickBooks browser extension RightTool
• (40:44) - How do you protect client information in RightTool
• (42:12) - Hector sold his tax practice and he's having a conference in Miami
• (46:19) - We're launching a new QuickBooks podcast!

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, Hector Garcia, CPA

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

Subscribe to updates about the Unofficial QuickBooks Podcast: http://eepurl.com/iw4kpE
Learn more about Hector's conference in Miami: https://altaccountant.com/creative/

Connect with Blake Oliver, CPA

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

Follow the journey of Keeley Favoino, CPA, from her background in accounting at various organizations, including EY, Starbucks, OfferUp, and Farmer's Fridge, before joining Foxtrot, a modern corner store concept. Foxtrot's accounting department was initially focused on bookkeeping, but as the company grew, so did the need for a more robust accounting system. Keeley led the transformation from cash basis accounting to GAAP financials using QuickBooks Online, creating streamlined processes and establishing communication channels between departments. As Foxtrot continued to expand, Keeley and her team decided to upgrade to NetSuite, a platform that could better handle their reporting needs and integrate well with their existing tech stack.

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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

Chapters

• (00:22) - Preview: Being curious and finding the right fit
• (01:27) - Earn Free CPE
• (01:48) - Welcome Keeley to the show, and please tell us about FoxTrot
• (06:11) - What did Foxtrot look like in the beginning?
• (09:02) - What did the accounting team look like when you joined?
• (12:24) - How did you start working with startups?
• (25:26) - What came after OfferUp?
• (32:33) - Walk us through your moves with setting up systems
• (46:45) - What were your next steps and systems you implemented
• (49:15) - How did you pick your ERP system?
• (50:52) - What is a 4-4-5 Calendar
• (01:01:58) - What is your favorite thing about NetSuite?
• (01:10:22) - What is next for Keeley?
• (01:12:18) - What advice would you give to a young public accountant that is interested in startups?
• (01:16:04) - Wrap up and how to connect with Keeley

Connect with Our Guest, Keeley Favoino

LinkedIn: https://www.linkedin.com/in/keeley-favoino/

Learn more about Foxtrot

https://foxtrotco.com/

Connect with Blake Oliver, CPA

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

Blake Oliver is joined by Katherine Studley and Jim Swiech, the founders of Prisma Tax Group. Katherine and Jim specialize in helping OnlyFans creators and sex workers with their accounting and tax needs. They discuss the unique challenges facing these clients, as well as the common misconceptions and stereotypes surrounding the industry. Katherine shares how she built her business through TikTok and Instagram, and Jim explains how their pricing structure and hiring practices have contributed to their success. Tune in to learn more about this fascinating and underserved niche in the accounting world.

Sponsor
Check out our Sponsor LiveFlow — Advanced Financial Reporting on Autopilot

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

Chapters

• (00:00) - Preview: Everyone deserves judgment-free financial representation
• (01:10) - Earn Free CPE
• (01:30) - Welcome Katherine to the show
• (02:36) - Background on Jim
• (04:11) - Who are your clients? Are they all OnlyFans creators?
• (05:08) - Chapter 6
• (08:20) - Do you see sex workers being discriminated against in audits?
• (13:29) - What deductions should OnlyFans creators be taking?
• (14:32) - What are the biggest challenges you face working with OnlyFans creators?
• (16:12) - How do you make 1040s work?
• (18:01) - Where are you finding talent, and how are you training them?
• (21:44) - What was the biggest lift to get ClickUp to work for your firm?
• (22:52) - How do you like ProConnect compared to other software you've used in the past?
• (27:12) - What other apps do you use or recommend?
• (31:13) - Chapter 15
• (32:22) - How do your clients get into this line of work?
• (35:04) - What type of income are your clients making from this?
• (37:34) - Are you worried about TikTok potentially getting banned in the U.S?
• (41:04) - Why do banks or payment processors give OnlyFans creators such a hard time?
• (42:04) - Give us a sense of the size of the industry
• (44:47) - What are some tips on creating content that appeals to your target audience
• (47:52) - Human-trafficking and sex-trafficking training
• (52:26) - Wrap up and where to reach Katherine or learn more

Connect with Our Guests

Katherine Studley:
 
LinkedIn: https://www.linkedin.com/in/katherine-studley
Twitter: https://twitter.com/theonlyconsult
Facebook: https://www.facebook.com/katherine.studley
Instagram: https://www.instagram.com/the_only_consultant
TikTok: https://www.tiktok.com/@the_only_consultant

Jim Swiech

LinkedIn: https://www.linkedin.com/in/james-swiech-cpa-b9334420/

Learn more about Prisma Tax Group

https://www.prismatax.com/

Connect with Blake Oliver, CPA

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