ChatGPT scores 90% on debits & credits test
ChatGPT scored 18 out of 20 on the Debits & Credits test. The score to show an intuitive understanding is 15 out of 20.
Rethinking the CPA 150-hour requirement: There must be a change
If we want a robust, dynamic, and inclusive accounting profession, we need to remove costly and unnecessary barriers to becoming a CPA. In my latest article on the Firm of the Future blog, I delve into the challenges associated with the CPA 150-hour education requirement.
Use Relay to Auto-Transfer Income to Your Operating Checking Account Every Day
This new Relay feature is my favorite yet! Now you can set up auto-transfer rules to automatically transfer money from one account to another (or multiple). I'm using it to sweep money from my income accounts into my operating account on a nightly basis. Watch the video to learn how to set it up.
Sharing the Wealth: Is Asking Partners to Increase Salaries the Answer to the Accounting Talent Shortage?
Gary Bolinger writes in Accounting Today that "the 150-hour rule is not the problem" and recommends that a solution to the talent shortage is "partners need to share the wealth" by increasing starting salaries.
Distorted Images: How Accounting Rules Allow Banks to Hide the True State of Their Finances
The accounting treatment of mortgage-backed securities (MBS) on bank balance sheets can distort the true financial health of banks and mislead investors. The current practice of classifying MBS as "hold-to-maturity" investments enables banks to manage earnings and hide their financial position. Therefore, the Financial Accounting Standards Board (FASB) should prioritize transparency and accountability by reevaluating this practice, which can promote a more stable financial system.
A CPA's Perspective on the SVB Collapse: Rethinking Financial Protection and Reporting for Investors
Get a CPA's perspective on how to prevent another startup bank run, as we dive into the complexities of FDIC protection, financial statements, and investor risk assessment in the world of startups. Learn why increased regulation may not be the answer and how a transformed financial reporting system could empower investors. Let's reimagine investor protection and the future of accounting.
Build A Focused Firm Finale: "Let’s Talk Practice Management"
Hector Garcia, CPA, will summarize the key takeaways from all seven episode of this series. Discover the most important things accounting firm owners need to know about positioning, the business model, technology, sales process & onboarding, value pricing & offering guarantees, attracting & retaining talent, and innovation. Join us live to ask your questions and get answers from Hector.
Smarter ways to buy an accounting firm
There are more good accounting firms than ever looking to sell. But you may have to go on many dates before you find the perfect match.
Silicon Valley Bank Collapse: Understanding The Impact On Your Firm & Clients
Get a comprehensive rundown of the accounting apps affected by the closure, find out what this means for SVB depositors, and get valuable tips on how you can best communicate these changes to your clients. Don't miss this opportunity to make sure you're prepared during this time of uncertainty.
The cost of the 150-hour rule: $2 billion
What is the cost of the 150-hour rule to becoming a CPA in the US? Based on my calculations, the accounting profession spends at least $2 billion per year on the fifth year of education. The cost to each candidate often exceeds $100,000. Read my post on Accounting Today to learn how I got to that number.