Is AI reshaping the accounting world? How can accountants harness the power of ChatGPT through prompt engineering?

Rob Brown sits down with Mark Wickersham, an expert in prompt engineering and AI applications for the accounting industry. They discussed the world of ChatGPT, exploring its potential to revolutionize accounting practices and the crucial skill of prompt engineering.

Mark Wickersham shares his journey with ChatGPT, emphasizing the importance of asking better questions to get better answers. He introduces the concept of prompt engineering as a vital communication skill in the AI era.

The discussion covers various aspects of crafting effective prompts, from specifying roles and formats to considering the intended audience. Wickersham also provides practical examples of how accountants can leverage ChatGPT for tasks ranging from financial analysis to content creation, highlighting the tool's potential to dramatically increase productivity and enhance client services.

Key Takeaways:

• Prompt engineering is essentially communication with AI systems
• Good prompts include specifying roles, response formats, and audience considerations
• ChatGPT can be used for financial analysis, research, and business advisory in accounting firms
• Mastering prompt engineering can save hours of work and open new opportunities for accountants
• It's not AI that will replace accountants, but how competitors use AI that may make others irrelevant

View this episode in video on YouTube here: https://youtu.be/KTS58DjGvsg

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers.

Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel:

https://bit.ly/AI-youtube

Is the accounting profession facing an existential crisis? How can accountants stay relevant in a rapidly changing world?

Rob Brown brings together three industry experts to discuss the future of accounting and the challenges facing the profession. Laura Day-Henderson, Michael Hsu, and Alan Morgan share their insights on the threats to accounting, the resistance to change within the industry, and the need for a shift in focus from compliance to advisory services.

The panel explores the role of technology, talent acquisition, and education in shaping the future of accounting. They discuss the importance of soft skills, the need for a more entrepreneurial mindset, and the potential for accountants to provide tremendous value to businesses. The conversation also touches on the role of professional bodies, the impact of AI, and the opportunities for specialization within the field.

Key Takeaways:

• Relevancy is a major challenge for the accounting profession
• Resistance to change is holding accountants back from embracing new technologies and practices
• There's a need to shift focus from compliance to advisory services and providing value to business owners
• Education and training in technology, including AI and coding, will be crucial for accountants in the future
• The accounting profession offers diverse opportunities for specialization and passion-driven careers

Quotes:

"I think the biggest threat to us is ourselves. We have a resistance to change." - Laura Day-Henderson

"We need to start seeing the application of accounting to achieve dreams, aspirations of businesses, or even personal lives." - Michael Hsu

You can watch this episode and more on our YouTube Channel

https://youtu.be/piLILTD0rnc

Join the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

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Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can...

Is the accounting profession facing an existential crisis? Or is it on the brink of unprecedented opportunities?

Rob Brown assembles a panel of industry experts to dissect the current state and future prospects of the accounting profession. Jean Caragher, Jeremy Clopton, Rick Telberg, and Tamera Loerzel bring their wealth of experience to the table, offering insights on everything from talent shortages to technological disruption.

The conversation delves deep into the challenges facing accountants today, including the struggle to attract new talent, the need for a shift in business models, and the impact of remote work. However, it's not all doom and gloom.

The panelists also highlight the immense opportunities available to those willing to embrace change and innovation. They discuss the importance of compassionate leadership, the need for better metrics beyond billable hours, and the potential for accountants to position themselves as true business advisors.

Key Takeaways:

• The accounting profession needs to address the talent shortage by rethinking education requirements and work culture
• Remote work is here to stay, and firms need to adapt their policies to attract and retain talent
• The partnership model in accounting firms may be outdated and needs to be reevaluated
• Technology should be seen as an enabler for better processes, not just a solution to pain points
• The future of accounting lies in advisory services and helping businesses achieve their goals

Quotes:

"Complacency is one of the threats that we often run into." - Tamera Loerzel

"Every accountant is an entrepreneur." - Rick Telberg

"Let's stop arguing about it and fighting it and just get to work." - Jeremy Clopton on remote work

"We need to focus on results-based metrics and what are the deliverables." - Tamera Loerzel

"The CPA brand is one of the best in the world." - Rick Telberg

You can watch this episode and more on our YouTube Channel

https://youtu.be/SUhzVy194H0

Join the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

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Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand...

Is artificial intelligence overhyped, or will it revolutionize the accounting profession? How can accountants prepare for the AI-driven future?

Rob Brown interviews Mark Wickersham, a veteran accountant and AI enthusiast, about the impending impact of artificial intelligence on the accounting profession. Wickersham predicts significant changes in the industry by 2030, including the automation of bookkeeping and tax return preparation. He highlights the rapid advancements in AI technology across various sectors and explains how these developments will inevitably transform accounting practices.

The discussion covers the current state of AI adoption in accounting firms, the potential of tools like ChatGPT, and the importance of embracing new technologies. Wickersham emphasizes the need for accountants to focus on creating value for clients beyond traditional compliance work and advocates for value-based pricing models. The conversation provides valuable insights into how accountants can prepare for and thrive in an AI-driven future.

Key Takeaways:

• AI will significantly impact the accounting profession by 2030
• Bookkeeping and tax return preparation may become automated
• Accountants need to embrace AI tools like ChatGPT
• Firms must find new ways to create value for clients
• Value-based pricing is crucial in the age of AI

Quotes:

"Data's where the power is. Data's where the money is." [00:11:50]

"Productivity goes through the roof when we use it, when we use it properly." [00:14:30]

You can watch this episode and more on our YouTube Channel

https://youtu.be/MnEXckAjVZU

Join the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

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Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel:

Host Rob Brown is joined by Sue Coffey, CEO of Public Accounting at the American Institute of CPAs (AICPA), and Lexy Kessler, Partner at Aprio and Chair of the AICPA's National Pipeline Advisory Group (NPAG). They look into the alarming talent shortage facing the accounting profession and the potential solutions proposed by the NPAG.

Lexy and Sue discuss the overwhelming evidence pointing to a significant talent pipeline issue in accounting, including declining enrolment in accounting programs, fewer students pursuing the CPA credential, and challenges in retaining young professionals in their first five years of employment. But can the profession overcome this challenge? Rob, Sue, and Lexy explore the root causes, such as the profession's perceived image, the cost and time commitment of education, and the need for evolving business models at accounting firms.

The NPAG's findings underscore the urgency of addressing the talent pipeline issue collaboratively, involving stakeholders from academia, regulators, state societies, and the profession itself. Sue and Lexy share their optimism that by implementing the recommended solutions, the accounting profession can overcome this challenge and attract the talent required to thrive in an ever-evolving business landscape.

"We are a profession that communities, businesses, and economies need, and we just need to address our talent shortages and adapt." - Sue Coffey

"It's not just Debits and credits to that point. It's really about the business person piece of it and the different scenarios and the strategy behind the numbers as well. So there's much more to it than, than processing or, or producing a product and that's it. It's much, much more than that." - Lexy Kessler

Key Takeaways:

The accounting profession is struggling with a talent pipeline shortage, but it's not "withering on the vine" as some suggest. - Sue Coffey

Improving storytelling and celebrating the profession's impact is crucial to attract younger generations. - Lexy Kessler

The cost and time commitment of education, especially for socioeconomically disadvantaged students, is a significant barrier to entry. - Sue Coffey

Firms need to evolve their business models to provide a better experience for young professionals in their first five years, addressing issues like excessive hours and meaningful work assignments. - Sue Coffey

Modernizing the CPA licensure process is a long-term goal to ensure the profession remains sustainable and relevant in the future. - Lexy Kessler

You can watch this episode and more on our YouTube Channel

https://youtu.be/JaLe1nq9lk4

Join the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

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Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience...

Ever wondered how top accountants stay ahead in a fast-evolving industry?

Rob Brown hosts a panel of influential voices in the accounting world to discuss the current state and future of the profession. The conversation delves into the threats and challenges faced by accountants, the need for rebranding and attracting new talent, the role of technology, and the opportunities that lie ahead.

The panelists, including Paul Surtees, Leslie Shiner, Denise Froemming, and Adam Lean, share their candid perspectives on the commoditization of accounting services, the importance of shifting from compliance-focused to advisory-focused roles, and the need for accountants to speak the language of business rather than accounting jargon.

They emphasize the necessity of embracing technological advancements like AI and automation to free up time for more meaningful work and the imperative of fostering financial literacy in society.

Key Takeaways:

• Accountants must move beyond compliance and embrace advisory roles to stay relevant.
• The profession faces a talent shortage and needs to rebrand itself to attract and retain the next generation.
• Firms should focus on helping clients be profitable and speak a language they understand.
• Financial literacy should be prioritized from a young age to foster a deeper understanding of numbers.
• Embracing AI and technology can free up accountants to provide more purposeful and impactful work.

Quotes:

• "They should be listening to their clients. They should be asking for and being proactive in helping their clients instead of retroactive." - Leslie Shiner
• "You cannot talk like an accountant. You got to talk like to a human, because your customer is a human, not an accountant." - Adam Lean
• "I would love to see financial literacy, like, in every high school, community college, so we could start from a, and it's in about 25 different states, but we're working on it." - Denise Froemming
• "You can't go and speak to accountants to tell them how to do their day job because we're not accountants." - Paul Surtees
• "Accounting is the language of business. And I think this is a great time for accountants to remember that and realize that their job is to be an interpreter of accounting in a way that makes sense." - Adam Lean

View this episode in video on YouTube here:

https://youtu.be/aS_eaA5zVtg

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

◣━━━━━━━━━━━━━━━━━━━━◢

Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our...

This international panel discussion explores the current state and future trajectory of the accounting profession. The distinguished panel includes influential leaders and innovators in the field such as Arun Mehra, Chase Birky, Eric Gregg, and Jody Padar to share their diverse perspectives on the challenges and opportunities facing the industry.

The conversation kicks off with an assessment of the profession's current shape. While the panelists acknowledge the existence of challenges, such as talent shortages and outdated business models, they also recognize the immense opportunities arising from technological advancements, changing client expectations, and the influx of capital from private equity and venture capital firms.

The discussion highlights the importance of embracing change, prioritizing culture and purpose, upskilling in areas like technology and advisory services, and positioning accountants as trusted business advisors rather than mere compliance providers.

As the dialogue progresses, the guests underscore the immense potential for accountants to thrive in the evolving business landscape by embracing innovation, redefining their value proposition, and becoming trusted advisors to their clients.

Key Takeaways:

• The accounting profession is at a crossroads, with firms facing an existential crisis due to outdated business models and a talent shortage.
• Money pouring into the industry from private equity and venture capital firms is forcing change and disrupting traditional firm structures.
• The ability to work with technology, including AI, will be more important than accounting experience or subject matter knowledge in the near future.
• Firms must prioritize culture, purpose, and agency for their employees to attract and retain top talent in the face of better career alternatives.
• Referrals alone will no longer be sufficient for acquiring new business; firms must embrace transparency and deliver remarkable client experiences.

Quotes:

1. "There are some real pioneers in this space who are doing things differently, who are trying things differently, sometimes not always working, but I think we should support them and encourage them because if we have those pioneers, other people will follow and ultimately do things differently and innovate." - Arun Mehra
2. "The best accountants are going to be more technologists than classic accountants." - Chase Birky
3. "We're going to self-serve a lot more of this relationship with a lot more visibility into the steps that are happening behind the scenes." - Eric Gregg
4. "The technology that's here today, and the technology that's coming in the future, is going to allow us to be more human and help our clients better and faster, and still get to go home on time." - Jody Padar

View this episode in video on YouTube here:

https://youtu.be/PF0h65LzTAY

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

◣━━━━━━━━━━━━━━━━━━━━◢

Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and...

Brannon Poe is the author of "The Unplugged Vacation," and founder of Poe Group Advisors and Accounting Practice Academy. Rob Brown and Brannon Poe delve into the often-overlooked challenges accountants face in managing their time and achieving work-life balance. Brannon, sheds light on the realities of the accounting profession, where the relentless demands of clients and the struggle to maintain boundaries can lead to burnout and dissatisfaction.

Brannon's book, "The Unplugged Vacation," serves as a guide for accountants to reclaim control over their time and learn the art of truly disconnecting from work during vacations. Through personal anecdotes and insights, he underscores the importance of setting boundaries, purging underperforming clients, and implementing value-based pricing to create a sustainable and fulfilling practice.

The conversation explores the challenges accountants face in saying "no" to clients, leading to unfocused and overextended practices.

Brannon emphasizes the importance of firm culture, work-life balance, and the need for accountants to break free from the billable hour mindset, which can perpetuate the cycle of overwork and undervaluation.

Key Takeaways:

• Accountants often struggle with time management, staff shortages, and an inability to let go of work, leading to burnout and dissatisfaction.
• Setting boundaries, purging underperforming clients, and implementing value-based pricing are crucial steps to creating a sustainable and fulfilling practice.
• Taking a truly unplugged vacation requires advance preparation, team readiness, and acceptance that some balls may drop during the absence.
• Firm culture, work-life balance, and moving away from the billable hour mindset are essential for attracting and retaining top talent in the accounting profession.
• Booking a vacation and committing to being unplugged is an actionable step accountants can take to recalibrate their priorities and improve their overall well-being.

Quotes:

"You don't like your practice, keep raising your prices until you do." - Brannon Poe

"If you're equating your time to money, well, there's probably one of the first problems you got to solve." - Brannon Poe

View this episode in video on YouTube here:

https://youtu.be/LIP3OXh_yEk

◣━━━━━━━━━━━━━━━━━━━━◢

The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

◣━━━━━━━━━━━━━━━━━━━━◢

Thanks to our sponsors:

ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.