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Blog – Full Posts

AI’s ‘Killer Function’: Personal Agents That Work for You

Earmark Team · May 6, 2024 ·

Sam Altman, the creator of ChatGPT, says that helpful agents will be AI’s ‘killer function,’ integrating deeply into our lives and acting as extensions of ourselves.

It sounds like science fiction, but you can start doing this now! In this clip from Episode 383 of The Accounting Podcast, I demonstrate how to create an AI agent using Central, a new feature of Zapier.

AI agents are a massive leap over today’s AI chatbots. Most popular chatbots can’t act autonomously. If you sign up for ChatGPT or Claude, you have to prompt it for everything you’re doing – copy-paste between whatever’s in your life and the bot. It’s a big hassle and wastes a lot of time.

But if you turn a chatbot into an agent, you give it the ability to act independently. Imagine a virtual assistant who can automatically respond to all the daily routine questions you get bombarded with.

For example:

| Hey, can I get an update on my tax return?

| When can I expect my financial statements?

| Please send a copy of your W-9 (or we won’t pay you)

Your AI agent has you covered, firing off personalized responses faster than you can say “accounts receivable.”

Or imagine an AI agent with access to your calendar that responds to meeting requests with the best times for you to meet based on your detailed instructions.

Sure, we have apps like Calendly, but these apps are limited and impersonal. For instance, I like to bunch my meetings, and Calendly doesn’t do that. I could tell my AI agent always to try to fit new meetings before or after an existing meeting. And it could do this by replying on my behalf to emails rather than me sending a link.

This is a big deal. Think about it – how many hours do you spend each week on repetitive tasks or answering questions? Now, you can start to automate them.

Zapier has built a tool, Zapier Central, where you can create your own AI agents triggered by the thousands of apps that already connect to Zapier.

I’ve been experimenting with having Central draft emails for me. I built an agent called “Email Assistant” and gave it access to my Gmail account. Then, I created a “behavior” with instructions to monitor my inbox for emails from our podcast contact form.

We get daily emails from listeners of The Accounting Podcast, and I read and respond to every single one. There are a few things that are annoying about the process.

  • The email comes from a different email address than the listener’s, so I have to copy/paste the listener’s email into the “To” field.
  • I have to add my co-host to the CC field so he’s in the loop.
  • I have to draft the email, which typically includes similar phrases. For instance, I start by thanking the sender for listening and writing in.
  • I tend to sign off in the same way every time, but I still need to type it because I don’t always use the signoff, and I don’t want it in my email signature

To get the Email Assistant to do all this for me, I gave it the following instructions:

When I receive a new email from TAP Contact Form, do the following:

– Create a draft reply in the same conversation thread
– Find the submitter’s email in the body and add it to the “To” field of the reply
– Draft a reply in the voice of Blake Oliver
– Start by thanking the sender for listening and writing
– Sign off with ‘Best, Blake’

Only draft replies to emails from the Tap Contact Form. Ignore emails not related to this.

Here’s what that looks like in Zapier Central:

When I do this task manually, after sending my reply, I copy the sender’s original email into my database of potential stories for my podcast (so I don’t forget to read it during our Listener Mail segment). Fortunately, my database, Notion, connects to Zapier. So, I added the instructions for my Email Assistant to get the AI to do that for me, too:

Then, please create a new database item in Notion. For the item’s name, make a name for the item that represents the topic of the message. Briefly summarize the listener’s question or comment in the notes field, and then put the listener’s name, email, and message in the body of the page.

This behavior triggers when I get a new email from the contact form. Then, it can create draft replies and database items in Notion through actions I’ve configured. Those are the only two things it can do – it can’t send the email to me. But it could if I wanted it to.

Here’s the agent thinking through what to do with a test email:

It worked!

Using AI Agents in Public Accounting

That got me thinking about how you could use AI agents in an accounting firm.

Let’s say that you’re tired of responding to requests from clients for information on how their tax return is going. You could create an agent with a behavior that says, “Every time I get an email asking about the status of a tax return, draft a reply letting the client know the status.”

But how would the AI agent know the status of the tax return? By connecting it to a spreadsheet – or perhaps your practice management software, if it’s sophisticated enough to work with Zapier.

Zapier lets you connect multiple data sources, such as Airtable, Google Sheets, Google Docs, Notion, etc.

Imagine if you had a Google Sheet where you tracked every tax return and the status of that return – not started, in progress, expected delivery date, any issues, etc.

You could then connect that data source to this AI agent and instruct it: “When a client asks about the status of their return, check the tax return spreadsheet and draft a reply with the status, who is working on it, and when we expect to complete it. Also, if the spreadsheet says we’re missing information, reply with a list of what we still need.”

You may need to add more detail about what columns to look in for each piece of information, but you get the idea. You’re programming the AI agent in plain English.

Using AI Agents in Corporate Finance

Here’s an example of how you could use an AI agent in corporate accounting. The Accounts Payable team. How often do they get the same email inquiries from vendors or customers?

Let’s say a vendor is asking about the status of the payment. Your email agent could watch for those emails and then automatically draft replies, letting them know when they will get paid or if something is holding up payment. You just have to connect your AP system to Zapier or sync the data to a spreadsheet that Zapier can watch.

You could create another behavior where if a customer requests a W-9, the AI agent sends an email with the signed W-9 attached. That’s one you could consider fully automating because it is low risk. You could choose to allow the agent to send the email without review.

Potential Uses Go Way Beyond Email

An important thing to note is that you don’t have to use this for email. This is just how I’ve been playing with it. You can trigger these agents with actions in thousands of apps. And these AI agents can then do stuff in thousands of apps.

There’s also a scheduling feature. This means triggers can be time-based, not just based on what happens in another app. You could schedule a behavior to run every day, every hour, every month, or every week.

Maybe that behavior is asking for a status update from your team on a particular project. For example, “If I haven’t received an update in so long, email the project owner and ask for an update.”

Now that I think about it, my own CEO job might be the first thing I automate.

AI Agents Are Happening Now

I don’t want you to think these AI agents are perfect; they are far from it. It’s brand new, so there will be things that don’t work right.

This behavior I showed you here is the one of three that worked well. The other two had some issues. So, don’t lose hope if you create an AI agent that doesn’t work exactly right. It’s going to take some time for these agents to work perfectly.

The important thing to take away from this is that AI agents aren’t just some far-off, futuristic concept – they’re a reality already starting to transform how we work right here and now.

I’ll keep sharing what I learn about AI agents, so subscribe to The Accounting Podcast and follow our LinkedIn page to see what I come up with.

Are You Overpaying for Software? How Companies Can Maximize ROI in the SaaS Jungle

Earmark Team · May 1, 2024 ·

As software expenses continue to rise, accounting departments are faced with the daunting task of managing these investments effectively. In a recent webinar, Jason Parker of FinQuery dives deep into the critical importance of effective software management in today’s business landscape. With software expenses, particularly in the SaaS space, becoming a larger portion of business budgets, organizations must prioritize proactive strategies and processes to manage these investments effectively.

The Growing Importance of Software Spend Management

Parker begins by discussing the rapid growth of software spend, particularly in the SaaS space, and the need for businesses to prioritize effective management strategies. As he points out, “Finance, of course, is responsible for making sure that the money spent at an organization returns the commensurate value that you’re looking for. So if I’m a finance professional, I want to make sure I have visibility into spend across the organization.”

Effective management is increasingly critical, with software expenses becoming a larger portion of business budgets. Organizations must understand and optimize software spend across various departments and functions to ensure investments align with business goals and deliver value.

The Challenges and Risks of Limited Visibility

One of the biggest obstacles to effective software management is limited visibility into software investments. Parker explores the challenges and risks associated with this lack of transparency, including:

  • Siloed decision-making
  • Complex contract structures
  • Inadequate understanding of software usage

These factors can lead to suboptimal renewal decisions, security risks, and wasted resources. Companies need to adopt a cross-functional approach and centralized processes to mitigate these risks and navigate the complexities of software management.

The Path to Optimization: Data-Driven Strategies and Processes

So, what can companies do to optimize their software investments and drive long-term success? Parker outlines several key strategies and processes, including:

  • Centralizing contract management
  • Automating IT processes
  • Making data-driven purchasing decisions

As he emphasizes, “You want to be intentional about this. You got to make sure that what you’re using these tools for is solving the intended problems.”

Another crucial aspect of effective software management is measuring success through metrics like subscription spend per resource and license utilization rates. Parker notes, “What we see today is that almost every business is overspending on software because they don’t have the information they need to make the best decision. Managing that subscription spend per resource is important because just about every business out there can reduce that spend and obtain even more value in their investments.”

By adopting these data-driven strategies and processes, companies can optimize their software investments, mitigate risks, and ensure their investments align with business goals and deliver value.

The Bottom Line: Prioritizing Software Asset Management for a Thriving Company

In an increasingly software-driven world, effective software management is no longer a nice-to-have but a critical imperative for companies seeking to thrive. As businesses become more reliant on technology, companies prioritizing cross-functional collaboration, centralized processes, and continuous optimization will be best positioned to navigate the complexities of software management and drive long-term success.

By adopting the strategies and processes outlined by Parker, companies can optimize their operations and better serve their clients in navigating the complexities of the digital landscape. To learn more about how your firm can master the art of software management, be sure to watch the full webinar recording.

Earmark Launches Rebuilt App, Empowering Accounting Pros to Earn CPE Anytime, Anywhere

Earmark Team · April 25, 2024 ·

PHOENIX, April 25, 2024 – Earmark, the leading platform for earning CPE and CE credits for enjoying podcasts, videos, and live streams, today announced the launch of its wholly rebuilt mobile app and new web app. The ground-up rebuild enables Earmark to provide a more seamless and efficient way for accounting professionals to earn continuing education credits anytime, anywhere.

The Earmark web app is available at earmark.app and allows accounting and tax pros to access and complete courses in their web browser, providing greater flexibility and convenience. Additionally, creators can embed courses directly on their websites, extending Earmark’s reach further. The rebuilt mobile app, available on iOS and Android, offers improved performance and user experience.

“Our rebuilt app and new web app represent a significant step forward in our mission to revolutionize the way accountants earn continuing education credits,” said Blake Oliver, CPA, founder and CEO of Earmark. “By providing a more accessible, flexible, and user-friendly platform, we empower CPAs, CMAs, and EAs to take control of their professional development and earn continuing education credits on their own terms.”

To date, Earmark has served over 10,000 users, offering 1,300 courses and enabling accounting professionals to earn an impressive 65,000 CPE credits.

K.C. Eames, Director of Client Accounting Services at Dark Horse CPAs, has seen the benefits of Earmark firsthand: “At Dark Horse CPAs we decided to try the unlimited team subscription to Earmark, and it’s been a success! People love the ability to earn CPE when driving, taking walks – it just fits into our schedule. It’s also nice to get some time away from the computer and still be able to earn credits. There are tons of shows/channels, lots of relevant industry topics to choose from. And since it’s unlimited, it’s low stakes to try out episodes.”

At Dark Horse CPAs we decided to try the unlimited team subscription to Earmark, and it’s been a success! People love the ability to earn CPE when driving, taking walks – it just fits into our schedule. It’s also nice to get some time away from the computer and still be able to earn credits. There are tons of shows/channels, lots of relevant industry topics to choose from. And since it’s unlimited, it’s low stakes to try out episodes.

K.C. Eames

To experience the benefits of the new Earmark app, accounting professionals can create a free account at earmark.app or download the updated app on the App Store or Google Play Store.

About Earmark: Founded in 2022, Earmark is the leading platform for accounting and tax professionals to earn CPE and CE through podcast courses. With a growing library of educational and entertaining podcast courses accessible through its mobile and web apps, Earmark provides a convenient, flexible, and high-quality continuing education experience. Earmark is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Earmark is registered with the Internal Revenue Service (IRS) as an approved continuing education (CE) provider.

Press Inquiries: Please email press@earmarkcpe.com.

How Auditors Can Bridge the Expectation Gap and Provide More Value

Earmark Team · April 22, 2024 ·

The audit profession faces significant challenges, including evolving business models, high staff turnover, and a growing “expectation gap” between auditors and clients. The expectation gap refers to the difference between what clients believe auditors should be delivering versus the limited insights they often receive from traditional audit approaches.

In a recent episode of the Earmark Podcast, Alan Anderson, a renowned audit innovation leader, discussed the pressing need for a paradigm shift in the audit profession to address these issues.

Alan’s message is straightforward: In order to bridge the expectation gap and continue playing its crucial role, the audit profession needs to move away from its conventional compliance-focused approach. Instead, auditors should adopt a more proactive, insights-driven methodology that prioritizes comprehending clients’ businesses and offering timely, actionable recommendations.

The Expectation Gap: A Chasm Between Auditors and Clients

The current audit approach often fails to meet clients’ expectations. Auditors tend to focus on validating ending balances rather than understanding the entire transaction flow. For example, Alan described a client where 100% of transactions were based on container barcodes, but the auditors didn’t test the barcode system. They just traced numbers between reports without understanding the business.

Alan points out, “The expectation problem is that audits start at the end after the year-end has closed, and they start with those ending numbers, those aggregated amounts on the balance sheet or income statement. And then they test some of those items. The real gap is auditors don’t understand how the transaction even got into the general ledger.”

The expectation problem is that audits start at the end after the year-end has closed, and they start with those ending numbers, those aggregated amounts on the balance sheet or income statement. And then they test some of those items. The real gap is auditors don’t understand how the transaction even got into the general ledger.

Alan Anderson

To narrow the expectation gap, auditors must shift their focus to understanding transaction flows from inception through the system, providing more timely insights and value to clients. Addressing this gap is crucial for the audit profession to maintain its relevance.

Turning the Audit Upside Down: The Bottom-Up Approach

Auditors must adopt a bottom-up approach to understanding transaction flows to provide more value and timely insights. Alan emphasizes, “We need to think about turning our audit upside down. Rather than starting at the top, at the balance, and working down into the items, we need to start from the bottom up. When we start from the bottom up, we can be much more timely. We can be much more understanding of what’s happening to business.”

We need to think about turning our audit upside down. Rather than starting at the top, at the balance, and working down into the items, we need to start from the bottom up. When we start from the bottom up, we can be much more timely. We can be much more understanding of what’s happening to business.

Alan Anderson

This contrasts with the traditional “top-down” approach of starting with account balances and working backward. The bottom-up approach involves:

This bottom-up approach involves:

  • Starting with understanding transaction flows from the beginning
  • Working up to the financial statements
  • Providing real-time insights and understanding of the business
  • Offering greater value to clients

By adopting this approach, auditors can level out their workload, reduce the intensity of busy season, and deliver more meaningful insights to their clients.

The Power of Industry Specialization

Audit firms must specialize in specific industry segments to avoid commoditization and provide unique value to clients. As Alan notes, “When you try to be the pure generalist, doing any type of client of any type of industry, you’re just going to be a commodity provider. But I do believe that we can provide relevance in what we do if we set our mind to it, and our clients will see value.” 

When you try to be the pure generalist, doing any type of client of any type of industry, you’re just going to be a commodity provider. But I do believe that we can provide relevance in what we do if we set our mind to it, and our clients will see value.

Alan Anderson

Firms that specialize in specific industry segments and perform data-driven audits are more likely to:

  • Survive in a competitive market
  • Provide valuable insights to clients
  • Understand their clients’ businesses better
  • Offer more relevant advice

Generalist firms risk becoming commodity providers, unable to differentiate themselves or deliver unique value. Industry specialization is key to the paradigm shift needed in the audit profession.

Leveraging Technology and AI

Emerging technologies such as AI and blockchain have immense potential to enable the transformative, bottom-up audit approach Alan advocates. These tools can automate routine tasks, flag unusual transactions for auditor review, and continuously monitor systems.

For example, Alan describes putting an “audit bot” on a client’s system to analyze transaction flows and remove outliers. The auditor then interprets if flagged items are errors or fraud. This frees auditors to focus on understanding the business and providing valuable insights.

However, firms must approach technology purposefully. As Alan cautions, many firms have thrown technology at audits without rethinking their underlying processes. Technology should enable a fundamentally transformed audit methodology, not just a way to digitize existing checklists.

Potential Challenges and the Path Forward

Shifting to a bottom-up, data-driven audit approach is not without challenges. It requires significant investments in training, technology, and developing industry specializations. Staff may initially resist moving beyond familiar checklists. Firms will need to overhaul long-standing practices and fee structures.

However, the benefits are clear. Auditors will provide more value, gain deeper business understanding, and enjoy more engaging work. Clients will receive timely insights to improve their operations. The profession can reverse high turnover by making audits exciting again. 

 Alan shares, “I worked with a firm experiencing turnover at levels equal to that of every firm in the country. They worked with us for a year, and their turnover went to zero. Three people left and wanted to come back. Those staff were having fun. They were enjoying what they were doing. And guess what? Their quality went up.”

I worked with a firm experiencing turnover at levels equal to that of every firm in the country. They worked with us for a year, and their turnover went to zero. Three people left and wanted to come back. Those staff were having fun. They were enjoying what they were doing. And guess what? Their quality went up.

Alan Anderson

Transforming Audit: An Imperative for the Profession’s Future

The audit profession stands at a crossroads. Maintaining the status quo is not an option in a rapidly changing business world. Forward-thinking firms will abandon a narrow compliance focus and transform their approach to deliver valuable insights and thrive in the future.

Auditors have a clear choice: cling to an outdated model and slowly becoming irrelevant, or seize this opportunity to reimagine their role and secure their position as indispensable business advisors. The future of audit is exciting – for those bold enough to create it.

To learn more about the need for a paradigm shift in the audit profession and how auditors can adapt to provide more value to their clients, listen to the full episode of the Earmark Podcast featuring Alan Anderson. 

To learn more about transforming your audit practice, read Alan Anderson’s book Transforming Audit for the Future from CPA Trendlines.

The Power of Transparency: How Accurate Compensation Data is Transforming the Accounting Industry

Earmark Team · April 22, 2024 ·

Are you getting paid what you’re worth? It’s a question many professionals ask, but finding reliable answers can be challenging.

Having accurate and transparent compensation data is crucial for accounting professionals to advocate for fair pay and for firms to attract and retain top talent in an increasingly competitive industry. Fortunately, Dominic Piscopo, Founder of Big Four Transparency, has the data. In a recent webinar, he shared what he learned, and we’ve summarized the key takeaways for you in this article.

The Birth of Big Four Transparency

Dominic learned the hard way about the significance of paying people what they deserve. While working at one of the Big Four accounting firms, he realized he was being paid much less than other firms in the area were paying people with similar skills. This discovery made him frustrated and unhappy with his job, even though he liked everything else about it.

Piscopo was inspired to create Big Four Transparency, a crowdsourced compensation database that helps accounting professionals know what they’re worth and assists firms in staying ahead of the curve.

Dominic explains that “Big Four Transparency is essentially a giant crowdsourced compensation database. The front-facing function is to help accounting professionals gain access to high-quality compensation data. This is meant to help guide you in your career, help you advocate for the type of compensation you should be looking for in today’s market, and keep you up to date on the evolutions of that.”

Big Four Transparency is essentially a giant crowdsourced compensation database. The front-facing function is to help accounting professionals gain access to high-quality compensation data. This is meant to help guide you in your career, help you advocate for the type of compensation you should be looking for in today’s market, and keep you up to date on the evolutions of that.

Dominic Piscopo, founder of Big 4 Transparency

The accounting industry is experiencing a growing demand for dependable compensation data, as evidenced by the popularity of platforms such as Big Four Transparency. According to Dominic, almost a quarter of a million professionals have utilized his platform alone. As more employees seek out this information, firms prioritizing transparency will have a competitive edge in attracting and retaining the best talent.

The High Cost of Inaccurate Compensation

Compensation is crucial for accounting firms, as it directly impacts their profitability. The workforce generally constitutes the most expensive part of the business. If the firm pays its employees excessively, it may significantly impact its profits.

But the costs of underpaying employees can be just as severe, including:

  • Constrained resources for taking on new work, sacrificing firm growth and valuation 
  • Loss of institutional knowledge due to high employee churn
  • Disrupted team dynamics and low morale, which leads to more turnover
  • High recruiting and onboarding expenses that can exceed the cost of raising salaries to market rates

Accurate compensation data helps firms make informed decisions that balance financial considerations with employee satisfaction and competitiveness in the market. By investing in the correct data, leaders can develop strategies to optimize costs while attracting the talent needed to drive growth.

Navigating the New World of Work

As remote work becomes more prevalent, accounting firms must adapt their compensation strategies. Piscopo emphasizes the importance of considering the office model (remote, hybrid, in-person) when setting salaries.

For example, remote-first firms should assess whether they need to target high-cost-of-living talent markets. These firms can offer competitive pay while maintaining profitability by carving out certain expensive cities from their compensation benchmarks. However, firms may still need to include those geographies for roles requiring specialized skills concentrated in pricier areas.

The Power of First-Party Data

To make sound compensation decisions, firm leaders should prioritize first-party data over other sources. Salary guides from recruiters and data shared among firm alliances can be prone to bias and lack granularity.

In contrast, first-party data sourced directly from employees is less biased, more detailed, and provides greater confidence in accuracy. Piscopo advises firms to invest in accessing reliable first-party compensation benchmarks to stay ahead of the curve.

The Importance of Nuanced Analysis

Throughout the webinar, Dominic stresses the value of granular data. He shares how filtering out a few high-cost-of-living cities can significantly impact salary benchmarks, even at the entry level. 

When analyzing compensation data, firm leaders should examine both averages and percentiles. Averages provide an excellent high-level view but can be skewed by outliers. Percentiles are less sensitive to outliers and lend themselves well to setting salary bands.

Dominic recommends using the 25th, 50th, 75th, and 90th percentiles to establish pay bands with room for progression. For example, a first-year senior accountant might start at the 25th percentile, while a high-performing third-year senior could reach the 90th percentile.

Firms should also dig into granular data cuts, not just overall ranges for a role. Drilling into specific cities, experience levels, and service lines can reveal essential nuances. For instance, firms should avoid grouping higher-paid advisory/consulting roles with audit/tax positions.

Leveraging Data to Spot Red Flags

Beyond informing pay decisions, compensation data can help leaders identify potential organizational issues. Piscopo shares an example of how comparing a firm’s average weekly hours to industry benchmarks might reveal understaffing. By proactively addressing these red flags, firms can boost retention and productivity.

Compensation platforms can also provide insights into job satisfaction through factors like the office model. For instance, if remote employees consistently report higher fulfillment, firms might consider expanding virtual work options. 

Recognizing Data Limitations

While compensation data is a powerful tool, firm leaders must also understand its limitations. Piscopo cautions that small sample sizes can skew benchmarks, particularly when segmenting by role, city, and experience level factors.

He suggests strategies like grouping together geographically and economically similar cities to draw reliable conclusions from limited data. Firms should also be transparent about any limitations and avoid misleadingly presenting data.

The Risks of Relying on Negotiations

Piscopo points out that relying on candidate salary demands is risky, as most applicants won’t disclose the minimum they’re willing to accept. Firms that base pay decisions on these negotiations may end up overspending.

Instead, leaders should ground compensation strategy in data. By understanding the market through a data-driven lens, firms can develop salary bands that balance external competitiveness with internal equity and profitability.

Embracing Transparency, Driving Growth

In today’s competitive landscape, accurate compensation data is more than nice to have – it’s a critical tool for driving firm growth and profitability. By investing in first-party data, analyzing the nuances, and proactively identifying issues, accounting firms can optimize their talent strategies to attract top performers and boost retention.

The demand for pay transparency will only continue to grow. Firms that embrace this trend and arm themselves with reliable data will be best positioned to navigate the challenges of the evolving industry. In the words of Dominic Piscopo, “Compensation is usually the highest cost item for accounting firms. If you don’t get it right, it will cause some issues.”

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