WEBVTT
00:00:00.644 --> 00:00:08.003
Welcome to the Accounting for Innovation podcast, where we explore cutting edge strategies and insights into the world of accounting and finance.
00:00:08.464 --> 00:00:14.544
Presented by Decimal and the Radical CPA, each episode dives deep into industry trends.
00:00:14.884 --> 00:00:23.164
Whether you're a seasoned professional or a budding entrepreneur, join us as we unpack key concepts and share practical tips to drive success.
00:00:26.158 --> 00:00:35.957
So excited to get started with season three, and we're going to be talking about the future of accounting, which is really outsourcing and AI.
00:00:35.959 --> 00:00:41.509
And that is completely different than I think most accountants are used to hearing about, right?
00:00:41.518 --> 00:00:44.558
Like, so what do you think that means, Matt?
00:00:45.348 --> 00:00:53.018
Well, first of all, I think for older old school accountants, it's like the lions and tigers and It's outsourcing and AI.
00:00:53.069 --> 00:00:53.668
Oh my.
00:00:53.668 --> 00:01:01.029
But to me, I think this is, I just was teaching an accounting class at the university of Butler university today.
00:01:01.488 --> 00:01:03.198
And I'll tell you the same thing.
00:01:03.198 --> 00:01:10.358
I told them, I think this is the single most exciting time to get into accounting in history.
00:01:10.838 --> 00:01:31.132
I think with all of the advent of technology, with the implementation and use of AI, as well as the ability to remotely manage a, an amazing and great team, it changes the work and cost structure of accounting in a way that elevates the profession in such, such cool ways.
00:01:32.563 --> 00:01:33.153
Totally.
00:01:33.164 --> 00:01:56.394
And I think what's so exciting about it is that we We're kind of at that very beginning part where we don't know what we don't know, but yet for those of us who are kind of in it and kind of see like what's happening, it's like every day I wake up and I see something new and I'm like, wow, like this is really cool and this is really going to change things.
00:01:56.653 --> 00:02:00.254
And I think for, for accountants who aren't really, maybe they're a little bit.
00:02:01.054 --> 00:02:06.054
Afraid of AI or they're afraid of outsourcing.
00:02:06.403 --> 00:02:20.883
Um, I think what we have to address are the fears and like, like, how do we, how do we make accountants feel comfortable that this is not the end of the world, that this is really a Renaissance and a rebirth for accounting professionals.
00:02:22.008 --> 00:02:32.218
I think the biggest key here is accountants and the accounting profession is at its best and happiest when they're advisors.
00:02:32.568 --> 00:02:40.019
When they are truly advising businesses and people on what to do and what's valuable and how to do it.
00:02:40.878 --> 00:02:47.318
But I think so much of accounting has been trapped in having to do work, in having to.
00:02:48.028 --> 00:02:58.829
Enter information on a tax form to do bookkeeping, to pay bills, things that I think technology and outsourcing are overtaking in very quality ways.
00:02:59.149 --> 00:03:05.558
What it's doing is it's putting the profession in an elevated form in where they, in where they truly shine.
00:03:05.799 --> 00:03:08.402
And I think that's the cool thing is.
00:03:08.804 --> 00:03:12.343
AI and outsourcing taking jobs.
00:03:12.343 --> 00:03:14.903
They're not removing things that people care about.
00:03:15.153 --> 00:03:20.364
They're taking the bad away and opening up more opportunity for really great things.
00:03:20.704 --> 00:03:21.003
I don't know.
00:03:21.003 --> 00:03:21.704
What do you think?
00:03:21.764 --> 00:03:24.063
So I think you're totally right.
00:03:24.104 --> 00:03:30.364
But I also think if you're used to doing something over and over and over again, it's hard for people.
00:03:30.674 --> 00:03:33.584
To kind of unlearn how to ride that bicycle.
00:03:33.584 --> 00:03:33.864
Right.
00:03:33.903 --> 00:03:39.584
And I think that's going to be the hardest part for more traditional accountants who have been around for a while.
00:03:39.584 --> 00:03:41.873
I think the next gen they'll be fine.
00:03:41.903 --> 00:03:50.104
Cause they'll graduate and hopefully, and I say, hopefully they'll move into a firm that gets this.
00:03:50.683 --> 00:03:56.903
And we'll start from the very beginning, helping them to become a better advisor from day one.
00:03:57.163 --> 00:03:57.783
Right.
00:03:58.054 --> 00:04:08.843
But I think it's going to be hard for maybe some of those mid level professionals who kind of like doing the bank rec, right, or kind of like doing the work.
00:04:09.459 --> 00:04:19.629
And kind of shifting to that advisory mindset and saying, look, I have to learn new skills and I'm totally capable of doing it, but I think that's where the fear comes in.
00:04:19.978 --> 00:04:27.928
But then when you see, I think that the cool thing about it is, is when you see the AI working and you see.
00:04:27.959 --> 00:04:33.189
See that, you know, I think from a CPA's perspective is we don't want to be wrong.
00:04:33.418 --> 00:04:45.449
We're so afraid of getting the wrong answer, but when you see how AI can kind of guide that, that expert advisor along and kind of give you your training wheels.
00:04:45.913 --> 00:04:50.624
To really then Oh yeah, communicate the value of the financial or the value of the data.
00:04:50.653 --> 00:04:53.653
'cause I will argue that financial statements are gonna go wayside.
00:04:53.653 --> 00:04:58.274
I know that's kind of crazy talk, but I would say we're gonna look more at data and less at financials.
00:04:58.603 --> 00:05:04.244
But when you see that AI can really be, I don't wanna say co-pilot,'cause that's Microsoft's thing, but.
00:05:04.569 --> 00:05:13.908
Like kind of walk alongside you as an advisor and help you kind of give life for storytelling to the numbers for your small business user.
00:05:14.319 --> 00:05:15.079
That's huge.
00:05:15.079 --> 00:05:16.209
And that's exciting.
00:05:16.238 --> 00:05:21.449
And you don't have to be so afraid of, well, I don't know the answer to that because I haven't seen it before.
00:05:21.639 --> 00:05:31.288
And I think that's where too many CPAs live in that, you know, they're afraid of giving the wrong answer and we have to kind of shift that mindset to an advisory role.
00:05:32.108 --> 00:05:32.819
Yeah, I agree.
00:05:32.819 --> 00:05:33.488
And I think.
00:05:34.228 --> 00:05:39.718
I do think it's important to recognize that this is going to equal change.
00:05:40.798 --> 00:05:43.048
And that is hard for a lot of people.
00:05:43.288 --> 00:05:49.028
And I think harder for accountants as a subset of people in general, and that's okay.
00:05:49.028 --> 00:05:51.879
And it's okay to be scared and, and uncertain about that.
00:05:52.579 --> 00:06:04.088
But I do think the reality is it's not an if it's a when and so that just means it's coming and you, you can't, it's
00:06:04.728 --> 00:06:05.869
kind of here already.
00:06:05.869 --> 00:06:07.119
Not it is.
00:06:08.069 --> 00:06:10.038
It's conceptually here.
00:06:10.149 --> 00:06:14.838
I think we're still, we have steps to go to make it truly integrated.
00:06:14.838 --> 00:06:32.988
And that's why you and I've talked a lot about the analogy of, Look, it's, you are going to have to have a, an advisor, a CPA sitting behind the wheel of the car, even if it's driving itself, just that person to be trustworthy, to double check, to, to do all of that stuff.
00:06:33.848 --> 00:06:37.908
And then you're also going to need the advisor and the co pilot seat helping look at where to go.
00:06:37.928 --> 00:06:40.069
But like you said, the nice thing about.
00:06:40.334 --> 00:06:43.074
These AI technologies is, I think, two things.
00:06:43.423 --> 00:06:53.473
Number one, from a doing the work quality perspective, truly good AI, which we are, we have a lot of and we're going to get more tells you when it's wrong.
00:06:54.144 --> 00:07:00.124
Human beings are very terrible at a knowing when they're wrong and be telling you when they're wrong.
00:07:00.543 --> 00:07:11.814
So from a quality perspective, AI is going to be much, much better at that because it will simply recognize when it's wrong and make the job of not making a mistake easier.
00:07:12.223 --> 00:07:27.173
Number two is, like you said, that, that assistant, I always joke that Salesforce kind of does a good job in their commercials because they have the, hey, pick up your phone and ask Salesforce and it pops an Einstein hat or hair and mustache on people.
00:07:27.173 --> 00:07:30.653
And, you know, I think that's what AI gives you is that ability.
00:07:31.264 --> 00:07:32.764
And for the people that aren't.
00:07:33.538 --> 00:07:35.278
That haven't done advisory work.
00:07:35.769 --> 00:07:38.098
It's going to tell you what to tell people.
00:07:38.488 --> 00:07:44.918
So much of what CPAs and accountants have had to do is first, I got to do all the work to get us there.
00:07:44.999 --> 00:07:46.838
Then I have to have the financial reports.
00:07:47.098 --> 00:07:49.228
Then I have to interpret the financial reports.
00:07:49.238 --> 00:07:51.899
Then I got to tell somebody what the interpretation means.
00:07:52.178 --> 00:08:00.699
Those are a lot of steps to go through, and AI is just going to help tell you like, hey, here is a difference in this business, or here is a trend line in this business.
00:08:00.853 --> 00:08:03.264
business compared to the rest of their industry.
00:08:03.264 --> 00:08:11.014
And those are the types of things you can then advise on and that really help you get there that I think are really tough to come by today.
00:08:12.033 --> 00:08:12.394
Yeah.
00:08:12.394 --> 00:08:14.874
And especially just from a time perspective, right?
00:08:14.874 --> 00:08:21.279
Most CPAs just, they run out of time when it gets to the advisory part and we're going to learn how to walk alongside, right?
00:08:21.279 --> 00:08:24.023
Like there's definitely going to be some upskilling.
00:08:24.584 --> 00:08:29.934
To talent as we learn how to like do this But the cool thing is is like the whole world is changing.
00:08:29.934 --> 00:08:33.274
It's not just cpas who are being affected by ai, right?
00:08:33.514 --> 00:08:40.839
The medical field is being I like the whole, like it is across the, the board.
00:08:40.849 --> 00:08:45.318
Everyone's job is going to be evolving based on these new technologies.
00:08:45.698 --> 00:08:47.519
And I think that's exciting.
00:08:47.519 --> 00:08:53.719
So, but the other part of our, our story or our episode is about.
00:08:54.673 --> 00:08:55.693
It's about outsourcing.
00:08:55.703 --> 00:08:58.802
How does outsourcing fit into all of this?
00:08:59.183 --> 00:09:04.104
Well, what it does is you're, you're going to start to see margin compression on work.
00:09:04.423 --> 00:09:12.403
And in order to really handle that, well, you have to figure out how to do the best work at the lowest cost.
00:09:12.403 --> 00:09:15.083
And technology should always be the first layer of that.
00:09:15.083 --> 00:09:17.653
But to me, the second layer is, is the outsourcing.
00:09:18.303 --> 00:09:24.583
Is figuring out other cost infrastructures for the doing of the work rather than having a U.
00:09:24.583 --> 00:09:24.783
S.
00:09:24.793 --> 00:09:24.994
C.
00:09:24.994 --> 00:09:25.203
P.
00:09:25.203 --> 00:09:25.313
A.
00:09:25.354 --> 00:09:36.543
Entering information in a tax form or doing bank wrecks or processing bills that should be done and can be done in other countries like the Philippines and India.
00:09:36.543 --> 00:09:37.933
I think are the two biggest ones.
00:09:37.933 --> 00:09:42.364
You're starting to see a lot in South Africa and in South America as well.
00:09:42.974 --> 00:09:47.303
What you're finding is, is that that work can be done at high quality.
00:09:47.918 --> 00:09:55.849
In other countries at costs that also benefit both the CPA and the end consumer in the business.
00:09:56.438 --> 00:09:58.619
And I think it's, it's the same concept though.
00:09:58.619 --> 00:10:12.438
It's why I like that we tied these two things, AI and outsourcing together because both are designed to remove bad work from accountants so that they can open up and not, not, not have the time to do the advisory.
00:10:13.869 --> 00:10:14.269
Right.
00:10:14.308 --> 00:10:18.068
And I think the other piece of it that is like really key.
00:10:18.453 --> 00:10:23.423
Is that, um, we have a hard time finding people anyways, right?
00:10:23.423 --> 00:10:46.043
Like that, like, and with all these CPAs who are retiring in the next 10 years, the amount, the number of CPAs and everyone says, Oh, the talent shortage and the talent shortage, like we have to look to alternative ways to solve for the talent shortage, and I think that when you look at the AI and the outsourcing, um, it's an opportunity, but I think what's interesting about outsourcing is.
00:10:47.254 --> 00:10:53.823
People expect it to be just like putting someone in their office and it's not it.
00:10:53.844 --> 00:10:56.663
You have to think about managing people different.
00:10:56.734 --> 00:10:59.634
You have to think about cultures different.
00:10:59.754 --> 00:11:16.634
You have to think about how you're going to hire these people, where you're going to find them, where you're, um, like what kind of business model you want, because there's insourcing, there's outsourcing, there's like, you know, uh, opening a complete office.
00:11:16.969 --> 00:11:17.808
In another culture.
00:11:17.808 --> 00:11:17.928
Oh yeah.
00:11:17.928 --> 00:11:27.678
Like there's all these choices, and I think this is where so many CPAs just kind of get overwhelmed and they throw their hands up in the air and they say, well, I don't know what to do because.
00:11:28.173 --> 00:11:41.884
You know, I've never done this before and let's be frank It's a little bit scary to hire someone across the country or not just across the country across the world Oh, yeah, and somewhere maybe you've never been or somewhere.
00:11:41.884 --> 00:11:50.533
You've never like you really don't know what it's like and you know There's fear there.
00:11:50.583 --> 00:11:59.724
and it used to be, I think the original excuse was, Oh, like I don't want to send my data data overseas, I'm afraid like that, but I really believe a lot of that was just an excuse.
00:11:59.724 --> 00:12:12.783
It was more like, Oh, I'm afraid because I don't know how to manage a person who's sitting across the world or, Oh, I'm afraid because I I don't know how that culturally is going to impact my firm.
00:12:12.783 --> 00:12:12.964
Right.
00:12:12.964 --> 00:12:14.903
So people make excuses all the time.
00:12:16.539 --> 00:12:21.250
QuickBooks online and Microsoft 365 are essential tools for modern businesses.
00:12:21.250 --> 00:12:23.919
But what happens if your data is lost or compromised?
00:12:24.042 --> 00:12:38.803
SysCloud, a proud sponsor of the Accounting for Innovation podcast, provides advanced backup and recovery services, as well as ransomware protection and anomaly detection, ensuring your business can continue operating even in the face of disaster.
00:12:39.033 --> 00:12:39.744
SysCloud.
00:12:39.950 --> 00:12:42.356
Peace of mind for your businesses' critical data.
00:12:42.356 --> 00:12:44.817
Visit syscloud.com to learn more.
00:12:44.907 --> 00:12:47.647
That's syscloud.com.
00:12:47.677 --> 00:12:49.270
And now back to the show.
00:12:49.825 --> 00:12:55.965
what are some of the things that CPAs can do to kind of quell these fears or kind of like move forward?
00:12:55.985 --> 00:13:00.684
Because I think there's a lot of fear holding firms back from kind of jumping in and figuring it out.
00:13:01.105 --> 00:13:02.524
I do think there is a lot of fear.
00:13:02.524 --> 00:13:13.024
And, and, you know, when we started Decimal, the first thing that the, some CPAs told us was whatever you do, don't tell people that you're using people in the Philippines.
00:13:13.825 --> 00:13:14.315
And okay.
00:13:14.315 --> 00:13:18.495
We said, all right, in our sales pitch, we said, Hey, and by the way, we have a team in the Philippines.
00:13:18.514 --> 00:13:20.174
They're doing all the accounting work.
00:13:20.174 --> 00:13:23.705
And I just, I didn't find that to be a credible thing.
00:13:23.705 --> 00:13:26.414
And it has not affected our growth at all.
00:13:26.835 --> 00:13:37.115
And I think now that we've worked with a thousand businesses, we've had one that didn't like it and we fired them as a client, but that's a super small subset.
00:13:37.850 --> 00:13:43.149
And I use that because I think a lot of these, I use that example because I think a lot of the fears are unfounded.
00:13:43.350 --> 00:13:44.929
They're valid, but they're unfounded.
00:13:45.909 --> 00:13:47.039
Here is the tough thing.
00:13:47.039 --> 00:13:55.350
When I was teaching that class today at Butler, I told the kids, I said, the single most important thing I'm going to teach you today is the value of first principles thinking.
00:13:56.230 --> 00:13:57.980
And none of them had any idea.
00:13:57.980 --> 00:14:00.120
So I literally made them Google it and pull it up.
00:14:00.120 --> 00:14:13.730
And what I mean by bringing up first principles thinking is I do think that when you look at outsourcing and when you look at AI accountants actually have to sit there and think, how do I do things differently and better?
00:14:13.945 --> 00:14:15.184
to fit this context.
00:14:15.245 --> 00:14:16.554
It is a harder thing.
00:14:16.845 --> 00:14:19.815
Like you said, it is not simply swapping a U.
00:14:19.815 --> 00:14:19.995
S.
00:14:19.995 --> 00:14:22.284
Staff accountant for a Philippine staff accountant.
00:14:22.904 --> 00:14:25.424
You have to think about different ways to manage remotely.
00:14:25.504 --> 00:14:29.024
A lot of us learned how to manage remotely better during the pandemic.
00:14:29.445 --> 00:14:39.525
What worked well, open lines of communication, more frequent communication, more transparency, more kind of collaborative work at the beginning.
00:14:39.535 --> 00:14:48.610
Those are the types of things that can really, really help and stand out and Now that we have a team of 45 people in the Philippines, we've certainly learned a lot of things.
00:14:48.610 --> 00:14:51.441
And I think accountants need to really think about that.
00:14:51.721 --> 00:15:06.110
The other thing that I will say is I know over a dozen top 50 and another dozen top a hundred firms that are outsourcing to either India or the Philippines, it is not abnormal.
00:15:06.701 --> 00:15:09.020
So it is a very normal thing.
00:15:09.400 --> 00:15:12.591
And the other thing that I think I would tell CPAs is.
00:15:12.900 --> 00:15:13.801
Just start.
00:15:14.480 --> 00:15:19.410
There are great outsourcing groups that you and I both know and people want to connect on LinkedIn.
00:15:19.410 --> 00:15:22.910
I'm happy to walk them through some of the ones we've used, but just start.
00:15:22.921 --> 00:15:24.480
Hire your first person.
00:15:25.331 --> 00:15:25.850
Do that.
00:15:26.140 --> 00:15:32.265
The most cost effective, cheap way is to find a company, outsource through them, and then hire them.
00:15:32.745 --> 00:15:35.515
Work out, understand it's not going to work out well.
00:15:35.535 --> 00:15:39.326
It's like hiring your first employee, like Jodi, you've had this when you had your own firm.
00:15:39.605 --> 00:15:42.735
The first time you hire somebody, you kind of suck at it.
00:15:43.206 --> 00:15:45.245
The second time, you get a little bit better.
00:15:45.535 --> 00:15:47.015
And it's the same concept.
00:15:47.096 --> 00:15:48.235
There's a learning curve,
00:15:48.296 --> 00:15:49.186
absolutely.
00:15:49.885 --> 00:15:52.905
There's a learning curve, and I think you have to give it time.
00:15:53.341 --> 00:15:55.600
And you have to be okay.
00:15:55.890 --> 00:16:03.780
Like it's, it's an adjustment and it's a big thing and it's okay for it to be a big thing because it is a big thing, right?
00:16:03.780 --> 00:16:04.010
It's not.
00:16:04.620 --> 00:16:08.380
Um, but on the other side of it, you're not the first person doing it.
00:16:08.530 --> 00:16:16.000
The, I mean, there's almost, I don't want to say best practices in it, but there are definitely other firm owners you could talk to.
00:16:16.870 --> 00:16:20.600
Hear from them what they liked, what they didn't like, what their experience was.
00:16:21.030 --> 00:16:30.270
Um, and I think there's a commitment to saying like, okay, this is the way we're going to strategically work in our business.
00:16:30.451 --> 00:16:33.160
And then you figure out how to make it work because.
00:16:33.666 --> 00:16:39.395
If you don't make the commitment to it, I guarantee like your team will just be, Oh, it doesn't work.
00:16:39.395 --> 00:16:40.615
And that'll be the end of it.
00:16:40.956 --> 00:16:45.225
But yet you're still going to have the problem of, okay, who's going to do the work now.
00:16:45.225 --> 00:16:51.495
And you still have to figure it out.
00:16:51.495 --> 00:16:54.645
So I think that's, that's the hard part.
00:16:56.395 --> 00:16:57.966
You know, it's a lot of change.
00:16:58.466 --> 00:16:59.596
It truly is.
00:16:59.596 --> 00:17:08.046
And, and how do, how do we approach it with a abundance mindset and saying like, look, the world is changing.
00:17:08.056 --> 00:17:10.076
It's changing faster than we know it.
00:17:10.336 --> 00:17:14.086
And we just have to get started and keep moving towards the future.
00:17:14.316 --> 00:17:15.316
If we want to.
00:17:15.445 --> 00:17:21.675
If we want to be able to do the advisory work that we know that we're capable of.
00:17:22.066 --> 00:17:30.625
And if we want to be able to serve our clients at the level of service, they well, not just demand expect should be, should expect, right.
00:17:30.625 --> 00:17:38.715
I just forget about like, that, that, that is fair to them because we just don't have the resources.
00:17:39.066 --> 00:17:45.576
Um, In the accounting pool anymore to like to go find those students who are who are here.
00:17:46.516 --> 00:17:54.415
You know, I, I talked to a firm owner the other day and, and I asked him a question that I think accountants need to start with.
00:17:55.441 --> 00:17:57.260
What do I want out of my life?
00:17:57.560 --> 00:18:00.530
What is my goal personally?
00:18:01.141 --> 00:18:06.861
If your goal is to make X amount of money and do Y amount of work, great.
00:18:06.871 --> 00:18:07.941
How do you get there?
00:18:08.750 --> 00:18:16.181
And that I think is where you start because that's when you can start to say, Hey, I do want to do more advisory, but I just don't have time.
00:18:16.375 --> 00:18:16.786
Okay.
00:18:16.965 --> 00:18:17.955
How do you make time?
00:18:18.086 --> 00:18:19.865
You can make time by outsourcing.
00:18:20.115 --> 00:18:24.766
You can make time by implementing AI and some of the other technology advancements that are out there.
00:18:25.375 --> 00:18:30.125
That's how I think you start with that question and you work your way backwards from that.
00:18:30.726 --> 00:18:36.486
And I think if you do that as a CPA, your life will just generally get better.
00:18:36.806 --> 00:18:42.865
And, and if you say I like my life as it is great, hold on till you possibly cannot.
00:18:43.635 --> 00:18:44.076
Why not?
00:18:44.215 --> 00:18:45.276
You like it as it is.
00:18:46.976 --> 00:18:47.445
Yeah.
00:18:47.596 --> 00:18:47.846
Yeah.
00:18:48.006 --> 00:18:49.375
I, I think that makes sense.
00:18:49.425 --> 00:18:57.155
And I think, um, if we start with the end in mind, then we'll, we'll get started and we'll, we'll move towards it.
00:18:57.165 --> 00:19:10.766
Cause I, I think the worst thing we could do, and this is a choice is do nothing, whether you choose, you know, whether you choose to move forward or you choose to like dig in and say, no, I'm not changing.
00:19:10.776 --> 00:19:13.905
That's a choice, but I think we were at a point.
00:19:14.355 --> 00:19:21.855
In the way accounting is the, the landscape of accounting, where we really have to make some decisions on where we, where we want to be.
00:19:22.786 --> 00:19:35.145
And I think one of the biggest things that I'm preparing to do in 2025, and there are others that are like me is right now, you and I are talking a lot about why, why should you think about AI?
00:19:35.145 --> 00:19:37.435
Why should you think about outsourcing?
00:19:37.925 --> 00:19:41.326
My goal from 2025 on forward.
00:19:41.611 --> 00:19:47.121
Is to also focus on helping people understand how, how can I implement AI?
00:19:47.191 --> 00:19:56.921
How can I successfully outsource and, and really helping to build classes and programs and, and even groups that help to make that easier.
00:19:57.286 --> 00:20:03.236
You're seeing a lot of that start to pop up, and finding those types of things, and starting with connecting with you and I.
00:20:03.326 --> 00:20:13.236
I know you know dozens of people who are doing the same thing I am, and that I think is a great first step for people, is to find others that are willing to talk about how.
00:20:14.300 --> 00:20:16.131
Once you've understood and agree with why.
00:20:17.101 --> 00:20:17.371
Yeah.
00:20:17.371 --> 00:20:33.141
I mean, I think the how is, is key because like, otherwise you're just talking up here and at the end of the day, you have to figure out the how, and I would say too, there's no expert, so it's all changing so fast.
00:20:33.451 --> 00:20:43.500
So the best thing you can do is find people who believe the same things you believe and walk alongside them and learn from each other, because that's the reality.
00:20:43.711 --> 00:20:44.990
Of the world we're in today.
00:20:44.990 --> 00:20:52.250
It's kind of like when the pandemic happened and like the tax laws were changing all so fast and nobody knew what to do and PPP was happening.
00:20:52.250 --> 00:20:52.530
Right.
00:20:52.911 --> 00:20:56.871
And all these CPAs got on Twitter and banded together and just figured it out.
00:20:57.480 --> 00:21:02.500
And so we've done it before we're capable of doing it, but that's pretty much similar.
00:21:02.580 --> 00:21:11.211
I would say the pace is a little bit slower than it was with PPP, but you're going to have to kind of walk alongside people who believe what you believe.
00:21:11.596 --> 00:21:17.605
And just kind of walk through together and figure it out together because there's no, for sure, playbook.
00:21:17.786 --> 00:21:18.885
It's just not there.
00:21:19.296 --> 00:21:19.855
And
00:21:20.125 --> 00:21:20.405
I agree,
00:21:20.415 --> 00:21:27.435
you know, the people who write or who kind of go through that first, they have the most to gain.
00:21:27.965 --> 00:21:31.266
They have the most to gain from the opportunity.
00:21:32.246 --> 00:21:33.165
I think you're absolutely right.
00:21:33.256 --> 00:21:35.736
I think there's, there is so much opportunity.
00:21:35.746 --> 00:21:41.965
This is such a cool time to be in the industry, but it is changing and it is going to change.
00:21:42.405 --> 00:21:48.885
And, uh, I know you and I both love helping people figure out how to do it.
00:21:48.885 --> 00:22:00.715
And I think this season is going to be so fun for us as we start to talk about outsourcing AI, some of these changes that I think will also directly improve the lives of a lot of CPAs.
00:22:01.556 --> 00:22:02.175
For sure.
00:00:00.644 --> 00:00:08.003
Welcome to the Accounting for Innovation podcast, where we explore cutting edge strategies and insights into the world of accounting and finance.
00:00:08.464 --> 00:00:14.544
Presented by Decimal and the Radical CPA, each episode dives deep into industry trends.
00:00:14.884 --> 00:00:23.164
Whether you're a seasoned professional or a budding entrepreneur, join us as we unpack key concepts and share practical tips to drive success.
00:00:26.158 --> 00:00:35.957
So excited to get started with season three, and we're going to be talking about the future of accounting, which is really outsourcing and AI.
00:00:35.959 --> 00:00:41.509
And that is completely different than I think most accountants are used to hearing about, right?
00:00:41.518 --> 00:00:44.558
Like, so what do you think that means, Matt?
00:00:45.348 --> 00:00:53.018
Well, first of all, I think for older old school accountants, it's like the lions and tigers and It's outsourcing and AI.
00:00:53.069 --> 00:00:53.668
Oh my.
00:00:53.668 --> 00:01:01.029
But to me, I think this is, I just was teaching an accounting class at the university of Butler university today.
00:01:01.488 --> 00:01:03.198
And I'll tell you the same thing.
00:01:03.198 --> 00:01:10.358
I told them, I think this is the single most exciting time to get into accounting in history.
00:01:10.838 --> 00:01:31.132
I think with all of the advent of technology, with the implementation and use of AI, as well as the ability to remotely manage a, an amazing and great team, it changes the work and cost structure of accounting in a way that elevates the profession in such, such cool ways.
00:01:32.563 --> 00:01:33.153
Totally.
00:01:33.164 --> 00:01:56.394
And I think what's so exciting about it is that we We're kind of at that very beginning part where we don't know what we don't know, but yet for those of us who are kind of in it and kind of see like what's happening, it's like every day I wake up and I see something new and I'm like, wow, like this is really cool and this is really going to change things.
00:01:56.653 --> 00:02:00.254
And I think for, for accountants who aren't really, maybe they're a little bit.
00:02:01.054 --> 00:02:06.054
Afraid of AI or they're afraid of outsourcing.
00:02:06.403 --> 00:02:20.883
Um, I think what we have to address are the fears and like, like, how do we, how do we make accountants feel comfortable that this is not the end of the world, that this is really a Renaissance and a rebirth for accounting professionals.
00:02:22.008 --> 00:02:32.218
I think the biggest key here is accountants and the accounting profession is at its best and happiest when they're advisors.
00:02:32.568 --> 00:02:40.019
When they are truly advising businesses and people on what to do and what's valuable and how to do it.
00:02:40.878 --> 00:02:47.318
But I think so much of accounting has been trapped in having to do work, in having to.
00:02:48.028 --> 00:02:58.829
Enter information on a tax form to do bookkeeping, to pay bills, things that I think technology and outsourcing are overtaking in very quality ways.
00:02:59.149 --> 00:03:05.558
What it's doing is it's putting the profession in an elevated form in where they, in where they truly shine.
00:03:05.799 --> 00:03:08.402
And I think that's the cool thing is.
00:03:08.804 --> 00:03:12.343
AI and outsourcing taking jobs.
00:03:12.343 --> 00:03:14.903
They're not removing things that people care about.
00:03:15.153 --> 00:03:20.364
They're taking the bad away and opening up more opportunity for really great things.
00:03:20.704 --> 00:03:21.003
I don't know.
00:03:21.003 --> 00:03:21.704
What do you think?
00:03:21.764 --> 00:03:24.063
So I think you're totally right.
00:03:24.104 --> 00:03:30.364
But I also think if you're used to doing something over and over and over again, it's hard for people.
00:03:30.674 --> 00:03:33.584
To kind of unlearn how to ride that bicycle.
00:03:33.584 --> 00:03:33.864
Right.
00:03:33.903 --> 00:03:39.584
And I think that's going to be the hardest part for more traditional accountants who have been around for a while.
00:03:39.584 --> 00:03:41.873
I think the next gen they'll be fine.
00:03:41.903 --> 00:03:50.104
Cause they'll graduate and hopefully, and I say, hopefully they'll move into a firm that gets this.
00:03:50.683 --> 00:03:56.903
And we'll start from the very beginning, helping them to become a better advisor from day one.
00:03:57.163 --> 00:03:57.783
Right.
00:03:58.054 --> 00:04:08.843
But I think it's going to be hard for maybe some of those mid level professionals who kind of like doing the bank rec, right, or kind of like doing the work.
00:04:09.459 --> 00:04:19.629
And kind of shifting to that advisory mindset and saying, look, I have to learn new skills and I'm totally capable of doing it, but I think that's where the fear comes in.
00:04:19.978 --> 00:04:27.928
But then when you see, I think that the cool thing about it is, is when you see the AI working and you see.
00:04:27.959 --> 00:04:33.189
See that, you know, I think from a CPA's perspective is we don't want to be wrong.
00:04:33.418 --> 00:04:45.449
We're so afraid of getting the wrong answer, but when you see how AI can kind of guide that, that expert advisor along and kind of give you your training wheels.
00:04:45.913 --> 00:04:50.624
To really then Oh yeah, communicate the value of the financial or the value of the data.
00:04:50.653 --> 00:04:53.653
'cause I will argue that financial statements are gonna go wayside.
00:04:53.653 --> 00:04:58.274
I know that's kind of crazy talk, but I would say we're gonna look more at data and less at financials.
00:04:58.603 --> 00:05:04.244
But when you see that AI can really be, I don't wanna say co-pilot,'cause that's Microsoft's thing, but.
00:05:04.569 --> 00:05:13.908
Like kind of walk alongside you as an advisor and help you kind of give life for storytelling to the numbers for your small business user.
00:05:14.319 --> 00:05:15.079
That's huge.
00:05:15.079 --> 00:05:16.209
And that's exciting.
00:05:16.238 --> 00:05:21.449
And you don't have to be so afraid of, well, I don't know the answer to that because I haven't seen it before.
00:05:21.639 --> 00:05:31.288
And I think that's where too many CPAs live in that, you know, they're afraid of giving the wrong answer and we have to kind of shift that mindset to an advisory role.
00:05:32.108 --> 00:05:32.819
Yeah, I agree.
00:05:32.819 --> 00:05:33.488
And I think.
00:05:34.228 --> 00:05:39.718
I do think it's important to recognize that this is going to equal change.
00:05:40.798 --> 00:05:43.048
And that is hard for a lot of people.
00:05:43.288 --> 00:05:49.028
And I think harder for accountants as a subset of people in general, and that's okay.
00:05:49.028 --> 00:05:51.879
And it's okay to be scared and, and uncertain about that.
00:05:52.579 --> 00:06:04.088
But I do think the reality is it's not an if it's a when and so that just means it's coming and you, you can't, it's
00:06:04.728 --> 00:06:05.869
kind of here already.
00:06:05.869 --> 00:06:07.119
Not it is.
00:06:08.069 --> 00:06:10.038
It's conceptually here.
00:06:10.149 --> 00:06:14.838
I think we're still, we have steps to go to make it truly integrated.
00:06:14.838 --> 00:06:32.988
And that's why you and I've talked a lot about the analogy of, Look, it's, you are going to have to have a, an advisor, a CPA sitting behind the wheel of the car, even if it's driving itself, just that person to be trustworthy, to double check, to, to do all of that stuff.
00:06:33.848 --> 00:06:37.908
And then you're also going to need the advisor and the co pilot seat helping look at where to go.
00:06:37.928 --> 00:06:40.069
But like you said, the nice thing about.
00:06:40.334 --> 00:06:43.074
These AI technologies is, I think, two things.
00:06:43.423 --> 00:06:53.473
Number one, from a doing the work quality perspective, truly good AI, which we are, we have a lot of and we're going to get more tells you when it's wrong.
00:06:54.144 --> 00:07:00.124
Human beings are very terrible at a knowing when they're wrong and be telling you when they're wrong.
00:07:00.543 --> 00:07:11.814
So from a quality perspective, AI is going to be much, much better at that because it will simply recognize when it's wrong and make the job of not making a mistake easier.
00:07:12.223 --> 00:07:27.173
Number two is, like you said, that, that assistant, I always joke that Salesforce kind of does a good job in their commercials because they have the, hey, pick up your phone and ask Salesforce and it pops an Einstein hat or hair and mustache on people.
00:07:27.173 --> 00:07:30.653
And, you know, I think that's what AI gives you is that ability.
00:07:31.264 --> 00:07:32.764
And for the people that aren't.
00:07:33.538 --> 00:07:35.278
That haven't done advisory work.
00:07:35.769 --> 00:07:38.098
It's going to tell you what to tell people.
00:07:38.488 --> 00:07:44.918
So much of what CPAs and accountants have had to do is first, I got to do all the work to get us there.
00:07:44.999 --> 00:07:46.838
Then I have to have the financial reports.
00:07:47.098 --> 00:07:49.228
Then I have to interpret the financial reports.
00:07:49.238 --> 00:07:51.899
Then I got to tell somebody what the interpretation means.
00:07:52.178 --> 00:08:00.699
Those are a lot of steps to go through, and AI is just going to help tell you like, hey, here is a difference in this business, or here is a trend line in this business.
00:08:00.853 --> 00:08:03.264
business compared to the rest of their industry.
00:08:03.264 --> 00:08:11.014
And those are the types of things you can then advise on and that really help you get there that I think are really tough to come by today.
00:08:12.033 --> 00:08:12.394
Yeah.
00:08:12.394 --> 00:08:14.874
And especially just from a time perspective, right?
00:08:14.874 --> 00:08:21.279
Most CPAs just, they run out of time when it gets to the advisory part and we're going to learn how to walk alongside, right?
00:08:21.279 --> 00:08:24.023
Like there's definitely going to be some upskilling.
00:08:24.584 --> 00:08:29.934
To talent as we learn how to like do this But the cool thing is is like the whole world is changing.
00:08:29.934 --> 00:08:33.274
It's not just cpas who are being affected by ai, right?
00:08:33.514 --> 00:08:40.839
The medical field is being I like the whole, like it is across the, the board.
00:08:40.849 --> 00:08:45.318
Everyone's job is going to be evolving based on these new technologies.
00:08:45.698 --> 00:08:47.519
And I think that's exciting.
00:08:47.519 --> 00:08:53.719
So, but the other part of our, our story or our episode is about.
00:08:54.673 --> 00:08:55.693
It's about outsourcing.
00:08:55.703 --> 00:08:58.802
How does outsourcing fit into all of this?
00:08:59.183 --> 00:09:04.104
Well, what it does is you're, you're going to start to see margin compression on work.
00:09:04.423 --> 00:09:12.403
And in order to really handle that, well, you have to figure out how to do the best work at the lowest cost.
00:09:12.403 --> 00:09:15.083
And technology should always be the first layer of that.
00:09:15.083 --> 00:09:17.653
But to me, the second layer is, is the outsourcing.
00:09:18.303 --> 00:09:24.583
Is figuring out other cost infrastructures for the doing of the work rather than having a U.
00:09:24.583 --> 00:09:24.783
S.
00:09:24.793 --> 00:09:24.994
C.
00:09:24.994 --> 00:09:25.203
P.
00:09:25.203 --> 00:09:25.313
A.
00:09:25.354 --> 00:09:36.543
Entering information in a tax form or doing bank wrecks or processing bills that should be done and can be done in other countries like the Philippines and India.
00:09:36.543 --> 00:09:37.933
I think are the two biggest ones.
00:09:37.933 --> 00:09:42.364
You're starting to see a lot in South Africa and in South America as well.
00:09:42.974 --> 00:09:47.303
What you're finding is, is that that work can be done at high quality.
00:09:47.918 --> 00:09:55.849
In other countries at costs that also benefit both the CPA and the end consumer in the business.
00:09:56.438 --> 00:09:58.619
And I think it's, it's the same concept though.
00:09:58.619 --> 00:10:12.438
It's why I like that we tied these two things, AI and outsourcing together because both are designed to remove bad work from accountants so that they can open up and not, not, not have the time to do the advisory.
00:10:13.869 --> 00:10:14.269
Right.
00:10:14.308 --> 00:10:18.068
And I think the other piece of it that is like really key.
00:10:18.453 --> 00:10:23.423
Is that, um, we have a hard time finding people anyways, right?
00:10:23.423 --> 00:10:46.043
Like that, like, and with all these CPAs who are retiring in the next 10 years, the amount, the number of CPAs and everyone says, Oh, the talent shortage and the talent shortage, like we have to look to alternative ways to solve for the talent shortage, and I think that when you look at the AI and the outsourcing, um, it's an opportunity, but I think what's interesting about outsourcing is.
00:10:47.254 --> 00:10:53.823
People expect it to be just like putting someone in their office and it's not it.
00:10:53.844 --> 00:10:56.663
You have to think about managing people different.
00:10:56.734 --> 00:10:59.634
You have to think about cultures different.
00:10:59.754 --> 00:11:16.634
You have to think about how you're going to hire these people, where you're going to find them, where you're, um, like what kind of business model you want, because there's insourcing, there's outsourcing, there's like, you know, uh, opening a complete office.
00:11:16.969 --> 00:11:17.808
In another culture.
00:11:17.808 --> 00:11:17.928
Oh yeah.
00:11:17.928 --> 00:11:27.678
Like there's all these choices, and I think this is where so many CPAs just kind of get overwhelmed and they throw their hands up in the air and they say, well, I don't know what to do because.
00:11:28.173 --> 00:11:41.884
You know, I've never done this before and let's be frank It's a little bit scary to hire someone across the country or not just across the country across the world Oh, yeah, and somewhere maybe you've never been or somewhere.
00:11:41.884 --> 00:11:50.533
You've never like you really don't know what it's like and you know There's fear there.
00:11:50.583 --> 00:11:59.724
and it used to be, I think the original excuse was, Oh, like I don't want to send my data data overseas, I'm afraid like that, but I really believe a lot of that was just an excuse.
00:11:59.724 --> 00:12:12.783
It was more like, Oh, I'm afraid because I don't know how to manage a person who's sitting across the world or, Oh, I'm afraid because I I don't know how that culturally is going to impact my firm.
00:12:12.783 --> 00:12:12.964
Right.
00:12:12.964 --> 00:12:14.903
So people make excuses all the time.
00:12:16.539 --> 00:12:21.250
QuickBooks online and Microsoft 365 are essential tools for modern businesses.
00:12:21.250 --> 00:12:23.919
But what happens if your data is lost or compromised?
00:12:24.042 --> 00:12:38.803
SysCloud, a proud sponsor of the Accounting for Innovation podcast, provides advanced backup and recovery services, as well as ransomware protection and anomaly detection, ensuring your business can continue operating even in the face of disaster.
00:12:39.033 --> 00:12:39.744
SysCloud.
00:12:39.950 --> 00:12:42.356
Peace of mind for your businesses' critical data.
00:12:42.356 --> 00:12:44.817
Visit syscloud.com to learn more.
00:12:44.907 --> 00:12:47.647
That's syscloud.com.
00:12:47.677 --> 00:12:49.270
And now back to the show.
00:12:49.825 --> 00:12:55.965
what are some of the things that CPAs can do to kind of quell these fears or kind of like move forward?
00:12:55.985 --> 00:13:00.684
Because I think there's a lot of fear holding firms back from kind of jumping in and figuring it out.
00:13:01.105 --> 00:13:02.524
I do think there is a lot of fear.
00:13:02.524 --> 00:13:13.024
And, and, you know, when we started Decimal, the first thing that the, some CPAs told us was whatever you do, don't tell people that you're using people in the Philippines.
00:13:13.825 --> 00:13:14.315
And okay.
00:13:14.315 --> 00:13:18.495
We said, all right, in our sales pitch, we said, Hey, and by the way, we have a team in the Philippines.
00:13:18.514 --> 00:13:20.174
They're doing all the accounting work.
00:13:20.174 --> 00:13:23.705
And I just, I didn't find that to be a credible thing.
00:13:23.705 --> 00:13:26.414
And it has not affected our growth at all.
00:13:26.835 --> 00:13:37.115
And I think now that we've worked with a thousand businesses, we've had one that didn't like it and we fired them as a client, but that's a super small subset.
00:13:37.850 --> 00:13:43.149
And I use that because I think a lot of these, I use that example because I think a lot of the fears are unfounded.
00:13:43.350 --> 00:13:44.929
They're valid, but they're unfounded.
00:13:45.909 --> 00:13:47.039
Here is the tough thing.
00:13:47.039 --> 00:13:55.350
When I was teaching that class today at Butler, I told the kids, I said, the single most important thing I'm going to teach you today is the value of first principles thinking.
00:13:56.230 --> 00:13:57.980
And none of them had any idea.
00:13:57.980 --> 00:14:00.120
So I literally made them Google it and pull it up.
00:14:00.120 --> 00:14:13.730
And what I mean by bringing up first principles thinking is I do think that when you look at outsourcing and when you look at AI accountants actually have to sit there and think, how do I do things differently and better?
00:14:13.945 --> 00:14:15.184
to fit this context.
00:14:15.245 --> 00:14:16.554
It is a harder thing.
00:14:16.845 --> 00:14:19.815
Like you said, it is not simply swapping a U.
00:14:19.815 --> 00:14:19.995
S.
00:14:19.995 --> 00:14:22.284
Staff accountant for a Philippine staff accountant.
00:14:22.904 --> 00:14:25.424
You have to think about different ways to manage remotely.
00:14:25.504 --> 00:14:29.024
A lot of us learned how to manage remotely better during the pandemic.
00:14:29.445 --> 00:14:39.525
What worked well, open lines of communication, more frequent communication, more transparency, more kind of collaborative work at the beginning.
00:14:39.535 --> 00:14:48.610
Those are the types of things that can really, really help and stand out and Now that we have a team of 45 people in the Philippines, we've certainly learned a lot of things.
00:14:48.610 --> 00:14:51.441
And I think accountants need to really think about that.
00:14:51.721 --> 00:15:06.110
The other thing that I will say is I know over a dozen top 50 and another dozen top a hundred firms that are outsourcing to either India or the Philippines, it is not abnormal.
00:15:06.701 --> 00:15:09.020
So it is a very normal thing.
00:15:09.400 --> 00:15:12.591
And the other thing that I think I would tell CPAs is.
00:15:12.900 --> 00:15:13.801
Just start.
00:15:14.480 --> 00:15:19.410
There are great outsourcing groups that you and I both know and people want to connect on LinkedIn.
00:15:19.410 --> 00:15:22.910
I'm happy to walk them through some of the ones we've used, but just start.
00:15:22.921 --> 00:15:24.480
Hire your first person.
00:15:25.331 --> 00:15:25.850
Do that.
00:15:26.140 --> 00:15:32.265
The most cost effective, cheap way is to find a company, outsource through them, and then hire them.
00:15:32.745 --> 00:15:35.515
Work out, understand it's not going to work out well.
00:15:35.535 --> 00:15:39.326
It's like hiring your first employee, like Jodi, you've had this when you had your own firm.
00:15:39.605 --> 00:15:42.735
The first time you hire somebody, you kind of suck at it.
00:15:43.206 --> 00:15:45.245
The second time, you get a little bit better.
00:15:45.535 --> 00:15:47.015
And it's the same concept.
00:15:47.096 --> 00:15:48.235
There's a learning curve,
00:15:48.296 --> 00:15:49.186
absolutely.
00:15:49.885 --> 00:15:52.905
There's a learning curve, and I think you have to give it time.
00:15:53.341 --> 00:15:55.600
And you have to be okay.
00:15:55.890 --> 00:16:03.780
Like it's, it's an adjustment and it's a big thing and it's okay for it to be a big thing because it is a big thing, right?
00:16:03.780 --> 00:16:04.010
It's not.
00:16:04.620 --> 00:16:08.380
Um, but on the other side of it, you're not the first person doing it.
00:16:08.530 --> 00:16:16.000
The, I mean, there's almost, I don't want to say best practices in it, but there are definitely other firm owners you could talk to.
00:16:16.870 --> 00:16:20.600
Hear from them what they liked, what they didn't like, what their experience was.
00:16:21.030 --> 00:16:30.270
Um, and I think there's a commitment to saying like, okay, this is the way we're going to strategically work in our business.
00:16:30.451 --> 00:16:33.160
And then you figure out how to make it work because.
00:16:33.666 --> 00:16:39.395
If you don't make the commitment to it, I guarantee like your team will just be, Oh, it doesn't work.
00:16:39.395 --> 00:16:40.615
And that'll be the end of it.
00:16:40.956 --> 00:16:45.225
But yet you're still going to have the problem of, okay, who's going to do the work now.
00:16:45.225 --> 00:16:51.495
And you still have to figure it out.
00:16:51.495 --> 00:16:54.645
So I think that's, that's the hard part.
00:16:56.395 --> 00:16:57.966
You know, it's a lot of change.
00:16:58.466 --> 00:16:59.596
It truly is.
00:16:59.596 --> 00:17:08.046
And, and how do, how do we approach it with a abundance mindset and saying like, look, the world is changing.
00:17:08.056 --> 00:17:10.076
It's changing faster than we know it.
00:17:10.336 --> 00:17:14.086
And we just have to get started and keep moving towards the future.
00:17:14.316 --> 00:17:15.316
If we want to.
00:17:15.445 --> 00:17:21.675
If we want to be able to do the advisory work that we know that we're capable of.
00:17:22.066 --> 00:17:30.625
And if we want to be able to serve our clients at the level of service, they well, not just demand expect should be, should expect, right.
00:17:30.625 --> 00:17:38.715
I just forget about like, that, that, that is fair to them because we just don't have the resources.
00:17:39.066 --> 00:17:45.576
Um, In the accounting pool anymore to like to go find those students who are who are here.
00:17:46.516 --> 00:17:54.415
You know, I, I talked to a firm owner the other day and, and I asked him a question that I think accountants need to start with.
00:17:55.441 --> 00:17:57.260
What do I want out of my life?
00:17:57.560 --> 00:18:00.530
What is my goal personally?
00:18:01.141 --> 00:18:06.861
If your goal is to make X amount of money and do Y amount of work, great.
00:18:06.871 --> 00:18:07.941
How do you get there?
00:18:08.750 --> 00:18:16.181
And that I think is where you start because that's when you can start to say, Hey, I do want to do more advisory, but I just don't have time.
00:18:16.375 --> 00:18:16.786
Okay.
00:18:16.965 --> 00:18:17.955
How do you make time?
00:18:18.086 --> 00:18:19.865
You can make time by outsourcing.
00:18:20.115 --> 00:18:24.766
You can make time by implementing AI and some of the other technology advancements that are out there.
00:18:25.375 --> 00:18:30.125
That's how I think you start with that question and you work your way backwards from that.
00:18:30.726 --> 00:18:36.486
And I think if you do that as a CPA, your life will just generally get better.
00:18:36.806 --> 00:18:42.865
And, and if you say I like my life as it is great, hold on till you possibly cannot.
00:18:43.635 --> 00:18:44.076
Why not?
00:18:44.215 --> 00:18:45.276
You like it as it is.
00:18:46.976 --> 00:18:47.445
Yeah.
00:18:47.596 --> 00:18:47.846
Yeah.
00:18:48.006 --> 00:18:49.375
I, I think that makes sense.
00:18:49.425 --> 00:18:57.155
And I think, um, if we start with the end in mind, then we'll, we'll get started and we'll, we'll move towards it.
00:18:57.165 --> 00:19:10.766
Cause I, I think the worst thing we could do, and this is a choice is do nothing, whether you choose, you know, whether you choose to move forward or you choose to like dig in and say, no, I'm not changing.
00:19:10.776 --> 00:19:13.905
That's a choice, but I think we were at a point.
00:19:14.355 --> 00:19:21.855
In the way accounting is the, the landscape of accounting, where we really have to make some decisions on where we, where we want to be.
00:19:22.786 --> 00:19:35.145
And I think one of the biggest things that I'm preparing to do in 2025, and there are others that are like me is right now, you and I are talking a lot about why, why should you think about AI?
00:19:35.145 --> 00:19:37.435
Why should you think about outsourcing?
00:19:37.925 --> 00:19:41.326
My goal from 2025 on forward.
00:19:41.611 --> 00:19:47.121
Is to also focus on helping people understand how, how can I implement AI?
00:19:47.191 --> 00:19:56.921
How can I successfully outsource and, and really helping to build classes and programs and, and even groups that help to make that easier.
00:19:57.286 --> 00:20:03.236
You're seeing a lot of that start to pop up, and finding those types of things, and starting with connecting with you and I.
00:20:03.326 --> 00:20:13.236
I know you know dozens of people who are doing the same thing I am, and that I think is a great first step for people, is to find others that are willing to talk about how.
00:20:14.300 --> 00:20:16.131
Once you've understood and agree with why.
00:20:17.101 --> 00:20:17.371
Yeah.
00:20:17.371 --> 00:20:33.141
I mean, I think the how is, is key because like, otherwise you're just talking up here and at the end of the day, you have to figure out the how, and I would say too, there's no expert, so it's all changing so fast.
00:20:33.451 --> 00:20:43.500
So the best thing you can do is find people who believe the same things you believe and walk alongside them and learn from each other, because that's the reality.
00:20:43.711 --> 00:20:44.990
Of the world we're in today.
00:20:44.990 --> 00:20:52.250
It's kind of like when the pandemic happened and like the tax laws were changing all so fast and nobody knew what to do and PPP was happening.
00:20:52.250 --> 00:20:52.530
Right.
00:20:52.911 --> 00:20:56.871
And all these CPAs got on Twitter and banded together and just figured it out.
00:20:57.480 --> 00:21:02.500
And so we've done it before we're capable of doing it, but that's pretty much similar.
00:21:02.580 --> 00:21:11.211
I would say the pace is a little bit slower than it was with PPP, but you're going to have to kind of walk alongside people who believe what you believe.
00:21:11.596 --> 00:21:17.605
And just kind of walk through together and figure it out together because there's no, for sure, playbook.
00:21:17.786 --> 00:21:18.885
It's just not there.
00:21:19.296 --> 00:21:19.855
And
00:21:20.125 --> 00:21:20.405
I agree,
00:21:20.415 --> 00:21:27.435
you know, the people who write or who kind of go through that first, they have the most to gain.
00:21:27.965 --> 00:21:31.266
They have the most to gain from the opportunity.
00:21:32.246 --> 00:21:33.165
I think you're absolutely right.
00:21:33.256 --> 00:21:35.736
I think there's, there is so much opportunity.
00:21:35.746 --> 00:21:41.965
This is such a cool time to be in the industry, but it is changing and it is going to change.
00:21:42.405 --> 00:21:48.885
And, uh, I know you and I both love helping people figure out how to do it.
00:21:48.885 --> 00:22:00.715
And I think this season is going to be so fun for us as we start to talk about outsourcing AI, some of these changes that I think will also directly improve the lives of a lot of CPAs.
00:22:01.556 --> 00:22:02.175
For sure.
