Guest: Paul Barnhurst, The FP&A Guy; Corporate frauds go undetected; Xero lays off 800; IRS process had a 20X improvement, and more!SponsorsOnPay - https://cloudaccountingpodcast.promo/onpay Relay - https://cloudaccountingpodcast.promo/relayClient Hub - https://cloudaccountingpodcast.promo/clienthubNeed CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpe(00:00) - E323
(00:23) - ...
Guest: Paul Barnhurst, The FP&A Guy; Corporate frauds go undetected; Xero lays off 800; IRS process had a 20X improvement, and more!
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- (00:00) - E323
- (00:23) - State regulators shut down Silicon Valley Bank
- (00:52) - Introduction and some thoughts on their Ken Bishop interview
- (04:33) - Some background on Paul
- (09:29) - Silicon Valley Bank is in trouble
- (13:45) - How banks work and make money
- (16:50) - Blake shares a tweet from a listener
- (18:04) - Almost all corporate fraud goes undetected
- (23:21) - News breaks that SVB has been shut down
- (27:43) - Fireball sued for whiskey fraud
- (30:51) - Ramp raises $5 million to build expense tracking
- (37:10) - ChatGPT used to recover over $100k in unpaid invoices
- (43:11) - FinTech failures and Xero's layoffs
- (47:29) - Startup CFO used Chat GPT to create FP&A tool
- (52:41) - Which GL will embed AI first?
- (55:24) - Randomly assigning auditors to companies improves their quality
- (57:58) - The IRS has already scanned 20 times more documents than all of 2022
- (59:15) - New commissioner of IRS approved
- (59:46) - Wrap up and where to reach everyone
Show Notes
Xero to lay off up to 800 staff as tech downturn spreads to accounting
https://www.accountingweb.co.uk/tech/accounting-software/xero-to-lay-off-up-to-800-staff-as-tech-downturn-spreads-to-accounting
IRS expands digital processing
https://www.accountingtoday.com/news/irs-expands-digital-processing
Senate approves Werfel as IRS chief
https://www.accountingtoday.com/news/senate-approves-werfel-as-irs-chief
Reshaping Xero to enable disciplined growth and focus
https://www.xero.com/blog/2023/03/reshaping-xero-to-enable-growth/
Bill.com Holdings: QuickBooks Flips From Asset To Serious Threat ...
https://seekingalpha.com/article/4585422-billcom-holdings-quickbooks-flips-from-asset-to-serious-threat
Ramp Raises $5 Million for User and Revenue Forecasting Platform
https://www.pymnts.com/news/investment-tracker/2023/ramp-raises-5-million-for-user-and-revenue-forecasting-platform/
The Week That Broke the Bank for Crypto
https://www.pymnts.com/cryptocurrency/2023/the-week-that-broke-the-bank-for-crypto/
FinTech Cash Burn Totaled $12 Billion in 2022
https://www.pymnts.com/news/fintech-investments/2023/fintech-cash-burn-totaled-12-billion-in-2022/
What’s going on at Silicon Valley Bank?!
https://newsletter.dtrh.co/p/whats-going-on-at-silicon-valley
Silicon Valley Bank shoots self in foot
https://techcrunch.com/2023/03/09/silicon-valley-bank-shoots-self-in-foot/
Most corporate fraud goes undetected
https://www.cfobrew.com/stories/2023/01/26/most-corporate-fraud-undetected-new-study
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