Silicon Valley Bank FAIL with Paul Barnhurst, The FP&A Guy
Show Notes
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) - 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 NotesXero 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 processinghttps://www.accountingtoday.com/news/irs-expands-digital-processing Senate approves Werfel as IRS chiefhttps://www.accountingtoday.com/news/senate-approves-werfel-as-irs-chief Reshaping Xero to enable disciplined growth and focushttps://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 Platformhttps://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-studyGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts