How Smart Is Intuit's New AI "Intuit Assist" (with Jack Castonguay)

This week we dive into the pipeline shortage and the need for more accounting candidates, and discuss Intuit's groundbreaking use of AI in TurboTax and its potential impact on accounting professionals. Guest Jack Castonguay sheds light on FASB's recent announcement on accounting standards for digital assets and how it affects companies holding crypto assets. We also explore positive aspects of the accounting profession and address the need for critical changes like higher salaries and re-evaluating the audit process.

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  • (00:47) - Welcome Jack Castonguay to the show
  • (02:00) - Jack is quoted: "Shrinking CPA Pipeline Fuels Calls to Relay Education Mandate"
  • (04:18) - Intuit introduces 'Intuit Assist' an AI chatbot for tax
  • (13:20) - The new AI in QuickBooks is ... less impressive
  • (15:21) - 6 in 10 Americans live paycheck to paycheck
  • (15:51) - FASB announcement on accounting standards for digital assets
  • (18:12) - Listener voicemail: Accounting teaches you to be a BS detector
  • (22:09) - Listener voicemail: Does the accounting profession cover too much?
  • (30:40) - Why more people should become accountants
  • (33:23) - The problem with ELE programs to reach 150
  • (38:27) - ADP study shows why and when people change jobs
  • (41:10) - How can starting salaries increase in accounting?
  • (46:33) - Why accounting students should double major
  • (53:01) - Checking back in on the live chat with questions
  • (58:48) - We get a one-star review!

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Show Notes
Intuit reveals new A.I. assistant after major investment   
Intuit Assist - Your AI Accounting Assistant            
Intuit Mailchimp Launches New Global Campaign to Help Marketers Untangle Their Clustomer Problem
Introducing Intuit Assist: The Generative AI-Powered Financial Assistant for Small Businesses and Consumers         
Promoting an employee may lead them to leave 
Transformative Tax Preparation: Gen-AI Powered Intuit Apollo
Intuit Assist Poised To Boost Competitive Moat, Gets A Price Target Boost From Analysts
Intuit cut hundreds of jobs and spent at least $20 billion in a massive bet on AI. Today the company is revealing its new virtual assistant 
Google to charge big businesses $30 per user per month for AI in Gmail and work apps

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The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Creators and Guests

David Leary
David Leary
President and Founder, Sombrero Apps Company
Jack Castonguay
Jack Castonguay, PhD, CPA is an assistant professor of accounting at Hofstra University and vice president of strategic content development at Surgent Accounting and Financial Education. He has a BBA and MS in accounting from James Madison University and a PhD in accounting from the University of Tennessee. He holds an active CPA licensce in VA and NY. He has published articles in The CPA Journal, Strategic Finance, and Accounting Perspectives and has been quoted in the Wall Street Journal, Bloomberg News, and CFO Dive. Jack lives in NYC with his two dogs, Gatsby and Mr. Feeny.
How Smart Is Intuit's New AI "Intuit Assist" (with Jack Castonguay)
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