Is the CPA Worth it in 2019, 2020, 2021…? Also, H&R Block Acquires Wave and Xero Appoints Jamie McDonald to Lead Accounting & Global Services

June 16, 2019 / 48:08/E84

Blake is back from the annual AICPA Engage conference with lots of questions about the future value of the CPA. Meanwhile, H&R Block announced that they are acquiring Wave Financial, a provider of accounting software to millions of small businesses. Looks like H&R Block will be competing with QuickBooks Live? In other app news, Xero has appointedHubdoc co-founder Jamie McDonald to lead Accounting and Global Services. We’ll find out what that means for the future of Xero soon at Xerocon in San Diego.

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Show Notes

3:36 — AICPA to Oversee New Internet Domain for CPAs | AICPA
7:36 — Given the change in the profession, what's the value of the CPA license in 2019 and beyond?
8:42 — A listener asks if the CPA is worth it. Blake responds.
11:36 — CPA numbers have stagnated according to NASBA data
12:56 — How much is the CPA Exam worth in 2019? | Accounting Today — The CPA Exam, it seems, is not seen as a necessity by a significant percentage of young professionals. A roundtable hosted by CPA Exam prep course company Surgent, "Is the CPA License Losing Its Luster?" explored this question earlier this month.
16:12 — Trust begets opportunity for accountants in assurance | Accounting Today — Susan Coffey, executive vice president of the Association of International Certified Professional Accountants, says that analytics have the capacity to one day eliminate the need for human-verified audits.
19:44 — NASBA and AICPA seek input on evolving licensure model | Journal of Accountancy — The National Association of State Boards of Accountancy (NASBA) and the AICPA are seeking feedback from the profession and its stakeholders as they consider ways to evolve the model for initial CPA licensure to support a growing need for new skills amid rapid technological advancement. Provide your feedback at evolutionofcpa.org.
25:46 — Over the last 8 years CPA firm hires have increased over 4% but non-CPA firm hires have increased over 10% | Twitter
26:51 — Tax law changes join staffing as a top issue for CPA firms | Journal of Accountancy — “Finding qualified staff” is the top concern of every firm with two or more professionals — the same result as in the 2017 survey.
29:07 — H&R Block to acquire Wave Financial for $405M | Accounting Today — The acquisition is expected to expand H&R Block’s presence in the small business market. The Kansas City, Missouri-based tax prep giant is mostly known for its tax services and technology, but it has periodically made moves to provide accounting and bookkeeping services as well.
41:17 — Xero appoints Hubdoc co-founder Jamie McDonald to lead Accounting and Global Services | Insightful Accountant — McDonald’s expanded role will see him lead the continued improvement of Xero’s core accounting products for small businesses, including Xero Mobile. Tune in for our upcoming Xerocon interview with Jamie!

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