Episode #463: LIVE from the Creative Business Models for Accountants Conference

This week Ron and Ed traveled to Miami to attend Hector Garcia's Creative Business Models for Accountants Conference where they shared their thoughts about Day 1 of the conference live with the audience. Then they took questions from the attendees in classic "Ask Us Anything" style.

This show was LIVE and featured a series of great questions from the audience. Here is the AI generated overview but you definitely want to listen to the show to capture the audience excitement.

• Business model innovation at Creative Business Model Counties

• Consulting and questioning techniques in business

• The importance of asking "what matters" questions in innovation

• How to handle objections and questions from clients.

• Framing questions for a historical document.

• Creativity and comfort for accountants at a conference.

• Business models, branding, and AI in the professional services industry.

• Retraining the brain to think in questions, not solutions

• The importance of asking the right questions in business

• Asking better questions for personal growth and success.

• Creative business models for accountants with Q&A.

• Moving away from solution-focused thinking in sales

• Providing valuable insights through active listening and pivoting

• The accounting profession's talent crisis and outdated business model

• The future of accounting and billing models

• Making accounting a cool profession

• Using humor to revitalize the accounting profession

• Subscription-based business models and potential obstacles

• Pricing strategy and mindset for subscription-based businesses

• Business models and customer lifetime value

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #462: The Techno-Optimist Manifesto by Marc Andreessen

Ed and Ron explored Marc Andresseen's "The Techno-Optimist Manifesto." It's a thought-provoking piece that we largely agree with. You can find the Manifesto at: https://a16z.com/the-techno-optimist-manifesto/

Use these show notes to follow along with audio…

Segment one:

• Take the economics of our show over the last 9.5 hours and boil it down into one thing. What do you get? The Techno-Optimist Manifesto at this link: https://a16z.com/the-techno-optimist-manifesto/ 

• The Techno-Optimist Manifesto reminds Ron of Virginia Postrel and her book, “The FUTURE AND ITS ENEMIES” https://www.amazon.com/FUTURE-ITS-ENEMIES-Creativity-Enterprise/dp/0684862697 

• When we talk about the word conservative, we mean different things within the United States. Some conservatives today want to conserve the 1950s. True to themselves, others want to conserve the Declaration of Independence and it’s codification in the Constitution

• “Economic growth is not a cure-all, but lack of growth is a kill-all.” —Paul Collier

Segment two:

• In the “Markets” section of the Techno-Optimist Manifesto, Andreesen directly addresses transaction costs and the ability of the market to reduce them. This is AirBNB. This is Uber. This is anything that reduces transaction costs.

• Hayek’s classic paper, "The Use of Knowledge in Society" was referenced by Ron and Ed today. Link is here: https://www.econlib.org/library/Essays/hykKnw.html 

• “The law lags culture. The law emerges from the culture. It’s a lot easier to trade with one another than it is to just take it from one another.” —Ed Kless on today’s show

• In summary, we have 300 years of history to prove that technology drives wages up NOT down. More in the “Markets” section of the Techno-Optimist Manifesto https://a16z.com/the-techno-optimist-manifesto/ 

Segment three:

• Ed dropping geographic knowledge today, “Jamaica and Singapore have roughly the same population and are roughly the same longitudinally.”

• “Maybe calling [technology] a tool is too utilitarian? At the end of the day, it’s a hammer, it’s a wrench.” —Ron Baker

• One of the best lines from the Techno-Optimist Manifesto: “We believe Artificial Intelligence is our alchemy, our Philosopher’s Stone – we are literally making sand think.”https://a16z.com/the-techno-optimist-manifesto 

• The most PROVOCATIVE line in the entire Techno-Optimist Manifesto: “Deaths that were preventable by the AI that was prevented from existing is a form of murder.” https://a16z.com/the-techno-optimist-manifesto/ 

• Did you know that President Nixon called for the construction of 1,000 nuclear power plants by the year 2000?

Segment four:

• Thomas Sowell argues that the constrained vision relies heavily on the belief that human nature is essentially unchanging. More here:  https://en.wikipedia.org/wiki/A_Conflict_of_Visions#:~:text=Sowell%20argues%20that%20the%20constrained,law%20and%20experience%20of%20tradition 

• “Science is the belief in the ignorance of experts.” —Richard Feynman

• Ron and Ed BARELY had enough time during the show today to go through half of the Techno-Optimist Manifesto. If you have strong beliefs, loosely held then this piece is WELL worth your time. https://a16z.com/the-techno-optimist-manifesto/ 

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #461: Interview with Hitendra Patil - Rise of The Aiccountants

Ron and Ed welcomed Hitendra Patil, President of the Global Finance and Accounting Outsourcing Services of Datamatics Business Solutions, Inc. and author of Rise of The Aiccountants: The What, Why, and How of Artificial Intelligence for Accountants. AI is way more than an amusement gimmick. At its core, AI is a powerful tool that can make accounting firm operations, analytics, decision-making, and client services more efficient, impactful, and insightful resulting in clients getting more delighted and, importantly, firm staff more productive, engaged, and happier. Unfortunately, other than starting to use publicly available AI tools, firm leaders who want to professionally leverage artificial intelligence often don’t know where to start. AI journey can feel overwhelming—as it requires firms to analyze existing processes, make new choices for software solutions, decide the priorities for applying AI automation and prepare every part of the firm for the transition.

About Hitendra Patil

Hitendra Patil is the author of two critically acclaimed books bought by accountants from 14 countries across five continents. Hitendra is one of the Top 100 Most Influential People in Accounting in the United States, as recognized by Accounting Today, which is the #1 professional trade journal in the US accounting and finance profession. He has also been among the Top 10 Accounting Influencers to Follow on Social Media and the Top 100 Accounting Social Media Leaderboard. He is a regularly published author in many of the leading publications in the accounting profession in the United States. Hitendra provides research-backed, contemporary insights into the accounting profession about practice growth, entrepreneurship in accounting, client accounting services, and emerging technologies, such as artificial intelligence, machine learning, blockchain, and cybersecurity. Hitendra has a keen interest in human behavior science, neuroscience, psychology - and writing. All this culminates in books, articles, blog posts, podcasts, webinars, and content that resonates deeply with the audience to inspire and influence people to take actions that benefit them.

Use these show notes to follow along with audio…

Segment one:

• “I’m not an AI deep fake. This is the real Hitendra.” That’s how Hitendra started the show today which is EXACTLY what a deep fake Hitendra would say.

• What is the biggest challenge facing the accounting profession? Separating the symptoms from the core of accounting. In a good way, we are going towards the core purpose of accounting. To help people improve their business and perform better.

• “If you look at accounting as a profession it has fewer number of celebrities compared to outside the profession. Excluding Ron Baker, of course. […] We need those celebrities to pull people into the profession.” —Hitendra Patil

• Client Accounting Services. Heard the phrase? Hitendra wrote the book, Client Accounting Services: The Definitive Success Guide https://cpatrendlines.com/shop/hp21cas/ 

Segment two:

• Hitendra holds the role of President of the Global Finance and Accounting Outsourcing Services of Datamatics Business Solutions and can be found at https://datamaticscpa.com/accounting-bookkeeping-outsourcing-for-usa-cpas/ 

• In January of 2023, Hitendra published a new book “Rise of The AiCCOUNTANTS”. More info at this link: https://www.amazon.com/Rise-AiCCOUNTANTSTM-Accountants-Artificial-Intelligence/dp/B0BTKSP6M8 

• Can we get to the point of significantly reducing the audit with artificial intelligence? Audit is facing an extreme talent crunch so it certainly is a candidate. You also handle massive amounts of data in Audit and AI is great for that.

• What about “wisdom about the situation” when it comes to applying AI to solve problems? AI does not have that context and probably never will. “There is a world that exists outside of the data.” —Hitendra

Segment three:

• Hitendra refers to “the engagement ring” as pulling in data and analyzing the past, present, and future. It’s a clever way to think about how to help your clients. 

• If you have 800 CAS customers, how can you work on the future? There’s just not enough time. Doesn’t CAS require fewer customers? “For those who really do CAS, […] the number will surely come down.” —Hitendra Patil

• If you were to launch a firm today, what would you do? “Make sure I can survive for 1,000 days with saved money. Otherwise, anything that walks in the door is a client.” —Hitendra Patil

• Do you see CAS firms adopting the subscription model? “OH YES.” —Hitendra Patil

Segment four:

• Can you be both CAS and CAAS at the same time? “I don’t think CAAS can exist with CAS.” —Hitendra Patil

• What’s your production function around doing research. “I start with some LinkedIn polls. […] Then I go through proper channels with massive amounts of subscribers. Then I ask what will be useful and actionable for the market from the research.”

• A big THANK YOU to Hitendra Patil for joining us today to talk about AI and accountants. Check out his book, Rise of The AiCCOUNTANTS, at this link: https://www.amazon.com/Rise-AiCCOUNTANTSTM-Accountants-Artificial-Intelligence/dp/B0BTKSP6M8 

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #460: One Thing! - Part Three

Ron and Ed once again share entries from their "One Thing" journals, so this episode is a bit random, but contains nugget after nugget on curated wisdom for the reading and listening habits of the hosts.

Use these show notes to follow along with audio…

Segment One:

• Ron: Writing a book is more risky than having a child. You can always disown a child.

• Ed: “The juice is not worth the squeeze.” Not sure I like this metaphor.

• Ron: What’s your unpopular but good idea or cause? (Asked when Peter Thiel interviews for nonprofits)

• Ron: Also from Peter Thiel: “Tell me something you believe that most people don’t”

• Ed: “The time for debate is over!” is almost always code for, “Shut up and do what I say.”

• Ron: Jonah Goldberg — “Libertarians are like the Huns. You want them on your side, just not in charge.”

• Ed: “I can’t help but feel like you’re trying to intimidate me into pretending to agree with you." One of the thoughts that economist Bryan Caplan keeps to himself. 

• Ron: It doesn’t take a dead man to build a coffin (mechanic doesn’t need to drive BMW)

Segment Two:

• Ed: In 100 years, what will I be wrong about?

• Ron: Liberty is the absence of oppression. Freedom is the act of commitment: a choice. Peter Block

• Ed: ‘We are free to choose, we are not free to choose not to choose.’ - Peter Kostenbaum

• Ron: The problem with the gene pool is there’s no lifeguard, Steven Wright

• Ed: One of my favorite political fables concerns Dwight D. Eisenhower and his tenure as president of Columbia University. The campus was undergoing an expansion, and Ike was presented with two very different plans for laying out new sidewalks. The architects were irreconcilable, each insisting that his plan was the only way to go and that the other guy had it all wrong. Ike, sensible fellow that he was, had grass planted instead, telling the architects to wait a year and see where the students trod paths in the turf, and then to put the sidewalks there.  - Kevin Williamson

• Ron: If we evolved from apes, why do apes still exist?

• Ed: “If the slave eats the food provided by the master, does that mean the slave consents to slavery?” - Mike Munger response to the "Muh roads" argument.

Segment Three:

• Ron: An American is an Englishman left Alone. Alexis De Toqueville

• Ed: Principle of “non worst-ness.” Not hiring someone to clean your house because you think it is demeaning to them only make the have to take on another customer who will likely be demeaning.

• Ron: Argue with conviction, listen as if you were wrong

• Ed: What have I said “Yes” to that I no longer am truly committed?

• Ron: I would rather have questions that can’t be answered than answers that can’t be questioned. Richard Feynman

• Ron: JFK was asked what he was most worried him? 30-40 nations with nuclear weapons. We have 9 with America’s leadership

• Ed: A man tries to park his car in the Congressional lot. Security comes over and explains that he should not park there because Congress is in session. The guy replies, “It’s okay, I locked the doors.”

• Ron: Eric Idle: wanted biography title, “Say no more,” but that’s for his Tombstone

Segment Four:

• Ed: It is an established fact of social science that any bad idea can work for a time in Sweden.

• Ron: GK Chesterton: Gratitude is happiness doubled by wonder.

• Ed: The system will reveal true purpose in spite of the stated vision and mission statements or in the absence thereof.

• Ron: St. Thomas Aquinas: Envy is the only one of the seven deadly sins that isn’t even fun

• Ron: All models are wrong, some are useful

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits.