CPAs are quietly becoming fraud investigators

Clients are trusting their accountants with more than their books these days—we're covering how CPAs are becoming the first line of defense against elder financial scams. We've also got game plans for turning conference takeaways into action, actionable steps to develop younger employees, and a heads up on why your AI vendor might not be the one holding the bag if a new tool goes wrong.

And, if you’ve been loving this year’s World Cup coverage as much as we have, here’s a fun deep dive on how taxation works for the record-breaking $655 million prize.

Throwback: The case for supplementing software with spreadsheets

Opportunity alert: Looking for a new niche? Agricultural businesses are complex, thriving and often overlooked

Looking ahead: Perfect the art of the value chain to turn one opportunity into an even bigger one

Muscle up: CPAs are the new line of defense in protecting older clients from financial scams

Just one thing: Expanding your sustained focus could be the most valuable skill you work on this year

Sponsored by Canopy

If your firm is like most, you're juggling five or six systems for clients, tasks and documents. It works, but switching is inefficient.

Now there's pressure to add AI. Tools like ChatGPT live outside your workflow, so staff copy emails and paste data for a summary, overwhelming for a busy team.

You don't need another login, just AI that fits where your team works.

Jason Staats released a breakdown on why the easiest AI to adopt is one that knows your firm. When AI lives inside your practice management system, you get:

If you want a "today-ready" step into AI, it's worth a quick read.

Randy Crabtree and Terrell Turner chat about community as the real currency of conference season, but it’s up to you as a participant to make the most of it. While it’s easy to get ideas for firm growth online, Crabtree and Turner argue that the true value of in-person events is the ability to connect with others. Participating in workshop Q&As or jumping into hallway conversations can help you find out how other professionals actually implement the ideas you’re considering (side note: The Net Gains’ weekly Q&A is another great BTS resource on how small firms implement new initiatives).

Conferences are also a great place for community-led accountability. Keeping in touch with a few peers on a similar journey can be extremely motivating. 

Why this matters: You need a true ROI from any event to justify taking time away from the firm. Go into the conference with a clear plan not only to get ideas, but also tactical implementation tips and new relationships that drive you forward. (The Unique CPA Podcast)

Younger employees spend less time on routine tasks in accounting firms. So how are they supposed to learn how to exercise judgment as they advance in their careers? Dr. Kamran Shaikh argues that it’s up to the firm to offer the right opportunities for professional development. The best solutions include offering earlier client exposure, participation in strategic conversations and clearly defined mentorship programs.

Why this matters: Talent competition is already fierce. While your firm may not need as much support with entry-level tasks as you once did, you do need to invest in developing younger talent to support the firm’s future growth. (Accountancy Age)

The number of apps or software programs the average firm uses to manage operations and clients. (Intuit QuickBooks)

Outsourcing work to AI software doesn’t remove your responsibility for the results, and a class-action suit is beginning to test the legal ramifications for business owners. Peloton recently jointly dismissed a case involving an AI vendor that recorded chatbot conversations to improve its algorithm. Despite Peloton not having oversight of the AI training models, the company likely settled the lawsuit. 

Before that, iTutorGroup was sued because of a third-party AI hiring tool that discriminated against older applicants. Instead of waiting on regulations, courts are using individual lawsuits as test cases–and business owners are repeatedly the ones being held responsible for any AI wrongdoing.

Why this matters: Before onboarding any new AI tools, vet the vendor’s data use practices. Also, check your contracts for how customer data can be used and how liability is assigned. (Harvard Business Review)

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The Net Gains is written and curated by Lauren Ward and edited by Bianca Prieto.