Embracing Change and Innovation in the Accounting Industry with Jesse Rubenfeld and Tom Zehentner
05/06/24 • 58 min
The finer details of this episode:
- Evolution of accounting software and early career experiences
- Importance of embracing change and innovation in the industry
- Leveraging technology to streamline accounting processes
- Challenges and opportunities in early career development
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- Email us with questions or if you’d like to be a guest on the show: [email protected]
- We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
- https://www.finoptimal.com/
- https://www.linkedin.com/in/jesserubenfeld/
- https://www.linkedin.com/in/tom-zehentner-cpa-a0591b5b/
- If you love this conversation, don’t miss Hannah and Joey on the FinOptimal podcast, Another Not Another Accounting Podcast: https://podcasts.apple.com/us/podcast/ep-77-young-cpas/id1734624758?i=1000653170191
Timestamps:
The wild west of the internet (00:00:22)
Discussion about the early internet era, LimeWire, and the evolution of music downloading.
Evolution of internet and social media (00:03:03)
Recollection of early internet trends and social media references, including the YouTube evolution of dance video and internet games.
Initial experiences with computer games (00:04:08)
Nostalgic conversation about classic computer games like Civilization and Age of Empires.
Transition to accounting and QuickBooks (00:05:14)
Discussion about the unexpected transition to accounting over the internet and QuickBooks online.
Adapting to change in accounting (00:07:26)
Reflections on the need for a mindset of continuous improvement and embracing change in the accounting industry.
Challenges and rebellion in early career (00:09:18)
The defiance and challenges faced in early career stages and the development of confidence to pursue a better way.
Challenges in traditional accounting firms (00:10:07)
The limitations of traditional accounting firms in embracing new approaches and the unique situation of starting a career at a startup.
The role of an architect in accounting (00:13:25)
The discussion about the architectural role in making accounting more efficient and the rewarding nature of creative problem-solving.
Founding of FinOptimal (00:15:39)
The backstory and founding of FinOptimal, including the challenges and evolution of QuickBooks online.
Transition to QuickBooks online (00:16:39)
Discussion about the transition from QuickBooks desktop to QuickBooks online and the limitations faced in the past.
Software automation in accounting (00:17:06)
The secret to success being software that automates accounting processes and the decision to go with QuickBooks online.
Technology and Business Growth (00:17:28)
Discussion about the development of technology to improve efficiency and competitiveness in the accounting industry.
Challenges in Accounting Software (00:18:21)
Exploration of the challenges and changes in accounting software, including user-friendliness and adaptability to different generations.
Building Automation Tools (00:20:22)
The process of building automation tools and the importance of understanding accounting nuances for effective tool development.
Empowering Young Accountants (00:21:30)
Advice and experiences shared to empower young accountants to drive change and innovation in their roles.
Risk-taking and Entrepreneurial Spirit (00:23:45)
Discussion on the entrepreneurial mindset, risk-taking, and the need for experience in driving improvements and automation in accounting processes.
Generational Perspectives on Technology (00:27:56)
Exploration of generational perspectives on technology, feedback loops, and the impact of social media on business feedback.
Collaboration and Innovation (00:32:30)
The importance of collaboration between different generations and skill sets in driving innovation and experimentation in accounting technology.
Coding and College (00:35:35)
Discussion about coding and the value of learning it in high school and college.
Excel and Coding (00:37:37)
Comparison between accounting and coding, and the potential for accountants to transition into coding.
College Curriculu...
The finer details of this episode:
- Evolution of accounting software and early career experiences
- Importance of embracing change and innovation in the industry
- Leveraging technology to streamline accounting processes
- Challenges and opportunities in early career development
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- Email us with questions or if you’d like to be a guest on the show: [email protected]
- We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
- https://www.finoptimal.com/
- https://www.linkedin.com/in/jesserubenfeld/
- https://www.linkedin.com/in/tom-zehentner-cpa-a0591b5b/
- If you love this conversation, don’t miss Hannah and Joey on the FinOptimal podcast, Another Not Another Accounting Podcast: https://podcasts.apple.com/us/podcast/ep-77-young-cpas/id1734624758?i=1000653170191
Timestamps:
The wild west of the internet (00:00:22)
Discussion about the early internet era, LimeWire, and the evolution of music downloading.
Evolution of internet and social media (00:03:03)
Recollection of early internet trends and social media references, including the YouTube evolution of dance video and internet games.
Initial experiences with computer games (00:04:08)
Nostalgic conversation about classic computer games like Civilization and Age of Empires.
Transition to accounting and QuickBooks (00:05:14)
Discussion about the unexpected transition to accounting over the internet and QuickBooks online.
Adapting to change in accounting (00:07:26)
Reflections on the need for a mindset of continuous improvement and embracing change in the accounting industry.
Challenges and rebellion in early career (00:09:18)
The defiance and challenges faced in early career stages and the development of confidence to pursue a better way.
Challenges in traditional accounting firms (00:10:07)
The limitations of traditional accounting firms in embracing new approaches and the unique situation of starting a career at a startup.
The role of an architect in accounting (00:13:25)
The discussion about the architectural role in making accounting more efficient and the rewarding nature of creative problem-solving.
Founding of FinOptimal (00:15:39)
The backstory and founding of FinOptimal, including the challenges and evolution of QuickBooks online.
Transition to QuickBooks online (00:16:39)
Discussion about the transition from QuickBooks desktop to QuickBooks online and the limitations faced in the past.
Software automation in accounting (00:17:06)
The secret to success being software that automates accounting processes and the decision to go with QuickBooks online.
Technology and Business Growth (00:17:28)
Discussion about the development of technology to improve efficiency and competitiveness in the accounting industry.
Challenges in Accounting Software (00:18:21)
Exploration of the challenges and changes in accounting software, including user-friendliness and adaptability to different generations.
Building Automation Tools (00:20:22)
The process of building automation tools and the importance of understanding accounting nuances for effective tool development.
Empowering Young Accountants (00:21:30)
Advice and experiences shared to empower young accountants to drive change and innovation in their roles.
Risk-taking and Entrepreneurial Spirit (00:23:45)
Discussion on the entrepreneurial mindset, risk-taking, and the need for experience in driving improvements and automation in accounting processes.
Generational Perspectives on Technology (00:27:56)
Exploration of generational perspectives on technology, feedback loops, and the impact of social media on business feedback.
Collaboration and Innovation (00:32:30)
The importance of collaboration between different generations and skill sets in driving innovation and experimentation in accounting technology.
Coding and College (00:35:35)
Discussion about coding and the value of learning it in high school and college.
Excel and Coding (00:37:37)
Comparison between accounting and coding, and the potential for accountants to transition into coding.
College Curriculu...
Previous Episode
Navigating Conflict Resolution: Insights and Tips for Young CPAs with Carol Bowser
“A conflict means something important is at stake. Empathy has an inverse relationship to conflict; the higher the conflict, the empathy bucket goes out because we're living in our own pain points.” -Carol Bowser
The finer details of this episode:
● Need for conflict-resolution skills in the workplace
● Navigating conflicts in a remote work environment
● Recognizing generational and cultural differences in conflict-resolution approaches
● Practical tips for handling unexpected conflicts and receiving feedback
● Importance of empathy and emotional intelligence in conflict resolution
● Advice for entering the workforce and approaching conflicts
Episode resources:
●Summit Virtual CFO by Anders website: https://www.summitcpa.net/
●Email us with questions or if you’d like to be a guest on the show: [email protected]
●We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
●https://conflictmanagementstrategies.com/about-us/carol-bowser-jd/
●https://www.linkedin.com/in/carol-bowser/
Timestamps:
Introduction (00:00:00)
Overview of the podcast and its relevance to young accounting professionals.
Challenges in the Accounting Profession (00:00:23)
Discussion on the tough nature of the accounting industry and the need for conflict resolution skills.
Becoming a Conflict Resolution Expert (00:01:30)
Carol’s journey from employment law to becoming a conflict-resolution expert.
Understanding Conflict Resolution (00:05:15)
Defining conflict resolution and discussing the right and wrong approaches to handling conflicts in the workplace.
Personal Experiences and Insights (00:08:21)
Personal experiences and insights related to conflict resolution in the accounting industry.
Navigating Conflict in the Workplace (00:08:56)
The importance of developing conflict resolution skills early in one's career and the impact of experience on handling conflicts.
Power Dynamics and Generational Differences (00:10:22)
Exploring power dynamics, generational differences, and work-life balance in the context of conflict resolution.
Challenges in Remote Work Environment (00:12:03)
Challenges and adjustments in conflict resolution when transitioning to a more flexible and remote work environment.
Cultural Blindness and Communication Challenges (00:13:44)
Discussion on cultural blindness, communication challenges, and the impact of generational differences on conflict resolution.
Empathy and Multi-Layered Conflict Resolution (00:18:56)
The importance of empathy and multi-layered approaches to conflict resolution, including situational awareness and emotional intelligence.
The empathy-conflict relationship (00:21:04)
Discussion on the inverse relationship between empathy and conflict, emphasizing the need to recognize everyone's point of pain.
Preparation for conflict resolution (00:22:12)
Advice for initiating conflict resolution conversations in a neutral and empathetic manner, highlighting the importance of time for emotional catch-up.
Dealing with unexpected conflict (00:24:06)
Issues of unexpected conflict and seeks advice on responding in such scenarios.
Handling unexpected feedback (00:30:02)
Concerns about receiving feedback and seeks advice for younger CPAs, leading to discussion on fear of feedback and its impact on personal growth.
Navigating feedback and conflict in the workplace (00:31:16)
Challenges of giving and receiving feedback, highlighting the judgmental nature of feedback and its impact on personal and professional development.
Seeking clarity and asking questions (00:38:38)
Importance of asking questions about the organizational culture and decision-making processes, emphasizing the role of trust in navigating workplace dynamics.
Interviewing the firm (00:40:17)
Significance of candidates asking about conflict resolution in an interview, highlighting the power balance and the freedom to interview the firm.
Conflict Resolution in the Workplace (00:41:26)
Discussion on advice for handling conflicts in the workplace and finding comfort in conflict resolution.
Approaching Conflict Conversations (00:41:55)
Insights on recognizing the importance of conflicts, framing proposals, and understanding the other party's ask in conflict c...
Next Episode
CMA vs. CPA: Navigating Certification Requirements and Career Challenges with Kaden Cook
The finer details of this episode:
- Differences between CMA (Certified Management Accountant) and CPA (Certified Public Accountant) exams/certifications
- Applying knowledge from school, exams, and work experience in current role
- Challenges and loopholes in meeting the 150-hour rule
- Importance of practical work experience and technology in the industry
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- Email us with questions or if you’d like to be a guest on the show: [email protected]
- We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
- https://www.linkedin.com/in/kadencook/
Time Stamps:
Welcome to the Young CPA Success Show (00:00:01)
Introduction to the podcast and its purpose.
Kaden's Journey into Accounting and Certifications (00:00:23)
Kaden's background, choice of certifications, and the differences between CMA and CPA exams.
Discussion on School, Career Choices, and Future of Accounting (00:01:51)
Insights on the 150-credit hour requirement for the CPA exam, career choices, and the future of accounting.
Discovering Summit CFO through a Podcast (00:02:42)
Kaden's discovery of Summit CFO through a podcast and the topics discussed in the podcast.
Choosing CMA Over CPA and Its Benefits (00:07:12)
Reasons for choosing CMA over CPA, including the differences in exam requirements and the benefits of starting the CMA exam during college.
Comparing CMA and CPA Exams (00:13:19)
Kaden's experience with both CMA and CPA exams, including differences in exam structure, content, and difficulty.
Application of Knowledge from School, Exams, and Work Experience (00:18:30)
Discussion on how Kaden applies knowledge from school, exams, and work experience in his current role, and the importance of understanding the material thoroughly.
Understanding Financial Accounting (00:19:28)
Kaden discusses how his college education greatly contributed to his understanding of financial accounting.
Work Experience and CMA (00:19:49)
Kaden explains how his work experience and CMA studies went in tandem, providing practical application.
Challenges in Education (00:21:29)
Joey and Kaden discuss the shift in education focus from understanding to chasing grades.
Impact of 150-hour Rule (00:26:44)
The 150-hour rule for the CPA exam is discussed, and Kaden shares how he and others found loopholes.
Alternative Credit Acquisition (00:31:17)
Kaden shares a loophole to acquire credits for the 150-hour rule through online FEMA courses.
Debate on 150-hour Requirement (00:33:22)
The debate on the value and practicality of the 150-hour requirement for the CPA exam is discussed.
The Future of Accounting (00:37:09)
Kaden emphasizes the importance of technological proficiency for future success in accounting.
The importance of understanding AI (00:38:26)
Discussion on the necessity of understanding AI and its role in the advisory world.
Advising students to think beyond exams (00:39:28)
Encouraging students to focus on synthesizing information and putting pieces together for future success.
Appreciation and encouragement (00:40:01)
Expressing gratitude to the guest for sharing insights and encouraging audience engagement.
Opportunities for young CPAs (00:40:38)
Promotion of career development opportunities for young CPAs at Summit Virtual CFO and Anders CPAs and Advisors.
If you like this episode you’ll love
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