{"version":"1.0.0","segments":[{"startTime":148.49599999999998,"endTime":153.416,"body":"What if I told you that only 14% of"},{"startTime":148.49599999999998,"endTime":153.416,"body":"accountants are actually using AI in a"},{"startTime":153.416,"endTime":157.796,"body":"meaningful way, but at the same time,"},{"startTime":153.416,"endTime":157.796,"body":"the entire industry is about to shift"},{"startTime":157.796,"endTime":159.80599999999998,"body":"faster than anything we've ever seen."},{"startTime":160.37599999999998,"endTime":164.606,"body":"Most bookkeepers are either"},{"startTime":160.37599999999998,"endTime":164.606,"body":"panicking or completely ignoring ai."},{"startTime":164.87599999999998,"endTime":168.326,"body":"So in today's episode, I'm"},{"startTime":164.87599999999998,"endTime":168.326,"body":"sitting down with Joe Woodard, the"},{"startTime":168.361,"endTime":170.15599999999998,"body":"founder of Scaling New Heights."},{"startTime":170.15599999999998,"endTime":174.08599999999998,"body":"You may have heard of it, and we're"},{"startTime":170.15599999999998,"endTime":174.08599999999998,"body":"diving into what's really happening"},{"startTime":174.08599999999998,"endTime":176.00599999999997,"body":"in the accounting industry right now."},{"startTime":176.956,"endTime":182.391,"body":"We talk about why the AI hype versus"},{"startTime":176.956,"endTime":182.391,"body":"denial debate is missing the point."},{"startTime":182.661,"endTime":185.37599999999998,"body":"What tasks you should"},{"startTime":182.661,"endTime":185.37599999999998,"body":"actually be handing off to ai."},{"startTime":186.09099999999998,"endTime":189.271,"body":"Why moving off hourly"},{"startTime":186.09099999999998,"endTime":189.271,"body":"pricing isn't enough anymore?"},{"startTime":189.321,"endTime":193.971,"body":"how to position yourself so clients"},{"startTime":189.321,"endTime":193.971,"body":"see you as indispensable and how"},{"startTime":193.971,"endTime":197.571,"body":"to make sure your pricing model"},{"startTime":193.971,"endTime":197.571,"body":"matches your vision and goals."},{"startTime":197.99099999999999,"endTime":201.801,"body":"This was a really, really beefy"},{"startTime":197.99099999999999,"endTime":201.801,"body":"conversation, so in order to"},{"startTime":201.801,"endTime":204.53099999999998,"body":"prepare for it, I wanna make"},{"startTime":201.801,"endTime":204.53099999999998,"body":"sure you have a notebook handy."},{"startTime":204.59099999999998,"endTime":206.58599999999998,"body":"And when you're ready, let's dive in."},{"startTime":214.48899999999998,"endTime":217.24899999999997,"body":"Hey, Joe, welcome to the"},{"startTime":214.48899999999998,"endTime":217.24899999999997,"body":"Ambitious Bookkeeper Podcast."},{"startTime":217.24899999999997,"endTime":219.319,"body":"I'm super excited to have you here today."},{"startTime":220.129,"endTime":220.399,"body":"Yep."},{"startTime":220.42899999999997,"endTime":221.47899999999998,"body":"It's good to be here, Serena."},{"startTime":221.689,"endTime":227.659,"body":"Yeah, so I, I don't even remember how this"},{"startTime":221.689,"endTime":227.659,"body":"interview came to be because we've had"},{"startTime":227.659,"endTime":230.959,"body":"it on the calendar for quite some time,"},{"startTime":227.659,"endTime":230.959,"body":"but I think someone reached out to me"},{"startTime":230.959,"endTime":234.35399999999998,"body":"from your team wanting to have you on the"},{"startTime":230.959,"endTime":234.35399999999998,"body":"podcast, and I was like, yes, actually,"},{"startTime":234.35399999999998,"endTime":235.82399999999998,"body":"you've been on my list for a while"},{"startTime":235.959,"endTime":236.659,"body":"Oh, that's great."},{"startTime":236.814,"endTime":237.539,"body":"I'm glad that worked out."},{"startTime":239.111,"endTime":241.21099999999998,"body":"so I, I'm very."},{"startTime":241.90099999999998,"endTime":246.641,"body":"I, I love to bring really quality"},{"startTime":241.90099999999998,"endTime":246.641,"body":"guests to my podcast, and most of the"},{"startTime":246.641,"endTime":251.68099999999998,"body":"time I don't accept pitches and I bring"},{"startTime":246.641,"endTime":251.68099999999998,"body":"people that I wanna have conversations"},{"startTime":251.68099999999998,"endTime":255.161,"body":"on with, because that just makes for"},{"startTime":251.68099999999998,"endTime":255.161,"body":"a more quality podcast in my opinion."},{"startTime":255.161,"endTime":255.31099999999998,"body":"So"},{"startTime":255.38599999999997,"endTime":256.046,"body":"Absolutely."},{"startTime":256.13599999999997,"endTime":257.756,"body":"Nobody just wants to be Yeah."},{"startTime":257.756,"endTime":258.476,"body":"A big commercial."},{"startTime":258.476,"endTime":258.921,"body":"Who wants that?"},{"startTime":258.921,"endTime":259.121,"body":"Yeah."},{"startTime":259.39099999999996,"endTime":259.961,"body":"Yeah."},{"startTime":260.65099999999995,"endTime":264.64099999999996,"body":"So let's start with out of"},{"startTime":260.65099999999995,"endTime":264.64099999999996,"body":"my own personal curiosity."},{"startTime":265.541,"endTime":270.191,"body":"your background and how you"},{"startTime":265.541,"endTime":270.191,"body":"kind of what you have now and,"},{"startTime":270.221,"endTime":271.306,"body":"and ended up where you're at?"},{"startTime":271.601,"endTime":274.841,"body":"Well, interestingly enough, my"},{"startTime":271.601,"endTime":274.841,"body":"background is not in accounting."},{"startTime":274.931,"endTime":277.161,"body":"I have a a bachelor's"},{"startTime":274.931,"endTime":277.161,"body":"degree in classical Greek."},{"startTime":277.941,"endTime":280.041,"body":"That's a nice waste of"},{"startTime":277.941,"endTime":280.041,"body":"a four year education."},{"startTime":280.041,"endTime":281.451,"body":"It's just above basket weaving."},{"startTime":281.90099999999995,"endTime":285.26099999999997,"body":"Not, not, not the Greek language"},{"startTime":281.90099999999995,"endTime":285.26099999999997,"body":"of today that would be valuable."},{"startTime":285.53099999999995,"endTime":290.121,"body":"Classical Greek, where nothing's"},{"startTime":285.53099999999995,"endTime":290.121,"body":"a dead language is a real, real"},{"startTime":290.121,"endTime":291.65099999999995,"body":"good use of four, four years."},{"startTime":292.024,"endTime":295.894,"body":"so kind of, I had this rude awakening"},{"startTime":292.024,"endTime":295.894,"body":"when I embrace life and realize you can't"},{"startTime":295.894,"endTime":298.144,"body":"make money at translating classical Greek."},{"startTime":298.624,"endTime":303.964,"body":"So I went, got a job at a staffing company"},{"startTime":298.624,"endTime":303.964,"body":"and they placed me with a CPA firm to do."},{"startTime":304.18899999999996,"endTime":305.05899999999997,"body":"Office work."},{"startTime":305.599,"endTime":309.94899999999996,"body":"And the CPA firm sold a lot, a lot of"},{"startTime":305.599,"endTime":309.94899999999996,"body":"potential in me and said that, uh, they'd"},{"startTime":309.94899999999996,"endTime":314.609,"body":"like to send me to the University of"},{"startTime":309.94899999999996,"endTime":314.609,"body":"New Orleans so I can study accounting."},{"startTime":314.609,"endTime":317.06899999999996,"body":"And they wanted me to become"},{"startTime":314.609,"endTime":317.06899999999996,"body":"a professional in their firm."},{"startTime":317.443,"endTime":319.663,"body":"and this was before the"},{"startTime":317.443,"endTime":319.663,"body":"staffing crisis arena."},{"startTime":319.663,"endTime":322.663,"body":"This was back when you could 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of"},{"startTime":338.695,"endTime":343.255,"body":"like an intern than I was an office"},{"startTime":338.695,"endTime":343.255,"body":"worker picking up the skills and"},{"startTime":343.255,"endTime":345.325,"body":"one thing left, led to another, and."},{"startTime":346.12,"endTime":349.75,"body":"And here I am with, with one"},{"startTime":346.12,"endTime":349.75,"body":"exception on their master plan."},{"startTime":349.80999999999995,"endTime":352.87,"body":"They wanted me to get enough"},{"startTime":349.80999999999995,"endTime":352.87,"body":"credits to sit for the exam"},{"startTime":353.16999999999996,"endTime":353.5,"body":"Mm-hmm."},{"startTime":354.07,"endTime":355.09,"body":"that I never did."},{"startTime":355.15,"endTime":359.95,"body":"I got distracted by the technology"},{"startTime":355.15,"endTime":359.95,"body":"side of the profession and that"},{"startTime":359.95,"endTime":364.09,"body":"intrigued me so much that it just kind"},{"startTime":359.95,"endTime":364.09,"body":"of distracted me from the CPA path."},{"startTime":364.12,"endTime":366.66999999999996,"body":"And so, but still, here I am."},{"startTime":367.30499999999995,"endTime":372.835,"body":"Yeah, I've always thought that the people"},{"startTime":367.30499999999995,"endTime":372.835,"body":"that choose to go into accounting and,"},{"startTime":372.835,"endTime":376.345,"body":"and couple it with that IT background"},{"startTime":372.835,"endTime":376.345,"body":"are probably the most marketable."},{"startTime":376.345,"endTime":377.93499999999995,"body":"And I thought that back in college too."},{"startTime":377.93499999999995,"endTime":379.405,"body":"And it turns out it's"},{"startTime":379.65999999999997,"endTime":380.91999999999996,"body":"It's even more true today."},{"startTime":381.1,"endTime":382.29999999999995,"body":"That's correct, yes."},{"startTime":382.765,"endTime":383.18499999999995,"body":"Yeah."},{"startTime":383.762,"endTime":384.932,"body":"so now you."},{"startTime":385.37699999999995,"endTime":385.85699999999997,"body":"Run."},{"startTime":385.895,"endTime":389.735,"body":"if you're a listener and you are"},{"startTime":385.895,"endTime":389.735,"body":"hearing Joe's name, you may be familiar"},{"startTime":389.735,"endTime":392.67499999999995,"body":"with his event, scaling New Heights."},{"startTime":392.975,"endTime":397.085,"body":"So how did that all unfold from"},{"startTime":392.975,"endTime":397.085,"body":"the beginning of your career"},{"startTime":397.085,"endTime":400.775,"body":"to now where you're putting"},{"startTime":397.085,"endTime":400.775,"body":"on these pretty big events for"},{"startTime":400.885,"endTime":403.395,"body":"Yeah, that was kind of a, a"},{"startTime":400.885,"endTime":403.395,"body":"corner turn a little bit, but,"},{"startTime":403.395,"endTime":405.525,"body":"it 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accounting technology"},{"startTime":423.735,"endTime":425.115,"body":"and some business advisory."},{"startTime":425.29499999999996,"endTime":430.765,"body":"So I was basically a CS practice with"},{"startTime":425.29499999999996,"endTime":430.765,"body":"a strong technology bent and I was"},{"startTime":430.765,"endTime":435.385,"body":"servicing larger clients, which I would"},{"startTime":430.765,"endTime":435.385,"body":"encourage your listeners, if they don't"},{"startTime":435.385,"endTime":438.745,"body":"have any clients that are a little"},{"startTime":435.385,"endTime":438.745,"body":"bit larger, say two to 5 million."},{"startTime":439.12,"endTime":440.67999999999995,"body":"Go ahead and jump in that deep water."},{"startTime":440.67999999999995,"endTime":443.11,"body":"It's not as scary as it looks,"},{"startTime":440.67999999999995,"endTime":443.11,"body":"and there's some really good"},{"startTime":443.11,"endTime":444.34000000000003,"body":"money and opportunity there."},{"startTime":444.81999999999994,"endTime":447.52,"body":"But what I found is I had"},{"startTime":444.81999999999994,"endTime":447.52,"body":"started moving into that segment."},{"startTime":448.84000000000003,"endTime":451.65999999999997,"body":"Some of my most notable clients"},{"startTime":448.84000000000003,"endTime":451.65999999999997,"body":"were Elf on the shelf, the"},{"startTime":451.65999999999997,"endTime":452.83000000000004,"body":"maker of the little kids'."},{"startTime":452.83000000000004,"endTime":453.76,"body":"Children's toys."},{"startTime":454.21000000000004,"endTime":454.53999999999996,"body":"Yeah."},{"startTime":454.53999999999996,"endTime":458.14,"body":"I helped them get over the hump before"},{"startTime":454.53999999999996,"endTime":458.14,"body":"they went into enterprise level software"},{"startTime":458.14,"endTime":460.05999999999995,"body":"back when they were, you know, smaller,"},{"startTime":460.495,"endTime":460.70500000000004,"body":"Mm-hmm."},{"startTime":460.9,"endTime":463.96000000000004,"body":"big Green Egg before they"},{"startTime":460.9,"endTime":463.96000000000004,"body":"became a big national company."},{"startTime":463.96000000000004,"endTime":466.688,"body":"We did all their management on"},{"startTime":463.96000000000004,"endTime":466.688,"body":"QuickBooks and inventory systems."},{"startTime":467.168,"endTime":470.58799999999997,"body":"So it's really fun to be a"},{"startTime":467.168,"endTime":470.58799999999997,"body":"part of people's journey when"},{"startTime":470.58799999999997,"endTime":471.578,"body":"they're going through that phase."},{"startTime":471.668,"endTime":474.33799999999997,"body":"And, and all of that was because."},{"startTime":474.50800000000004,"endTime":478.798,"body":"I had scaled, here comes that"},{"startTime":474.50800000000004,"endTime":478.798,"body":"word, into a larger clientele."},{"startTime":479.308,"endTime":484.918,"body":"So I wanted all of my peers, my fellow"},{"startTime":479.308,"endTime":484.918,"body":"QuickBooks consultants and and, and"},{"startTime":484.918,"endTime":486.86799999999994,"body":"bookkeepers and some of my CPA friends."},{"startTime":486.86799999999994,"endTime":490.37800000000004,"body":"I wanted them to start doing that kind"},{"startTime":486.86799999999994,"endTime":490.37800000000004,"body":"of work for a little bit larger client."},{"startTime":491.12299999999993,"endTime":495.35299999999995,"body":"'cause I was enjoying it and I saw the"},{"startTime":491.12299999999993,"endTime":495.35299999999995,"body":"opportunity, so I created the first"},{"startTime":495.50300000000004,"endTime":499.85299999999995,"body":"conference scaling New Heights because"},{"startTime":495.50300000000004,"endTime":499.85299999999995,"body":"I wanted them to literally scale into"},{"startTime":499.85299999999995,"endTime":504.74299999999994,"body":"what had just been launched as QuickBooks"},{"startTime":499.85299999999995,"endTime":504.74299999999994,"body":"Enterprise Solutions Desktop with some"},{"startTime":504.74299999999994,"endTime":506.48299999999995,"body":"of these add-ons for the mid-market."},{"startTime":506.51300000000003,"endTime":508.85299999999995,"body":"That was the whole point"},{"startTime":506.51300000000003,"endTime":508.85299999999995,"body":"is scale to the mid-market."},{"startTime":509.063,"endTime":509.303,"body":"Hmm."},{"startTime":509.558,"endTime":513.668,"body":"But what I found is there was an"},{"startTime":509.558,"endTime":513.668,"body":"unaddressed market need out there where"},{"startTime":513.668,"endTime":516.518,"body":"QuickBooks consultants, 'cause they"},{"startTime":513.668,"endTime":516.518,"body":"were, I mean, they're still dominant"},{"startTime":516.518,"endTime":521.378,"body":"today, but that was really in 2019,"},{"startTime":516.518,"endTime":521.378,"body":"the, I mean, 2007, excuse me, when"},{"startTime":521.378,"endTime":523.058,"body":"I launched this, that was the world."},{"startTime":523.721,"endTime":527.201,"body":"so I found, found that all these"},{"startTime":523.721,"endTime":527.201,"body":"ProAdvisors just wanted to go"},{"startTime":527.231,"endTime":529.691,"body":"someplace because they had nothing."},{"startTime":529.691,"endTime":531.971,"body":"There was no Intuit Connect,"},{"startTime":529.691,"endTime":531.971,"body":"there was no QuickBooks Connect."},{"startTime":532.461,"endTime":535.761,"body":"And they all flooded in whether they"},{"startTime":532.461,"endTime":535.761,"body":"were interested in the mid-market or not."},{"startTime":535.761,"endTime":536.331,"body":"And I thought."},{"startTime":536.706,"endTime":538.536,"body":"Okay, well I need to pivot."},{"startTime":538.896,"endTime":542.346,"body":"So from the second scaling new"},{"startTime":538.896,"endTime":542.346,"body":"heights all the way up to today,"},{"startTime":542.616,"endTime":544.386,"body":"scaling new heights has meant scale."},{"startTime":544.386,"endTime":546.006,"body":"New heights in your practice,"},{"startTime":546.381,"endTime":546.501,"body":"Mm."},{"startTime":546.516,"endTime":548.466,"body":"not scaled to a larger clientele."},{"startTime":548.466,"endTime":552.936,"body":"So I flipped starting in year two because"},{"startTime":548.466,"endTime":552.936,"body":"I listened to the market and I listened to"},{"startTime":552.936,"endTime":554.526,"body":"my attendees, and that's what they wanted."},{"startTime":554.871,"endTime":555.351,"body":"Smart."},{"startTime":556.236,"endTime":556.386,"body":"It's"},{"startTime":556.701,"endTime":557.241,"body":"Everyone take"},{"startTime":557.261,"endTime":558.516,"body":"smart to listen to your customers."},{"startTime":558.516,"endTime":559.356,"body":"Isn't it funny that way?"},{"startTime":559.641,"endTime":560.151,"body":"Yeah."},{"startTime":560.901,"endTime":561.201,"body":"Yeah."},{"startTime":561.201,"endTime":565.701,"body":"It's like we know that deep"},{"startTime":561.201,"endTime":565.701,"body":"down, but do we always pay"},{"startTime":565.956,"endTime":567.006,"body":"Do we always pay attention?"},{"startTime":567.006,"endTime":567.336,"body":"Yes."},{"startTime":567.516,"endTime":568.656,"body":"But are we willing to change?"},{"startTime":568.656,"endTime":569.0459999999999,"body":"Right."},{"startTime":569.211,"endTime":569.631,"body":"Yeah."},{"startTime":570.561,"endTime":570.981,"body":"Yeah."},{"startTime":571.011,"endTime":574.701,"body":"So I actually have never had the pleasure"},{"startTime":571.011,"endTime":574.701,"body":"of attending the conference at all."},{"startTime":574.806,"endTime":575.831,"body":"Well, we've gotta fix that."},{"startTime":575.901,"endTime":576.441,"body":"Coast,"},{"startTime":576.631,"endTime":577.311,"body":"let's fix that."},{"startTime":578.571,"endTime":582.381,"body":"um, and it's always, it always lands"},{"startTime":578.571,"endTime":582.381,"body":"during a time of the year when I have like"},{"startTime":582.501,"endTime":584.781,"body":"other family events going on or something."},{"startTime":584.781,"endTime":585.021,"body":"So"},{"startTime":585.031,"endTime":585.321,"body":"Yeah."},{"startTime":585.381,"endTime":586.0409999999999,"body":"June's tough."},{"startTime":586.061,"endTime":588.881,"body":"You've got graduations, family"},{"startTime":586.061,"endTime":588.881,"body":"reunions, there's all these,"},{"startTime":588.951,"endTime":589.341,"body":"Yeah."},{"startTime":590.211,"endTime":590.721,"body":"Yeah."},{"startTime":591.031,"endTime":593.911,"body":"But one of these years, maybe"},{"startTime":591.031,"endTime":593.911,"body":"not this year, but maybe next,"},{"startTime":594.016,"endTime":594.556,"body":"That'd be great."},{"startTime":595.036,"endTime":600.0459999999999,"body":"So I, I'm really excited for this"},{"startTime":595.036,"endTime":600.0459999999999,"body":"conversation because like before"},{"startTime":600.0459999999999,"endTime":602.476,"body":"we hit record, it was kind of"},{"startTime":600.0459999999999,"endTime":602.476,"body":"like we could go in any direction."},{"startTime":602.476,"endTime":603.406,"body":"We'll see how, where the"},{"startTime":603.586,"endTime":603.826,"body":"Yeah."},{"startTime":604.036,"endTime":604.366,"body":"goes."},{"startTime":604.366,"endTime":610.366,"body":"But one thing that I wanted definitely"},{"startTime":604.366,"endTime":610.366,"body":"to talk about is kind of where you're"},{"startTime":610.366,"endTime":613.096,"body":"seeing the industry change, and"},{"startTime":610.366,"endTime":613.096,"body":"I'm sure you're gonna be addressing"},{"startTime":613.126,"endTime":614.686,"body":"this a lot at scaling new heights."},{"startTime":615.121,"endTime":617.7909999999999,"body":"I mean, we're themed this"},{"startTime":615.121,"endTime":617.7909999999999,"body":"year to Strange New World."},{"startTime":617.851,"endTime":620.821,"body":"So yeah, it's a very strange"},{"startTime":617.851,"endTime":620.821,"body":"world out there right now."},{"startTime":621.151,"endTime":625.8009999999999,"body":"Yeah, but you know, what is your, because"},{"startTime":621.151,"endTime":625.8009999999999,"body":"you've been talking about advisory and."},{"startTime":626.7909999999999,"endTime":631.591,"body":"Moving into that area for a while, as,"},{"startTime":626.7909999999999,"endTime":631.591,"body":"as have most people that are thought"},{"startTime":631.591,"endTime":635.311,"body":"leaders in our industry, because that's"},{"startTime":631.591,"endTime":635.311,"body":"kind of, you know, that's just been"},{"startTime":635.311,"endTime":636.991,"body":"the conversation for years and years."},{"startTime":637.391,"endTime":641.741,"body":"Now it seems the most prevalent"},{"startTime":637.391,"endTime":641.741,"body":"like five years ago, I would say."},{"startTime":641.741,"endTime":644.621,"body":"Yeah, for some people that makes"},{"startTime":641.741,"endTime":644.621,"body":"sense, but not for everybody."},{"startTime":644.621,"endTime":646.481,"body":"But now there's, I mean, there."},{"startTime":647.146,"endTime":651.6759999999999,"body":"you use the AI built into zero, like"},{"startTime":647.146,"endTime":651.6759999999999,"body":"there's hardly any data entry anymore."},{"startTime":652.151,"endTime":652.511,"body":"Yes."},{"startTime":653.2959999999999,"endTime":655.006,"body":"what are we gonna do with our time?"},{"startTime":655.256,"endTime":657.386,"body":"And it only makes sense"},{"startTime":655.256,"endTime":657.386,"body":"to go deeper with clients."},{"startTime":657.386,"endTime":663.356,"body":"So are you seeing in, in that area"},{"startTime":657.386,"endTime":663.356,"body":"of like tools that have greatly"},{"startTime":663.356,"endTime":666.716,"body":"improved the workflow for people"},{"startTime":663.356,"endTime":666.716,"body":"to be able to step into that?"},{"startTime":666.986,"endTime":668.476,"body":"What are you seeing with like."},{"startTime":669.371,"endTime":672.911,"body":"people are approaching things or"},{"startTime":669.371,"endTime":672.911,"body":"the mindset shift that you've had to"},{"startTime":672.911,"endTime":674.651,"body":"help a lot of bookkeepers through."},{"startTime":674.651,"endTime":676.211,"body":"Anything you wanna talk on"},{"startTime":676.3009999999999,"endTime":676.6909999999999,"body":"Yeah."},{"startTime":676.721,"endTime":677.351,"body":"that realm?"},{"startTime":677.411,"endTime":680.9409999999999,"body":"Well, let's start with the mindset"},{"startTime":677.411,"endTime":680.9409999999999,"body":"shift because and, and of course all"},{"startTime":680.9409999999999,"endTime":684.382,"body":"of this is very current events, there's"},{"startTime":680.9409999999999,"endTime":684.382,"body":"been, there have been mindset shifts"},{"startTime":684.6819999999999,"endTime":687.952,"body":"as we've worked our way into the cloud."},{"startTime":688.462,"endTime":691.482,"body":"We had big mindset shifts and now"},{"startTime":688.462,"endTime":691.482,"body":"we're working our way into ai."},{"startTime":691.482,"endTime":694.122,"body":"So I could look at this in"},{"startTime":691.482,"endTime":694.122,"body":"terms of horizons of decades,"},{"startTime":694.3919999999999,"endTime":694.5419999999999,"body":"Yeah."},{"startTime":694.702,"endTime":697.087,"body":"But just focusing on say the last."},{"startTime":698.122,"endTime":702.112,"body":"18, 12 to 18 months, which in the world"},{"startTime":698.122,"endTime":702.112,"body":"of AI developments, ancient histories."},{"startTime":702.112,"endTime":705.262,"body":"So just, let's look at that window"},{"startTime":702.112,"endTime":705.262,"body":"from 18 months ago till now."},{"startTime":706.012,"endTime":711.592,"body":"I'm finding that the mindset"},{"startTime":706.012,"endTime":711.592,"body":"is tending to be polarized."},{"startTime":711.6519999999999,"endTime":717.502,"body":"Either you're, you're panicked and"},{"startTime":711.6519999999999,"endTime":717.502,"body":"rapid pace adopting, or you know, just"},{"startTime":717.502,"endTime":721.9119999999999,"body":"because you love new technologies, you're"},{"startTime":717.502,"endTime":721.9119999999999,"body":"rapid pace adopting on that extreme."},{"startTime":722.602,"endTime":726.382,"body":"And on the other, I'm getting,"},{"startTime":722.602,"endTime":726.382,"body":"either resistance or denial,"},{"startTime":726.382,"endTime":728.872,"body":"and it's mostly denial because."},{"startTime":729.952,"endTime":735.622,"body":"It's a really easy confirmation bias to"},{"startTime":729.952,"endTime":735.622,"body":"embrace that all of this is just hype."},{"startTime":736.462,"endTime":740.7819999999999,"body":"And the reason it's easy to embrace"},{"startTime":736.462,"endTime":740.7819999999999,"body":"is because 18 months ago, 12 months"},{"startTime":740.7819999999999,"endTime":745.492,"body":"ago, six months ago, there were all"},{"startTime":740.7819999999999,"endTime":745.492,"body":"degrees, varying degrees of hype."},{"startTime":745.702,"endTime":751.102,"body":"There's hype today, but the"},{"startTime":745.702,"endTime":751.102,"body":"gap between hype and reality is"},{"startTime":751.102,"endTime":755.812,"body":"closing faster than the pace of any"},{"startTime":751.102,"endTime":755.812,"body":"technological development, and I'm"},{"startTime":755.812,"endTime":758.242,"body":"not being hyperbolic in the history."},{"startTime":758.6469999999999,"endTime":763.1469999999999,"body":"Of technology, and it's"},{"startTime":758.6469999999999,"endTime":763.1469999999999,"body":"because of the nature of ai."},{"startTime":763.1769999999999,"endTime":764.617,"body":"It's not just a technology."},{"startTime":764.6469999999999,"endTime":765.937,"body":"Human minds are building."},{"startTime":766.387,"endTime":772.567,"body":"It's a mind that helps to build itself"},{"startTime":766.387,"endTime":772.567,"body":"and that creates exponential growth."},{"startTime":773.0469999999999,"endTime":778.237,"body":"So if you're reading articles or you're"},{"startTime":773.0469999999999,"endTime":778.237,"body":"seeing book titles, or you're hearing"},{"startTime":778.357,"endTime":784.0269999999999,"body":"people say, it's all just fake, or it"},{"startTime":778.357,"endTime":784.0269999999999,"body":"can't do this, I just had somebody send"},{"startTime":784.0269999999999,"endTime":785.7969999999999,"body":"me an article, you know that, that."},{"startTime":786.262,"endTime":789.987,"body":"The majority of accounting functions"},{"startTime":786.262,"endTime":789.987,"body":"are still wrong by ai, but, and,"},{"startTime":789.992,"endTime":791.4219999999999,"body":"and I respect her and I get that."},{"startTime":791.452,"endTime":795.2919999999999,"body":"I'm gonna read the article and there's"},{"startTime":791.452,"endTime":795.2919999999999,"body":"probably data to, to back that up."},{"startTime":795.9219999999999,"endTime":799.972,"body":"But the reason you have to look really"},{"startTime":795.9219999999999,"endTime":799.972,"body":"hard at this segment, listeners is because"},{"startTime":800.452,"endTime":806.1519999999999,"body":"a lot of the people who are saying it's"},{"startTime":800.452,"endTime":806.1519999999999,"body":"wrong are going to LLM prompts like"},{"startTime":806.1519999999999,"endTime":810.2919999999999,"body":"chat, GPT, they're feeding it, financial"},{"startTime":806.1519999999999,"endTime":810.2919999999999,"body":"statements, and hopefully they're"},{"startTime":810.2919999999999,"endTime":812.0319999999999,"body":"doing that with a privatized version."},{"startTime":812.482,"endTime":814.6719999999999,"body":"And then they're saying"},{"startTime":812.482,"endTime":814.6719999999999,"body":"build a financial statement."},{"startTime":815.497,"endTime":815.827,"body":"Alright."},{"startTime":816.1569999999999,"endTime":818.4069999999999,"body":"Obviously it's gonna get"},{"startTime":816.1569999999999,"endTime":818.4069999999999,"body":"a lot of things wrong."},{"startTime":818.4069999999999,"endTime":821.4069999999999,"body":"I mean, I just tried that in"},{"startTime":818.4069999999999,"endTime":821.4069999999999,"body":"anthropic just to ho around earlier."},{"startTime":821.717,"endTime":823.727,"body":"And of course, a privatized"},{"startTime":821.717,"endTime":823.727,"body":"version about a week ago."},{"startTime":824.207,"endTime":827.747,"body":"It got about 80% of my financials"},{"startTime":824.207,"endTime":827.747,"body":"built out, right, which is just"},{"startTime":827.837,"endTime":832.187,"body":"nothing but bank statements now, and"},{"startTime":827.837,"endTime":832.187,"body":"it asking for a little bit of follow"},{"startTime":832.187,"endTime":833.747,"body":"up information, which is good to do."},{"startTime":833.837,"endTime":834.943,"body":"It'll ask me questions."},{"startTime":835.002,"endTime":836.8019999999999,"body":"you know, and I didn't give it"},{"startTime":835.002,"endTime":836.8019999999999,"body":"a chart of accounts or anything."},{"startTime":836.8019999999999,"endTime":839.232,"body":"I said, go create a chart"},{"startTime":836.8019999999999,"endTime":839.232,"body":"of accounts and based on my"},{"startTime":839.232,"endTime":840.9119999999999,"body":"company type, gimme a good one."},{"startTime":840.972,"endTime":842.2919999999999,"body":"I mean, I went from nothing"},{"startTime":842.697,"endTime":843.087,"body":"Mm-hmm."},{"startTime":843.0939999999999,"endTime":844.8639999999999,"body":"And it got about 80% there."},{"startTime":844.924,"endTime":849.9639999999999,"body":"So you might see an article that"},{"startTime":844.924,"endTime":849.9639999999999,"body":"says only 80% accurate or creates,"},{"startTime":849.9639999999999,"endTime":851.824,"body":"you know, unreliable outputs."},{"startTime":851.824,"endTime":856.204,"body":"And you see that headline and you're"},{"startTime":851.824,"endTime":856.204,"body":"not realizing, they're not talking about"},{"startTime":856.654,"endTime":862.144,"body":"zero's artificial intelligence, which is"},{"startTime":856.654,"endTime":862.144,"body":"built into their period close feature,"},{"startTime":862.5939999999999,"endTime":867.454,"body":"which is controlled, structured, custom"},{"startTime":862.5939999999999,"endTime":867.454,"body":"designed for the accounting profession."},{"startTime":868.1039999999999,"endTime":871.9739999999999,"body":"They're talking about a generic prompt"},{"startTime":868.1039999999999,"endTime":871.9739999999999,"body":"with nothing but a bank statement."},{"startTime":872.634,"endTime":874.824,"body":"So you gotta compare the"},{"startTime":872.634,"endTime":874.824,"body":"apples to the apples."},{"startTime":875.334,"endTime":877.4639999999999,"body":"And so the biggest takeaway"},{"startTime":875.334,"endTime":877.4639999999999,"body":"I would get, oh, so if we're"},{"startTime":877.4639999999999,"endTime":878.4839999999999,"body":"looking at the extremes, right?"},{"startTime":878.4839999999999,"endTime":881.8439999999999,"body":"The mindset is denial or, or"},{"startTime":878.4839999999999,"endTime":881.8439999999999,"body":"sort of panicked adoption."},{"startTime":882.054,"endTime":883.914,"body":"Or enthusiastic adoption."},{"startTime":884.424,"endTime":887.394,"body":"And in the middle, I'm not seeing"},{"startTime":884.424,"endTime":887.394,"body":"where we need to be living."},{"startTime":888.144,"endTime":891.774,"body":"Where we need to be living is"},{"startTime":888.144,"endTime":891.774,"body":"respond to what is happening."},{"startTime":892.0889999999999,"endTime":892.929,"body":"Don't ignore it."},{"startTime":893.199,"endTime":894.0989999999999,"body":"Don't react to it."},{"startTime":894.639,"endTime":897.819,"body":"If you think that you're behind"},{"startTime":894.639,"endTime":897.819,"body":"and the train's leaving the station"},{"startTime":897.909,"endTime":899.649,"body":"and you need to get caught up."},{"startTime":900.5039999999999,"endTime":901.914,"body":"Let's dispel that thought."},{"startTime":902.6039999999999,"endTime":908.7239999999999,"body":"14% of accountants are using AI in"},{"startTime":902.6039999999999,"endTime":908.7239999999999,"body":"a meaningful way in their practice."},{"startTime":908.814,"endTime":910.434,"body":"That's a stat that just came out."},{"startTime":910.784,"endTime":913.0039999999999,"body":"One of the developers of Silicon"},{"startTime":910.784,"endTime":913.0039999999999,"body":"Valley shared it with me."},{"startTime":913.0039999999999,"endTime":915.764,"body":"I have to admit, I don't know their"},{"startTime":913.0039999999999,"endTime":915.764,"body":"source, but I trust the developer."},{"startTime":916.2539999999999,"endTime":919.134,"body":"And so let's just say that"},{"startTime":916.2539999999999,"endTime":919.134,"body":"that's marginally correct."},{"startTime":919.194,"endTime":924.024,"body":"15 to 20%, somewhere in that range,"},{"startTime":919.194,"endTime":924.024,"body":"as compared to other industries like"},{"startTime":924.024,"endTime":926.064,"body":"computer programmers that are over 90%."},{"startTime":926.904,"endTime":928.674,"body":"So you are not behind."},{"startTime":929.394,"endTime":934.4639999999999,"body":"However, you don't have the"},{"startTime":929.394,"endTime":934.4639999999999,"body":"luxury of time, so your mindset"},{"startTime":934.4639999999999,"endTime":938.394,"body":"needs to be, learn and respond,"},{"startTime":938.709,"endTime":939.009,"body":"Yeah."},{"startTime":939.107,"endTime":941.717,"body":"And learn from trusted, trusted resources."},{"startTime":943.112,"endTime":947.5219999999999,"body":"Yeah, that, I think that's a really"},{"startTime":943.112,"endTime":947.5219999999999,"body":"key piece, and that's one of the"},{"startTime":947.5219999999999,"endTime":952.1719999999999,"body":"areas that is like, well, if you"},{"startTime":947.5219999999999,"endTime":952.1719999999999,"body":"don't know to trust, maybe like"},{"startTime":952.1719999999999,"endTime":954.092,"body":"start just doing your own research."},{"startTime":954.1419999999999,"endTime":954.572,"body":"Thank you."},{"startTime":955.337,"endTime":956.387,"body":"Here's the problem."},{"startTime":957.0469999999999,"endTime":960.5269999999999,"body":"The developers are the ones that are"},{"startTime":957.0469999999999,"endTime":960.5269999999999,"body":"generating a, a combination of hype"},{"startTime":960.5269999999999,"endTime":963.947,"body":"and reality because they have products"},{"startTime":960.5269999999999,"endTime":963.947,"body":"to sell and they have market price,"},{"startTime":963.947,"endTime":965.507,"body":"they have share price to preserve."},{"startTime":966.077,"endTime":969.617,"body":"So you can't necessarily"},{"startTime":966.077,"endTime":969.617,"body":"trust them by themselves,"},{"startTime":969.752,"endTime":970.082,"body":"Right."},{"startTime":970.607,"endTime":974.627,"body":"But then if you listen to the"},{"startTime":970.607,"endTime":974.627,"body":"enthusiast or the deniers, then"},{"startTime":974.627,"endTime":976.127,"body":"you're not getting perspective either."},{"startTime":976.562,"endTime":976.9219999999999,"body":"Right."},{"startTime":977.0269999999999,"endTime":981.097,"body":"so you're gonna want to get people Who"},{"startTime":977.0269999999999,"endTime":981.097,"body":"are well researched, who are objective"},{"startTime":981.1569999999999,"endTime":983.467,"body":"and are just following the facts, right."},{"startTime":983.467,"endTime":984.882,"body":"And who also understand the profession."},{"startTime":985.692,"endTime":988.482,"body":"Yeah, that, that piece is really key."},{"startTime":988.482,"endTime":994.872,"body":"I, I did a YouTube video not that long"},{"startTime":988.482,"endTime":994.872,"body":"ago on utilizing the AI system built into"},{"startTime":994.9019999999999,"endTime":997.0319999999999,"body":"Xero so far, and it's in beta right now."},{"startTime":997.0319999999999,"endTime":997.362,"body":"So"},{"startTime":997.4219999999999,"endTime":997.712,"body":"Sure."},{"startTime":997.7819999999999,"endTime":1001.6819999999999,"body":"of tinkering with it on screen and"},{"startTime":997.7819999999999,"endTime":1001.6819999999999,"body":"kind of talking through like my"},{"startTime":1001.6819999999999,"endTime":1005.5519999999999,"body":"thoughts and how I would use this"},{"startTime":1001.6819999999999,"endTime":1005.5519999999999,"body":"and where it kind of falls short."},{"startTime":1005.942,"endTime":1007.322,"body":"And that's what people need to do."},{"startTime":1007.322,"endTime":1010.622,"body":"You need to tinker with it and"},{"startTime":1007.322,"endTime":1010.622,"body":"experiment in order to really"},{"startTime":1010.622,"endTime":1012.602,"body":"understand how it's gonna work for you."},{"startTime":1013.007,"endTime":1014.0269999999999,"body":"And your process."},{"startTime":1014.0269999999999,"endTime":1019.261,"body":"But the other piece of it is the"},{"startTime":1014.0269999999999,"endTime":1019.261,"body":"whole, like, just like if you were"},{"startTime":1019.261,"endTime":1023.192,"body":"to bring in a junior accountant in"},{"startTime":1019.261,"endTime":1023.192,"body":"your firm, you wanna be reviewing"},{"startTime":1023.192,"endTime":1025.412,"body":"their work because they're junior."},{"startTime":1025.442,"endTime":1027.758,"body":"And that's kind of how I look at the"},{"startTime":1027.973,"endTime":1028.153,"body":"Yes."},{"startTime":1028.298,"endTime":1030.938,"body":"is like, it's a junior"},{"startTime":1028.298,"endTime":1030.938,"body":"accountant at this point."},{"startTime":1031.903,"endTime":1032.143,"body":"Yeah."},{"startTime":1032.288,"endTime":1032.798,"body":"everything"},{"startTime":1033.058,"endTime":1033.808,"body":"That's insightful."},{"startTime":1033.808,"endTime":1034.1680000000001,"body":"Serena."},{"startTime":1034.1680000000001,"endTime":1036.958,"body":"As a matter of fact, there was a, a"},{"startTime":1034.1680000000001,"endTime":1036.958,"body":"report that just came out from Microsoft."},{"startTime":1036.958,"endTime":1039.028,"body":"Keep in mind, they're the"},{"startTime":1036.958,"endTime":1039.028,"body":"developer's of co-pilot, but okay."},{"startTime":1039.388,"endTime":1043.1680000000001,"body":"There's a report that came out from"},{"startTime":1039.388,"endTime":1043.1680000000001,"body":"Microsoft where they were saying that in"},{"startTime":1043.1680000000001,"endTime":1048.568,"body":"the team structure of the future, in any"},{"startTime":1043.1680000000001,"endTime":1048.568,"body":"industry, in any profession, the people"},{"startTime":1048.568,"endTime":1052.888,"body":"that are leading those teams are going to"},{"startTime":1048.568,"endTime":1052.888,"body":"have a combination of what they referred"},{"startTime":1052.888,"endTime":1056.848,"body":"to as an AI worker and a human worker."},{"startTime":1057.073,"endTime":1057.493,"body":"Mm-hmm."},{"startTime":1057.853,"endTime":1060.789,"body":"And, you know, when, when we're talking"},{"startTime":1057.853,"endTime":1060.789,"body":"about the way it's intersecting, the,"},{"startTime":1060.789,"endTime":1064.959,"body":"the bookkeeping profession, I want"},{"startTime":1060.789,"endTime":1064.959,"body":"you to think of it, bookkeepers not as"},{"startTime":1064.959,"endTime":1072.469,"body":"displacing you because it can't feel,"},{"startTime":1064.959,"endTime":1072.469,"body":"it can't care, it can't, understand"},{"startTime":1072.529,"endTime":1076.459,"body":"what the psychological and emotional"},{"startTime":1072.529,"endTime":1076.459,"body":"reactions of the business owner are."},{"startTime":1076.789,"endTime":1080.539,"body":"The political dynamics between that"},{"startTime":1076.789,"endTime":1080.539,"body":"business owner and their team members,"},{"startTime":1080.839,"endTime":1084.499,"body":"between them and their vendors, them and"},{"startTime":1080.839,"endTime":1084.499,"body":"their customers, them and their family."},{"startTime":1085.129,"endTime":1089.869,"body":"It, it doesn't understand and can't,"},{"startTime":1085.129,"endTime":1089.869,"body":"it can pretend to, but it can't"},{"startTime":1089.869,"endTime":1092.729,"body":"really discern all of those pieces."},{"startTime":1092.729,"endTime":1094.349,"body":"It can't replace you"},{"startTime":1094.894,"endTime":1095.184,"body":"Right."},{"startTime":1095.339,"endTime":1100.529,"body":"and it can't, and shouldn't ever make"},{"startTime":1095.339,"endTime":1100.529,"body":"judgements about what a business should"},{"startTime":1100.529,"endTime":1103.8890000000001,"body":"or shouldn't do or provide guidance"},{"startTime":1100.529,"endTime":1103.8890000000001,"body":"for the direction of that business."},{"startTime":1103.8890000000001,"endTime":1106.979,"body":"As a coach or mentor, it"},{"startTime":1103.8890000000001,"endTime":1106.979,"body":"can't do any of those things."},{"startTime":1107.689,"endTime":1109.789,"body":"And it can't do anything with physicality."},{"startTime":1110.8990000000001,"endTime":1115.699,"body":"But what it will do is it"},{"startTime":1110.8990000000001,"endTime":1115.699,"body":"will replace certain tasks."},{"startTime":1115.939,"endTime":1116.8990000000001,"body":"Mm-hmm."},{"startTime":1116.929,"endTime":1121.189,"body":"you have to ask is, which tasks"},{"startTime":1116.929,"endTime":1121.189,"body":"do I want to give it, and which"},{"startTime":1121.189,"endTime":1123.259,"body":"tasks do I not want to give it it?"},{"startTime":1123.259,"endTime":1125.839,"body":"Is that not the same question"},{"startTime":1123.259,"endTime":1125.839,"body":"we would ask of an employee?"},{"startTime":1126.559,"endTime":1127.219,"body":"Exactly."},{"startTime":1127.579,"endTime":1127.969,"body":"Yeah."},{"startTime":1128.989,"endTime":1129.439,"body":"Yeah."},{"startTime":1129.919,"endTime":1132.409,"body":"The, the human touch piece is one."},{"startTime":1132.499,"endTime":1136.219,"body":"You know, of the things I talk"},{"startTime":1132.499,"endTime":1136.219,"body":"about a lot too is that's never."},{"startTime":1136.939,"endTime":1138.589,"body":"We're always gonna be needed for that."},{"startTime":1138.589,"endTime":1144.409,"body":"Where I see the fear happening is when"},{"startTime":1138.589,"endTime":1144.409,"body":"I, you know, I, I coach and mentor a lot"},{"startTime":1144.409,"endTime":1148.729,"body":"of bookkeepers, and some of them have a"},{"startTime":1144.409,"endTime":1148.729,"body":"lot of experience and some of them don't,"},{"startTime":1148.729,"endTime":1153.1390000000001,"body":"and they're newer to the profession and"},{"startTime":1148.729,"endTime":1153.1390000000001,"body":"I think there's a lot of fear of, of"},{"startTime":1153.199,"endTime":1157.729,"body":"those newer to the profession that are"},{"startTime":1153.199,"endTime":1157.729,"body":"really afraid of their jobs being taken."},{"startTime":1157.849,"endTime":1162.469,"body":"And so what do you say to"},{"startTime":1157.849,"endTime":1162.469,"body":"maybe some of those folks who."},{"startTime":1162.919,"endTime":1165.409,"body":"See the writing on the wall and"},{"startTime":1162.919,"endTime":1165.409,"body":"they're like, okay, I gotta learn"},{"startTime":1165.409,"endTime":1167.359,"body":"how to do this so I can oversee ai."},{"startTime":1167.359,"endTime":1172.729,"body":"Basically, like what do you think is"},{"startTime":1167.359,"endTime":1172.729,"body":"the next step for that person to get"},{"startTime":1172.729,"endTime":1177.679,"body":"more comfortable with the oversight"},{"startTime":1172.729,"endTime":1177.679,"body":"role rather than the the doing."},{"startTime":1178.0040000000001,"endTime":1178.2740000000001,"body":"Yeah."},{"startTime":1178.334,"endTime":1178.664,"body":"Okay."},{"startTime":1178.664,"endTime":1181.634,"body":"So already you're reviewing your own work."},{"startTime":1181.814,"endTime":1183.759,"body":"I mean, you might be listening"},{"startTime":1181.814,"endTime":1183.759,"body":"to this podcast and you have"},{"startTime":1183.8590000000002,"endTime":1186.199,"body":"no employees, but you're."},{"startTime":1187.009,"endTime":1188.539,"body":"You're wearing a couple of hats."},{"startTime":1188.8990000000001,"endTime":1192.679,"body":"You are the financial"},{"startTime":1188.8990000000001,"endTime":1192.679,"body":"information input person."},{"startTime":1192.679,"endTime":1197.479,"body":"You are the financial compiler,"},{"startTime":1192.679,"endTime":1197.479,"body":"and then you're the reviewer, and"},{"startTime":1197.479,"endTime":1198.799,"body":"then you're the account manager."},{"startTime":1198.799,"endTime":1200.509,"body":"You're just wearing all the hats, right?"},{"startTime":1200.509,"endTime":1204.1090000000002,"body":"So just break your desk up,"},{"startTime":1200.509,"endTime":1204.1090000000002,"body":"break your roll up into chunks"},{"startTime":1204.259,"endTime":1207.1390000000001,"body":"and separate you from the roles."},{"startTime":1208.084,"endTime":1211.2340000000002,"body":"Then place yourself, continue,"},{"startTime":1208.084,"endTime":1211.2340000000002,"body":"keep yourself into the roles of"},{"startTime":1211.2340000000002,"endTime":1215.404,"body":"reviewer, account manager, and"},{"startTime":1211.2340000000002,"endTime":1215.404,"body":"you know, the, the person that's,"},{"startTime":1215.404,"endTime":1217.174,"body":"that's only the client relationship."},{"startTime":1217.564,"endTime":1220.594,"body":"A CPA firm would call that"},{"startTime":1217.564,"endTime":1220.594,"body":"the partner in charge, right?"},{"startTime":1220.654,"endTime":1222.364,"body":"Or the partner or the portfolio."},{"startTime":1222.604,"endTime":1224.644,"body":"But you're the, you're"},{"startTime":1222.604,"endTime":1224.644,"body":"the owner, the company."},{"startTime":1224.644,"endTime":1225.574,"body":"So you'd manage that way."},{"startTime":1226.0240000000001,"endTime":1231.394,"body":"And the only role that you are"},{"startTime":1226.0240000000001,"endTime":1231.394,"body":"delegating is the input and the capture."},{"startTime":1232.114,"endTime":1236.944,"body":"It's just really a. A way of"},{"startTime":1232.114,"endTime":1236.944,"body":"bifurcating out your, your, your desk"},{"startTime":1236.9940000000001,"endTime":1237.414,"body":"Mm-hmm."},{"startTime":1237.4540000000002,"endTime":1239.404,"body":"to the things that you"},{"startTime":1237.4540000000002,"endTime":1239.404,"body":"can and cannot delegate."},{"startTime":1239.594,"endTime":1243.5240000000001,"body":"so the encouraging thing is you're"},{"startTime":1239.594,"endTime":1243.5240000000001,"body":"already a reviewer just of your own work."},{"startTime":1243.9740000000002,"endTime":1247.2140000000002,"body":"Take that process and apply"},{"startTime":1243.9740000000002,"endTime":1247.2140000000002,"body":"it to AI and review its work."},{"startTime":1247.334,"endTime":1251.355,"body":"And, as far as that other first part of"},{"startTime":1247.334,"endTime":1251.355,"body":"your question, Serena, you know, what do"},{"startTime":1251.355,"endTime":1253.395,"body":"we do to go get more familiar with it?"},{"startTime":1253.905,"endTime":1258.135,"body":"Where the developers are doing"},{"startTime":1253.905,"endTime":1258.135,"body":"a great job is when they don't"},{"startTime":1258.135,"endTime":1259.9350000000002,"body":"form opinions about the future."},{"startTime":1260.535,"endTime":1265.365,"body":"And they don't, they're not writing"},{"startTime":1260.535,"endTime":1265.365,"body":"marketing materials for a billboard or"},{"startTime":1265.365,"endTime":1270.375,"body":"a Super Bowl commercial when they are"},{"startTime":1265.365,"endTime":1270.375,"body":"training on the program because there"},{"startTime":1270.375,"endTime":1274.275,"body":"are different people in the organization"},{"startTime":1270.375,"endTime":1274.275,"body":"that are doing that and they, the only"},{"startTime":1274.275,"endTime":1276.075,"body":"thing they care about is usability."},{"startTime":1277.095,"endTime":1278.4450000000002,"body":"And user enablement."},{"startTime":1278.865,"endTime":1283.395,"body":"So when you go into, say, Claude's"},{"startTime":1278.865,"endTime":1283.395,"body":"own training about Claude, Claude"},{"startTime":1283.395,"endTime":1286.9650000000001,"body":"Philanthropic or chat GPT or"},{"startTime":1283.395,"endTime":1286.9650000000001,"body":"Microsoft's own training about chat"},{"startTime":1286.9650000000001,"endTime":1292.6950000000002,"body":"GPT, you find it to be methodical"},{"startTime":1286.9650000000001,"endTime":1292.6950000000002,"body":"and accurate and objective."},{"startTime":1292.76,"endTime":1297.4260000000002,"body":"go through that training and most of"},{"startTime":1292.76,"endTime":1297.4260000000002,"body":"those offer all of that training for free."},{"startTime":1298.101,"endTime":1300.261,"body":"All you have to do is set up"},{"startTime":1298.101,"endTime":1300.261,"body":"a free account and then go."},{"startTime":1300.261,"endTime":1302.901,"body":"Now the paid accounts are the ones"},{"startTime":1300.261,"endTime":1302.901,"body":"that are more privatized, but you"},{"startTime":1302.901,"endTime":1305.751,"body":"can set up a free account just"},{"startTime":1302.901,"endTime":1305.751,"body":"to get to the learning materials."},{"startTime":1306.1560000000002,"endTime":1308.796,"body":"You just have to be very careful"},{"startTime":1306.1560000000002,"endTime":1308.796,"body":"what you feed that free account."},{"startTime":1309.171,"endTime":1309.651,"body":"Yeah."},{"startTime":1309.756,"endTime":1311.736,"body":"would be the first step"},{"startTime":1309.756,"endTime":1311.736,"body":"I would give people."},{"startTime":1311.9160000000002,"endTime":1317.4660000000001,"body":"And then I would say don't try to go"},{"startTime":1311.9160000000002,"endTime":1317.4660000000001,"body":"out and reinvent what developers are"},{"startTime":1317.4660000000001,"endTime":1320.016,"body":"making huge investments to invent."},{"startTime":1320.346,"endTime":1321.9360000000001,"body":"You mentioned zero several times."},{"startTime":1321.9360000000001,"endTime":1323.736,"body":"Zero has the resources."},{"startTime":1323.9160000000002,"endTime":1325.4160000000002,"body":"They're multi-billion dollar."},{"startTime":1325.6460000000002,"endTime":1326.6960000000001,"body":"Global company."},{"startTime":1326.846,"endTime":1331.4660000000001,"body":"Let them take the heavy lift of"},{"startTime":1326.846,"endTime":1331.4660000000001,"body":"building out the tools that you"},{"startTime":1331.4660000000001,"endTime":1334.046,"body":"need and then go use their tools."},{"startTime":1334.046,"endTime":1336.631,"body":"But that doesn't mean you"},{"startTime":1334.046,"endTime":1336.631,"body":"shouldn't still go through."},{"startTime":1337.461,"endTime":1342.261,"body":"The chat, GPT and the Claude and"},{"startTime":1337.461,"endTime":1342.261,"body":"the co-pilot training because the"},{"startTime":1342.261,"endTime":1346.371,"body":"way you're gonna use those tools"},{"startTime":1342.261,"endTime":1346.371,"body":"is different from the way you're"},{"startTime":1346.371,"endTime":1347.8410000000001,"body":"gonna close a monthly period."},{"startTime":1347.961,"endTime":1349.461,"body":"And I'll give you a good example."},{"startTime":1349.881,"endTime":1352.971,"body":"If you have a conversation with a"},{"startTime":1349.881,"endTime":1352.971,"body":"client, you have a recording bot"},{"startTime":1352.971,"endTime":1356.991,"body":"record that conversation, and they"},{"startTime":1352.971,"endTime":1356.991,"body":"want you to do a certain kind of work"},{"startTime":1357.201,"endTime":1361.641,"body":"or maybe a special kind of project,"},{"startTime":1357.201,"endTime":1361.641,"body":"a cleanup and catch up engagement or"},{"startTime":1361.641,"endTime":1364.671,"body":"a conversion from one general ledger"},{"startTime":1361.641,"endTime":1364.671,"body":"solution to another, whatever it may be."},{"startTime":1365.691,"endTime":1372.471,"body":"You can, you can feed that transcript"},{"startTime":1365.691,"endTime":1372.471,"body":"into an LLM, into a GPT and ask it"},{"startTime":1372.471,"endTime":1374.241,"body":"to write a proposal for your client,"},{"startTime":1374.441,"endTime":1374.861,"body":"Mm-hmm."},{"startTime":1375.231,"endTime":1379.161,"body":"and that will save you an hour"},{"startTime":1375.231,"endTime":1379.161,"body":"or two, you know, starting that"},{"startTime":1379.161,"endTime":1380.751,"body":"process from a blinking cursor."},{"startTime":1381.141,"endTime":1384.651,"body":"But that's different than going to"},{"startTime":1381.141,"endTime":1384.651,"body":"zero and closing a monthly period."},{"startTime":1384.921,"endTime":1385.211,"body":"Yeah."},{"startTime":1385.911,"endTime":1386.151,"body":"Yeah."},{"startTime":1386.766,"endTime":1389.826,"body":"Yeah, that's a really"},{"startTime":1386.766,"endTime":1389.826,"body":"good way use of that."},{"startTime":1390.011,"endTime":1392.286,"body":"I never really thought of"},{"startTime":1390.011,"endTime":1392.286,"body":"that, but I also don't do a lot"},{"startTime":1392.286,"endTime":1393.996,"body":"of custom pro proposals, so,"},{"startTime":1394.356,"endTime":1398.526,"body":"Well, can I give you one more too,"},{"startTime":1394.356,"endTime":1398.526,"body":"that Xero just signed a multi-year"},{"startTime":1398.586,"endTime":1403.476,"body":"deal with Anthropic and Zero, and, and"},{"startTime":1398.586,"endTime":1403.476,"body":"Intuit has done the same thing with"},{"startTime":1403.476,"endTime":1407.101,"body":"Anthropic and with Gemini and at OpenAI."},{"startTime":1407.641,"endTime":1412.201,"body":"So, as these major platforms are"},{"startTime":1407.641,"endTime":1412.201,"body":"forming partnerships with gpt."},{"startTime":1412.7710000000002,"endTime":1415.981,"body":"You're gonna have to know how"},{"startTime":1412.7710000000002,"endTime":1415.981,"body":"to use the GPTs because they're"},{"startTime":1415.981,"endTime":1419.371,"body":"either gonna be embedded into"},{"startTime":1415.981,"endTime":1419.371,"body":"the general ledger solutions, or"},{"startTime":1419.371,"endTime":1422.3410000000001,"body":"they're going to be integrated"},{"startTime":1419.371,"endTime":1422.3410000000001,"body":"with the general ledger solutions."},{"startTime":1422.3410000000001,"endTime":1425.701,"body":"You're gonna have to get, you're gonna"},{"startTime":1422.3410000000001,"endTime":1425.701,"body":"have to make friends with prompting"},{"startTime":1426.0910000000001,"endTime":1428.881,"body":"one way or the other, and that's"},{"startTime":1426.0910000000001,"endTime":1428.881,"body":"where you can go to that training"},{"startTime":1429.181,"endTime":1430.651,"body":"and get those prompt strategies."},{"startTime":1431.116,"endTime":1432.496,"body":"Yeah, that's really smart."},{"startTime":1432.826,"endTime":1436.6960000000001,"body":"I mean, that's kind of the strategy I"},{"startTime":1432.826,"endTime":1436.6960000000001,"body":"would recommend for learning any software."},{"startTime":1437.026,"endTime":1440.9260000000002,"body":"People always wanna overcomplicate"},{"startTime":1437.026,"endTime":1440.9260000000002,"body":"things and try to recreate the wheel,"},{"startTime":1440.9260000000002,"endTime":1444.7060000000001,"body":"and it's like, just go and take the"},{"startTime":1440.9260000000002,"endTime":1444.7060000000001,"body":"actual training from the software"},{"startTime":1444.7060000000001,"endTime":1446.296,"body":"so you know how it's intended to be"},{"startTime":1446.356,"endTime":1447.1960000000001,"body":"Exactly."},{"startTime":1447.886,"endTime":1448.276,"body":"Um,"},{"startTime":1448.631,"endTime":1450.316,"body":"And, and those training programs will even"},{"startTime":1450.376,"endTime":1450.586,"body":"them."},{"startTime":1451.126,"endTime":1451.606,"body":"Exactly."},{"startTime":1451.606,"endTime":1453.9160000000002,"body":"And the training programs will"},{"startTime":1451.606,"endTime":1453.9160000000002,"body":"even give you example prompts."},{"startTime":1453.9160000000002,"endTime":1455.236,"body":"It'll say, go try this one out."},{"startTime":1455.746,"endTime":1458.9560000000001,"body":"You know, or, or, or here's 10 more"},{"startTime":1455.746,"endTime":1458.9560000000001,"body":"things that you may want to ask it."},{"startTime":1458.986,"endTime":1462.4660000000001,"body":"And it's fun just to take their prompts,"},{"startTime":1458.986,"endTime":1462.4660000000001,"body":"plug it in and see what happens."},{"startTime":1462.586,"endTime":1463.036,"body":"Yeah."},{"startTime":1463.276,"endTime":1464.2060000000001,"body":"it's very interesting."},{"startTime":1464.776,"endTime":1465.1960000000001,"body":"Yeah."},{"startTime":1465.9460000000001,"endTime":1469.536,"body":"So one of the other things that"},{"startTime":1465.9460000000001,"endTime":1469.536,"body":"I was thinking about is another"},{"startTime":1469.536,"endTime":1473.286,"body":"conversation that has me seemed."},{"startTime":1474.2910000000002,"endTime":1476.691,"body":"Well, I'll save my opinion for a moment."},{"startTime":1477.8310000000001,"endTime":1481.3110000000001,"body":"Do you think that the hourly"},{"startTime":1477.8310000000001,"endTime":1481.3110000000001,"body":"versus value billing is still a"},{"startTime":1481.3110000000001,"endTime":1482.866,"body":"conversation that needs to be had?"},{"startTime":1483.611,"endTime":1487.0310000000002,"body":"Um, unfortunately Serena, it will"},{"startTime":1483.611,"endTime":1487.0310000000002,"body":"be a conversation we need to have"},{"startTime":1487.0310000000002,"endTime":1488.861,"body":"until the last time she is dead."},{"startTime":1489.011,"endTime":1489.401,"body":"Right."},{"startTime":1489.401,"endTime":1493.7810000000002,"body":"So, but, but what I can tell you"},{"startTime":1489.401,"endTime":1493.7810000000002,"body":"is it's even more of an important"},{"startTime":1493.7810000000002,"endTime":1499.361,"body":"conversation now because as you're"},{"startTime":1493.7810000000002,"endTime":1499.361,"body":"delegating work to ai, you're going to"},{"startTime":1499.361,"endTime":1501.4460000000001,"body":"make yourself so much more efficient."},{"startTime":1502.5510000000002,"endTime":1506.0310000000002,"body":"And you're gonna punish yourself for those"},{"startTime":1502.5510000000002,"endTime":1506.0310000000002,"body":"efficiencies of your charging by the hour."},{"startTime":1506.5410000000002,"endTime":1509.421,"body":"But you know the sneak attack"},{"startTime":1506.5410000000002,"endTime":1509.421,"body":"here, Serena, that I'm seeing with"},{"startTime":1509.421,"endTime":1513.921,"body":"the accounting profession is they"},{"startTime":1509.421,"endTime":1513.921,"body":"will understand conceptually what"},{"startTime":1513.921,"endTime":1515.151,"body":"I'm saying and that that's great."},{"startTime":1515.211,"endTime":1519.741,"body":"Alright, so let's divorce ourselves from"},{"startTime":1515.211,"endTime":1519.741,"body":"the time sheet, but divorcing yourself"},{"startTime":1519.741,"endTime":1522.5310000000002,"body":"from the time sheet is only step one."},{"startTime":1522.861,"endTime":1525.201,"body":"The time sheet measures something."},{"startTime":1525.546,"endTime":1529.026,"body":"It measures effort and"},{"startTime":1525.546,"endTime":1529.026,"body":"it measures time, right?"},{"startTime":1529.026,"endTime":1531.006,"body":"Time and effort is the"},{"startTime":1529.026,"endTime":1531.006,"body":"combination of those things."},{"startTime":1531.006,"endTime":1534.6660000000002,"body":"How much effort did I exert"},{"startTime":1531.006,"endTime":1534.6660000000002,"body":"to produce this month's books?"},{"startTime":1535.116,"endTime":1539.316,"body":"So if you divorce yourself from the"},{"startTime":1535.116,"endTime":1539.316,"body":"time sheet, but you don't divorce"},{"startTime":1539.316,"endTime":1542.496,"body":"yourself from the effort based pricing."},{"startTime":1543.1860000000001,"endTime":1546.4560000000001,"body":"Then all you're doing is moving"},{"startTime":1543.1860000000001,"endTime":1546.4560000000001,"body":"from a frying pan to a frying pan."},{"startTime":1547.056,"endTime":1549.846,"body":"It's just that you don't have any"},{"startTime":1547.056,"endTime":1549.846,"body":"measurement or controls over your"},{"startTime":1549.846,"endTime":1552.996,"body":"effort anymore, and you're having to"},{"startTime":1549.846,"endTime":1552.996,"body":"take guesses at what that effort was."},{"startTime":1553.4460000000001,"endTime":1557.4060000000002,"body":"So if you wanna really make the jump"},{"startTime":1553.4460000000001,"endTime":1557.4060000000002,"body":"and you wanna get outta the frying pan"},{"startTime":1557.4060000000002,"endTime":1564.066,"body":"altogether, it's to base your pricing"},{"startTime":1557.4060000000002,"endTime":1564.066,"body":"on the outcomes that you drive, not the"},{"startTime":1564.096,"endTime":1566.526,"body":"effort that's exerted to drive them."},{"startTime":1566.886,"endTime":1569.1660000000002,"body":"Now, I don't want your listeners"},{"startTime":1566.886,"endTime":1569.1660000000002,"body":"to misunderstand what I'm saying."},{"startTime":1569.1660000000002,"endTime":1570.6960000000001,"body":"I'm not saying the effort doesn't matter."},{"startTime":1571.296,"endTime":1574.506,"body":"Effort is a management"},{"startTime":1571.296,"endTime":1574.506,"body":"consideration for you."},{"startTime":1574.7160000000001,"endTime":1578.226,"body":"It is not a pricing"},{"startTime":1574.7160000000001,"endTime":1578.226,"body":"consideration for your clients."},{"startTime":1578.226,"endTime":1580.4460000000001,"body":"There's a, there's a"},{"startTime":1578.226,"endTime":1580.4460000000001,"body":"really big difference."},{"startTime":1580.7160000000001,"endTime":1581.136,"body":"Yeah,"},{"startTime":1581.4660000000001,"endTime":1581.766,"body":"Yeah."},{"startTime":1582.9660000000001,"endTime":1590.1660000000002,"body":"so in like in a real life example,"},{"startTime":1582.9660000000001,"endTime":1590.1660000000002,"body":"say there's a client that."},{"startTime":1591.0510000000002,"endTime":1596.451,"body":"Th this is where it, it becomes a little"},{"startTime":1591.0510000000002,"endTime":1596.451,"body":"convoluted and difficult to measure that"},{"startTime":1596.451,"endTime":1601.3110000000001,"body":"outcome because there, you could have"},{"startTime":1596.451,"endTime":1601.3110000000001,"body":"a client whose books are very complex."},{"startTime":1601.641,"endTime":1603.201,"body":"They probably take a lot of time."},{"startTime":1603.201,"endTime":1607.8210000000001,"body":"There's a lot of moving pieces that you're"},{"startTime":1603.201,"endTime":1607.8210000000001,"body":"working to keep reconciled and accurate."},{"startTime":1608.121,"endTime":1613.0710000000001,"body":"However, the client continues"},{"startTime":1608.121,"endTime":1613.0710000000001,"body":"to make decisions that don't"},{"startTime":1613.0710000000001,"endTime":1614.661,"body":"result in good outcomes."},{"startTime":1614.901,"endTime":1615.2910000000002,"body":"Right."},{"startTime":1615.501,"endTime":1617.451,"body":"So it's hard to measure, like."},{"startTime":1619.191,"endTime":1619.641,"body":"What we"},{"startTime":1619.9360000000001,"endTime":1620.8110000000001,"body":"Yes, this is good."},{"startTime":1621.5310000000002,"endTime":1621.741,"body":"Yeah."},{"startTime":1621.741,"endTime":1622.476,"body":"Can I address this?"},{"startTime":1622.5510000000002,"endTime":1624.231,"body":"This is good 'cause I get"},{"startTime":1622.5510000000002,"endTime":1624.231,"body":"this one all the time."},{"startTime":1624.8010000000002,"endTime":1629.181,"body":"Your outcome has to be what you"},{"startTime":1624.8010000000002,"endTime":1629.181,"body":"are responsible for, not what"},{"startTime":1629.181,"endTime":1631.161,"body":"the client is responsible for."},{"startTime":1631.5210000000002,"endTime":1635.931,"body":"So I tell bookkeepers in a situation"},{"startTime":1631.5210000000002,"endTime":1635.931,"body":"like that, and I like complex books."},{"startTime":1635.931,"endTime":1639.711,"body":"I see the more complex books the"},{"startTime":1635.931,"endTime":1639.711,"body":"better because that's the less chance"},{"startTime":1639.711,"endTime":1643.816,"body":"that they can, they can reasonably"},{"startTime":1639.711,"endTime":1643.816,"body":"offshore it, hand it to tech."},{"startTime":1644.641,"endTime":1648.921,"body":"You know, get their, their aunt Bertha's"},{"startTime":1644.641,"endTime":1648.921,"body":"roommate's cousin twice removed by"},{"startTime":1648.921,"endTime":1652.251,"body":"marriage because they know them and they"},{"startTime":1648.921,"endTime":1652.251,"body":"like them coming in and do the books."},{"startTime":1652.251,"endTime":1654.141,"body":"All that silly stuff we deal with, right?"},{"startTime":1654.711,"endTime":1657.5610000000001,"body":"You know, you get the spouse effect all"},{"startTime":1654.711,"endTime":1657.5610000000001,"body":"the time, or my daughter's home from"},{"startTime":1657.5610000000001,"endTime":1658.701,"body":"college, she's gonna take the books."},{"startTime":1658.701,"endTime":1660.0210000000002,"body":"All that weird stuff, right?"},{"startTime":1660.5310000000002,"endTime":1662.691,"body":"And, and all that goes away."},{"startTime":1662.691,"endTime":1665.3310000000001,"body":"The more complex the books are"},{"startTime":1662.691,"endTime":1665.3310000000001,"body":"'cause they can't fool themselves"},{"startTime":1665.3310000000001,"endTime":1666.501,"body":"into thinking it's that easy."},{"startTime":1667.011,"endTime":1669.891,"body":"But the other thing that"},{"startTime":1667.011,"endTime":1669.891,"body":"comes with complex books is."},{"startTime":1670.221,"endTime":1671.7810000000002,"body":"Cost displacement."},{"startTime":1672.3210000000001,"endTime":1675.741,"body":"Now you can go to the client and you"},{"startTime":1672.3210000000001,"endTime":1675.741,"body":"can say, well, let's run the math."},{"startTime":1676.251,"endTime":1679.611,"body":"What would it take now that you"},{"startTime":1676.251,"endTime":1679.611,"body":"can't hire your Aunt Bertha's friend?"},{"startTime":1679.971,"endTime":1680.391,"body":"What?"},{"startTime":1680.481,"endTime":1684.3210000000001,"body":"What it's gonna really take to run this"},{"startTime":1680.481,"endTime":1684.3210000000001,"body":"finance department in your back office?"},{"startTime":1684.381,"endTime":1688.251,"body":"And here are all the things that you"},{"startTime":1684.381,"endTime":1688.251,"body":"have to consider as you build that out."},{"startTime":1688.761,"endTime":1692.181,"body":"You have to curate your own"},{"startTime":1688.761,"endTime":1692.181,"body":"technology, which is ever changing."},{"startTime":1692.871,"endTime":1696.381,"body":"You're going to need to build your"},{"startTime":1692.871,"endTime":1696.381,"body":"own workflow process and put that into"},{"startTime":1696.381,"endTime":1698.421,"body":"some kind of a step-by-step system."},{"startTime":1698.651,"endTime":1701.621,"body":"And by the way, that also has"},{"startTime":1698.651,"endTime":1701.621,"body":"to be maintained and curated."},{"startTime":1702.251,"endTime":1705.191,"body":"You're gonna have to build standard"},{"startTime":1702.251,"endTime":1705.191,"body":"operating procedures so that"},{"startTime":1705.191,"endTime":1708.0410000000002,"body":"the people you hire are doing"},{"startTime":1705.191,"endTime":1708.0410000000002,"body":"it consistently in a way where"},{"startTime":1708.0410000000002,"endTime":1709.116,"body":"that you can measure the quality."},{"startTime":1710.0910000000001,"endTime":1713.601,"body":"Then you're going to have to find"},{"startTime":1710.0910000000001,"endTime":1713.601,"body":"somebody in this crazy market that"},{"startTime":1713.601,"endTime":1716.511,"body":"we're in where it's impossible"},{"startTime":1713.601,"endTime":1716.511,"body":"to find qualified bookkeepers."},{"startTime":1716.871,"endTime":1718.221,"body":"Who knows what they're doing."},{"startTime":1718.641,"endTime":1721.731,"body":"And I've been out to Indeed and"},{"startTime":1718.641,"endTime":1721.731,"body":"ZipRecruiter and just checked, and one"},{"startTime":1721.731,"endTime":1724.5810000000001,"body":"in your area costs about $65,000 a year."},{"startTime":1724.5810000000001,"endTime":1727.5510000000002,"body":"Plus you have payroll taxes,"},{"startTime":1724.5810000000001,"endTime":1727.5510000000002,"body":"plus you have benefits."},{"startTime":1727.611,"endTime":1730.221,"body":"Plus you're gonna need to give that"},{"startTime":1727.611,"endTime":1730.221,"body":"person a computer and that computer's"},{"startTime":1730.221,"endTime":1731.931,"body":"gonna wear out in two years."},{"startTime":1732.4160000000002,"endTime":1733.881,"body":"I, I could keep going"},{"startTime":1734.4660000000001,"endTime":1734.886,"body":"Mm-hmm."},{"startTime":1734.931,"endTime":1738.171,"body":"and then all of a sudden I"},{"startTime":1734.931,"endTime":1738.171,"body":"just want $2,000 a month."},{"startTime":1738.171,"endTime":1738.981,"body":"And they're gonna say."},{"startTime":1740.0910000000001,"endTime":1741.0810000000001,"body":"Where do I sign?"},{"startTime":1741.816,"endTime":1742.116,"body":"Yeah."},{"startTime":1742.5510000000002,"endTime":1746.601,"body":"No way that they're going to try to bring"},{"startTime":1742.5510000000002,"endTime":1746.601,"body":"all that in-house and, and I've had people"},{"startTime":1746.661,"endTime":1751.101,"body":"say, yeah, my clients are smaller, so"},{"startTime":1746.661,"endTime":1751.101,"body":"they don't really need a full-time person."},{"startTime":1751.461,"endTime":1754.941,"body":"Well, everything else I just"},{"startTime":1751.461,"endTime":1754.941,"body":"mentioned stays the same."},{"startTime":1755.3310000000001,"endTime":1759.381,"body":"The process, the technology, the office,"},{"startTime":1755.3310000000001,"endTime":1759.381,"body":"the computer, the only thing that"},{"startTime":1759.381,"endTime":1761.511,"body":"changes is you cut that salary in half."},{"startTime":1762.846,"endTime":1767.886,"body":"You can still sell it cheaper than"},{"startTime":1762.846,"endTime":1767.886,"body":"they can incur the cost to replace"},{"startTime":1767.886,"endTime":1769.236,"body":"you with in-house offerings."},{"startTime":1769.536,"endTime":1774.606,"body":"So your, your only real competition is"},{"startTime":1769.536,"endTime":1774.606,"body":"not that they're gonna do it in-house."},{"startTime":1775.326,"endTime":1778.296,"body":"The real competition is"},{"startTime":1775.326,"endTime":1778.296,"body":"your fellow bookkeepers"},{"startTime":1778.496,"endTime":1778.9160000000002,"body":"Mm-hmm."},{"startTime":1778.9560000000001,"endTime":1782.9160000000002,"body":"and the way to protect yourself from"},{"startTime":1778.9560000000001,"endTime":1782.9160000000002,"body":"the, they're where they're underpricing"},{"startTime":1782.9160000000002,"endTime":1787.266,"body":"and therefore price cutting you"},{"startTime":1782.9160000000002,"endTime":1787.266,"body":"would be to do what they don't do."},{"startTime":1788.376,"endTime":1788.616,"body":"Right."},{"startTime":1788.616,"endTime":1791.4360000000001,"body":"Not just do what they do more"},{"startTime":1788.616,"endTime":1791.4360000000001,"body":"efficiently, that's step one,"},{"startTime":1791.4360000000001,"endTime":1792.726,"body":"but to do what they don't do."},{"startTime":1792.726,"endTime":1797.026,"body":"So how many of your peers offer"},{"startTime":1792.726,"endTime":1797.026,"body":"controllership services where they"},{"startTime":1797.026,"endTime":1801.496,"body":"analyze what's happening with spend to"},{"startTime":1797.026,"endTime":1801.496,"body":"help the client determine where they"},{"startTime":1801.496,"endTime":1803.6560000000002,"body":"can spend less money in the future?"},{"startTime":1803.6560000000002,"endTime":1807.1960000000001,"body":"And any business owner, I don't care"},{"startTime":1803.6560000000002,"endTime":1807.1960000000001,"body":"what kind of poor decisions they make,"},{"startTime":1807.346,"endTime":1810.976,"body":"if you tell 'em that they can, they can"},{"startTime":1807.346,"endTime":1810.976,"body":"cancel this subscription or they can"},{"startTime":1810.976,"endTime":1814.948,"body":"stop that cell phone or they can shut"},{"startTime":1810.976,"endTime":1814.948,"body":"off that device and they can save money."},{"startTime":1816.178,"endTime":1819.538,"body":"I mean, if you've got one that doesn't"},{"startTime":1816.178,"endTime":1819.538,"body":"say yes, then pick another client."},{"startTime":1819.538,"endTime":1820.558,"body":"There are plenty of them out there,"},{"startTime":1820.633,"endTime":1821.053,"body":"Mm-hmm."},{"startTime":1821.308,"endTime":1824.968,"body":"when you start saving clients money"},{"startTime":1821.308,"endTime":1824.968,"body":"instead of just recording the money"},{"startTime":1824.968,"endTime":1829.3780000000002,"body":"that they spent, you're going to be"},{"startTime":1824.968,"endTime":1829.3780000000002,"body":"in the five percentile of excellence."},{"startTime":1829.3780000000002,"endTime":1830.758,"body":"Nobody can compete with that."},{"startTime":1831.208,"endTime":1833.968,"body":"You just have to lead with that,"},{"startTime":1831.208,"endTime":1833.968,"body":"and that's an outcome you can drive."},{"startTime":1834.943,"endTime":1836.923,"body":"Yeah, a really good one."},{"startTime":1837.0130000000001,"endTime":1838.153,"body":"Thank you for talking through that."},{"startTime":1838.588,"endTime":1839.2630000000001,"body":"Yeah, absolutely."},{"startTime":1839.683,"endTime":1840.823,"body":"Hopefully people took notes."},{"startTime":1842.69,"endTime":1846.423,"body":"uh, we are getting closer"},{"startTime":1842.69,"endTime":1846.423,"body":"to the end of time."},{"startTime":1846.423,"endTime":1852.2530000000002,"body":"But one of the things that I also"},{"startTime":1846.423,"endTime":1852.2530000000002,"body":"wanted to get your take on is, you"},{"startTime":1852.2530000000002,"endTime":1856.663,"body":"know, I know a lot of the firm owners"},{"startTime":1852.2530000000002,"endTime":1856.663,"body":"you work with are, you know, upwards"},{"startTime":1856.663,"endTime":1858.883,"body":"of half a million and, and over that."},{"startTime":1859.163,"endTime":1863.5520000000001,"body":"As we talked before, we hit record,"},{"startTime":1859.163,"endTime":1863.5520000000001,"body":"a lot of my listeners are, to get to"},{"startTime":1863.582,"endTime":1866.5220000000002,"body":"maybe 250 KA little higher than that."},{"startTime":1866.582,"endTime":1872.5220000000002,"body":"And I wanted to know what, what kind"},{"startTime":1866.582,"endTime":1872.5220000000002,"body":"of common mistakes you see as, as"},{"startTime":1872.5220000000002,"endTime":1874.5320000000002,"body":"people are growing into that zone."},{"startTime":1874.8020000000001,"endTime":1877.622,"body":"Things that maybe they should"},{"startTime":1874.8020000000001,"endTime":1877.622,"body":"avoid or pay attention to."},{"startTime":1878.2820000000002,"endTime":1881.492,"body":"All right, so one of the common"},{"startTime":1878.2820000000002,"endTime":1881.492,"body":"mistakes is try to price competitively."},{"startTime":1881.492,"endTime":1884.222,"body":"Don't price competitively"},{"startTime":1881.492,"endTime":1884.222,"body":"price to your value."},{"startTime":1884.4470000000001,"endTime":1884.807,"body":"Yeah."},{"startTime":1884.972,"endTime":1887.5520000000001,"body":"yourself how you can drive value"},{"startTime":1884.972,"endTime":1887.5520000000001,"body":"up so you can drive price up."},{"startTime":1887.5520000000001,"endTime":1889.442,"body":"So that's, you heard me say all that."},{"startTime":1889.442,"endTime":1892.202,"body":"That would be good way of saying"},{"startTime":1889.442,"endTime":1892.202,"body":"that's the first checkbox."},{"startTime":1892.742,"endTime":1893.1470000000002,"body":"The next one."},{"startTime":1893.692,"endTime":1896.092,"body":"Is when you are the sole producer."},{"startTime":1896.152,"endTime":1899.5120000000002,"body":"'cause if you're doing about"},{"startTime":1896.152,"endTime":1899.5120000000002,"body":"250,000 or less in revenue, I'm"},{"startTime":1899.5120000000002,"endTime":1901.222,"body":"assuming you're a sole practitioner."},{"startTime":1901.652,"endTime":1903.242,"body":"If not, that's a whole other problem."},{"startTime":1903.242,"endTime":1905.222,"body":"We'll unpack on a different"},{"startTime":1903.242,"endTime":1905.222,"body":"podcast, but okay."},{"startTime":1905.582,"endTime":1910.112,"body":"So we're assuming that you're a sole"},{"startTime":1905.582,"endTime":1910.112,"body":"practitioner, you are the producer."},{"startTime":1910.497,"endTime":1914.727,"body":"You are also the owner, and then you"},{"startTime":1910.497,"endTime":1914.727,"body":"have general and administrative expenses."},{"startTime":1914.727,"endTime":1918.537,"body":"But what I find people do since one third,"},{"startTime":1914.727,"endTime":1918.537,"body":"one third, one third is the formula."},{"startTime":1918.537,"endTime":1920.1270000000002,"body":"You want a third going into general."},{"startTime":1920.1570000000002,"endTime":1921.327,"body":"General and administrative."},{"startTime":1921.867,"endTime":1926.1870000000001,"body":"You want a third going to owner and"},{"startTime":1921.867,"endTime":1926.1870000000001,"body":"you want a third going to producer."},{"startTime":1926.8770000000002,"endTime":1930.027,"body":"Well, when you are the producer"},{"startTime":1926.8770000000002,"endTime":1930.027,"body":"and the owner, don't take"},{"startTime":1930.027,"endTime":1931.767,"body":"a third, take two thirds."},{"startTime":1932.232,"endTime":1933.912,"body":"Put two thirds in your column."},{"startTime":1934.2720000000002,"endTime":1936.5520000000001,"body":"Now, it doesn't mean you"},{"startTime":1934.2720000000002,"endTime":1936.5520000000001,"body":"need to draw that out."},{"startTime":1936.7920000000001,"endTime":1939.3120000000001,"body":"You could retain it in the company, right?"},{"startTime":1939.3120000000001,"endTime":1940.392,"body":"We all know the word for that."},{"startTime":1940.392,"endTime":1941.232,"body":"It's called retain earnings."},{"startTime":1941.472,"endTime":1945.2520000000002,"body":"You could retain it in the"},{"startTime":1941.472,"endTime":1945.2520000000002,"body":"company, but you need to allocate"},{"startTime":1945.2520000000002,"endTime":1949.092,"body":"it to yourself because you're"},{"startTime":1945.2520000000002,"endTime":1949.092,"body":"both the producer and the owner."},{"startTime":1949.092,"endTime":1953.2620000000002,"body":"Now, what that will do, when you set"},{"startTime":1949.092,"endTime":1953.2620000000002,"body":"that model up, it will protect price."},{"startTime":1953.2620000000002,"endTime":1957.0720000000001,"body":"'cause you, you can't afford to take"},{"startTime":1953.2620000000002,"endTime":1957.0720000000001,"body":"certain clients below a certain price and"},{"startTime":1957.0720000000001,"endTime":1959.082,"body":"you're gonna turn them away appropriately."},{"startTime":1959.5020000000002,"endTime":1961.257,"body":"Then when you are ready to hire."},{"startTime":1961.977,"endTime":1965.817,"body":"And when you start getting much above"},{"startTime":1961.977,"endTime":1965.817,"body":"two 50, and especially as you approach"},{"startTime":1965.817,"endTime":1969.207,"body":"300, 3 50, 400, you're way overdue."},{"startTime":1969.597,"endTime":1971.607,"body":"You need to bring on"},{"startTime":1969.597,"endTime":1971.607,"body":"that other professional."},{"startTime":1972.077,"endTime":1974.957,"body":"And of course, in a world"},{"startTime":1972.077,"endTime":1974.957,"body":"of ai, excuse me, in a world"},{"startTime":1974.957,"endTime":1976.367,"body":"of AI, that math may change."},{"startTime":1976.367,"endTime":1977.8970000000002,"body":"But for right now,"},{"startTime":1976.367,"endTime":1977.8970000000002,"body":"we'll just go with this."},{"startTime":1978.587,"endTime":1982.727,"body":"So when you do, if you don't have"},{"startTime":1978.587,"endTime":1982.727,"body":"those margins baked in, you have no"},{"startTime":1982.727,"endTime":1987.3770000000002,"body":"one third to give to the employee,"},{"startTime":1982.727,"endTime":1987.3770000000002,"body":"and you're, you're locked in."},{"startTime":1987.4070000000002,"endTime":1988.757,"body":"You literally can't hire."},{"startTime":1989.3870000000002,"endTime":1993.047,"body":"Or you have to take a loss to hire,"},{"startTime":1989.3870000000002,"endTime":1993.047,"body":"or you have to fire every client"},{"startTime":1993.047,"endTime":1996.257,"body":"or reprice every client to hire,"},{"startTime":1993.047,"endTime":1996.257,"body":"and then you hit this ceiling."},{"startTime":1996.257,"endTime":1998.3870000000002,"body":"It's not a glass ceiling,"},{"startTime":1996.257,"endTime":1998.3870000000002,"body":"it's a concrete ceiling."},{"startTime":1999.827,"endTime":2000.037,"body":"Hmm."},{"startTime":2000.142,"endTime":2000.5620000000001,"body":"Yeah."},{"startTime":2000.7720000000002,"endTime":2003.142,"body":"And that's when people get to the"},{"startTime":2000.7720000000002,"endTime":2003.142,"body":"point of throwing in the towel,"},{"startTime":2003.9370000000001,"endTime":2007.777,"body":"Yeah, because I'm just working way"},{"startTime":2003.9370000000001,"endTime":2007.777,"body":"too hard for no upside, no leverage."},{"startTime":2007.987,"endTime":2008.347,"body":"Yeah."},{"startTime":2008.7820000000002,"endTime":2009.352,"body":"Yeah."},{"startTime":2009.6190000000001,"endTime":2013.1290000000001,"body":"So, yeah, I, I completely agree with that."},{"startTime":2013.134,"endTime":2017.0980000000002,"body":"I. I, I hired on, I hired really"},{"startTime":2013.134,"endTime":2017.0980000000002,"body":"early on because my intention"},{"startTime":2017.0980000000002,"endTime":2018.478,"body":"was never to work full time."},{"startTime":2018.478,"endTime":2022.768,"body":"And so I, from the very beginning"},{"startTime":2018.478,"endTime":2022.768,"body":"have had a similar pricing model of"},{"startTime":2022.768,"endTime":2029.308,"body":"like, there's this 50% is allocated"},{"startTime":2022.768,"endTime":2029.308,"body":"to me and I run the, be the rest"},{"startTime":2029.308,"endTime":2031.228,"body":"of the company on the rest of it."},{"startTime":2031.448,"endTime":2034.778,"body":"And so if I can't price"},{"startTime":2031.448,"endTime":2034.778,"body":"accordingly, then I don't take on"},{"startTime":2034.8980000000001,"endTime":2035.318,"body":"That's great."},{"startTime":2035.6080000000002,"endTime":2038.376,"body":"And yeah, whether you have"},{"startTime":2035.6080000000002,"endTime":2038.376,"body":"part-time or full-time."},{"startTime":2038.376,"endTime":2041.616,"body":"The, the, the breakdown is"},{"startTime":2038.376,"endTime":2041.616,"body":"all pretty much the same."},{"startTime":2041.616,"endTime":2043.836,"body":"As long as you start with"},{"startTime":2041.616,"endTime":2043.836,"body":"that from the beginning."},{"startTime":2044.246,"endTime":2045.7160000000001,"body":"Yeah, absolutely."},{"startTime":2045.776,"endTime":2048.176,"body":"And then, and then you need to"},{"startTime":2045.776,"endTime":2048.176,"body":"have, and I know we're over,"},{"startTime":2048.176,"endTime":2050.726,"body":"but you need to have a process."},{"startTime":2050.815,"endTime":2054.4,"body":"that you have defined because when"},{"startTime":2050.815,"endTime":2054.4,"body":"you bring that person on board,"},{"startTime":2054.7,"endTime":2056.74,"body":"you have two different risks."},{"startTime":2056.77,"endTime":2059.5,"body":"If they're, if they're not"},{"startTime":2056.77,"endTime":2059.5,"body":"competent enough to run it, end"},{"startTime":2059.5,"endTime":2063.07,"body":"to end with their own brain, then"},{"startTime":2059.5,"endTime":2063.07,"body":"you end up with quality control"},{"startTime":2063.07,"endTime":2065.11,"body":"problems and productivity problems."},{"startTime":2065.49,"endTime":2069.33,"body":"If they are smart enough to run it"},{"startTime":2065.49,"endTime":2069.33,"body":"from end to end with their own brain,"},{"startTime":2069.36,"endTime":2072.96,"body":"'cause you hire somebody really"},{"startTime":2069.36,"endTime":2072.96,"body":"experienced, then you end up with."},{"startTime":2073.74,"endTime":2077.04,"body":"A couple of different bookkeeping"},{"startTime":2073.74,"endTime":2077.04,"body":"practices under your name."},{"startTime":2077.37,"endTime":2078.84,"body":"That's their, their book."},{"startTime":2078.93,"endTime":2081.36,"body":"Their clients become their"},{"startTime":2078.93,"endTime":2081.36,"body":"bookkeeping practice doing it"},{"startTime":2081.39,"endTime":2083.1,"body":"their way with their secret sauce."},{"startTime":2083.13,"endTime":2086.52,"body":"And then you have your way with"},{"startTime":2083.13,"endTime":2086.52,"body":"your secret sauce and you're just"},{"startTime":2086.52,"endTime":2088.35,"body":"kind of a house of bookkeepers."},{"startTime":2088.44,"endTime":2091.17,"body":"You hire the third and fourth one"},{"startTime":2088.44,"endTime":2091.17,"body":"of those and you get four different"},{"startTime":2091.17,"endTime":2093.84,"body":"ways of, of making the recipe."},{"startTime":2094.23,"endTime":2097.77,"body":"So you want to hire people"},{"startTime":2094.23,"endTime":2097.77,"body":"who are competent and you"},{"startTime":2097.77,"endTime":2099.36,"body":"want 'em to run your rails."},{"startTime":2099.42,"endTime":2101.115,"body":"Don't hire before you have the rails."},{"startTime":2102.12,"endTime":2107.095,"body":"Yeah, I do see, I mean, there's"},{"startTime":2102.12,"endTime":2107.095,"body":"definitely a, a balance between"},{"startTime":2109.23,"endTime":2113.2799999999997,"body":"wanting it to be perfect"},{"startTime":2109.23,"endTime":2113.2799999999997,"body":"before you hire actually just"},{"startTime":2113.31,"endTime":2113.7599999999998,"body":"Yes."},{"startTime":2114.0,"endTime":2117.5099999999998,"body":"the baseline there that you"},{"startTime":2114.0,"endTime":2117.5099999999998,"body":"can build on as you hire."},{"startTime":2117.5099999999998,"endTime":2117.7799999999997,"body":"But"},{"startTime":2117.96,"endTime":2122.25,"body":"But at least have the baseline, define"},{"startTime":2117.96,"endTime":2122.25,"body":"the tech, define the broad stroke"},{"startTime":2122.25,"endTime":2126.81,"body":"processes around each client, and then"},{"startTime":2122.25,"endTime":2126.81,"body":"you can, you and the employee that"},{"startTime":2126.81,"endTime":2130.95,"body":"you bring on board, the team member,"},{"startTime":2126.81,"endTime":2130.95,"body":"you can perfect the process as you go."},{"startTime":2130.95,"endTime":2133.21,"body":"'cause now you'll have a little"},{"startTime":2130.95,"endTime":2133.21,"body":"extra capacity to make that happen."},{"startTime":2133.21,"endTime":2135.12,"body":"That's a good point, Serena, you"},{"startTime":2135.2,"endTime":2135.49,"body":"Yeah,"},{"startTime":2135.6,"endTime":2138.84,"body":"you wait until you're ready to hire"},{"startTime":2135.6,"endTime":2138.84,"body":"somebody, get married or have a"},{"startTime":2138.84,"endTime":2139.92,"body":"kid, you'll never do any of them."},{"startTime":2140.145,"endTime":2140.685,"body":"exactly."},{"startTime":2142.2599999999998,"endTime":2143.22,"body":"And I've done all three so."},{"startTime":2144.27,"endTime":2144.69,"body":"Yeah."},{"startTime":2145.9049999999997,"endTime":2147.045,"body":"Wasn't ready for any of it"},{"startTime":2147.24,"endTime":2147.72,"body":"yeah."},{"startTime":2148.86,"endTime":2149.91,"body":"and it's worth it."},{"startTime":2150.75,"endTime":2151.29,"body":"It's worth it"},{"startTime":2151.305,"endTime":2152.595,"body":"and it's been worth it on all three."},{"startTime":2152.595,"endTime":2153.435,"body":"That is correct?"},{"startTime":2153.735,"endTime":2154.005,"body":"Yes, sir."},{"startTime":2154.47,"endTime":2159.18,"body":"So if a listener wants to connect with"},{"startTime":2154.47,"endTime":2159.18,"body":"you, where is the best place to find you?"},{"startTime":2159.18,"endTime":2161.07,"body":"And when is scaling new heights"},{"startTime":2161.475,"endTime":2161.805,"body":"Yes."},{"startTime":2162.195,"endTime":2165.165,"body":"Alright, so I'll answer the"},{"startTime":2162.195,"endTime":2165.165,"body":"same way with the the same URL."},{"startTime":2165.165,"endTime":2167.175,"body":"It's my last name.com."},{"startTime":2167.295,"endTime":2170.925,"body":"That's Woodard with one w woodard.com."},{"startTime":2170.985,"endTime":2173.61,"body":"And if you go there under event,"},{"startTime":2170.985,"endTime":2173.61,"body":"you'll find Scaling New Heights."},{"startTime":2173.61,"endTime":2174.795,"body":"It's coming up in June."},{"startTime":2175.365,"endTime":2177.945,"body":"And you did mention correctly"},{"startTime":2175.365,"endTime":2177.945,"body":"that if you're in our coach"},{"startTime":2177.945,"endTime":2180.975,"body":"program, you're typically at or"},{"startTime":2177.945,"endTime":2180.975,"body":"approaching a million or more."},{"startTime":2181.62,"endTime":2185.65,"body":"But the folks that come to scaling New"},{"startTime":2181.62,"endTime":2185.65,"body":"Heights, everybody walks those halls."},{"startTime":2185.65,"endTime":2188.56,"body":"We have plenty of people that are"},{"startTime":2185.65,"endTime":2188.56,"body":"gonna be right in your peer group."},{"startTime":2188.56,"endTime":2190.72,"body":"Listeners, if you're"},{"startTime":2188.56,"endTime":2190.72,"body":"just getting started out."},{"startTime":2191.21,"endTime":2195.2,"body":"We even have a meetup for brand new"},{"startTime":2191.21,"endTime":2195.2,"body":"business owners in the accounting"},{"startTime":2195.2,"endTime":2197.69,"body":"profession that you can go just"},{"startTime":2195.2,"endTime":2197.69,"body":"meet people that just started"},{"startTime":2197.69,"endTime":2199.01,"body":"in the last year, if that's you."},{"startTime":2199.7000000000003,"endTime":2200.66,"body":"But, um, yeah."},{"startTime":2200.69,"endTime":2202.07,"body":"So just come join us in June."},{"startTime":2202.07,"endTime":2202.7000000000003,"body":"That'd be great."},{"startTime":2203.235,"endTime":2204.225,"body":"And where is it"},{"startTime":2204.4700000000003,"endTime":2205.13,"body":"That's in Orlando."},{"startTime":2205.695,"endTime":2206.295,"body":"Awesome."},{"startTime":2207.255,"endTime":2210.315,"body":"if you wanna take your"},{"startTime":2207.255,"endTime":2210.315,"body":"kids Disney World hit up"},{"startTime":2210.42,"endTime":2212.4900000000002,"body":"We're, we're right across"},{"startTime":2210.42,"endTime":2212.4900000000002,"body":"the street from Disney World."},{"startTime":2212.4900000000002,"endTime":2215.55,"body":"You can look out your balcony at,"},{"startTime":2212.4900000000002,"endTime":2215.55,"body":"at all four parks in one view."},{"startTime":2215.82,"endTime":2216.9,"body":"We're right across the street."},{"startTime":2216.9,"endTime":2217.35,"body":"Yes."},{"startTime":2217.545,"endTime":2218.1150000000002,"body":"Awesome."},{"startTime":2218.505,"endTime":2220.275,"body":"Well, thank you so much for your time."},{"startTime":2220.275,"endTime":2223.995,"body":"I really appreciate it and I can't wait"},{"startTime":2220.275,"endTime":2223.995,"body":"to have another conversation with you in"},{"startTime":2224.01,"endTime":2224.61,"body":"Anytime."},{"startTime":2224.61,"endTime":2225.235,"body":"I'd love to come on,"},{"startTime":2225.705,"endTime":2227.1150000000002,"body":"Alright, talk to you soon."}]}