JPMorgan's RTO Drama, VC Love for Accounting and the Fall of Bench

Blake and David examine Bench's bankruptcy filing, revealing fascinating details about their spending patterns and challenges with the business model. They also explore venture capital's growing interest in accounting firms, particularly focusing on AI automation claims and their potential impact on the profession, and there's a lively discussion about JP Morgan's controversial return-to-office mandate and its implications for workplace flexibility, sparked by Blake's viral tweet that garnered nearly 5 million views. Sponsors TaxBandits - http://accountingpodcast.promo/taxbandits Relay - http://accountingpodcast.promo/relay BoomTax - http://accountingpodcast.promo/boomtax Basil - http://accountingpodcast.promo/basil Chapters (01:23) - Bench Accounting Bankruptcy Deep Dive (02:17) - Venture Capital's Interest in Accounting (02:42) - JP Morgan's Return to Office Policy (04:04) - Continuing Professional Education Credits (05:05) - Bench Bankruptcy Filing Details (05:50) - Bench's Financial Breakdown (07:42) - Bench's Customer Acquisition Strategy (10:55) - Bench's Development and Management Costs (13:17) - Operations and Outsourcing at Bench (16:07) - Service Delivery and Refunds (19:47) - Venture Capital and AI in Accounting (29:16) - Relay: The Small Business Bank (35:28) - AI-Powered Bookkeeping: A New Frontier (36:44) - Debating the Future of Software Costs (41:14) - AI's Impact on Job Markets (45:15) - Challenges in Replacing Human Jobs with AI (50:57) - The Remote Work Debate (01:02:05) - Corporate Accountability and Legal Issues (01:12:03) - Closing Remarks and Future Topics   Show Notes AI Has Venture Investors Excited About (Yes) Accounting Firms https://www.wsj.com/articles/ai-has-venture-investors-excited-about-yes-accounting-firms-3b9b3226 Bench Accounting, Inc. and 10Sheet Services, Inc. https://www.ksvadvisory.com/experience/case/bench   JPMorgan tells all its employees they must return to office full-time https://finance.yahoo.com/news/jpmorgan-tells-employees-must-return-140000800.html   Work From Home Policies and Practices https://pearlmeyer.com/insights-and-research/research-report/work-from-home-policies-and-practices   Workplace Policies and Pay Transparency https://pearlmeyer.com/insights-and-research/research-report/workplace-policies-and-pay-transparency   H&R Block Agrees to $7M FTC Settlement and Will Make Downgrading Tax Tiers Easier https://www.cnet.com/personal-finance/taxes/h-r-block-agrees-to-7m-ftc-settlement-and-will-make-downgrading-tax-tiers-easier/   Capital One sued by CFPB over alleged deception on savings account interest rates https://www.msn.com/en-us/money/personalfinance/capital-one-sued-by-cfpb-over-alleged-deception-on-savings-account-interest-rates/ar-BB1rr4nY   Imposing a $500,000 Fine, PCAOB Sanctions Baker Tilly US, LLP for Quality Control Violations https://pcaobus.org/news-events/news-releases/news-release-detail/imposing-a--500-000-fine--pcaob-sanctions-baker-tilly-us--llp-for-quality-control-violations Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040. Sponsorships Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus. Need Accounting Conference Info?  Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast Classifieds Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd Transcripts The full transcript for this episode is available by clicking on the Transcript tab at the top of this page