The Thursday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

AI Startup Wants to Kill QuickBooks - Just Raised $70M to Do It

Rillet just banked $70M from Andreessen Horowitz, ICONIQ, and Sequoia to automate accounting with AI, aiming to replace clunky legacy tools like Oracle and Microsoft.

They’re not alone. More firms are pouring into this space, and top accounting shops like Armanino and Wiss are already using these tools.

This isn’t some short lived AI trend, it’s a full-blown shift in how accounting gets done. Faster closes, real time insights, and zero grunt work? The old way doesn’t stand a chance.

Source: Reuters

💎 What’s poppin in accounting

AICPA to IRS: Give Small Biz a Break on R&D

Small businesses are in tax limbo right now. A new law says they should be able to fully deduct U.S. research costs for 2024 instead of dragging it out over years. But the IRS hasn’t said how to actually do it.

So the AICPA just told the Treasury: issue clear guidance now before everyone files the wrong thing or drowns in amended returns. Their ask? Let small biz owners just write it off in one go, no guessing, no messy paperwork.

 📊 Weekly Trend Chart

Podcasts Are Turning Into YouTube Shows

Podcasts used to be audio-only. Now? Nearly 40% of weekly podcast listeners prefer YouTube, more than Spotify and Apple combined.

That shift is shaking up the industry. Amazon just laid off 100+ people at Wondery (known for hits like Dr. Death) and is ditching audio dramas in favor of video-first, host-led shows. Big personalities, big screens, that’s the new podcast game.

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