Do we need accountants anymore?

How I got here…

21: Graduated Vanderbilt in 3 years Magna Cum Laude, and took a fancy consulting job.
23 yrs old: Left my fancy consulting job to start a business (a gym).
24 yrs old: Opened 5 gym locations.
26 yrs old: Closed down 6th gym. Lost everything.
26 yrs old: Got back to launching gyms (launched 33). Then, lost everything for a 2nd time.
26 yrs old: In desperation, started licensing model as a hail mary. It worked.
27 yrs old: "Gym Launch" does $3M profit the next 6 months. Then $17M profit next 12 months.
28 yrs old: Started Prestige Labs. $20M the first year.
29 yrs old: Launched ALAN, a software company for agencies to work leads for customers. Scaled to $1.7mmo within 6 months.
31 yrs old: Sold 75% of UseAlan to a strategic buyer in an all stock deal.
31 yrs old: Sold 66% of Gym Launch & Prestige Labs at $46.2M valuation in all-cash deal to American Pacific Group. (you can google it)
32 yrs old: Started making free content showing how we grow companies to make real business education accessible to everyone (and) to attract business owners to invest or scale their businesses.

Today: Our portfolio now does $200M/yr between 10 companies. The largest doing $100M/yr the smallest doing $5M per year. Our ownership varies between 20% and 100% ownership of the companies. Many of them we invested in early and helped grow (which is how we make our money - not youtube videos).

To all the gladiators in the arena, we’re all in the middle of writing our own stories. The worse the monsters, the more epic the story.

You either get an epic outcome or an epic story. Both mean you win.

Keep crushing. May your desires be greater than your obstacles.

Never quit,

Alex

*FULL DISCLOSURE*
I make content to make money - just - on a longer time horizon than most. I want to build trust with business owners so we can find the best ones and help them scale. And if they’re awesome, write them a check and go all the way as partners.

[jhadesdev]

It now gives a generic answer and tells to go see a accountant 😂

[jayzee]

As someone working in an accounting firm, this is the equivalent of telling people to use chat gpt as a replacement for a lawyer lol. Ain’t shit getting automated

[jdkoz]

“I don’t know anything about accounting, let me talk about accounting”

[itsasecret]

"95% accuracy" I've always wanted an accountant with a 5% chance of sending me to prison.

[save_often]

Sure, let ChatGPT represent you in front of the IRS.

[mwixom]

Lots of accountants aren't necessarily tax accountants either. At least in the US, all public companies will still need auditors to do their quarterly/yearly filings. That is a lot harder, not impossible, to replace due to the nature of the investigative work.

[Robert_Ali]

Bro doesn’t know that accounting is different from tax…accounting and tax on a base level is already being replaced but software… the value add services are key here

[josesantoso]

As someone that actually works at an accounting firm, I think that probably the accountant was horrified on how bad chatgpt could mess up the tax returns lmao 😂

[JohnnyWalkerYT]

You need the CPA signature and the AI can’t provide that

[phillips]

He’s not saying “let ChatGPT do your taxes this year, ” he’s saying “AI will probably be able to do your taxes in 5-15 years.”

[DadSherwood]

Accountants are already using software, the software will just get more and more impressive

[lukenicholas]

Not true. It get’s all my Acc 340 hw answers wrong

[lorddenithal]

Accounts are probably going to mostly turn into data analysts and capital managers. The grunt work will be offloaded to ai, and the high-level stuff will become the new norm.

[financeyourfreedom_info]

Explain To me section 721 transactions, calculate the inside vs outside basis, for a partnership which owners contributed property from a DST, which was previously transferred in by a 1031, one of the partners died, another paid the liabilities of a second partner, oh and it’s liquidating

[jt.brewster]

the bot will not be able to do “creative accounting”

[SpartanFilms]

AI will be able to analyze all countries' tax codes and create the most optimal way to set up a company using offshore accounts and where to place your headquarters depending on the style of business you operate. People severely underestimate what AI will be capable of in a few years.

[rajeevdas]

Lol he doesn’t know what he’s talking about. Turbo tax is already free and will do any individuals taxes for free. If you own a business you need an accountant for much more than doing your taxes, and just because it can answer a tax related question doesn’t mean it can tell you why and how fincianal decisions affect your business (that’s what accountants do).

[shuccle]

Why would these accounting specialists be horrified? They should be glad. AI just made their jobs 10x easier.

[jalilmonroe]

Accounting is not just tax….. that’s a very small subset of accounting. Accounting encompasses almost every aspect of business operations

[maxkarpushko]

The issue with ChatGPT is it’s fluency in bullshittery. Hard to tell too if your asking about something you know little to nothing about. Wouldn’t want tax advice from it and then end up in jail.