You can use the Dictation feature built into your Mac to transcribe audio files, and in my experience, it's been about 98-99% accurate, so it saves a lot of time if you want to index your audio files, or you need a transcript for some other purpose.
These instructions were last updated for macOS Monterey 12.4.
First, open up System Preferences, go to Keyboard, then the 'Dictation' tab:
Turn on Dictation, and when prompted, accept the terms for Apple's Dictation service. Also take note of the 'Shortcut' (e.g. 'press dictation key' or 'press control twice'. You'll use that to activate dictation later.