improving firm efficiency means that the owners have to get on board. one of the more obvious opportunities is the delivery of the firm’s own financial reports.
many firms still print a hard copy of the monthly financials and distribute them to each owner, many of whom physically store these documents in a binder or drawer in their office. read more →
20 key concepts for now. 5 key questions for the future.
by hitendra patil
accountaneur
social media. big data. automation. artificial intelligence. machine learning. there is already a lot of technological impact on the accounting profession. now comes blockchain.
studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release, and post time and expenses on a daily basis. this process allows for daily or “hotel” type billing that is sent out with the completion of each billable project.
the next step in the evolution of time and billing systems provided real-time dashboards to report on firm activities and effectively allow firms to generate invoices. read more →
how practical, affordable ai is already transforming accounting.
by hitendra r. patil and eli fathi
fathi
co-author eli fathi is ceo at mindbridge ai, developer of the world’s first auditing tool based upon artificial intelligence and machine learning technologies – the ai auditor – to uncover errors in financial data. he attended algonquin college and the university of ottawa, where he earned a master’s degree in engineering. fathi has been a technology entrepreneur for over 30 years, having founded or co-founded numerous technology companies including fluidware corp. he currently sits on the boards of the ontario chamber of commerce, start-up canada, and c-com, a company that develops satellite-based technologies.
artificial intelligence (ai) tends to conjure up images of sci-fi movies, with costly computers replacing humans for some sinister purpose, but the reality is much more collaborative and effective.
while ai has been adopted by many industries, its adoption rate in financial services has been relatively slow, and for understandable reasons. but you can get a feel of ai’s possible impact when you see that 76% of banking cxos agree that adopting ai will be critical to their organization’s ability to differentiate in the market.
practical, affordable ai is here, and the question is not whether or not to adopt, rather it is how quickly to get on board to differentiate in the quality, effectiveness, and efficiencies that ai-based solutions can provide.
ai is poised to transform the accounting industry. let’s see why.
eventually this can lead to a significant amount of “overauditing.” breaking this habit is difficult as every level of staff has been trained in the manual processes and falls back on them when deadlines approach. read more →
vc-backed start-up targets accounting firms for growth.
jody padar, cpa, mst, principal of new vision cpa group and author of “from success to significance: the radical cpa guide” is partnering with enrico palmerino and the team at botkeeper, a new-age bookkeeping solution enabling accounting firms to expand and modernize their businesses.
the key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally. this includes: read more →
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