hitendra r. patil
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olympics of outsourcing and offshoring for accountants
the only difference is it’s not a once in four years event.
by hitendra patil
the olympic games are the epitome of human achievement. the best athletes in the world come together to compete for the ultimate coveted glory. the accounting profession is no different in its competitive spirit and quest for excellence.
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outsourcing and offshoring have emerged as a necessary remedy to overcome the challenges of the accounting talent shortage. accounting firms leveraging outsourcing and offshoring are like the athletes excelling at the olympics. like the olympics, accounting firms need rigorous preparation, strategic planning, and meticulous execution to succeed with outsourcing and offshoring. let us dive into the comparison between the olympics and outsourcing/offshoring strategies. let us see how accounting firms can assure gold-medalist performance in the olympics of outsourcing and offshoring.
turnover timebomb: 4 of 5 senior managers at risk
and seven ways to overcome staffing issues. by hitendra patil the talent crisis in the accounting profession has been relentless, and it now seems that the staffing issues are moving…
cpa profession facing more battles across the country
disputes revolve around required hours, definitions and “substantial equivalency.”
by steven sacks
the new fundamentals: thriving in disruption
of all the states whose legislature has run amok this past year, the florida legislature passed house bill 813 – certified public accountants – by both the florida house and senate. this bill creates a new “retired status” license category for cpas. the legislation will now be sent to gov. ron desantis for consideration for being signed into law.
more: 150 hours revisted: the profession needs a makeover | how do you value your most important asset? | which is better: a year of education or a year of experience? | sell service, not hours | private equity vs. the cpa firm partnership | cas or caas? getting clarity | fine-tuning the subscription fee model | when cyber-crime hits close to home | how to build a winning proposal | six ways to fix your firm agreement
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according to the florida institute of cpas ceo, the thinking behind this is to “… uphold retired cpas’ profound sense of pride and accomplishment and preserve their professional identity.” however, they cannot reflect to the public that they have an active license because many believe the public thinks that if you have “cpa” after your name, you have an active license. if an individual wants to return to public practice, they can complete 80 hours of cpe every two years as part of renewing their license.
do you focus on data or decisions?
the difference defines your work future in the ai world.
by hitendra patil
rise of the aiccountants
imagine there is no artificial intelligence.
i know it is tough to imagine this, but for the next two minutes, just imagine there is no ai.
more: what could accounting-specific ai bring? | how to use the three types of artificial intelligence | ai means clients need you more than ever | seven changes ai brings to accounting | humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
how have you been working as an accounting professional without ai so far?
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what could accounting-specific ai bring?
new tools are being built for finance. how can accountants best leverage them?
by hitendra patil
rise of the aiccountants
bloomberg released a research paper detailing the development of bloomberggpt, a new large-scale generative artificial intelligence (ai) specifically trained on a wide range of financial data to support diverse natural language processing (nlp) tasks within the financial industry.
more: how to use the three types of artificial intelligence | ai means clients need you more than ever | seven changes ai brings to accounting | humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
according to bloomberg, “the team pulled from this extensive archive of financial data to create a comprehensive 363 billion token dataset consisting of english financial documents. this data was augmented with a 345 billion token public dataset to create a large training corpus with over 700 billion tokens. using a portion of this training corpus, the team trained a 50-billion parameter decoder-only causal language model.”
imagine how long it will take for a human being to grasp that volume of data!
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how to use the three types of artificial intelligence
your firm will need to redefine its processes.
by hitendra patil
rise of the aiccountants
artificial intelligence (ai) is a rage worldwide now, and accountants are racing ahead to test/try out publicly available ai tools. ai-powered tools can potentially automate tasks outside the purview of the software solutions created by programmers. ai also has the potential to help accountants to better understand and analyze data, which is essential for helping their clients, and accountants themselves make better informed business decisions.
more: ai means clients need you more than ever | seven changes ai brings to accounting | humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
all of you (almost) have already tried chatgpt. but it is just one type of ai – a generative, large language model (llm). as it is “language”-based, it can, right now, quickly help accountants enhance marketing and client communications.
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ai means clients need you more than ever
four ways to prepare.
by hitendra patil
rise of the aiccountants
we have discussed that ai-powered functions will become more potent with time. it will not feel like an overnight apocalypse, provided you are keeping yourself abreast of the progress of artificial intelligence in the accounting profession.
more: seven changes ai brings to accounting | humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
but how exactly can you prepare for the era when ai metamorphoses your work?
before entering the new ai-powered era, let us figure out what is happening now.
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from cas to cash client accounting services: the definitive success guide
the why, what, and how of cas
by hitendra r. patil
more than 300 pages of ideas, insights, tips, tricks, and best practices for your cas success
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seize the future accountaneur: the entrepreneurial accountant
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