here’s what you’re looking for: hitendra patil

management

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.

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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 up the ladder.

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more on staffing here

the preliminary results of the inaugural accountants professional satisfaction survey show nearly two in five directors and senior managers at accounting firms report dissatisfaction. only one in four seniors are highly satisfied. on the other hand, one in three managers are dissatisfied at their firms, and only 17 percent are highly satisfied.

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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
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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
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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
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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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client accounting services

ai means clients need you more than ever

businesswoman in wheelchair meeting with potential client

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
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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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seven changes ai brings to accounting

look at the future that lies beyond the hype.

by hitendra patil
rise of the aiccountants

accounting, as it existed until now, is ripe for a makeover.

more: humans beat ai in some aspects | why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
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this is not a doomsday prediction for the accounting profession. on the contrary, it is just a confirmation of the golden era of accounting that is about to come.

and artificial intelligence will be the driver leading the metamorphosis.
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humans beat ai in some aspects

… but not all. what that means for the profession.

by hitendra patil
rise of the aiccountants

a research study by the american accounting association evaluated the performance of chatgpt on accounting-specific content.

more: why accountants should embrace artificial intelligence | ai brings opportunities for accountants | seven things you must know about ai
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the study was conducted by a team of 327 coauthors from 186 educational institutions worldwide, who entered 25,817 assessment questions and evaluated the accuracy of chatgpt’s responses.
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