334 search results for hitendra

seven changes ai brings to accounting

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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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is the cpa business model the clog in the pipeline?

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older woman showing young woman something on office computer screen

maybe a flip in perception is in order: 150 hours as an investment, not a burden.

by 卡塔尔世界杯常规比赛时间 research

the accounting profession is in trouble. big trouble.

cpa firms experience the problem as a difficulty in finding certified professionals. but the real problem is in the personnel pipeline that feeds the industry, the long, hard, expensive process of becoming a cpa.

more: can big data spot financial fraud? | will unclogging the accounting pro pipeline kill mobility? | accountants bullish on income | which niche’s the best niche? | ethics on sustainability puzzle some accountants | accountants hopeful, concerned and confused about ai | survey respondents see exciting year coming up | the 7 categories of cybersecurity solutions firms need
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to continue the metaphor, it’s also the drain pipe – the increasing flow of professionals out of cpa firms and into retirement. in 2020, 75 percent of cpas became eligible to hang up their green eyeshades and find something else to do, such as get to know their families and experience the pleasures of daylight.
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humans beat ai in some aspects

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… 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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why accountants should embrace artificial intelligence

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ai didn’t cause the talent shortage … and it won’t solve it, either.

by hitendra patil
client accounting services: the definitive success guide

  1. artificial intelligence says, “it’s essential to recognize that the talent shortage in the accounting profession is not a new problem. the profession has been facing challenges in attracting and retaining talent for many years, with factors such as increasing workloads, long hours and a lack of work-life balance contributing to the problem. addressing these issues is crucial to ensuring the profession’s continued success.”

wait. don’t believe ai at face value.

more: ai brings opportunities for accountants | seven things you must know about ai
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  1. because ai also says, “an important factor (why ai cannot easily replace accountants) that cannot be overlooked is the significant role that trust plays in the accounting profession.”

wait. don’t trust ai at face value.
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ai brings opportunities for accountants

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the profession will reap some of the greatest impact.

by hitendra patil
client accounting services: the definitive success guide

openai, the creator of the wildly popular artificial intelligence (ai) tool chatgpt, conducted a research study with the university of pennsylvania. it identified the occupations with the most significant impact potential because of large language models (llms, like chatgpt). among the occupations with the highest exposure to ai are accountants, auditors and tax preparers!

more: seven things you must know about ai
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what does it mean?

1. to quote some (edited somewhat for more straightforward reading) of the essential notes from the research:
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seven things you must know about ai

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be serious, not amused.

by hitendra patil
rise of the aiccountants

unless you live under a stone, you would have heard about all the craze chatgpt has created recently. and most likely, you, too, are amused by it.

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an artificial intelligence-powered tool, it is one of the first that allowed people to directly interact with ai in a familiar way how we use chat functions on mobile phones and websites. this ease of access and usage gave it a huge fan following. moreover, it triggered a tsunami of new ai tools emerging all over the internet.
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the when, what, how of cas

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weave review actions into your processes.

by hitendra patil
client accounting services: the definitive success guide

why review your client accounting services offering periodically?

most accounting firms ultimately optimize their internal processes and resources that produce their services. the measurement of such optimization is the profitability of the firm. when firm owners/partners feel the pressure on profitability, it is natural for them to measure the factors that contribute to profitability, and the cost thereof.

more: your sales success is your proof | three keys to developing your cas sales process | your clients’ words = your new cas marketing | price by outcome, not time spent | your cas engagement letter needs a reset option | help your clients run their businesses better | cas tech stack depends on cloud use | five ways to profit from cas
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you can measure the performance of your cas offering in similar ways. but there is a difference that makes cas performance measurement processes somewhat unconventional. it is not just for the cost and profitability parameters you will measure, but because cas is about outcomes your cas clients (are supposed to) receive/experience, measuring the “promise fulfillment” of cas is a necessity. and if you do not do it periodically, at pre-decided intervals, it can be challenging to course-correct when it is too late.
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your sales success is your proof

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smiling man talking on phone in office

your existing clients can help with closing new ones.

by hitendra patil
client accounting services: the definitive success guide

as you hone your sales discovery process, you will see that asking and telling is not enough. you need to “show” as well.

more: three keys to developing your cas sales process | happy clients will blow your horn for you | attract clients through facebook groups | want higher profitability? turn to cas | structure insights as what-why-what | set your processes apart in nine steps | five ways to overcome cas staffing challenges | think cas isn’t for your firm? | convince your firm of cas value
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what you show during the discovery discussion are your client accounting services sales collaterals. they are the “proofs” that you actually do what you say. these collaterals answer the often-unexpressed question in the prospect’s mind “what will i get?” for your cas sales process, the following are some examples of the sales collaterals:
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