amy vetter: ai will transform accounting [video]
amy vetter explains why accountants shouldn’t be afraid of artificial intelligence.
ai
deloitte develops audit technology for smaller firms
the mindset that led to it? competition from a couple of guys in a garage.
by rick richardson
deloitte just announced the availability of audit technology for smaller accounting firms through a new venture it recently formed.
more tech this week: the uncertain future of tax prep [video] | why voice is so important | the puck that tracks your time | securing the data center on wheels | the three weakest links in your wifi security | new mit drone flies 5 days on 1 tank | will heif kill jpeg?
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deloitte created auvenir as an in-house startup and tasked it with developing its own auditing technology that could be offered to small firms. deloitte is starting with a north american launch of the technology, known as the auvenir audit smarter platform, which leverages artificial intelligence to help auditors with their work.
read more →
the next step for radicals
hint: it’s not optional.
by jody padar
the radical cpa
for radical cpas, this is the next step in our business model innovation: innovation at such a high level that our fathers (and mothers) won’t even recognize our companies as cpa firms.
more on radicalism: the radical road to (business) transformation | transitioning to a radical firm: bringing a legacy customer along | the four tenets of radical firms: a brief review | the radical cpa: always changing
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this will become more apparent as artificial intelligence (ai) takes over and accounting is truly machine-driven. a cpa will use data completely differently than he or she does today; we don’t know what we don’t know yet.
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putting big-firm growth strategies to work at small local firms
balancing hi-tech with hi-touch to remain the essential advisor.
by art kuesel
rosenberg map survey
increases in needs for revenue growth and people development to fulfill succession plans are fueling several macro-trends led by small, local firms.
more from the map survey: technology evolving faster than accounting firms | will staffing challenges change the definition of partner? | firms focus on profitable growth, true leadership | technology playing center stage in cpa profession
first, smaller local firms are adopting robust organic growth strategies once only reserved for large local, regional or national firms. early indications suggest that these plans have begun to deliver expected organic results, though not enough to solve the problem. so, additional resources, additional strategies are under consideration to fuel growth.
succession issues stalling some m&a
owner agreements are seeing updates.
by terry putney
rosenberg map survey
the level of activity we’re seeing in m&a deals is unprecedented.
more from the map survey: firms focus on profitable growth, true leadership | survey: many firms in transition | technology playing center stage in cpa profession
many firms in larger markets are often approached directly by firms interested in discussing a merger. the days of discreetly pursuing an affiliation strategy appear to be waning.
read more →
firms focus on profitable growth, true leadership
also: retirees must transition the relationship, not just the work.
by allan koltin
rosenberg map survey
i see movement of “advanced” lateral talent. while lateral talent has always left the big 4 firms to pursue career opportunities with local, regional and middle-market national firms, it appears the movement of “advanced” talent is happening at a greater pace.
more from the map survey: survey: many firms in transition | technology playing center stage in cpa profession
positions ranging from manager, senior manager, principal and partner are finding they can accomplish their career goals at a potentially accelerated pace at local, regional and national firms, while also enjoying the culture of these firms. in the past, this type of movement didn’t take place as often, as many of these individuals completely left public accounting when they left the big 4.
read more →
technology playing center stage in cpa profession
also: retirees who want their buyouts had better transition their clients.
by marc rosenberg
rosenberg map survey
anyone knowledgeable about the state of the cpa firm industry would agree that technology is playing center stage
the potential of blockchain, artificial intelligence and data analytics is set to transform cpa firm technology in the same way that previous blockbuster inventions – pcs, laptops, the internet and software – did that almost instantly made obsolete the manual work cpas painstakingly performed for decades.
every year, the authors of the rosenberg map survey ask the industry’s top consultants to share their observations of what they are seeing at cpa firms. specifically, they are asked the following questions: read more →
who wants to be a comptometrist?
hint: you shouldn’t. here’s why.
by hitendra patil
accountaneur: the entrepreneurial accountant
(with sincere respect to the erstwhile comptometrists.)
only 16 out of over 500 million users of linkedin have “comptometrist” as the “past” title. and they held those positions from anywhere between 25 to 55 years ago!
more on entrepre-neurial strategy: blockchain: questions are the answer | the 7 experiences millennials want from your firm | 22 ways blockchain will impact the accounting profession | forget cpe, you need an fpe | ‘uberizing’ means more than technology
there are exactly zero comptometrists on linkedin today – and likely, in the world.
read more →
blockchain: questions are the answer
blockchain will find answers. but you need to know the right questions.
by hitendra patil
accountaneur: the entrepreneurial accountant
if blockchain were human, here’s what it would say to you: “dear accountant, your intelligence is far more powerful than my algorithmic intelligence. i can do the math, audit the authenticity of transactions incredibly faster than you can. but that’s not the point. the point is: i can provide you answers much faster than was ever possible. but only if you ask me great questions!”
more on entrepreneurial strategy: the 7 experiences millennials want from your firm | is blockchain an extinction event for accountants? | is blockchain a cloud killer? | how to beat automation in accounting | 3 reasons small firms stay small | the new needs of people at accounting firms
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we are just about starting to see what pablo picasso saw way back in 1964 about “the enormous new mechanical brains” and “calculating machines.” they are “useless,” he said. “they can only give you answers.”
if the mechanical brains “can only give you answers,” it is imperative that someone asks those brains the right questions. that someone had better be you.
the entrepreneur’s questions read more →
the five rules driving growth at baldwin cpas
alan long: entrepreneur first, cpa second.
by ian welham
the accounting success podcast
alan long of baldwin cpas is an entrepreneur first and cpa second. that entrepreneurial mindset is the driving force behind the strong revenue growth, innovative practices, and steady expansion that’s bringing baldwin national attention as a rising regional firm.
related: accountingfly revolutionizes the way cpas are hired | summit cpa group pioneers virtual cfo services |
the practice that started in small kentucky towns such as maysville, (pop. 8,920), flemingsburg (pop. 2,694) and richmond (pop. 30,000), has expanded into louisville and lexington – and now long is planning his next strategic move.
whatever it is, it’s likely to be unexpected – as is the baldwin founder himself.
is blockchain a cloud killer?
welcome to an accounting model that’s predictive and always on.
by hitendra patil
accountaneur: the entrepreneurial accountant
let’s talk about the technology behind blockchain.
more on entrepreneurial strategy: 22 ways blockchain will impact the accounting profession | blockchain accounting is an oncoming train | how to fly the automation dragon to your dream practice | your clients hold a secret key to your practice growth
you have accessed information from the internet for quite a few years. now you have started accessing information on the cloud.
read more →
how artificial intelligence will drive the next wave of merger mania
it may be time to prepare a plan b.
by domenick j. esposito
8 steps to great
we are halfway into the year 2017 and the frenzied pace of cpa firm mergers and acquisitions – when compared to the years 2015 and 2016 when there were over 100 and over 200 transactions, respectively – has not slowed down one bit.
more on strategic planning: what a value proposition truly is (and isn’t) | the importance of m&a culture due diligence | are you attracting the new breed of equity partners? | quality work, quality service not the same thing | who will be the next category killer? | why is strategy execution so difficult? | time running out for succession planning | the benefits of a client situation review
we continue to witness a perfect storm caused by:
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keep pace first, change will come (like it or not)
buckle up, buttercup, but remember the choices are yours.
by seth fineberg
accounting firm operations and technology survey
if you’ve been paying attention, albeit sporadically, you’ve gleaned that the accounting profession as a whole – much like small businesses in general – is at a crossroads.
more from afots: you’re not tech-savvy if you’re not cyber-safe, too | lions and tigers and blockchain and bots, oh my!