ai

four ways to prepare for the ai era

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businesswoman in wheelchair meeting with potential clientclient interactions will increase. you’ll be needed more than ever.

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 ways ai could change accounting | who is better at accounting, ai or humans? | talent shortage: ai neither the cause nor the remedy | accounting profession to experience highest ai impact | be serious about ai, not amused
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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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four of today’s new technologies that will be tomorrow’s ‘norm’

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what startup stock should you add to your portfolio?

by rick richardson
technology this week

twenty years ago, the idea of smartphones and electric automobiles looked like a pipe dream. however, as of today, 86.4 percent of the world’s population, or roughly 6.92 billion people, own their own smartphones.

more: the cheapest clean energy might be lunar | only 19% of firms host email | 52% of firms look outside for it support | firms battle disruptions in communications and workflows | pandemic changed work for 64% | pandemic? what pandemic? | m&a looms large for 30% of firms | today’s top 3 tech problems: security, client onboarding and workflow | today’s top 3 problems: staffing, workflow and tech
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further, ev car ownership grows daily. governments all around the world are promoting the use of electric automobiles rather than vehicles with combustible engines to move toward a greener future.

we’re all trying to add to our portfolio that startup stock that will blossom into a blue chip cornerstone of our retirement. here are four exciting innovations that seem poised to become an assumed part of our life in the next two decades.

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seven ways ai could change accounting

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artist concept of an ai-based neuronget past the ai tools hype to see the real potential.

by hitendra patil
rise of the aiccountants 

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

more: who is better at accounting, ai or humans? | talent shortage: ai neither the cause nor the remedy | accounting profession to experience highest ai impact | be serious about ai, not amused
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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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megan genest tarnow: hire for curiosity rather than compliance

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flip the org chart and put staff at the top.

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with liz farr
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megan genest tarnow is well-known in accounting circles as the go-to expert in using quickbooks for the fund accounting required by nonprofit entities.  

more: clayton oates: one way to keep clients for life | randy crabtree: follow these three rules to keep employees happy | erik solbakken: yes, you can work less and make more | donny shimamoto: future firm growth requires a mindshift | jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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many of the best accountants she knows have come from non-traditional backgrounds like dance or philosophy. megan herself worked in theater for several years before she was thrust into a finance role. like her, these non-traditional accountants apply their native curiosity to understand how the pieces fit together. by leaning into the work and asking questions, they uncover an unknown aptitude for accounting, suggesting that perhaps we should hire for curiosity rather than compliance knowledge.  

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4 new tech trends to watch

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embedded research assistants, metaverse meetings, more evs and safer connections are closer than you think.//www.g005e.com/2022/12/06/choose-your-little-black-dress-of-technology/

by rick richardson
technology this week

now that we have a few weeks of 2023 under our belts, it’s time to look out to the remaining months to see what areas of technology are going to have the biggest impacts on our lives.

before we look forward, let’s look back to the end of 2022 and see the trends that were forming and how they will affect our world in 2023.

more tech this week:  chatgpt: what it is. why you need to know. | russia-linked ransomware back with a vengeance | amazon aws: the mainframe killer? | amazon launching its first internet satellites | russian solarwinds hackers at it again | nasa finds a $10 quintillion asteroid | firms must balance benefits, risks of emerging technology | microsoft and google go to war
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from a hardware perspective, it was an unexciting year. apple and samsung refreshed their flagship smartphones, but most reviewers rated the changes as incremental upgrades. mark zuckerberg, with his eyes on changing the way people work, introduced a $1,500 virtual-reality headset. but, with only a two-hour battery, most users will strap the new headset on for gaming.

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who is better at accounting, ai or humans?

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and what that means for the profession.

by hitendra patil
rise of the aiccountants

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

more: talent shortage: ai neither the cause nor the remedy | accounting profession to experience highest ai impact | be serious about ai, not amused
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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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cyber insurance costs rise in health care as attacks soar

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just how will that affect health care costs for employers?
illustration of man pushing padlock button

by rick richardson
technology this week

health systems – having already been hit by labor and supply chain costs and broader economic woes – have another unwieldy financial problem: the soaring costs of cyber insurance.

moody’s investors service notes that, while it’s not sexy, the sheer size of cyber-crimes and insurers’ reluctance to cover losses brought on by ransomware attacks are seriously impacting hospitals.

more tech this week:  chatgpt: what it is. why you need to know. | russia-linked ransomware back with a vengeance | amazon aws: the mainframe killer? | amazon launching its first internet satellites | russian solarwinds hackers at it again | nasa finds a $10 quintillion asteroid | firms must balance benefits, risks of emerging technology | microsoft and google go to war
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“the timing of the insurance price increase is bad for health care. there isn’t much room for error, ” said matthew cahill, a moody’s analyst. there have been double-digit increases in premiums over the past four years, often more than tripling in a single year. according to a recent analysis from property casualty 360, the industry’s insurance costs have finally started to stabilize in the first quarter of 2023.

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accounting profession to experience highest ai impact

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a new research report hints at future opportunities for accountants.

by hitendra patil
client accounting services: the definitive success guide

openai, the creator of the wildly popular artificial intelligence (ai) tool chatgpt, conducted a new 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: be serious about ai, not amused
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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:

  • which occupations will see gpt-powered software saving workers a significant amount of time completing a task while maintaining equivalent quality? workers facing higher (lower) barriers to entry in their jobs tend to experience more (less) exposure to llms. (gpt = generative pre-trained transformer.)

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adobe announces “creator-friendly” generative ai tools

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how can ai overcome copyright infringement issues?

by rick richardson
technology this week

adobe has unveiled firefly, a new suite of generative ai tools it hopes will encourage more design professionals to embrace rather than fear this cutting-edge technology.

why it matters. as generative ai has swept the globe, artists have had difficulty adapting to it. while some view it as a useful tool, others see it as a threat to jobs and a kind of thievery.

(wait, where have we heard that before?)

more tech this week:  chatgpt: what it is. why you need to know. | russia-linked ransomware back with a vengeance | amazon aws: the mainframe killer? | amazon launching its first internet satellites | russian solarwinds hackers at it again | nasa finds a $10 quintillion asteroid | firms must balance benefits, risks of emerging technology | microsoft and google go to war
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adobe wants to address two obstacles that are preventing business usage of the technology with firefly: worries about copyright issues and the absence of professional-grade tools.

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why vc is a bigger threat than ai

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how big money could change everything.

by seth fineberg
at large

here is some truth, at least that i believe, accountants need to know: accountants in practice today, particularly firm owners, should be more afraid of venture capital entering the profession than ai or any like form of automation. a bold statement, i know but stay with me and see if you agree.

more seth fineberg: what does taking control of your firm mean? | accountants need each other more than ever | marchternity: just say ‘no’ |

some thoughts on in-person events | so you think you know accountants? | what bogs down accountants

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at the core of this viewpoint is how i believe the two will, respectively, impact the profession at large. the major difference, to me, is that one has the potential to help the profession move forward while the other could change its dynamic for the worse.

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phishing attack hackers have a new trick

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and it’s working. faceless hooded anonymous computer hacker with programming code from monitor

by rick richardson

cybercriminals are experimenting with a new method of delivering dangerous payloads and employing targeted phishing emails to infect users with malware.

according to a study by proofpoint, digital onenote notebooks (denoted by “.one” extensions) are increasingly being used by cyber-attackers to spread malware. onenote is included in the microsoft 365 office software bundle and is a widely used piece of software.

more tech this week:  chatgpt: what it is. why you need to know. | russia-linked ransomware back with a vengeance | amazon aws: the mainframe killer? | amazon launching its first internet satellites | russian solarwinds hackers at it again | nasa finds a $10 quintillion asteroid | firms must balance benefits, risks of emerging technology | microsoft and google go to war
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onenote documents are rarely misused in this manner, according to cybersecurity professionals, and there is only one clear reason attackers are experimenting with them: they can more readily avoid threat detection than other attachments. and it seems to be effective.

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be serious about ai, not amused

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learn more | buy now

seven essential things to know.

by hitendra patil
client accounting services: the definitive success guide

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.

more: in “aicccountants,” hitendra patil demystifies artificial intelligence for accountants | how to offer proof to cas prospects | you don’t need a cas sales pitch | get clients to toot your cas horn | how to market cas to existing clients | five methods to show your firm’s marketable value | seven ways to market your cas offering
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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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