staff

ai is not your enemy

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clients still need context, and that comes from you.

by penny breslin
it’s not just the numbers

in 1994, in a small hotel meeting room in colorado springs, 50 accounting firms were up in arms when the presenter mentioned quickbooks. they shouted angry comments: “quickbooks is destroying my business.” “they want to take my clients.” “they are giving people a false sense of security with their commercials that say, ‘if you can write a check, you can do quickbooks.’”

more: put back office support into action | make cybersecurity a client service option | start every engagement with an sla | get the most out of your client meeting | why you need standard naming conventions | how to develop internal procedures | proper workflow demands consistency
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the presenter was nervous and asked me what he was to do. i said i use quickbooks for your company, and i have no idea what i am doing, and i could use an accountant to teach me.
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chatgpt passes cpa exam on second try

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its average score was 85.1.

by rick richardson
technology this week

an improved and better-trained version of chatgpt took a simulated cpa test after an earlier failure and passed, similar to the roughly half of human applicants who fail on their first attempt. but does this trial suggest that chatgpt will soon compete for accounting positions?

more: smartwatch saves two lives | first e-road charges electric vehicles as they drive | stanford scientists 3d-print heart tissue | chatgpt unlikely to replace accountants | cancer vaccine available by 2030? | four of today’s new technologies that will be tomorrow’s ‘norm’ | chatgpt spurs competition in different ways | chatgpt: what it is. why you need to know.
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“this calls into question the ‘competitive advantage’ of the human accountant relative to the machine. to our knowledge, for the first time, ai has performed as well as most human accountants on a real-world accounting task. this raises important questions of how machines and accountants will work together in the future,” the study’s authors said.
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accounting jobs up 4% for year

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payroll services up over 7 percent.

by beth bellor
卡塔尔世界杯常规比赛时间 research

employment in the accounting profession continues to climb, according to the most recent federal jobs data. new highs were set in

  • employment overall and for staff, cpa firm staff, payroll, payroll staff, bookkeeping and women
  • earnings overall and for staff, and for payroll staff

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total nonfarm payroll employment rose by 339,000 in may, with the unemployment rate ticking up by 0.3 percentage point to 3.7 percent. the professional and business services sector added 64,000 jobs, similar to april.
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track your mileage automatically

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help clients stay on track with these odometer assistants.
driver using software on phone in car
by beth ziesenis
app of the week

national odometer day (may 12) encourages people to check their odometers and keep up with vehicle maintenance as their vehicles age. but it can also be a great reminder that we itemizers are losing money if we’re not tracking the mileage we drive for work.

more apps of the week:  make your computer a clean slate | recycle and repurpose old devices | enlist ai for more productive meetings | keep teams on task with project management apps | apps to put your affairs in order | app of the week: celebrate black business month | app of the week: cheap flights | help your clients save money | time to upgrade your spreadsheets | app of the week: secretly stash cash | easy apps for increasing client engagement with video | app of the week: grow your business knowledge and career skill sets | app of the week: upgrade your resume | app of the week: end procrastination | 
see all: apps of the week here |
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there are several options available, but here are my three favorites and why:

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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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26 ways to wreck a financial projection

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and some things to do instead.

by ed mendlowitz
77 ways to wow!

hello, i am mr. no and have been asked to explain what i do and why i could be your biggest obstacle.

more: how to prepare business plan financial projections | what’s more profitable, raising or lowering prices? | insurance you might not know you need | solos need plans for death, disability | five ways to ward off fraud in not-for-profits | client hires new manager: you need a plan | anatomy of a fraud | how to explain internal controls to clients
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i can’t help you, but i can definitely hurt you. and i love to hurt those who understate my importance. in reality, there is nothing in it for me to okay a deal, and my reputation and credibility might be hurt, and i could even lose my job if the deal flops. on the other hand, saying no keeps me safe and free from harm.
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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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the disruptors
with liz farr
for 卡塔尔世界杯常规比赛时间

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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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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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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chase birky: overcoming paralysis by analysis

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be the author of your own story and chart a path not subject to the control and opinions of others.

^ click to play video | > play the podcast and follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts here or grab the rss feed here.

transformation talks
with bill penczak
center for accounting transformation

center for accounting transformation
center for accounting transformation

entrepreneurs in the accounting profession are rare, according to chase birky, president and ceo of dark horse cpas. and he should know.

he had to take an uncomfortable step outside of his own comfort zone to become one.

more: secret to success? a growth and abundance mindset | o.d. lanier: stepping into advisory | from tax to transformation | early adopters gain an edge in audit | why the future is in risk advisory | four strategies for a future ready firm
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after starting out in audit at a big 4 right out of college, he decided it was no longer what he wanted to do.

“i started an audit specifically, you know, not really having a great idea of what audit truly was, you know, because you take the courses in your undergrad, and you know, you have a section of it on the cpa exam,” birky explained. “but what that material is versus what the job is, you know, are two very different things.”

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get the most out of your client meeting

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woman listening to man across deskbonus: a case study of what not to do.

by penny breslin
it’s not just the numbers

“we can evade reality, but we cannot evade the consequences of evading reality.” – ayn rand

the reality is that the robots and ai are here, and they will eventually take over much – if not all – of the day-to-day work that is typically done by a human interacting with a computer. you may not like it, but you cannot avoid it. so utilize robots to make your life easier.

more: why bos calls for flat rates | four steps for controlling source documents | how to use onenote to create a firm playbook | how to develop procedures for bos | top tech tools for building your new bos business | choose your little black dress of technology
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prepare for your meeting

do your homework before going out to the client’s office. if this is an existing client where you have been doing standard compliance work, review the data in their accounting program and make sure you are working with up-to-date information. if this is a new back office support prospect, ask to review their accounting data before going out to their offices. if they are not open to this, it may require an extra visit. the steps below assume you have either worked on the client’s accounting in some capacity, or you have had the opportunity to review the accounting files.
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