check out these three reads to understand ai and how to leverage it for business. by rick richardson
technology this week
science fiction author arthur c. clarke once said, “any sufficiently advanced technology is indistinguishable from magic.” yet artificial intelligence isn’t magic, and you don’t need to be a computer scientist to understand how chatgpt works.
karen reyburn wants accountants to stop thinking “about marketing as this one-off thing where you tick little boxes,” but instead about the ways you can use your marketing to connect to the human experience. her company, the profitable firm, or pf for short, has been helping accountants with their marketing since 2012.
in reyburn’s view, marketing is closely connected to the business. “if you have a marketing problem, you have a business problem. if you have a business problem, there’s often a marketing solution that can help with it.”
this book springs out of a pf coaching group called the accelerator, where participants were guided through a process of creating a structured approach to content marketing that made their marketing better. reyburn and pf take a collaborative approach to marketing. “we don’t do marketing for people,” she explained. “we do marketing with them.”
five reasons that growth in profit is outpacing growth in revenue.
by 卡塔尔世界杯常规比赛时间 research
the rosenberg 2023 practice management survey exults in the growth and profitability of cpa firms last year, but warning bells are flashing. how long can this keep up?
the good news: firms with revenue greater than $2 million saw 2022 average income per partner soar 11.8 percent over the previous year, and revenue shot up 11.4 percent. this was the second year that profits grew faster than revenue.
we asked about sales and marketing methods as part of the accounting profession’s largest cas survey. among firms offering client accounting services, the chief means for gaining new cas business is “proactively seeking referrals” and the firm’s “website,” each at 48 percent. networking at local/regional/national events follows at 35 percent.
no question about it: the 2023 tax season was a banner year. generally speaking, revenues were up, profits were up, no quarantines and the irs didn’t pop any surprises in the middle of it.
yes, it was also a tough year, with staff shortages increasing the workload on practitioners, but it was that extra work, unburdened with payroll costs, that led to higher profits.
imagine driving across america and not stopping for gas. by rick richardson
technology this week
a substantial advancement in battery technology has been made in the quickly developing field of electric vehicles (evs), offering an unparalleled increase in energy storage capabilities. this finding couldn’t have come at a better moment, given the exponential rise the electric vehicle sector is currently experiencing.
the energy storage capacity of batteries can now be increased tenfold according to a ground-breaking method developed by researchers at the pohang university of science & technology (postech). this invention could change the face of the entire electric vehicle market in addition to advancing battery technology. here’s how:
response: this can apply to every research question asked by anyone in the firm. besides tax, it can be for audit, internal controls, succession planning or any other client service area.
the collaborative wealth management process outlined.
by anthony glomski
the financial services industry has failed some of your clients who are entrepreneurs. a big gap can exist between what they pay (and the services delivered) versus what they need.
we can agree that your clients will usually need an investment management solution. but how can you help your client sort through the different advice options to get them aligned with the right professional? how can you determine who is the right fit for your practice to develop a working relationship? the diagram below is the hierarchy of advice available: read more →
bit by bit, the accounting profession is growing. despite a staffing shortage. despite an uncertain economy. despite everything, tax and accounting firms are steadily adding to headcounts.
as tax and accounting professionals begin planning for the year ahead, the 卡塔尔世界杯常规比赛时间 research team is fielding a new survey to check the pulse of the profession, detect emerging trends, and identify the best success strategies going into 2024.
according to the latest data mined by 卡塔尔世界杯常规比赛时间 research, new highs were reached in september in employment overall, staff, cpa firm staff, bookkeeping, women overall and women in cpa firms. staff also hit a new mark for hourly earnings.
do the banks and investors get useful information from historical audited financials? in their book, “the end of accounting and the path forward for investors and managers,” baruch lev and feng gu researched the relationship between changes in stock prices and the dates that corporate financial reports were released.
in the 1950s and 1960s, roughly 90 percent of the market value of public companies could be directly attributed to the earnings and book value reported in their financials. by 2013, that percentage had dropped to just 50 percent. personally, i’m surprised it’s even that high. the historical financial statement does not serve the needs of the users of those statements. read more →
or, ‘the real battlefield: ai’s inroads into value creation within accounting’
by ric payne
four university professors sat the 3.5 version of chatgpt for the cpa exam in may. and it failed. rather badly, it turns out! averaging a score of 53.1 across all sections.
however, it passed when the same researchers repeated the experiment on the upgraded chatgpt version 4.0 only a month later. rather impressively, actually. with an average score of “the chatbot received an 87.5 in the part that rated highest, auditing and attestation (aud),” the researchers reported.
this is a very interesting development for several reasons.
first, it’s amazing how quickly chatgpt has improved. i doubt a human, even a smart one, would achieve a 32 percentage point improvement in an examination score in just a few months. this performance improvement begs the question: are we looking at the likelihood of close to 100% shortly? read more →
bookkeeping is playing the tortoise game.
