tech and fintech

how accountants can ride the artificial intelligence wave

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let machines crunch the data. you provide the insight.

by hitendra r. patil and eli fathi

you are already riding the ai wave to some extent because, most likely, your car has some ai built into it. you ride it to work. how about riding artificial intelligence at and in your work?

more on entrepreneurial strategy: automation makes it easier for accountants to offer cybersecurity | the why, what and how of cybersecurity for accountants  | the client of the future | urgently required: a new definition of accounting | 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 | 4 pillars of future firm foundation | do you want a practice … or a business? | 3 apps to automate business networking
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in today’s economic environment, it’s not enough to offer services in the same way that it’s always been done and hope that business will thrive. many accounting firms are embracing new technology, such as robotic process automation, cloud-based analytics and dashboards to offer a competitive edge but the industry has come to a crossroads. while these computer-assisted and rules-based tools are considered the norm, ai and machine learning solutions are driving the leading edge.
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make your accounts payable digital

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woman entering credit card information on laptoplook for cash rebates.

by roman h. kepczyk
quantum of paperless

processing accounts payable is another of the manually intensive processes within the firm’s administrative department that can be significantly streamlined through digital processes.

more: remote deposit saves 130 hours per year | survey: 76% of auditors rely heavily on remote access | enter t&e daily | survey: firms divided on esignatures | firms need ‘best practices’ manuals
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consider how many “touches” a single payable creates: receipt of the invoice, timing of payment in a folder, writing the check and attaching the stub, sending it to an owner for signature, filing a copy of check with backup in its own folder, and stuffing, sealing and sending the check to the vendor.
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automation makes it easier for accountants to offer cybersecurity

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technology security with internet digital signature as arttechnology can help simplify the complexity of technology itself. 

by hitendra r. patil and jeffrey lush

businesses the world over rely on outsourced services, like accounting, to keep themselves ahead in the game, be profitable, efficient and to limit risk.

more on entrepreneurial strategy: the why, what and how of cybersecurity for accountants  | blockchain: what you need to know now | the rise of the robot accountant: opportunity or threat? | certified blockchain accountant: from cpa to cba
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in “the why, what and how of cybersecurity for accountants,” we covered the fundamentals to enable accountants get a quick understanding of cybersecurity to help explore the new opportunities that are emerging in the cybersecurity services segment. in this post, we’ll explain why it may not be really necessary for accounting firms to have specialist technology resources to foray into cybersecurity opportunities.

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remote deposit saves 130 hours per year

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person writing check with pen and checkbookuse enough services and your fees will fall.

by roman h. kepczyk
quantum of paperless

one of the easiest processes to convert to paperless with an immediate roi is the firm’s system for depositing client checks.

more: survey: 76% of auditors rely heavily on remote access | digital swap stems ‘overauditing’ | survey: vertical monitors not the norm yet | survey: 53% of firms deliver tax returns digitally | why a digital tax workflow system is vital
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manually receiving and physically going to the bank to deposit checks can be time-consuming and subject to too many errors. the manual procedure requires firms open mail on a daily basis, make copies to file in a binder, complete deposit slips and then send a person physically to the bank, which can easily take a half hour every day, five days per week, 52 weeks per year.
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