Accounting Mysteries For Small BusinessesRead the rest of this entry »
Of every 10 businesses that first opened their doors Monday, 5 will be gone by 2024.
The reasons for the failure of startups are as varied as the businesses themselves, but high up among the causes is a lack of understanding of basic finance. Too little capital and miscalculating pricing are two of the most common causes of small business failure.
Besides these two serious problems are those rooted in ...
CFOs May Worry About Adoption, But AI Is Coming FastRead the rest of this entry »
As organizations around the world rush to digitize operations, their CFOs worry their finance group is lagging in the digital transformation.
Agile Finance Unleashed, released earlier this year, details the state of digital finance, painting a picture of digital leaders, where the vast majority report a "compelling digital experience" for their internal and external customers, and the bigger share of organizations that are non-leaders. Most CFOs in these non-leader organizations ...
A Strategy For Better Client MeetingsRead the rest of this entry »
One of the biggest demands on an accountant's time are client meetings.
There are the prospective client, get-to-know you meetings, for which many firms don't bill. Once they do sign, then time management becomes critical. Even when you bill by the minute, those "I have a quick question" calls can turn into time sucks. And when they really are as quick as the client claims, they can become a sore ...
Survey Finds a Global Accounting Change Is OccurringRead the rest of this entry »
Driven by market demands, digitalization and generational shifts, a cultural change in accounting is occurring worldwide.
"We see evidence that a majority of professionals are actively and extensively examining not only what's being offered today to customers, but also the processes and structures behind running their practice," writes Jennifer Warawa, EVP of Partners, Accountants and Alliances with the accounting services firm Sage.
In her foreword to the recently released ...
Accounting Grad Hiring, Enrollment DeclinesRead the rest of this entry »
"Increased demand for technology skills is shifting the accounting firm hiring model," says the CEO of the AICPA. "This is leading to more non-accounting graduates being hired, particularly in the audit function."
The organization released its annual Trends Report yesterday. It shows an 11% decline in the hiring of new accounting graduates, while firms have increased their hiring of non-accountants by the same percentage. Some of the increase ...
Robo-Advisors Have Yet to Break EvenRead the rest of this entry »
Robo-advisors, one of fintech's flashier trends, have yet to pay their way. Even at the typical 0.25% fee, most have yet to attract enough invested dollars to break even, let alone turn a profit.
A detailed discussion on International Banker of the robo-advisor phenomenon leans on an HSBC report on the wealth management industry, which included an analysis of the emerging sector that concluded almost none of the online ...
AI Will Replace Accountants? Not Very LikelyRead the rest of this entry »
Accounting Today has a graphic illustrating a 2013 prediction from The Economist suggesting that after telemarketers, accountants and auditors are the most likely to be automated. Don't believe it.
Or at least don't believe it if you do more than merely collect and process data. The days of those kind of accountants may, indeed be numbered. For those accountants and bookkeepers who analyze the numbers, advising business owners on how ...
Execs See Business Travel As An InvestmentRead the rest of this entry »
CFOs who focus on the expense side of business travel are out of step with the majority business leaders who see travel "as a strategic investment that adds business value."
As reported in CFO, a survey by Harvard Business Review of almost 600 executives and managers found 68% agreed with the statement that "treating travel as a strategic investment that adds business value rather than a cost to be ...
The Drivers Behind Accounting's Cultural ChangeRead the rest of this entry »
A cultural shift is underway in the accounting profession, driven by market demands, digitalization and the influx of younger workers who have expectations toward work different from a firm's more senior members.
A recently released survey of 3,000 accounting professionals from North America, Europe and Australia examines the changes in accountancy and the underlying reasons for them. Writing in the foreward of the report sponsored by the accounting software ...
Majority of Corporate Tax Professionals are AutomatingRead the rest of this entry »
A survey of senior corporate tax professionals by Ernst & Young found more than 6 out of 10 have adopted new technologies to improve efficiency and enhance their data analytics.
“In this transformative age, disruptive technologies such as AI and Robotic Process Automation (RPA) have already changed the face of tax functions,” said Marna Ricker, EY Americas Vice Chair of Tax Services. “This technology enables tax professionals to spend more ...