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🏢EY Americas Tax, Technology, and Transformation leader Daren Campbell spoke with CFO Dive to discuss accounting’s talent dilemma and explain how technology can help. 📝Campbell emphasized the importance of choosing the right technology and implementing the right training protocols to ensure successful adoption. From CFO Dive: "While newer entrants to the field may have the AI technical know-how, as the talent pool in the space shrinks, the domain knowledge and 'core tax and accounting skill set is more important than ever,' Campbell said." Read the full article here: https://lnkd.in/eSzEQ7em #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #Technology #Tech #ArtificialIntelligence #AI #Talent #Recruiting #BigFour #Big4

🥳Let’s give a round of applause to the folks who made their mark on the accounting industry this year! ⭐Here are the top nine leaders from Accounting Today’s “Top 100 Most Influential People in Accounting” list for 2024. 🏆➡️You should definitely know these names: No. 7: Erik Asgeirsson (tie), No. 7: Mark Koziel CPA, CGMA (tie), No. 7: Jennifer Wilson (tie), No. 5: Kimberly N. Ellison-Taylor (tie), No. 5: Erica Williams (tie) … From Accounting Today: "PCAOB chair Erica Williams garnered accolades for leading the Public Company Accounting Oversight Board's ambitious standard-setting agenda, modernization of existing audit standards, and the significant impact that will have on the profession moving forward." See the rest of the top nine list here: https://lnkd.in/exFvss8c #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #Award #Awards #Recognition #Best #Winning #Teamwork #Motivation #Inspiration #Gratitude

🤖AI has become essential across various business sectors, prompting questions about its impact on accounting. 💡Six Binghamton University accounting students examined the AI use of several firms—including the Big Four—gaining insights on how these businesses maintain their innovative edge. From Binghamton University: "The students learned that in 2015, 10% of organizations used or planned to implement AI soon. By 2019, that number jumped to 37%. After analyzing some of the ways accounting firms have adopted AI into their business strategy, the six students presented their findings to classmates in Assistant Professor of Accounting Flora Sun’s cost accounting class." Read the full article here: https://lnkd.in/eqXgQEUe #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #ArtificialIntelligence #AI #GenerativeAI #GenAI #LargeLanguageModels #LLM #ComputerVision #MachineLearning #ML #Students #Analysis #BigFour #Big4

📆In 2020, Nicholas Bird, CPA, CIA left accounting and felt that the industry seemed stuck, making minor advancements with little change to core financial data interactions. 🦾🤖But the introduction of OpenAI’s GPT-4 marked a transformative shift, offering deeper understanding and contextual insights beyond traditional automation. 💻📈Now Bird is diving back into accounting technology. From Medium: "The accounting industry I left in 2020 was stagnant. The one I’m returning to in 2024 is on the cusp of its biggest transformation since the invention of double-entry bookkeeping. And this time, I want to be part of that change." Read the full article here: https://lnkd.in/exc9-DRc #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #ArtificialIntelligence #AI #GenerativeAI #GenAI #LargeLanguageModels #LLM #ComputerVision #MachineLearning #ML #LargeActionModel #LAM

🏦Private equity's (PE’s) increasing role in the accounting sector has led to significant capital opportunities for firms aiming to expand—although concerns about long-term impact persist. 📈Notably, firms such as Armanino and Cohen & Company have embraced PE investments following a 2021 pioneering deal between EisnerAmper and TowerBrook Capital Partners L.P. From Accounting Today: "Philip Whitman, CPA and CEO of advisory firm Whitman Transition Advisors LLC, said PE activity has only grown since that first investment, with 2024 being the year that investors have become more eager to invest in or partner with CPA firms. 'To date, our team has met with over 150 private-equity groups that have a desire to find foundational firms in the accounting/CPA firm arena. … Not a week goes by that I am not hearing a pitch or new thesis by at least three or four private-equity groups that are considering entering the accounting-firm space,' Whitman said." Read the full article here: https://lnkd.in/eSzny7PM #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #PrivateEquity #PE #MergersAndAcquisitions #Mergers #Acquisitions #Expansion

#ICYMI 📰Two recent IDC MarketScape reports named Thomson Reuters a 2024 leader in ✅SaaS and cloud-enabled tax automation software and ✅value-added tax management applications. ✍️Pagero, part of Thomson Reuters, was also recognized as a 2024 leader in an IDC MarketScape e-invoicing report. From CPA Practice Advisor: "'In today’s rapidly evolving global marketplace, tax compliance has become increasingly complex for multinational corporations. At Thomson Reuters, we’re committed to empowering our customers with cutting-edge technology that not only ensures compliance but also enhances their competitive edge,' said Ray Grove, head of Corporate Tax and Trade at Thomson Reuters." Read the full article here: https://lnkd.in/eD8aUFrs #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #SaaS #Automation #Technology #Tech #Recognition #Success

💼Client Accounting and Advisory Services (CAAS) are pivotal for accounting firms seeking growth. CAAS provide clients with strategic, data-driven insights to enhance business transformation. How do you effectively promote CAAS? ✨📝Highlight its unique value to clients with a robust content marketing strategy. From Boomer Consulting: "CAAS differs from traditional accounting because it focuses on forward-looking, strategic guidance beyond compliance work. Typical CAAS offerings include outsourced CFO services, business advisory, and data analytics. These services help clients achieve their goals and support their long-term financial health." Read the full article here: https://lnkd.in/gtgqq8Ui #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #CFO #Growth #GrowthMindset

📒Ignition’s 2024 U.S. Accounting and Tax Pricing Benchmark report surveyed 345 firm owners and decision-makers. 📊57% of respondents plan to raise fees across all services next year. Among that group, most firms estimate a price increase of 5-10% due to rising business costs. From CPA Practice Advisor: "The report also indicates a clear shift from hourly billing to fixed-fee and value-based pricing. This trend underscores a growing focus on aligning fees with outcomes and long-term client value, rather than the time invested, Ignition says." Read the full article here: https://lnkd.in/eW6s_UF8 #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #Fees #Services  

📻Journal of Accountancy podcast featured Melanie Lauridsen, VP–Tax Policy & Advocacy at AICPA, to discuss potential tax law developments in 2025. The conversation covered the state and local taxes (SALT) cap, beneficial ownership information (BOI) reporting, expiring provisions of the Tax Cuts and Jobs Act (TCJA), and the fate of Internal Revenue Service funding. From Journal of Accountancy: "Lauridsen: With estate tax policy, there's definitely a desire and a will to see the cap also eliminated because with TCJA, after TCJA, it will cut in half of what we're seeing. Who knows what we'll see in that play. Again, it costs money to be able to have no limit for estate tax planning purposes. I do think like the SALT cap we're going to see something come out in the middle. Maybe it'll maintain, maybe it might increase, but completely unlimited — I don't see that happening, either." Listen to the podcast and read the transcript here: https://lnkd.in/guxB4vGv #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #Policy #Advocacy #Podcast #IRS

#ICYMI 📰PKF O'Connor Davies, a top-30 accounting firm based in Harrison, NY, announced that it’s receiving capital from Investcorp and PSP Investments to support mergers and acquisitions, technology upgrades, and service expansion. The firm stated that this deal marks a significant milestone to enhance competitiveness and long-term sustainability. Financial terms were not disclosed. From CPA Practice Advisor: "PKF O’Connor Davies will continue to operate in an alternative practice structure in accordance with applicable professional standards. PKF O’Connor Davies LLP, a licensed CPA firm, will provide attest services, while PKF O’Connor Davies Advisory LLC and its subsidiary entities will provide tax and advisory services. The accounting firm brought in $377.5 million in revenue during its most recent fiscal year, according to INSIDE Public Accounting." Read the full article here: https://lnkd.in/gifwZdrX #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #Mergers #Acquisitions #Investment #Investments #Technology #Tech #Services