Steve Hasker’s Post

Panicking about the arrival of AI will only stop us from advancing at the same speed as the rest of the world; on the contrary, we should take advantage of these new resources and turn them to our day-to-day tasks. At Conta Cloud we use these available resources in order to optimize our time and build more personal relationships with our clients, allowing decision making to be based not only on data but also on interpretations using knowledge of needs, the market and experience. Check this article. https://lnkd.in/eMwucETr #Accounting #Finances #TaxSeason #BusinessFinance #Bookkeeping #CorporateFinance

In recent years, automation has fundamentally changed tax preparation with innovations like machine learning and the cloud. The next big thing is AI, which could revolutionize how firms operate and serve their clients. Imagine tax document gathering becoming fully automated, no longer requiring a traditional organizer to be uploaded. Read about this and other AI advancements on the immediate horizon — including SafeSend’s upcoming Gather AI feature — in our latest blog. Read the full blog: https://hubs.la/Q02G3ytT0 #taxpros #innovation #SafeSendGatherAI #accounting #CPA

Are Accounting firms slow to adopt AI technology? A recent article from CFO cited a study by Rightworks about the adoption of AI technologies in Accounting firms. ➡ The study showed that 73% of accounting firm owners surveyed are not using AI in any way, despite the continually new technologies becoming available to firms. ➡ One of the conclusions was that firms are hesitant to adopt AI because of a lack of knowledge and confidence. ➡ The survey was conducted nationwide, and included accounting, tax, and bookkeeping firms, but didn't discuss what sized firms were surveyed. ➡ It also doesn't specify what types of AI technology they're referring to in the study. As more and more software developers who serve our industry are incorporating AI technology into their products, I find it hard to believe that many firms, especially smaller, cloud accounting firms, aren't using AI in some form or fashion just by virtue of using these products. For my accounting firm peers out there, I'm questioning whether this is really true, or if it's a very broad generalization that may be skewed towards larger firms. What do you think? https://lnkd.in/e2Ct-sFj

There's a fascinating read that caught my eye lately about the rising integration of AI in the world of bookkeeping and accounting. If you've ever thought about how technology can streamline financial processes, this article is definitely worth a look! Here are some intriguing points from the piece: - Virtual Assistants & AI Tools: It highlights how virtual assistants can take on mundane tasks allowing accountants to focus on more strategic work. Imagine freeing up that time to analyze rather than just compile numbers! - Efficiency Boost: The article discusses various AI tools that can automate repetitive tasks and data entry, reducing human error. This could be a game-changer for many small businesses. - Improved Accessibility: With the rise of cloud accounting solutions, businesses can access their financial data anytime, anywhere. This accessibility can lead to better financial decision-making. - Cost-Effectiveness: Integrating AI can lead to significant cost savings, from reducing labor costs to minimizing errors and the associated rectification expenses. - A New Role for Accountants: The piece also touches on how the role of accountants is evolving. They’re becoming strategic partners, using AI to drive insightful discussions rather than being bogged down by data entry. This shift is not just about adopting new tools; it's about transforming how we think about finances in our businesses. What are your thoughts on this integration of AI into financial management? Have any of you started using similar tools or are contemplating it? Let's chat! https://lnkd.in/e_8-2cRh

Accounting and Taxation 5.0: The new industrial revolution in accounting and its dynamics. Here we explore the integration of AI, big data, and cloud computing to automate routine accounting tasks, highlighting the resulting economic implications and operational efficiencies. The article discusses the strategic shift towards more advisory roles and the potential for enhanced decision-making capabilities. #MentallyAI #RoboticAccountingHub #DigitalAccounting #AIInAccounting #MentallyAIBlog #AccountingAutomation #AdeMentally #CollaborativeAccountingSolutions #CPACollaboration #AccountingInnovation #AIinbookkeeping #TeamworkInAccounting #MentallyAIAutomation #MentallyAITech #MentallyAITeamwork #MentallyAIDigitalTransformation #MentallyAIIntegration #MentallyAIProductivity #MentallyAIAccountingSolutions #MentallyAITechnology https://lnkd.in/gMQGXerg Author: Giulia

1. Rise of Artificial Intelligence (AI) & Machine Learning (ML) AI and ML are already being use to automate many accounting tasks, such as data entry, reconciliation, and financial reporting. In 2024, we can expect to see even more widespread adoption of these technologies, as they become more sophisticated and affordable. 2. Increasing Importance of Data and Analytics Accountants are increasingly being ask to provide insights into their clients’ businesses. This requires them to be able to collect, analyze, and interpret large amounts of data. In 2024, we can expect to see accountants using more sophisticated data analytics tools and techniques to provide more valuable insights to their clients. 3. Cloud-Based Accounting Accounting services and the cloud have become inseparable and profitable for most businesses. With the accounting systems hosted on the cloud, multiple companies have gained the ease of accessing their digitally hosted system anytime and from any place.  The data access is not just limited to the ‘Read Only’ versions but also gives you the benefit of sharing, editing, copying, and working on the files collaboratively.   https://lnkd.in/dbqHSMJ9

🤔 Is your business ready for the AI revolution? 🤔 In our latest video, Tax Manager Shaun Dodson and Tax Director Andrea Todorov explore the evolving landscape of accountancy, focusing on the cycle of change that has shaped the Tax world over the years. As AI continues to reshape our industry, the lessons we've learned from past changes have never been more critical. Embracing change and seizing new opportunities are key to thriving in this rapidly transforming environment. At Lewis Brownlee, we've always been ahead of the curve in technological innovation. Our leadership in Cloud Accounting and status as Xero Platinum Partners reflect our commitment to staying at the forefront of the industry. Watch the video to learn more, and if you're looking to see how we can help your business move forward in this ever-advancing world, give us a call. Let's seize the opportunities together! 👀👉 https://lnkd.in/egvdzuzs #Tax #AI #Accountancy #CloudAccounting #Xero #LewisBrownlee #EmbraceChange #Innovation #Leadership

The accounting tech industry has jumped on the hype of #AI. Earlier this week, @Sage announced a new AI co-pilot, and now Xero has launched its very own AI assistant. JAX or 'Just Ask Xero', is designed to assist accountants in automating tasks, freeing up time for other more important work. Read more about Xero's AI-assistant launch and its implications for the accounting industry in @Accountancy Age's latest here: #Xero #AIassistant #accountingtech #accounting #financialreporting #automation #innovation #productivity

📊 Public Accounting in Numbers: 2024 Industry Insights 📊 The accounting landscape continues to evolve, with firms relying heavily on data to navigate challenges and capitalize on opportunities. Here are a few key statistics driving change in the industry: • 40% of accounting tasks can now be automated with the help of AI, according to recent studies. This means firms are increasingly adopting technology to improve efficiency. • 90% of accountants believe that cloud accounting will become essential for client interactions and financial management in the next few years. • Firms that adopt advanced technologies see a 30% increase in client satisfaction, according to a survey by Forbes. As accounting firms embrace this digital shift, securing talent that understands these emerging tools becomes critical. At W Talent Group, we focus on sourcing forward-thinking professionals to help you stay competitive and navigate this evolving landscape. 💼 Looking to future-proof your team with tech-savvy accountants? Connect with Matthew E. Wallack at mattw@wtalentgroup.com or visit wtalentgroup.com to learn more! #AccountingStatistics #DigitalTransformation #AIinAccounting #CloudAccounting #WTalentGroup #TalentAcquisition #PublicAccounting

Accountancy's Tech Tsunami: Are You Riding the Wave or Getting Swept Away? Gone are the days of the abacus and spreadsheets. Enter the tech tsunami reshaping accountancy! AI tools hold conversations, data unveils hidden stories, and automation tackles repetitive tasks. Don't panic, accountants! This isn't about robots taking over; it's about becoming the data-driven rockstars the future needs. Demystifying the Tech Arsenal: 1. Big Data: Forget crunching numbers – the future is about unearthing insights. Big data, with its voluminous, diverse, and lightning-fast nature, demands a new skillset. Accountants are no longer number crunchers; they're data storytellers! 2. Cloud Computing: Remember being chained to your desk? Cloud computing liberates you, offering anywhere, anytime access to data and applications. Collaborate with teams across the globe, ditch paper trails, and enjoy enhanced security – all from the comfort of your beach house (just remember to keep your laptop sand-free!). 3. Automation: Repetitive tasks? Say goodbye! Robotic Process Automation (RPA) steps in, freeing you from mind-numbing data entry, reconciliations, and reports. Think of it as having a tireless robot colleague handling the mundane while you focus on high-value strategic thinking and analysis. 4. Blockchain: Bookkeeping headaches? Blockchain offers a solution. Think of it as an immutable, transparent ledger that records every transaction securely and permanently. Say goodbye to audit nightmares and embrace streamlined processes with enhanced trust and security. These technologies aren't just buzzwords; they're game-changers. But how do we harness their power? Collaboration is key! 1. Education: Accountancy schools need a tech makeover. Imagine students grappling with real-time data using AI or practicing blockchain-based accounting simulations! By integrating emerging technologies into curriculum and collaborating with professionals, we ensure graduates are future-ready. 2. Professionals: Continuous learning is no longer optional. From data analytics and cloud accounting to understanding AI and blockchain, upskilling is crucial. Imagine attending workshops on blockchain implementation or participating in online courses on AI-powered data analysis! Embrace the new learning landscape and become invaluable assets in the tech-driven future. The future of accountancy is exhilarating, offering possibilities beyond imagination. But remember, the wave doesn't wait. By equipping ourselves with the right skills, embracing collaboration, and fostering a culture of continuous learning, we can transform from being swept away by the change to riding the wave and shaping the future of the profession. So, are you ready to grab your surfboard and dive in? #Accountancy #EmergingTech #FutureofAccounting #DataDriven #CloudAccounting #Automation #Blockchain #Upskill #Education #Collaboration #Innovation