We live in an amazing age where seemingly every problem can be fixed by a specific tool or piece of technology. You missed the golf ball and created a divot with your club? There’s a tool for that. Curious if that plant growing in your garden bed is a weed or a flower? There’s smart technology for that. Indeed, there’s no shortage of solutions for the challenges we face, even in accounting!
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This may come as a hard truth for those who fear change, but there’s no escaping automation. We come in contact with some element of automation from the moment we wake up—it’s in our smartphones, computers, cars, TV, behind the scenes of your bank account, and in too many other places to list out!
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As more and more companies and accounting firms are looking for solutions to speed up various business processes, accounting automation through artificial intelligence (AI) is inevitable.
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There used to be this notion in accounting that if you were an early adapter to technology, you were considered progressive. Industry veterans might have looked at you as though you were some foolhardy explorer on a wasteful quest to burn budget on sleek tools—only to produce mediocre results (at best).
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We’re in the age of artificial intelligence (AI) and machine learning (ML), and most industry leaders believe the two concepts—working in tandem—will be what creates massive growth for companies in every vertical. It’s actually what’s known as the Fourth Industrial Revolution, and we probably haven’t even hit the thick of it yet.
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Artificial or augmented intelligence (AI) and machine learning (ML) have become hot topics in tech, business, and our everyday lives. In fact, a Google News search for the term “AI” returned 26.1 million results within the last 24 hours alone. That’s around 300 results per second!
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Botkeeper CEO Enrico Palmerino presented to the Maryland Association of CPAs conference in December 2018, where he discussed how to build a botbrain for your own accounting practice. The full video is below, and you can download the accompanying ebook by clicking here.
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One of the first things you will learn in the world of accounting is the basic accounting equation. This equation is simply "Assets = Liabilities + Equity." Assets refer to things owed by a company, such as cash, receivables, inventory, and more. Liabilities are things owed, like loans, payroll, etc. Equity, then, is basically what is left over. Hopefully, the assets will outweigh the liabilities, and equity will be a positive number rather than a negative one.