We might be a bit biased, but we think technology is an accounting firm’s best bet for achieving real growth in a short amount of time. In short, the output of automation is more time for humans, which creates new opportunities for firm growth.

Whether you're a business owner, or accounting professional- if you don’t like the way something’s done, you have a few options: suck it up and deal with it, suggest changes and hope for the best, or shake the system up by creating a new solution—preferably a better one.

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.

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!

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.

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.