7 Experts Weigh In On the Future of Accounting
Every industry is impacted by the rise of technology and automation, and for many, that can be an...
With an ever-changing landscape, the accounting industry has seen drastic disruption over the past few years. Accounting is a profession with many nuances—working long hours, keeping up with evolving tax laws, managing complex client relationships, etc.—how does a firm manage to stay competitive when new obstacles seem to emerge every day?
It’s no longer a question of if you need technology to survive—it’s about which technology is the best fit for your accounting firm. Numerous factors weigh in on the decision to invest in technology. This selection guide was created to assist you through the process of knowing what to consider when it comes to accounting software built on artificial intelligence (AI) and machine learning (ML).
The COVID-19 crisis has created a unique challenge for business in America, from new loans and grants for small businesses to changing tax laws and deadlines. Along with the day-to-day news updates regarding shelter-in-place orders and local government enforcements, there’s a lot to keep track of. But as with any challenge, opportunity arises.
Here, we’re going to delve into the specifics of AI, its uses in accounting, and the impacts of incorporating it into your daily life. Read on for an approachable intro to AI, and if you’re an accounting firm, share this guide with your clients so they better understand why automation is so important for their businesses!
Like the transition from the abacus to the calculator, the accounting industry eagerly embraces changing technology—and the ability to make accountants' lives easier. Just as accountants embraced the convenience of spreadsheet technology, so a new generation of accountants is taking advantage of the latest advance in technology: automation.
Blockchain technology, along with being a new buzzword, is also one of the most exciting technologies of the 21st century. A universally decentralized ledger system that can share data among an infinite number of users—a blockchain is unhackable. Due to its ability to share data and simultaneously record real-time transactions on every single computer connected to its network, the technology can’t be interfered with. If anyone tries to hack or scam a blockchain, the entire chain takes notice, and the chain will be forked where the hack happened, eliminating the culprit from the chain.
There was a time when compliance was resigned to a few employees working through Microsoft Excel. However, modern regulations are now much stricter than before. Financial crime and non-compliance can be detected much more easily than before. Hence, the software has had to take over. Over time, the software has become more complex and automated several processes for efficiency. It’s safe to say the software will have a far-reaching impact on the financial sector.
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. But do we all know what we're talking about when it comes to AI and ML? Download the ebook to learn more!
Someone should really write a tell-all book for business success that includes a money-back guarantee. There's no doubt that we'd buy that book. But since it doesn't exist (yet), the next-best alternative is to research and learn how to avoid the biggest mistakes and pain points your business might face.
Shocker: No one enters the world of nonprofits to make big money. In fact, the average salary for an executive director position at a nonprofit is around $61k, which is barely above the average income for US workers ($59,039). But thankfully, working at a nonprofit is more than a salary—it can be rewarding beyond compare and a real way to effect change. They say money isn’t everything, right?!
Learn how small firms with one full-time equivalent (FTE) partner and one FTE support person are able to generate $1,000,000 a year. This is accomplished with the help of technology to create efficiency and some outsourced help. If you are willing to change the way you’ve always done things, you too can increase the amount of revenue generated per partner.
This book is more than a checklist. This is where goals are defined, and initiatives are completed, despite the intense demand of your workload. This is where extra capacity is found, firm goals are shared, and all the related parties understand priorities and possibilities.
Businesses of all sizes engage in bookkeeping activities, and it’s a vital function to keep your business financially stable and in compliance with regulations and tax law. In this ebook, we'll cover all of the basics, such as "What exactly is bookkeeping?', 'Bookkeeping vs accounting" as well as "The six steps to doing your bookkeeping".
If you’re in the process of launching a business and haven’t yet filed your first tax return, you’re in the perfect position to determine which accounting method is best for you. In this eBook, we'll discuss; Definitions of both Cash Basis and Accrual Basis, how the different methods compare, and how to choose which is right for your business!
Tax planning and preparation is a highly complex process but it can be broken down into a few distinct buckets and simplified to allow business owners to get through it efficiently. In this ebook, we'll breakdown all the basics to ensure you get the most for your money.
This guide to small business expenses will walk you through: What you should and shouldn't expense, how to track them so that tax time is easier, what depreciation and amortization are, and why they matter, what and how to deduct so that your tax burden isn’t quite so hefty.
Outsourcing is a relatively new solution to a relatively old problem. There’s not enough time or labor to handle every mechanism in the growing machine, leaving companies in a bind about how to maximize their resources. In the past, companies had few strategies for approaching this balancing act, but outsourcing has opened the doors to a world of new options. These days, outsourced services are the ideal way for a business to handle non-essential administrative tasks, with a special shout-out to one of the most important: Bookkeeping.
What is ROBS? One of the more innovative funding strategies out there has to be Rollover as Business Startups or ROBS. Through ROBS, entrepreneurs and startup owners can use funds from their personal retirement accounts (IRA, 401k) to fund their ventures. As we’ll discuss, this can be an effective way to supplement traditional financing options without the hassles of qualifying for loans. Let’s review the benefits, and yes, the drawbacks, of ROBS funding and why you may want to consider it to support your business’s growth.
Don’t freak out, but your non-profit tax filing deadline is quickly approaching. Individuals, businesses, and 501(c)(3) or charitable organizations will be required to file by the deadline required by their classification, and even though the tax filing deadline for most 501c3's is May 15, now is the time to start preparing. This ebook will walk you through tips and tricks on getting prepped quickly and effectively!
Tax planning is, by definition, an assessment of your financial situation from a tax perspective for the purposes of reducing how much money you owe the govt. You do this through proper planning which includes strategizing, timing, and more. A little bit of planning now can help you save big later. In this ebook, we'll review a few basic principles for the benefit of both individuals and small business owners.
Your back office is the brain of your business. In this presentation, you will learn about the state of the back office today, challenges stemming from the mix of the accounting, front desk operations, as well as how technology is helping to solve those problems and change the landscape. Which systems should you be thinking about? How do you build them? Where do you start?
Business partnerships with AI vendors focusing on SMBs help accelerate technology and service provider market expansion. Technology product managers targeting SMBs can consider partnering with such vendors as they continue to expand their product designs, roadmap efforts, and business sustainability.
In this white paper Jody L. Padar, CPA, MST, The Radical CPA, discusses how the CCH Axcess™ platform increased her firm's overall effectiveness. Using this seamless software platform her firm has a single dashboard from which they can see the status of clients and work. She also explains why any technology you use should be easy, seamless, and efficient —and cloud-based just like CCH Axcess™.
There are a number of cyber risks popping up that can put your systems and data at risk. Bad actors are taking advantage of remote workers - here's what you need to look out for
Botkeeper VP of Strategy Jody Padar and pLink Leadership CEO and cofounder Gretchen Pisano discussed what it takes to lead a remote team
Gretchen Pisano’s pointer for nailing the pivot and common missteps: Every new day is an opportunity to communicate and support your clients.
The world in the time of Corona is upside-down! In the next six to ten months, new legislation, new social and professional norms, and new practices in every sector will become solidified to create a new normal. Where does this position CPAs?
Are you trying to ensure your clients take advantage of every opportunity the CARES Act presents them? Learn more with Nellie Akalp, founder and CEO of CorpNet to help your clients better navigate their options!
What does virtual leadership mean in a coronavirus environment? Listen to the full recording of this video interview for more awesome insights to help you and your team right now!
Poor accounting is a weakness for many small businesses. For owners, finding the time to do the job right isn’t easy. Thankfully, there’s another way.
With improved accuracy and speed, Botkeeper offers you the chance to leverage technology in a way that can greatly benefit your business.
The importance of making the right bookkeeping decision for your business should not be underestimated. Make sure your business will never fall victim to sloppy bookkeeping!
If you're just getting into business for yourself, you might be wondering what to expect. Learn more in our video, "7 things All Business Owners do Daily"!
Watching for these major red flags can help clear the way for you to take steps as needed Do you know what to look for? Here are 4 signs that can help you determine if your bookkeeper is stealing!
Bookkeeping is both time-consuming and expensive, but what if you used an automated bookkeeping service to get that time and money back
Join Botkeeper VP of Strategy Jody Padar and Tom Hood, CPA, CITP, CGMA talking about the disruptions the accounting industry has seen so far and what may continue to come our way.
In this trying times, how do all of these uncertainties for CPAs and Accountants impact future revenue, staffing, firm operations, and more? Join our VP of Strategy, Jody Pada get the scoop from Daniel Hood, editor-in-chief of Accounting Today, on the findings from their recent survey done in conjunction with ADP.
The COVID-19 pandemic has completely changed the business landscape, and likely forever. Accounting professionals have seen the impact firsthand, in their own firms, as well as within their clients’ businesses. But as the “reactive” period starts giving way to the next phase, there is a big unanswered question for a lot of the firms out there - “what the heck happens next?!”
How can you continue to differentiate your offering, and ensure your clients’ success? How do you adopt new technologies and new processes that can help us live in the “new normal”? Now is your chance to get the answers to these questions! Watch the live Q&A session with Jody Padar, VP of Strategy at Botkeeper, and The Radical CPA who has successfully achieved the "No-Touch Tax Return" to get those questions answered!
Join Jody Padar, The Radical CPA and Botkeeper Vice President of Strategy with Jordan Birnbaum, Chief Behavioral Economist at ADP as they talk about how the pandemic has changed hiring, managing, and engaging staff, long-term and also to learn how we can have shared success moving forward.
Join Jody Padar, The Radical CPA and Vice President of Strategy interviews Erron Stark, DVP of Accounts Strategy at ADP about the PPP’s impact on both small businesses and the firms helping them navigate all the channels.
Having the right talent for your Accounting firm is vital for growth and success! However, recruiting and retaining top talent are one of the challenges Accounting firms face thanks to major shifts in the supply of talent and the changing demographics of accounting graduates.
With the continued spread of a coronavirus known as COVID-19, more and more accounting firms and businesses are facing remote work for the next few weeks. While working remotely isn’t a new concept to many industries—tech engineering, medical transcription, digital marketing, etc.—it’s still fairly uncommon for accounting firms.
As your accounting firm makes adjustments and settles into a new normal—at least for the next few weeks while COVID-19 remains a serious threat—it can be hard for firm leaders and managers to maintain status quo. You’re used to face-to-face meetings, casual chats around the water cooler or coffee pot, and impromptu Q&A when complex client issues arise.
According to the US Department of Labor, hospitality businesses have only a 55% five-year survival rate. That number drops pretty sharply through 10 years at only 38% survival rate. Eek! These numbers are less than inspiring. So we've pulled together a list of some of the most important accounting pain points for restaurant owners.
Botkeeper is the only one of its kind, paving the way as the world’s first robotic bookkeeper by practicing the Botkeeping℠ method, which is the use of machine learning, AI, and robotic process automation to perform bookkeeping and accounting tasks automatically.
Accounting calculations can be a tad easier with the help of our free online accounting calculators
A collection of basic financial terms and acronyms
No matter what size your business, understanding the basics of accounting is incredibly useful. Accounting is simply the process of recording, analyzing, and interpreting a business’s financial information.
The accounting term “accounts receivable” specifies “accounts” a business is entitled to receive because it delivered a service or goods.
Unlike the cash accounting method, which records economic events only when cash is exchanged, accrual accounting entails revenue and expenses are recorded in the periods in which they are incurred.
Benefits play a major role in the workplace, representing anything given to an employee beyond their wage or salary.
Cash Basis Accounting is the method where a business records revenue and expenses at the time they are actually received or paid, not in the period in which they were incurred.
A cash flow statement is just what it sounds like: an indication of the cash generated or used by a company in a given period.
Think of a chart of accounts (COA) as a filing cabinet where all a company’s financial transactions are stored and a complete listing of all the accounts that are currently in use are kept.
Businesses that want to get a more detailed view of their finances can use class tracking to determine which areas of the business are doing well and which need improvement.
One of the most important business accounting terms, COGS is the acronym for the cost of goods sold and represents the total cost required for a company to produce a product or deliver a service, including labor and materials.
Independent contractors are self-employed and provide specialized or requested services on an as-needed basis, while employees work for employers and often have little control over their work and performance.
Quick definitions: A CPA is a Certified Public Accountant. A Controller is responsible for all accounting-related activities within an organization. A CFO is the Chief Financial Officer, responsible for all financial actions of a company.
All business transactions have a monetary impact on the financial statements and the bottom line of an organization. When accounting for these transactions, a company records the numbers in two accounts, a debit column on the left and a credit column on the right. The use of a 2-column transaction recording format is the most essential of all controls over accounting accuracy.
Also known as prepaid revenue or unearned revenue, deferred revenue is the money received by a business in advance of having earned it. It calculates an asset’s depreciation expenses based on the date of purchase, initial cost, useful life (how long a company intends to use it), and tracks beginning and ending accumulated depreciation, or the value of the assets when it is replaced.
A depreciation schedule or chart helps businesses keep track of long-term assets and gives a look at how they’ll depreciate over time.
A financial review is performed to ensure no material changes are needed to bring a company’s financial statements into compliance within an applicable financial reporting framework such as GAAP.
GAAP stands for “generally accepted accounting principles” and is used by businesses to: Properly organize their financial information into accounting records, summarize the accounting records into financial statements, and to disclose certain supporting information.
Calculating income is essentially deducting costs and expenses from profits. It starts by calculating the total amount of sales made during accounting and is followed by deductions for certain costs or other operating expenses. When all is said and done, the company learns how much it earned or lost during the accounting period.
Modified adjusted gross income (MAGI), determines an individual’s eligibility for important tax benefits, including whether they can contribute to an IRA or deduct contributions to an individual retirement account. Eligibility for certain income tax credits and education tax benefits are also based on MAGI, as is the eligibility for subsidized health insurance through the marketplaces under the Affordable Care Act, and for income-based Medicaid.
All companies must generate revenue to stay in business. It is used to pay expenses, taxes to local, state, and federal governments, and interest payments on debt. Once the costs of doing business are paid, what's left over is called net income which is, in theory, available to shareholders. Often the decision is made to retain earnings for growth and future investments in the business instead.
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