ChatGPT for Accountants: The Accountant’s Guide to AI and ChatGPT In this article, the authors review ChatGPT for Accountants: The Accountant's Guide to AI and ChatGPT. They discuss thought-provoking exploration of the relationship between artificial intelligence (AI)—primarily ChatGPT—and the accounting, auditing, and tax professions, and offer their views on the benefits and perils of integrating AI into ...

in Business Valuations The advent of ChatGPT and its other AI apps has come to the forefront. This is potentially disruptive technology that will raise uncomfortable issues, but also open the door to innovation and new industries. AI will impact how business valuations are performed and the role of accredited professionals. This article discusses how AI and machine learning could impact the business valuati ...

Part Two in a Series Addressing Advances in Forensic Accounting and Financial Forensics The author of this series of articles is co-founder of Valid8 Financial Forensics Software, a Seattle, WA and Boulder, CO-based professional service provider. This second article, and those in the forthcoming series, set forth techniques used to investigate financial fraud allegations and the reliance and value of artifi ...

Business Revolution, Ethical Implications, Strategies for Business, and the Path Forward In this article, the authors examine the fine line between the unparalleled benefits of AI and its potential pitfalls. The authors advocate for a future where humans and AI work together harmoniously, driving innovation, productivity, and long-term success in an increasingly competitive global landscape. As professional ...

What You Should Know About Them The world as we know it is rapidly changing and the COVID-19 crisis has accelerated the pace of that change. Some experts estimate the pandemic advanced the digital transformation timeline by seven years. These changes have opened many new opportunities for cybercriminals who have adeptly exploited these vulnerabilities. This article will summarize the trends that have create ...

Technology (Part V of V) As noted in the first installment of this five-part series, an ambulatory surgery center (ASC) is a distinct entity that primarily provides outpatient surgical procedures to patients who do not require an overnight stay after the procedure. ASCs typically provide relatively uncomplicated surgical procedures in a non-hospital, outpatient setting, and most ASC cases are non-emergency, ...

Get Clients to Count on Your Accounting Is it the valuation of a small privately held company with three employees? Or a large multi-national with employees in the thousands? Perhaps it is reviewing assets in a highly contested divorce. One way or another, you are trying to reach a decision, an opinion, or a conclusion from the data in front of you. Using big data, you must compose a story and present the d ...

New Study Spotlights Five Proven Strategies There is an easy way to identify the most effective strategies for rapid growth. For the fifth year in a row, the Hinge Research Institute conducted a comprehensive study of more than 1,000 professional services firms. Specifically, Hinge looked at what “high-growth” firms (those with at least three years of 20% compound annual growth) do differently than firms th ...

Construction companies are developing an AI system that predicts worksite injuries—an example of the growing use of workplace surveillance. To read the full article in MIT Technology Review, click: Artificial Intelligence Sees Construction Site Accidents Before They Happen. ...

Digital tools and technologies are now relentlessly and remorselessly transforming how performance management works. Customized and continuous data-driven feedback is becoming a new normal for enterprises worldwide. This feedback appears both qualitatively and quantitatively superior to its performance review precursors and should lead to better outcomes. But does AI-flavored feedback require a human touch ...

The internet has revolutionized the workplace over the past three decades. Artificial Intelligence is now poised to do the same, and businesses that do not capitalize on the technology risk being left behind. Global tech giants like Amazon have been leading the charge—with algorithms powering personalized shopping recommendations and personal stylists—but businesses of all sizes are now embracing the techno ...

Two-thirds of business leaders fear that their organization could become irrelevant if they fail to move to a “hybrid” workforce. According to research by Capita People Solutions, a successful transition to a combined human and artificial intelligence, or hybrid, workforce is the most important priority for 72% of leaders in the next five years. To read the full article in Personnel Today, click: Business L ...

Meet Skynet … Your Professional Role is About to Change! What is Artificial Intelligence (AI)? How will AI impact the way we work? Serve our clients? In this article, the author explains what AI is and how the evolving technology will impact our professional practice. The goal of artificial intelligence (AI) in the computer science world is to create human intelligence demonstrated by machines. Once this hu ...

A competitive job market and emerging technology have made seniority only part of the advancement equation. As co-managing partner at accounting and consulting firm Friedman LLP, Harriet Greenberg, CPA, PFS, uses seniority as a factor in deciding whom to promote. But that's just one piece of the puzzle: She also believes in skills-based promotion—now more than ever. To read the full article in the Journal o ...

Excuse me, did Todd Thomson just say there too many financial advisors, not too few? Puncturing one of the RIA industry’s most widely-accepted axioms, the Dynasty Financial Partners chairman did indeed make that assertion at the recent MarketCounsel Summit in Las Vegas. Contrary to ominous reports of a talent shortage, Thomson said, too many advisors are serving too few clients. To read the full article in ...

At Flint Hills Resources, robotic process automation is supercharging, not eliminating, finance professionals.  The Koch Industries subsidiary shows us how. To read the full article in Financial Management, click: Empowering the Human Element in Automation. ...

One purpose of artificial intelligence (AI) is to capture, manage, and analyze amounts of data too large for less advanced technology to handle, and to produce insights faster and more accurately than people can. While AI promises to help businesses prepare better for potential opportunities and risks, the technology presents a challenge for management accountants in financial planning and analysis (FP& ...

Employment and salary prospects for accountants are healthy across the board, but professionals with up-to-date expertise in data collection and analysis are most in demand, say recruitment specialists. To read the full article in InTheBlack, click: The Accounting Skills Most in Demand. ...

Technology is rapidly changing the way advisors meet clients, so much so that the relationship may look completely unrecognizable in just a few years.  And that transformation opens up several key opportunities for innovators. To read the full article in FinancialPlanning, click: An Amazon for Financial Services?  The Race is On. ...

As technology continues to change the investment landscape, a new Merrill Edge report has found that nearly 40% of mass affluent Americans are comfortable consulting artificial intelligence for financial advice.  But that’s not all… To read the full article in FinancialPlanning, click: 40% of Americans are Comfortable Seeking Financial Advice From AI. ...