New duties will require plenty of understanding and good communication. Many experts expect accountants’ work and duties to change fundamentally in the coming years. Technology will allow for a more complete audit that uses all available data rather than samples. And the scrutinizing of anomalies will provide opportunities for auditors to provide more useful information to clients. To read the full article in the Journal of Accountancy, click: Four Skills Accountants Need to Succeed in a Tech-enabled Future.
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If you or your organization is interested in adopting blockchain technology, you need to know the difference between public and private blockchains. One might be a better option than the other. This blog post can help you decide. To read the full article in AICPA Insights, click: Public vs. Private Blockchains: What CPAs Should Know.
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For the future of financial advice, the writing isn’t on the wall, it’s on the mobile phone screen, says Christopher P. Van Slyke, financial planner and founder of wealth management firm, WorthPointe. Van Slyke, who’s based in Jackson Hole, Wyoming, says the tipping point for him was when he saw that the local bank, Bank of Jackson Hole, was touting its app in a community paper. To read the full article in FinancialPlanning, click: Despite Fast Growth, Mobile Wealth Management Stumbles.
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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.
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Leading futurist and keynote speaker Ross Dawson, who regularly consults to accounting, finance, and banking bodies, spoke with Chris Sheedy about the single greatest opportunity that the future holds for accountants. To read the full article in ICAS, click: How We Will Learn to Love Big Data in 2018.
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Firms largely ban texting, even for logistical purposes, amid guidance from FINRA that all business communications must be “retained, retrievable, and supervised.” Securities America this week became the first of the top 10 largest IBDs to announce a program allowing its advisors to text clients. To read the full article in FinancialPlanning, click: IBDs in Slow-Footed Race to Let Advisors Text Clients.
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As the learning capability of machines continues to improve, advisors are increasingly finding themselves outmaneuvered by robots. These digital advisors are particularly appealing to millennials, who now represent close to half of the U.S. online banking population. To that end, there is a technological gap as well as a demographic vulnerability that advisors are facing, especially as they help consumers with the dual challenge of managing short-term spending and long-term financial planning. To read the full article in FinancialPlanning, click: How Advisors Can Outthink Robots.
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Priding itself on being a technology company first, Betterment has learned it needs a deeper human touch to sustain its advisor platform. RIAs are often impressed by the slick interface of Betterment for Advisors, its contemporary user experience and the way it helps speed onboarding and back office tasks. But, the young firm can’t scale on technology alone. To read the full article in FinancialPlanning, click: To Woo Advisors, Betterment Takes to Hybrid Approach.
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Accountants should focus on providing niche areas of service such as business valuation and retirement planning and move away from tasks including bookkeeping and financial reporting because automation and technological advances will take over much of their work. Dominic Diongson, deputy editor for AccountingWEB, explains. To read the full article in AccountingWEB, click: CPAs Should Shift to Niche Services as Automation Takes Over.
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Seemingly overnight, the internet of things (IoT) has become a technology buzzword, challenging businesses to embrace a technology in its infancy before they can firmly grasp the pitfalls and opportunities involved. Sylvia Edwards Davis explains this concept and what to do to propel your business forward. To read the full article in CGMA, click: How to Stay Ahead of the IoT Curve.
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CFOs are eager to make the finance function more efficient and useful. Samantha White, CGMA Magazine senior editor, explains what leading finance functions have in common. To read the full article in CGMA Magazine, click: Six Traits of Leading Finance Functions.
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With rapid advances in technology transforming companies of all types, the demand is increasing for CPA firms to understand how new technologies are affecting clients and what clients must do to adjust their processes and practices to make the most of technological innovation while also mitigating risk. To read the full article in the Journal of Accountancy, click: Furious Rush of Digital Disruption Creates Opportunities for CPAs to Help Clients.
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Valuation of Intangible Assets Valuation practitioners may want to spend a few hours reading a recent U.S. Tax Court case where the valuation of intangible assets was squarely addressed. This QuickRead article highlights the facts and three issues addressed in the decision.
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The fading use of equity compensation by more mature companies likely reflects: i) relatively cash-rich treasuries; ii) greater interchangeability of personnel to fulfill work functions; and iii) workers’ risk-tolerances (or lack thereof). Sujan Rajbhandary, vice president and senior member of Mercer Capital’s Financial Reporting Valuation Group, discusses the issue. To read the full article in Mercer Capital’s Financial Reporting Blog, click: People Are Worried About Equity Compensation. This article is republished from Mercer Capital’s Financial Reporting Blog. It is reprinted with permission. To subscribe to the blog, visit: http://mercercapital.com/category/financialreportingblog/.
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Use Big Data to Improve Performance Using big data to inform business decisions can give organizations an edge over their competitors, IBM Vice President Paul Zikopoulos said Tuesday at the AICPA’s spring council meeting. Ken Tysiac, JofA editorial director, describes how to start integrating data analytics into your plans. To read the full article in the Journal of Accountancy, click: IBM Big Data Expert Shares Tips With CPAs.
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Correlating Patent Values with Prior Citations What is forward patent citation? Why is it relevant? In this article, the author answers the above questions and details how these may be relevant to a damages expert in a patent infringement matter. These experts may need to ascertain the value attributable to the patented technology at issue. While comparable license agreements may serve useful in providing a market-based approach to arriving at a value, the damages expert must also seek to apportion out the comparable patents related to the patented technology within the comparable license agreements from that of the intellectual property…
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This article provides more than a dozen tips to help transform your computer into a lean, clean performance machine. J. Carlton Collins, Journal of Accountancy contributing editor, provides some excellent user-friendly instructions to help get your computer running more efficiently. To find out more on this Journal of Accountancy article, click: Boost Your Computer’s Performance.
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The digital age represents both forensic challenge and opportunity Forensic financial analysts can increase their effectiveness and value by expanding their training and knowledge in IT forensics.
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Forbes reports: In the last (pre-drinking) session at the D: All Things Digital conference at the Terranea resort in Rancho Palos Verdes, California on Wednesday, we heard from Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, and founder of Netscape and various other tech start-ups. Chatting him up: Walt Mossberg and Kara Swisher. Perhaps the biggest takeaway from the session: Marc simply doesn’t agree that there’s a tech bubble, and in fact says there is plenty of evidence that the public markets actually hate tech stocks right now. . . . but New York Magazine in a feature called “Bubble Vision” has…