Addressing Common Outsourcing Apprehensions
Most accounting firms are aware of the benefits that they could reap from outsourcing their practice. But here’s the thing – no matter what the outsourcing provider tells them, they have their share of apprehensions. Being cautious of the pros and cons of outsourcing is a good thing. It helps firms create a cushion for […]
9 Economic Uncertainties In Accounting – Tips To Keep Your Business Protected
The conversation around 2024 being a year when inflation worsens is still ripe. Accounting leaders find themselves at a juncture where they have to take into consideration both rapid technological advancements and the possibilities of economic uncertainties. Leaders must not only reflect on the successes and challenges of 2023 but also enable building new opportunities […]
Environmental impact in financial reporting – How to become a socially-responsible business?
The world of business has changed. We have left the times behind when the sole goal of a business was to generate revenue. Modern firms are expected to be responsible. The consumers have the right to know the ways in which the businesses are contributing to the environment – both good and bad. This shift […]
Using Data For Crisis Management In Accounting
In pursuit of maintaining high delivery quality in accounting, accounting firm leaders often forget a very important aspect of the business – crisis management. When things are proceeding as expected, nobody really thinks of preparing for the worst. When a crisis occurs, all of that changes. They often happen faster than teams are ready for. […]
The Impact Of AI On Financial Reporting
In modern accounting and business processes, financial reporting holds a high ground. With the increasing importance of data, it has become fundamental in analyzing the broader picture of the current financial status of a business. The accuracy of the financial reports is important as they influence investment decisions, credit assessments, and regulatory compliance. While this […]
How is technology ensures close collaboration between CFOs and CIOs
Some top leaders have often said, “If you want to go fast, go alone. If you want to go far, go together.” As a CFO or an accounting firm leader, this is a quote that might be extremely relatable to you. The responsibility of a CFO isn’t limited to taking care of the finances of […]
AI has risks, but accounting leaders continue to integrate it to the business – Why?
Let us pause for a second. Instead of perceiving all forms of Artificial Intelligence as everything that the world needs, let us look at it as just another form of technology. And hence, like other tools, AI comes with its share of benefits and limitations. It has become an integral part of how organizations enhance […]
Late Hours for Accountants: The Industry Reality
The number of accountants, globally, has been significantly decreasing since 2020. While the pandemic played a significant role in the reduction of the number, many other factors equally contributed to it. In the 2023 PWC Annual Accounting and Tax Symposium, several factors were held responsible. They include: – For the modern-day accountants, the 150-hour requirement […]
Why It’s Time to Integrate Social Value in Your Accounting Practice?
Accounting is no longer about merely crunching numbers. As the world continues to change and we all have a responsibility towards the environment and the social impact that we make, the way accounting firms operate has undergone a massive change. The practice of quantifying how companies’ operations impact the environment, people, and overall economy, began […]
AI and Auditing: What can AI do for Auditors?
In accounting and finance, auditing is a relatively complex subject. Not all accounting professionals can be auditors. Being an auditor requires specialized knowledge and the latest skills. Auditing comes with its fair share of surprising challenges. However, there is a solution – assisted decision-making. In the recent past, Artificial Intelligence in auditing has grown. Many […]