Artificial Intelligence in Accounting: Benefits, Expectations and Risks
Artificial Intelligence (AI) has emerged as a transformative technology across various industries, and accounting is no exception. With the rapid advancements in AI technologies, such as machine learning and natural language processing, accountants and financial professionals are now leveraging AI tools to streamline processes, enhance decision-making, and gain valuable insights. On that note, Finsmart Accounting […]
Role of Training and Professional Development in Managing Offshore Accounting Teams
Originally Contributed to The Woodard Report In the dynamic and ever-evolving landscape of finance and accounting, businesses are increasingly turning to offshore teams to leverage cost efficiencies, access specialized skills, and stay competitive in a global marketplace. The success of managing an offshore finance and accounting team hinges not only on selecting the right partners […]
ChatGPT and US Accounting: Recognizing the Limitations of AI in Financial Contexts
Originally Contributed to The Woodard Report With the emergence of Artificial Intelligence, ChatGPT has become the most powerful tool for various applications revolutionizing traditional practices, including accounting. By harnessing the capabilities of ChatGPT, businesses can now experience unprecedented efficiency, accuracy, and insights in their accounting processes. Gone are the days of manual data entry and […]
Choosing the Right Offshoring Accounting Partner: 8 Factors to Consider
Originally Contributed in The Woodard Report Offshoring is increasingly becoming a popular strategy of US accounting and CPA firms that are struggling to solve capacity challenges with the crunch of accounting talent in US markets. We understand that selecting the right offshoring partner can be a daunting task but once chosen the right partner ensures […]
The Role of Automation and Technology in Finance and Accounting Offshoring
As the world becomes more digitized, traditional accounting practices are no longer sufficient to meet the needs of clients. New technologies such as cloud-based accounting software, artificial intelligence, and data analytics are rapidly transforming the way accounting is done even when offshoring. The 2022 AICPA PCPS (Private Companies Practice Section) Survey shed light on the […]
Thriving in the Future of Accounting: Strategies for CPA Firms to Stay Ahead
As I was watching reruns of the legal drama series “Suits,” one quote from the character Harvey Specter really resonated with me. When asked what to do when someone puts a gun to your head, he famously replied, “You take the gun, or you pull out a bigger one. Or, you call their bluff. Or, […]
The Art of Managing Client Expectations in CPA & Accounting Industry
As the accounting and finance industry continues to evolve, CPAs and accounting firms are facing increasing challenges in meeting the ever-changing expectations of their clients. In order to remain competitive and maintain long-lasting client relationships, it is imperative for these firms to master the art of managing client expectations. According to a recent survey by the […]
Adapting Emerging Technologies in Your CPA Firm: 2023 Guide
As a certified public accountant (CPA), you understand the importance of staying ahead of the game. The accounting industry is constantly evolving, and it’s critical to stay on top of the latest trends and accounting technologies to keep your CPA firm running smoothly. The 2022 AICPA PCPS (Private Companies Practice Section) Survey shed light on the ever-growing […]
Navigating Accounting Regulatory Landscape: A Challenge for CPA firms
The accounting industry is heavily regulated in the United States, and CPA firms must stay up to date with the latest laws and regulations to avoid penalties and liability. According to AICPA’s 2022 PCPS CPA firm top issues survey, “Keeping up with changes and complexity of tax laws” is one of the top 5 issues faced […]
Accountant Shortage: U.S Firms Scramble to Hire Accountants during Tax Season
According to the US Bureau of Labour Statistics, since 2019, more than 312,000 accountants and auditors have quit and 2/3rd of them had the experience of over 10 years. This shortage of accountants partially attributed to Big Quit is prompting small and midsize accounting and CPA firms to hire overseas for the first time as they seek workers […]