Capitalism can’t function without a healthy system of accounting. The breakthrough from feudalism to capitalism in Renaissance and Reformation Europe was only made possible by the emergence of professional accountants. And a dearth of accountants — or a dearth of respect for accountants — has spelled trouble ever since.
The world economy, while expanding overall, is still vulnerable to cycles of recession and growth. Identifying these early and planning accordingly can enable individuals and organizations to truly maximize opportunities. The CFO is uniquely placed to spot the signs of a recession before anyone else. We’ll look at how and why this is the case and key takeaways for CFOs and company leadership.
There is said to be a traditional Chinese curse: “May you live in interesting times.” And interesting times these surely are. A stock market that was seemingly incapable of going down has now shown that it can move in both directions. Supply chain solutions seem further off than ever, gas prices and other inputs are through the roof, inflation seems borderline out of control, tech companies are dealing with slowing growth and rationalization, the global political climate is in flux, and those are just the headlines.
Ernst & Young’s tax experts bring in lots of cash and are highly valued by the firm’s clients. Many members of the 70,000 strong group don’t know where they will be working next year, or if they will be competing against each other.
Ernst & Young as a stand-alone audit firm is set to bolster its market share to become an even bigger member of the Big Four if partners approve a global breakup of the firm.
By integrating their perspectives, the CIO and CFO can analyze trends, contrast internal metrics to external ones and generate cost savings and revenue opportunities.
Accounting, along with legal, pioneered technology that continues to grow and allows automation of mundane tasks. Isaac Heller, the co-founder and CEO of Trullion, discusses with Donny Shimamoto how AI uses optical character recognition (OCR) and natural language procession (NLP) to read documents like PDFs and Excel, and extracts relevant data, like lease dates, into databases, where they can be used for computations or searching.
Artificial intelligence is billed as the future of everything—a magical panacea to all of the world’s challenges, heralding a utopian future where algorithms will know exactly what’s required and when. Is the future of audit really all about AI, or is it just hype?
Funding for startups that turbocharge standard number-crunching apps with AI capabilities has risen this year as investors bet that companies will double down on controlling spending as economic uncertainty mounts.
To combat the retention issues of the Great Resignation, accounting and financial teams should more readily embrace emerging innovations and platforms - including automation, AI and collaboration tools.
One of the benefits of technologies like artificial intelligence and optical character recognition (OCR) is their ability to free humans to concentrate on more complex and high-value issues.
Most of us do not consider accounting to be a separate line of business. But accounting is big business, in and of itself.
He lived in Macau where he played poker for profit, came to Israel and became religious, married the daughter of a two-time Oscar winner, and is now attracting the biggest international investors to his Israeli startup aiming to revolutionize the accounting world. So, who exactly is Issac Heller?
The Israeli startup’s financial automation platform takes unstructured data such as PDFs and translates them into real-time financial images, including Lease Accounting and Revenue Recognition
Trullion has leveraged modern technology and created the first AI-powered lease accounting software. They have just raised $15 million.
Accountants love numbers. So it is with much consternation that accountants in particular and business professionals in general have noted the decline in the number of CPAs, especially in the U.S.
If there’s one thing every startup founder dreams of, it’s growth. However, before rush into expansion, thinking you’re fully prepared, it’s important to ensure you’ve properly assessed the following points.
“Accountants” and “future” are rarely mentioned in the same sentence these days. I argue, however, that companies that don’t fully appreciate and leverage their accountants — in terms of being the future-facing finance experts of their organization that they are capable of being — are missing a massive opportunity that affects multiple areas, including nothing short of the future prospects of the company itself.
A strong tech team is a unified tech team, so it’s essential for leaders to find ways to bridge the gaps between team members, even if everyone’s working remotely. In this article, 15 industry experts from Forbes Technology Council share tips to help tech leaders build a unified culture among their developers and other tech team members.
The co-founder and CEO of Trullion explains what lease accounting is and how the software-as-a-service platform is helping auditors, CFOs and accountants.
2021 may be a tipping point for lease accounting software. Significant changes to the lease accounting standards, ASC 842 and IFRS 16, have forced financial executives in every industry to consider their company’s lease financing in a whole new light. The changes mean that lease accounting, one little more than a note attached to the financial statements, is now an on-balance sheet item.
For too long, the CFO has been thought of as a separate role from the main business units. The CFO — and the department the CFO leads — are actually perfectly placed to add tremendous value to their organization, transcend business units and drive innovation. In fact, no one in a company is better situated than the CFO to lead innovation.
In a tech company, big problems can arise when the sales and IT teams are working in silos. If the sales staff members don’t have a firm grasp of the IT team’s processes and capabilities, they may oversell or undersell their products or services—leading to frustration for both clients and the IT team. Similarly, if IT doesn’t listen to feedback from sales representatives, they won’t know what their customers truly need.
Updates in ASC 842 and IFRS 16 represent the most significant change in reporting standards in the past two decades. Literally trillions of dollars of lease transactions can no longer be kept off-balance sheets, ending the substantial level of guesswork involved in their calculation until now.
The principal reason why accountants have been so fast to innovate in technology is probably because there’s always a new pain point for their profession to address. In the beginning, that meant invoice processing and calculation. These days it can mean anything from sophisticated auditing software to collaboration tools.
As the FinTech sector is surging and making inroads into traditional finance industries, Israeli startups are making their presence felt in the US market with the introduction of innovative new products. These companies demonstrate the reasons FinTech is becoming more enticing and easier to adopt by individuals and institutions alike.
The combination of AI and accounting might sound counterintuitive; why would the profession of numbers require silicone-grade data analysis and deep learning?
The movement of operating leases from the income statement to the balance sheet is a fundamental shift for accountants.
In theory, few industries are set up for the disruptive powers of AI as perfectly as accounting. The work of most modern accountants involves retrieving, presenting, and analyzing data from a range of transactions, which are essentially repeated over and over.
Accounting firms need to increase their focus on technology; that’s not new. But how technology and software companies are using artificial intelligence and machine learning within the accounting industry is new — and it’s impacting accounting, tax and audit!
Unlocking the “single source of truth” for corporate finance leaders is a hot-button topic that is driving FinTech innovation (as well as venture capital interest) toward a more modern back office.
Digitization has been slow to reach the services sector of the economy. Professions such as law, accounting and consulting have, for the most part, avoided disruption. In fact, in certain ways, their hold on customers and the customers’ wallet has strengthened. Some of that stranglehold is due to regulation and some is due to customer fear of the consequences of digitization.
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