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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