In April 2016, we at AcctTwo participated in the Tech-Savvy CFO Seminar Series, an extension of the Tech-Savvy CFO concept conceived by Intacct and Brian Sommer of TechVentive, a leading industry analyst and forward-thinker. In his presentation, Brian talked about the changing nature of accounting, the rise of big data, the move to the cloud for technology, and what the future will likely hold for CFOs, CPAs, and accounting departments.
This post originally appeared on Intacct's View from the Cloud Blog.
Tech-savvy CFOs make decisions today that set their company up for whatever the future brings.
People talk a lot these days about the speed in which the business landscape changes, and how companies need to be nimble or agile – able to quickly adjust tactics to take advantage of changes in the marketplace, and to stay ahead of the competition.
MedStar, one of the largest hospital chains in the US, crippled by cyber attack
Washington, D.C Area - March 30th, 2016 - While MedStar, the company that runs 10 hospitals in the Washington, D.C. area, has not officially confirmed it was a "ransomware" attack, employees have come forward describing messages on their computers asking for roughly $19,000 in Bitcoins, and giving the company just ten days to pay up. This situation is strikingly similar to a story from just over a month ago, when Hollywood Presbyterian Medical Center paid about $17,000 in Bitcoins to regain access to some of its systems.
Middle Market Thought Leader Podcast Summary
In case you missed Marcus Wagner's interview on Jack Sweeney's Middle Market Thought Leader podcast, I wanted to share a summary of that interview with you. Marcus discusses his experiences building a middle market company from the ground up and touches on the following experiences, challenges, and "Aha Moments":
The myth that the closer you keep your sensitive data, the safer it is, has once again been proven wrong. Last week, reports surfaced that Hollywood Presbyterian Medical Center in Los Angeles suffered a "ransomware" attack, locking employees out of critical IT systems.
AcctTwo CEO, Marcus Wagner interviewed by Jack Sweeney for Middle Market Thought Leader
From the Middle Market Thought Leader website:
"The middle market has always been a source of up-and-coming accounting clients for regional CPA firms, and such was the case for Marcus Wagner, who established a Houston CPA firm only to grow enamored with yet another mid-market opportunity. Join us when Marcus Wagner, founder and CEO of AcctTwo, recounts how cloud computing led him to bootstrap a shares services business he now views as the future of finance inside the middle market."
Listen to the full podcast below...
Two EY Consultants Give Advice on How to Prepare for the New FASB Rev Rec Changes
In an article published on CFO.com last week, John McGraw and Jeff Johnson, both with EY, give fair warning to IT departments at organizations that will be impacted by the new FASB and IASB revenue recognition standards. The crux of their advice is that most organizations aren't prepared, and that one key element of getting prepared is to evaluate what software solutions will automate the process and incorporate the regulatory changes.
Do You Have the POWER?
Since the inception of Excel, almost 30 years ago, Microsoft has been improving the computing power of the spreadsheet. As business intelligence requirements emerged, the need for unique calculations - graphing and macros (automating tasks in a spreadsheet) - became instrumental in the process of gathering and reporting data. For many years, analysts have lived and breathed in Excel. Excel provided users with the ability to produce results with automated computing power. For those buried in the data, this was a life saver.
In a recent article in the Wall Street Journal, Angus Loten and Kimberly S. Johnson draw attention to something we've been hammering on for a few years now: Cloudwashing, or the practice of painting over traditional IT technology with the word “cloud.” The article quotes Clay Johnson, CIO of GE Power and Water saying:
If you missed my post a couple of weeks ago about the 1099 deadline, or if you simply fell behind and didn't get all your 1099-MISCs out the door to your vendors by the February 1st deadline, don't despair. The world is still turning and life is going to go on. It's not the end of the world, and you can still get yourself in compliance relatively easily. Doing nothing because you think it's too late is not a good option, though. That can get you into trouble with the IRS.
Filed Under: Blog, 1099s, shared services, back office, FAO, Taxes, F&A outsourcing, Outsourcing, Income Taxes, outsourced finance and accounting, outsourced back office, Accounts Payable, compliance, bookkeeping, Awareness