View a Demo Free Consult Join a Webinar Free Trial Client Login

AcctTwo Blog

Artificial Intelligence Will Prove How Necessary People Are

As artificial intelligence (AI) grows in maturity and ubiquity, it's hard not to imagine a "rise of the robots" scenario. But whether you expect the future to be more like the Jetsons or more like Terminator, it's likely to be less robotic than any of us predict.

Topics: Accounting CPA Artificial Intelligence

The More Active the CFO the More Stable the Company

Data-driven technologies are revolutionizing finance in ways that are both exciting and unexpected. Just consider the fintech startup Prattle. The company uses machine learning and analytics to determine whether earnings calls will have a positive or negative impact on markets.

The technologies analyze word choices, speech patterns, length, and other variables of earnings calls. Then the technologies compare those variables against past speeches. The goal is to spot patterns, trends, and indicators that lie below the surface of the statements.

Exploring Prattle's approach is fascinating because it uncovers market oddities that had previously been intuitive but not obvious. For instance, Prattle's data shows that when CFOs talk more than CEOs the company's stock experiences less short-term volatility.

Topics: CFO

Highlights of Sage Intacct's Release 1 2018

Sage Intacct is an industry-leading financial management solution. But in today's rapidly-evolving business world, a static solution can’t remain relevant. The developers behind Sage Intacct understand this, which is why the product is updated four times annually without fail.

These are not minor or cosmetic updates, either. They are based on deep feedback from users and designed to extend and improve the utility of the solution. As a result, Sage Intacct gets better and better every few months.

The first update of 2018 went into effect on February 9, and the additions and enhancements are some of the most significant in the history of the solution. Look forward to these new capabilities:

Topics: Intacct Releases Sage Intacct

Why CFOs Should Be Developing Technology Roadmaps

The Association of Chartered Certified Accountants (ACCA) recently came out with a report highlighting the importance of technology to the future of finance. Somewhat surprisingly, the report does not conclude that technology can improve finance and accounting. Instead, it concludes that technology can revolutionize finance and accounting.

Topics: CFO technology Accounting

The Industry is Evolving to Embrace Managed Accounting Services

The definition of "accountant" is different today than it has been at any other time in history. Traditionally, these professionals were labeled as bean counters and number crunchers. The work they performed was essential, but it did not rise above the level of administration.

Topics: FAO bpo Managed Accounting Services (MAS)

This WSJ Article Sure Sounds Familiar

A recent Wall Street Journal article reiterated a point we have been emphasizing for years: When it comes to accounting, Excel is outdated and inadequate for all except the smallest businesses. It is a spreadsheet tool, not an actual piece of financial management software. As a result, it tends to be inefficient and unproductive, particularly for companies geared for growth.

The WSJ cites companies as diverse as P.F. Chang's China Bistro and Wintrust Financial Corp that ran up against the limits of Excel and suffered setbacks as a result. All of them introduced more sophisticated software later, but let's focus on why that was necessary in the first place.

Topics: spreadsheets accounting software Excel

Startups are Starting to Pay More Attention to Financials

Does your startups have its books in order?There is a reason it's called "angel" investment. Startups depend on venture capitalists to take a risk on something untested and unproven, make an investment based on promise and potential, and throw their weight behind companies that have yet to find their stride. But what is important to realize is that angel investors are gamblers, but they are not stupid.

Topics: venture capital Start-Up

Highlights From Deloitte's Midmarket Trends Report

Deloitte recently conducted its annual survey of decision makers in midmarket companies. Over 500 participants offered their insights and opinions about the positive and negative forces affecting companies with revenues between $100 million and $1 billion. Any company falling in or close to that range should consider what industry leaders are feeling optimistic and pessimistic about moving forward.

Topics: middle market Cloud computing process automation Survey

Is Blockchain Coming to Midmarket Finance & Accounting?

The term blockchain gets referenced a lot lately. In fact, we wrote a whole piece about it several years ago. The only problem is that blockchain is still poorly understood, and its association with the cryptocurrency Bitcoin only leads to more misconceptions.

Let's start with a basic definition: Blockchain is a form of peer-to-peer database technology that is distributed among users. It can be shared widely and added to endlessly, but once information is entered it cannot be changed. Imagine a digital receipt that continues to print endlessly.

Topics: middle market Accounting Blockchain Cryptocurrency

RPA is Coming: How to Keep Robotic Accountants Effective

When we think about the robotic workforce of the future, we tend to focus on industrial applications, but the impact of automated labor may be felt most broadly and deeply in the world of finance.

A recent piece in the Wall Street Journal highlights an accountant named Roberta working for the Nordic energy firm Statoil. Roberta is tasked with analyzing huge amounts of payment data to locate missing invoices. And she is incredibly good at her job because she is actually a piece of software.

Topics: Finance Automation Robotic Process Automation RPA