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AcctTwo Blog

Data Science: The Foundation of Future Accounting

Data science has a high-tech connotation, yet it's a discipline that has slowly and subtly become central to the practice of accounting. It began in the biggest accounting firms, but now several midmarket players are relying on solutions or planning to implement them soon.

In the same way that other types of scientists study human cells or ancient bones, data scientists study information and information systems. Their goal is to identify patterns, trends, anomalies, and deviations. And in the process, they work to make accessing data more intuitive and flexible for all.

Topics: Data Science Accounting CPA

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: Artificial Intelligence Accounting CPA

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

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: Blockchain Cryptocurrency Accounting middle market

What are the Top CFO Priorities of 2018?

CFO magazine recently surveyed financial executives at six large and mid-sized companies to determine their top priorities for 2018. The sample size may be small, but the insights offered are substantial and the issues addressed apply to every accounting department. This is what industry leaders are thinking about most at the start of the year:

Topics: CFO Strategy Accounting

Predictions for the Accounting Profession in 2018

The accounting profession is in the midst of a sweeping transformation. The expectations, capabilities, priorities, and practices of finance & accounting are all in flux. These changes are being fueled by advances in technology, new competitive demands, and a growing acknowledgment that the industry is overdue for innovation and evolution.

The mood in the industry is excited but also a little uncertain. Accountants are understandably anxious about what their role will be moving forward. That is hard to know, but the best way to prepare is to track where the industry is headed and occupy a position ahead of the curve.

Topics: Accounting CPA cyber-attack Operational Reporting

Don't Get Left Behind by the "Divergence"

Note: This article is not about a dystopian science fiction film.

For most of accounting history the only difference between large firms and small firms was the size. Whether the ranks included 10 accountants or 1,000 accountants, all firms largely carried out the same tasks using the same tools and methods.

But as with most established ways of doing things, accounting is undergoing a period of disruption. New technologies ranging from blockchain, to big data, to machine learning are radically transforming the way accounting firms conduct business. And as a result, the very largest firms are "diverging" from all the rest.

Topics: CPA Accounting Divergence Informational

The Evolving Accounting Profession – Predictions for 10 Years Down the Road

The accounting field is dynamic by nature. But it's also bound by traditions, obligations, and regulations. As a result, the pace of change in accounting has been historically slow. Until recently.

A confluence of forces ranging from new technologies to new opportunities and risks is transforming the field at a breakneck pace. The promise and potential of accounting is greater than ever before. But so is the complexity and consequence.

The companies that hope to take advantage of these shifts must be aware of what is coming next. Here are some predictions for the near future from industry experts:

Topics: Accounting Informational CPA Finance Automation technology Managed Accounting Services (MAS)

How Managed Accounting Services Empowers You to Thrive with Fewer Accountants

Corporate accounting practices have always been under scrutiny, but in recent years, regulators have stepped up their efforts and looked a lot closer at enterprises regardless of size or vertical. In response, these enterprises have had to bring accountants onboard with the technical expertise to ensure compliance and establish internal governance.

Topics: BPaaS Busines-Process-as-a-Service FAO bpo Accounting

Essential Features of a Modern Accounting System for Nonprofit Organizations

What features should nonprofits and faith-based organizations look for in a modern accounting system?

Accounting systems are not something you change or replace often. However, as your nonprofit organization grows in size or complexity, you reach a point where manual processes drain your productivity, and you struggle to analyze your growing range of financial and operating data. At this point, you need a system that leverages the latest technology advancements.

Topics: non-profit Not-for-profit Industry Accounting ERP Checklist