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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: Accounting CPA Data Science

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

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 cyber-attack Operational Reporting CPA

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: Informational Accounting CPA Divergence

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

Should The Subscription Model Be The Future for CPA Firms?

Does your CPA firm charge clients under a time-and-materials type of contract? If the answer is yes, then the following scenarios will probably sound familiar to you.

Topics: Subscription-Based Revenue Subscription Billing CPA

Webinar - How the Cloud Impacts Modern Day Financials

The cloud is truly transforming the CPA client relationship.  Perhaps nowhere is this more evident than in the area of financial reporting and advisory services. In this webinar we will explore this more closely from both the perspective of the practitioner as well as a leading accounting technology provider.

Topics: Events and Webinars CPA