Innovation

If you’re like me, you may think of artificial intelligence (AI) as a catch-all term that seems almost untouchable. It’s a nebulous concept that leaves those of us without computer programming skills often believing that “AI is coming for...

A 2020 study from Sage found that almost half of accountants believe new technology tools aid in their productivity. ChatGPT, one of the new kids on the AI block, has been making waves in the business world over the past few months. Google’s...

At a time when discretionary spending is tight, and pressure to grow revenues remains high, CFOs are increasingly focused on cost optimization. CFOs know that proactively allocating and managing costs, and removing activities that drag down...

On Nov. 30, 2022, OpenAI released the prototype version of ChatGPT, one of the first generative artificial intelligence (AI) applications available to the public. Within five days of its launch, the application reached over 1 million users...

By Marc D. Mintz, CPA, CITP, CGMA, Marc Mintz & Associates 
 
 Anyone with a degree or extensive experience in statistics knows that data analytics has been around for a long time. So, what is data analytics, why has it become so prevalent...

Recruiting in any industry is a bit of a numbers game. Finding the best candidate for a role means sorting through hundreds or maybe thousands of resumes to screen potential candidates—and that’s only the beginning of the hiring process. For...

Put a good idea in the hands of CPAs, and they’ll find innovative ways to make it even better. That’s exactly what’s happening right now with the new .cpa web domain. If you’re wondering whether your firm should make the move to a .cpa domain, here are some domain-based brand strategies (in addition to the benefits of heightened security and trust) that your peers in the profession are already putting to work.

By Wendy Li, CPA 
 
 
 “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy...

By Michael Ryan, CPA
 
 If you are still wondering what blockchain is and what it means for accountants, you are not alone. 
 
 Often considered synonymous with cryptocurrency, blockchain may actually open up accounting to the world of...

By Dr. Sean Stein Smith, CPA, DBA, CMA, CGMA, CFE, City University of New York — Lehman College and Philip J. Whitman, CPA, CEPA, Whitman, CPA, CEPA, Whitman Transition Advisors LLC
  
 There is no shortage today of issues that founders...

In order to stand out in a crowded profession, many financial professionals are leveraging the escalating trend toward advisory services. The ability to offer specialized knowledge allows you to differentiate yourself from competitors and position yourself more favorably within the marketplace.

By John Graziano, CPA, CFP, PFS, FFP Wealth Management 
  
 Is your accounting firm taking steps to protect against a cyberattack? If not, you may be putting your firm’s future at risk. On average, cyberattacks cost companies $4.24 million...

By Tom Kirkham, IronTech Security  
 
 All businesses are at risk for a cyber attack. And in these uncertain economic times it is expected that the risk will increase. The past has shown a correlation between recession and cybercrime. During...

Keeping up with emerging technologies and tech lingo can be an overwhelming task. That’s why we pulled together this glossary to help you better understand 12 of the most common and popular tech terms you’ll hear about in the business and CPA world.

Many people would never dream of investing their hard-earned money into a digital collectible, more commonly known as a non-fungible token (NFT). But surprisingly, NFTs have experienced an unprecedented surge in popularity over the past two years. Early adopters experienced unparalleled returns that were primarily driven by waves of speculative investors who followed suit. With these realized gains and losses, difficulties in accounting ensued.

Checklists and analytics have long been staples of the audit profession. However, the Dynamic Auditing Solution (DAS) initiative, a joint venture between the American Institute of CPAs (AICPA), its subsidiary, CPA.com, CPA firms, and CaseWare International, aims to enhance the process. Here’s an update on the where the initiative stands from Amy Pawlicki, AICPA vice president of assurance and advisory innovation.

Cryptocurrency is gaining momentum and becoming more mainstream. As founder of Afloat, a blockchain-based tax credit marketplace, VSCPA member Louise Reed, CPA, answers a lot of questions about crypto and other innovations. “You can’t truly appreciate the value of bitcoin until you understand the underpinnings of the math that make blockchain technology profoundly disruptive,” Louise says.

If you or your organization wants to inspire an innovative and responsible corporate culture, five factors could help you get there, according to a 2021 whitepaper from the AICPA & CIMA and World Business Council for Sustainable Development.

No matter what your position, cryptocurrency is being recognized by governments, accepted as a form of payment, added to balance sheets, bundled with traditional investment options, and used as a method for charitable giving. Just like electronic giving altered the charitable giving landscape over the last decade or so, digital assets have the potential to do that exponentially faster.

CPAs are uniquely qualified to help implement Master Data Governance (MDG) — essential for Master Data Management (MDM). But what are the roles of MDG and how should you implement them?

CPAs are uniquely qualified to help implement Master Data Governance — essential for Master Data Management (MDM). MDM is the initiative an entity undertakes to structure, formalize and standardize its enterprise database(s).

The cloud was once a mysterious product only embraced and implemented by the most forward-thinking CPA firms. Today, most CPA organizations are aware of the cloud and how migrating a legacy IT ecosystem over to it can deliver tremendous benefits across a wide array of areas. The cloud and an experienced cloud partner are a CPA firm’s best defense against an ever-evolving cybersecurity threat matrix.  

Employees at all levels of an organization are continuously generating new knowledge, collaborating, learning about the market and opportunities for growth, creating solutions and workarounds and identifying stress points for both the company and its clients. Tapping into this brainpower can be a powerful force for innovation. 

While it is fair to say some people are inherent innovators, think Bill Gates, Oprah Winfrey or Steve Jobs, most people actually become innovative by working for an organization or in an environment that cultivates the skill — a company whose behavior and attitudes foster an innovative culture.

Non-fungible tokens (NFTs) really came to the forefront in 2021 as another way to utilize blockchain technology as well as digital currencies. The marketplace for NFTs continues to grow as more and more individuals create digital content to be sold.

While the latest lull in how much accountants have been bombarded with blockchain may seem like it is dying out, this is not the case. Blockchain is likely here to stay.

Technology and automation will begin replacing accountants’ jobs if they haven’t already. At the same time, some firms outsource work to foreign countries. This puts more and more pressure on the modern accountant to adapt to today’s world so they can remain competitive. 

Innovation doesn't just happen magically. A smooth launch of a product or service is the result of countless hours of research, across-the-board adoption by your team and a marketing plan that encourages customers to give your latest offering a try.