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The 2024 State of the Corporate Tax Department report by Thomson Reuters Institute highlights these pressing issues, making a compelling argument for increasing technology budgets to unlock new levels of efficiency and strategic value. Currently, only a small fraction of the average tax department’s budget is dedicated to technology.
Many companies turn to technology, believing that investing in new systems will automatically boost efficiency. The adoption of new technology also requires investment in training, as systems are only as effective as the people using them. Moreover, many employees fear that automation will lead to job loss, and this concern is valid.
8 min read December 4th, 2024 The role of technology in financial reporting is increasing exponentially. Key Takeaways Automated Data Collection and Report Generation: Advanced technology is increasingly automating data collection, eliminating the need for manual entry systems.
Brian Tankersley, CPA, and Randy Johnston review HubSync , an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients. Randy Johnston 00:04 Welcome to the accounting Technology Lab.
Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. From automation to generative AI, learn how to optimize workflows, reclaim valuable time, and attract top-tier talent with cutting-edge technology.
The tech and accounting professionals that developed the TaxGPT co-pilot system says it can boost productivity by 10x. Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) They are venture backed.
Brian Tankersley, CPA, and Randy Johnston review Soraban , an AI-powered system that revolutionizes your practice’s client data intake process by automating and simplifying every step. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor.
Learn how Avalara integrates seamlessly with your existing tech stack, saving time, reducing costly errors, and hear firsthand from a firm that has supported clients through their tax compliance journey. Kenji Kuramoto is founder and CEO of Acuity, which has been named a Top Firm for Technology and Top Firm to Work For by Accounting Today.
Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Field of Study: Accounting.
Watch the video, or listen to the audio podcast below: Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Tankersley, CPA.CITP, CGMA 00:00 Randy, welcome to the accounting Technology Lab sponsored by CPA practice advisor. Have a great week.
Jump to ↓ The strategic role of tax technology Budget disparities and satisfaction levels The rise of Generative AI (GenAI) Key findings at a glance The future trends of tax technology Strategic takeaways and future directions The tax and accounting landscape is undergoing a seismic shift, driven by rapid technological advancements.
iwantmore.ai, the UK-based AI consulting firm, is thrilled to announce the appointment of Simon Williams as Head of Technology. With a distinguished career at Microsoft, Williams most recently served as a Power Platform Technical Lead, driving innovation in low-code/no-code solutions, including Copilot and enterprise automation.
These sales tax technology solutions appear to automate the full sales tax process; however, what is not apparent is that the software options are similar to a do-it-yourself (DIY) project. This would include: Implementation of the technology. Maintenance of the business assumptions and rules applied by the technology.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration.
Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor. Oh, here’s another one.
What began in 2014 as a tool to automate overdue invoice reminders has evolved into a globally recognized platform, and has empowered over 7,000 businesses to manage credit control efficiently. Recent years have also seen Chaser further advance its automation capabilities, to make invoice payments faster and easier for businesses.
Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Randy Johnston 00:10 welcome to the accounting Technology Lab. I mean, I knew the people, but I didnt know the product.
Since software, and especially Software-as-a-Service, may not be delivered in a tangible form, many technology and software companies have considered themselves exempt from sales and use tax. In fact, many states impose sales and use tax on services provided by the technology industry. But this is not always the case.
Speaker: Michael Ly, CEO of Reconciled, and Chris Elmore, UNCC Professor and Chief Evangelist of AvidXchange
The common fear about automation today is the belief it will displace millions of jobs. While it could make certain functions obsolete, a more optimistic view is that automation enables people to re-center their workday on more essential, purposeful functions. But technology is only as good as the people it serves.
2024 was certainly a year of discovery and rapid progression for AI and automation. For the finance function specifically, there have been ongoing enhancements to automation capabilities for tasks such as invoicing and expense management. The challenge for CFOs is working out what elements are useful and where it can be used.
A Top Technology Initiative Article by Randy Johnston. The outlook couldn’t be brighter with new opportunities, technologies, challenges, and clients looking to take advantage of your service offerings. In this column, I will illustrate portal and AI support with some new platforms that are examples of improved automation and AI.
Jump to The transformative potential of AI in advisory Breaking through traditional pricing models Empowering teams through technology Challenges and considerations when adopting tech and AI Embracing technology to unlock advisory services Today, many forward-thinking accounting firms are driving business growth through advisory services.
It’s about attracting the type of high-potential talent that can more effectively meet the needs of their organizations by fully embracing and leveraging new technologies to become exponentially more efficient. Great accountants expect interesting roles and tech-forward careers Ask someone outside of our profession to imagine an accountant.
Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals.
The accounting landscape continues to evolve at a rapid pace with emerging technologies, shifting workforce dynamics, and new operational demandsall of which impact the way accounting teams operate, and businesses achieve growth goals. ” Today, CFOs are no longer working in silos or scrambling to provide retroactive financial reports.
With talent shortages looming and technological advancements accelerating, tax departments are at a pivotal juncture. Among these resolutions are workforce retention programs, automation and technology integrations, while also considering resource and budget allocations.
Aprio , the 25 th largest business advisory and accounting firm, has released its 2025 Technology Outlook , highlighting the recent impact of private equity and venture capital funding within the tech sector and key trends that will continue to make an impact in 2025.
When a crisis hits, HR technology gives business leaders the data, tools, and support to make important business decisions quickly. In this report, Josh Bersin outlines why HR tech is more important than ever and how it can help small and medium businesses throughout times of crisis.
As John Egan, CEO of L’Atelier, once noted, the bigger challenge to prediction isn’t forecasting technological change, but understanding societal change. Nor can we fly around in high-tech metal suits. Yet we are seeing faster digital payments, and automated e-invoicing.
Since the first adding machine showed up on counters to help shopkeepers tack on the correct sales tax, automation has been part of compliance. But does the new automation always keep up? New tech AI is no doubt the new tech player on the block for all forms of automation, and sales tax calculation is no exception.
Blog home The Thomson Reuters 2025 Corporate Tax Department Technology Report offers the latest research on how corporate tax departments are incorporating new technologies into their operations, as well as the many challenges tax departments face in adopting new technological systems and processes.
Many changes in technology over the past 30 years have affected how background investigations are conducted. Chatbots are another relatively new tool that automate workflows and free up employees from repetitive tasks.
Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging technology to drive productivity and cost savings. Don’t let outdated processes slow you down!
In the fast-changing business environment of today, automation is essential for boosting efficiency and productivity. This blog will explore the revolutionary use of natural language for creating cloud flows, the powerful RPA features in Power Automate Desktop and how Copilot enhances process mining within Power Automate.
Incorporating Automation and Artificial Intelligence Automation and artificial intelligence (AI) can significantly speed up the financial close process to help companies close their books more quickly. Blurring Roles of Finance and IT Skills Technology is increasingly automating financial tasks and computations.
If you dont, your tech company could come back to haunt you. To ensure your tech company doesnt cause issues in your future, follow these steps. #1: your own technology or a unique intellectual property), you might be able to find an interested buyer. The post Shutting Down Your Tech Company? Thats why were here.
These statistics highlight an undeniable reality: delivering outstanding CX is not optional—it is a strategic imperative, even in specialized sectors like tax technology. Tax professionals require efficient tools and proactive support from their technology providers to enhance service delivery.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance.
iplicit named 40th fastest-growing tech company iplicit Ltd, the fastest selling mid-market accounting solution in the UK, has been listed among the 50 fastest-growing tech companies in the UK. The industry disruptor secured 40th place in the annual Deloitte UK Technology Fast 50 list.
From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies. [Go Similarly, automation reduces costs and improves efficiency by eliminating tedious and time-consuming manual labor (e.g.,
← Blog home In the rapidly evolving field of auditing, AI-powered technologies are revolutionizing traditional processes. As emerging technologies and regulations reshape the field, many auditors find themselves grappling with outdated processes and inefficiencies. link] How can AI-powered technology help audit professionals?
The field of public accounting is undergoing significant change, from rapid advancements in technology to evolving client expectations, including increasing demand for strategic advisory services. For example, you can implement automation software and generative AI tools to give employees more time for strategic, value-adding work.
As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”.
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