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How Technology Will Optimize – Not Replace – The Role of Accountants

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By Irana Wasti.

The adoption of a new product or technology tends to follow a familiar cycle.

First, there is skepticism about whether it will live up to the hype.  A few proven use cases later, people are talking about whether it will enhance or upend their professional lives. Before we reach the final stage where the technology is widely adopted, we pass through a period of uncertainty, where we wonder if this technology will be too helpful — to the point of being a threat to job security.

Generative AI programs like ChatGPT are a hot topic across all industries — and the accounting industry is no different. A 2023 Thomson Reuters study found that 52% of surveyed accounting firms believe generative AI should be used for tax, accounting and audit work.

On the technology adoption scale, this places the accounting industry somewhere between uncertainty and adoption: accountants can see the value that generative AI may offer, but we’re also hearing that some have real concerns these tools will become their clients’ new go-to source for accurate information and insights.

In my role at BILL, I spend a lot of time listening and talking to small and midsize businesses (SMBs) and accountants about how trends like AI are impacting them. Here are some key takeaways to help accountants understand where they sit on the AI adoption scale.

A Refresher on Basic Automation Tools

Many accountants will be familiar with automation tools that help to complete repetitive, manual processes and workflows. Basic automation tools are completing specific, defined tasks with stated parameters. One simple, universal example: if your firm records a meeting, automation tools may be used to automatically generate a transcript. For accountants, a more specific example would be using software to transfer information from invoices into the accounting console or an internal spreadsheet.

Another example is merging data from different sources or reconciling data from one period to another. These solutions tend to be easily scalable and have a low adoption barrier due to their clearly defined functions. And the necessary controls – i.e., needing to be deployed manually — provides peace of mind for accounting firms that the tools they deploy will not run amok.

For an example of how automation benefits accounting firms in real time, look no further than California-based firm Chaney & Associates. Thanks to efficiencies made possible by the AI-powered automated tools in BILL’s Spend and Expense solution, Chaney & Associates is able to serve 1,100 clients with a team of 17 employees. By automating manual processes and instead focusing on high-value client services, the firm has seen a spike in income.

Making Automation Even More Powerful With AI

Automation is so much more than manual data processes or workflows though. With the help of AI, automation tools and software can analyze increasingly large (and, in some cases, increasingly broad) sets of data to provide valuable insights and predictions.

Standard or non-generative AI refers to AI solutions that analyze and make predictions based on existing data. The use of existing information is what differentiates standard AI solutions from generative AI, which is generating new information based on whatever prompts the user inputs.

Both standard and generative AI solutions can help enable firms to transform traditional processes and stay competitive.  This is especially important as the accounting industry continues to innovate and the role of an accountant evolves beyond simply completing tasks to also include providing high-level strategic analysis and recommendations.

The great news is that, in many cases, firms don’t have to go searching for new AI solutions — this technology is often built into the tools they are already using.  On the BILL platform, for example, AI is used to automate tedious portions of the accounts payable process, like extracting data from invoices and separating multiple invoices into individual bills. 

AI’s abilities to identify complex patterns and trends can provide enhanced analysis of large amounts of data. But while it is true that computers can crunch numbers at a faster rate than the human brain ever could, accountants needn’t be worried that these solutions will put them out of a job. Accountants are still essential for providing nuance and expertise that translates data into better insights and more informed decision-making for clients.

The human element of the client/accountant relationship is – and will remain – one of the most important components of a successful firm.

Where to Start

While AI solutions can provide time savings and cost reduction for accounting firms, adopting these tools requires a shift in mindset and some upskilling. Firms should consider the skillsets of their existing employees when deciding which tools to implement and develop thorough change management plans centered around their employees and their clients.

In addition to employee training, data integrity is also essential to a well-functioning AI or automation solution. This technology can only be as good as the data they are working with, making this another area where human oversight cannot be replaced. Firms need to review the quantity and quality of their available data to ensure enough information is available for any tech solution to do its work to the best of its ability.

What Comes Next?

As the accounting profession accelerates toward a more digital future, firms that want to remain competitive will figure out how best to employ the resources they have to increase efficiency and maximize employee productivity.

This does not mean jumping in headfirst without a plan. Instead, firms should ensure the right processes and procedures are in place to safeguard their businesses and their clients. But at the end of the day, these tools exist to aid in day-to-day operations. When work is more efficient, and clients can be provided with a higher level of service, everyone wins.

AI is most useful when paired with the knowledge and expertise of accounting professionals, helping to increase efficiency and provide employees with the bandwidth to do higher value work. And for firms that are still wary about generative AI, there are other tools, like automation and standard, non-generative AI, that could make your day-to-day operations more efficient.

At a time when accounting firms are laser-focused on growth and also dealing with continued staffing shortages, this technology – which is already built into the financial automation software you use every day – can play a huge role to fill some of these resource gaps and help accountants keep up with a growing workload.

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Irana Wasti is Chief Product Officer at BILL.

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Leaders

Mark Cuban is The Maverick Entrepreneur Changing Business and Beyond

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Mark Cuban's journey embodies the American entrepreneurial spirit

From selling garbage bags door-to-door as a child to becoming a billionaire tech pioneer and beloved “Shark,” Mark Cuban’s journey embodies the American entrepreneurial spirit. His straight-talking approach and business acumen have made him one of the most recognizable business figures of our time.

Early Life and Education

Born in Pittsburgh on July 31, 1958, to working-class parents, Cuban learned the value of hustle early. His grandfather, a Russian immigrant, sold merchandise from the back of his car—perhaps planting the entrepreneurial seed that would define Cuban’s future.

After graduating from Indiana University in 1981 with a degree in business, Cuban didn’t follow a traditional career path. Instead, he moved to Dallas with just $60 in his pocket, sleeping on the floor of a friend’s apartment while working as a bartender.

Building His Fortune

Cuban’s first major success came in 1990 when he sold his computer consulting firm, MicroSolutions, for $6 million. However, his true financial breakthrough arrived during the internet boom of the 1990s. Cuban and his business partner Todd Wagner founded Broadcast.com, an internet radio company that streamed audio of sports events and other content.

In 1999, Yahoo acquired Broadcast.com for $5.7 billion in stock—a deal that instantly made Cuban a billionaire and cemented his place in tech history.

The Dallas Mavericks Era

In 2000, Cuban purchased a majority stake in the NBA’s Dallas Mavericks for $285 million. Under his passionate and sometimes controversial leadership, the team transformed from a struggling franchise into NBA champions in 2011.

Unlike traditional team owners, Cuban sits courtside at games, openly criticizes referees, and maintains close relationships with players. His hands-on approach revolutionized NBA ownership culture and turned the Mavericks into a billion-dollar franchise.

Beyond Business: Media and Philanthropy

Cuban’s charismatic personality made him a natural fit for television. Since 2011, he has been a main investor on ABC’s “Shark Tank,” where his no-nonsense approach and investment savvy have helped launch numerous successful startups.

Behind the public persona lies a dedicated philanthropist. The Mark Cuban Foundation supports various causes, including entrepreneurship programs for at-risk youth and research into treating rare diseases. Following the COVID-19 pandemic, Cuban launched Cost Plus Drugs, aiming to dramatically reduce prescription medication prices for millions of Americans.

Looking Forward

Today, Cuban continues to disrupt industries through his forward-thinking investments in AI, cryptocurrency, and healthcare. Despite his billions, colleagues describe him as remarkably approachable and genuinely passionate about helping entrepreneurs succeed.

Cuban remains focused on making healthcare more affordable through Cost Plus Drugs and exploring new frontiers in digital technology. His commitment to transparency in business practices and creating opportunities for others forms the cornerstone of his ongoing legacy.

For aspiring entrepreneurs, Cuban’s advice remains consistent: follow your passion, outwork the competition, and always be learning. As he often says, “Work like there is someone working 24 hours a day to take it all away from you.”

Mark Cuban’s journey from selling garbage bags to building a multi-billion-dollar empire proves that with determination, innovation, and a willingness to challenge the status quo, extraordinary success is possible.

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Technology

Quantum Computing is Transforming Industries, Security, and Future Technologies

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Quantum Computing is Transforming Industries, Security, and Future Technologies

Quantum computing is rapidly emerging as one of the most transformative technologies of the 21st century. Unlike classical computers, which use bits to process information as either 0s or 1s, quantum computers leverage qubits, allowing them to exist in multiple states simultaneously. This property, known as superposition, along with entanglement and quantum tunneling, enables quantum computers to solve complex problems exponentially faster than traditional systems. As this technology advances, industries across the board are exploring its potential to revolutionize computing, security, and data processing.

Real-World Applications of Quantum Computing in Industries

Several industries are already benefiting from quantum computing’s capabilities. In healthcare, quantum algorithms are accelerating drug discovery by simulating molecular structures at an unprecedented scale, significantly reducing the time required for pharmaceutical research. Financial institutions are leveraging quantum computing to optimize trading strategies, portfolio management, and risk assessment. In manufacturing, quantum simulations enhance material science, leading to the development of stronger and more efficient materials. The logistics sector is also utilizing quantum computing to optimize supply chain management, reducing operational costs and improving efficiency.

Key Developments from Tech Giants in Quantum Research

Leading technology companies such as Google, IBM, Microsoft, and Intel are at the forefront of quantum computing research. Google made headlines with its claim of achieving quantum supremacy in 2019 when its quantum processor completed a calculation in 200 seconds that would take a classical supercomputer thousands of years. IBM continues to advance its quantum computing roadmap with cloud-accessible quantum computers and the development of a 1,000-qubit processor. Microsoft is investing heavily in topological qubits, a novel approach aimed at creating more stable quantum processors. Meanwhile, Intel is working on silicon-based quantum chips, striving to make quantum computing more scalable and accessible.

Quantum Cryptography and Its Potential to Redefine Security

As quantum computers advance, they pose a significant threat to current encryption methods. Traditional cryptographic techniques, such as RSA and ECC encryption, rely on the difficulty of factoring large numbers, a challenge that quantum computers can overcome almost instantly. Quantum cryptography, particularly quantum key distribution (QKD), offers a solution by leveraging the principles of quantum mechanics to create theoretically unbreakable encryption. Governments and cybersecurity firms are actively researching post-quantum cryptographic solutions to safeguard sensitive data against potential quantum attacks.

Challenges in Scaling Quantum Technologies

Despite its immense potential, quantum computing faces several challenges before it can become widely adopted. One of the biggest hurdles is qubit stability, as qubits are highly sensitive to environmental disturbances, leading to errors in computations. Error correction mechanisms are still in their early stages, requiring significant advancements before quantum computers can handle large-scale, practical applications. Additionally, quantum hardware is expensive and requires extreme cooling conditions, making commercialization difficult. Researchers and tech companies are actively working on solutions to address these challenges, but widespread implementation remains years, if not decades, away.

Conclusion

Quantum computing is poised to revolutionize industries by solving complex problems beyond the reach of classical computers. From pharmaceutical research and financial modeling to secure communications and logistics optimization, its applications are vast and transformative. However, challenges related to scalability, stability, and cost must be addressed before quantum computers can become mainstream. With continued advancements from tech giants and research institutions, the future of quantum computing holds immense promise, paving the way for groundbreaking innovations in computing and security.

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Technology

Reddit CEO Steve Huffman Unveils Monetization Strategy for 2025

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Reddit CEO Steve Huffman Unveils Monetization Strategy

In a strategic move to diversify revenue streams and enhance user engagement, Reddit CEO Steve Huffman has unveiled plans to introduce paid subscriptions for select subreddit content by the end of 2025. This initiative aims to offer exclusive, subscriber-only content within certain communities while maintaining the platform’s foundational free access.

During a recent “Ask Me Anything” session, Huffman described the paid content model as a “work in progress,” emphasizing its significance as one of the “new, key features” slated for rollout this year. He reassured users that the introduction of paid subreddits would not compromise the availability and growth of free content on the platform. This approach seeks to balance monetization efforts with Reddit’s commitment to open access, ensuring that the core user experience remains intact.

In addition to paid subscriptions, Reddit is exploring the development of marketplace features within subreddits. This would enable users to conduct transactions directly on the platform, facilitating the buying and selling of goods and services without the need for third-party platforms. Such a marketplace could significantly enhance user interactions and create new monetization avenues for both Reddit and its users. However, Huffman noted that this aspect of monetization is still under development and may take time to fully implement.

These strategic initiatives come in the wake of Reddit’s financial performance in 2024, where the company reported a net loss, prompting a reevaluation of its monetization strategies. Despite the financial setback, Reddit experienced a 39% increase in daily active unique visitors, totaling 101.7 million users. This growth, although slightly below market estimates, underscores the platform’s expanding user base and the potential for monetization through diversified offerings.

Reddit’s foray into paid content and on-platform transactions reflects a broader trend among social media platforms seeking sustainable revenue models beyond traditional advertising. By introducing exclusive content and facilitating user-driven commerce, Reddit aims to enhance user engagement, attract new audiences, and provide content creators with opportunities to monetize their contributions. As these plans unfold, the platform will need to navigate potential challenges, including user reception and the integration of new features, to successfully balance monetization with its community-driven ethos.

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