The Impact of Artificial Intelligence on the Accounting Profession

The Impact of Artificial Intelligence on the Accounting Profession

Artificial Intelligence or AI is defined as the capacity of machines and software to exhibit or imitate a sense of cognitive intelligence. The idea behind AI holds great potential and yet also raises many concerns. In fictions, scientific and otherwise, developing AI tools and applications, capable of thinking, learning and, reacting like living beings doesn’t end very well. But in the real world, the concerns it generates are not that grave but does, however, pose the threat of a revolutionary disruption trend similar to that of cloud accounting. 

There is no need to deny the fact that AI can become an invaluable business enhancement tool in professions where significant training is a necessary prerequisite. Professions where technical precision and right-minded judgments are necessary such as accounting also has great scope for AI applications. In fact, a report from Deloitte states that in the very near future, AI could help develop a whole new paradigm of services, and product, creating a whole new market with huge investor profits.  

Niche business areas like customer service, research and development, logistics, sales, and marketing also have great potential for AI applications. Although AI as a technology is still in its infancy, a report from the European Commission states that the global market for AI and AI applications grew from €700 million in 2013 to €27 billion by the end of 2015. 

Similar to the cloud accounting disruption in the industry a few years earlier, accountants and the accounting industry in general, will ...


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Common Data Security Screw-ups On The Cloud

Common Data Security Screw-ups On The Cloud

Data security on the cloud is an issue which usually gets lost in the discussion. Understanding the many critical avenues of securing data on the cloud is an absolute must for proper cloud data security. Businesses implementing cloud hosted services believe that all data security procedures are covered by their service providers. But this not completely true! Digital data is generally very volatile and requires safe practices from the client's end as well. 

With that being said, here are a few mistakes that are common among businesses, that may turn ugly and result in data security screw-ups on the cloud. 

Failing to understand the data you need to protect 

The data security measures put in place should always harmonize with the type of data meant to be secured on the cloud. Different service providers take different approaches to their data security strategy, which greatly depends on the type of data to be stored and secured on the cloud. Businesses which blindly implement a single type of data security protocol for all the different types of their data are at risk of spending more than they need to on data security, under-protect certain data types, or even creating legal or compliance related issues. 

Failing to consider data in flight 

Most service providers and businesses alike only consider data encryption when it is stored somewhere and is at rest. They fail ...


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8 Benefits of Cloud Accounting for Small and Medium Businesses

8 Benefits of Cloud Accounting for Small and Medium Businesses

The ability to flawlessly execute business operations is a critical determining factor of a businesses potential success. It is this flawless execution guarantees that the business delivers the services or products to their customers and meet their demands, all the while also maintaining a certain competitive edge over the rest of the industry. 

Previously, large corporations had a great advantage when it came to data management as they the have all the necessary resources like in-house data servers, skilled IT professionals, and other such resources. When it comes to the competitive barrier between small-medium businesses (SMBs) and large companies, this technological gap meant that SMBs never had access to the same playing fields as the larger organizations. Their capability to invest in custom IT infrastructures to enable more efficient and smoother business operation gave them a huge advantage that SMBs were previously unable to seize. 

But with the advent of Cloud computing technology and Cloud-based accounting systems, today SMBs are also able to keep up with greater customer demands all the while delivering and implementing the same large business like operational protocols. All this is only possible with Cloud based solutions which offer a cost effective solutions package to SMBs and levels ...


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5 Ways to Increase Your Start-up Valuation with Cloud Accounting

5 Ways to Increase Your Start-up Valuation with Cloud Accounting

Cloud accounting is a great tool, not only for large businesses and organizations but also for start-ups. It is the process or financial strategy which helps businesses to store, monitor and process confidential financial data, without investing in expensive in-house IT server infrastructure. In the case of start-ups, Cloud accounting solutions bring in a whole plethora of benefits which help the emerging business to grow and optimize the efficacy of its operational protocols, while also increasing its valuation. Cloud accounting’s dynamic advantages like real-time data access, scalability, and flexibility make it a great choice for developing start-ups. 

The basic fundamental of any start-up is its affinity for innovation and creativity. A start-up which implements Cloud accounting protocols with business strategy benefits in more than way. It can help start-ups with limited resources and /or knowledge to properly manage their financial aspects without much of a hassle. Here are a few advantages of implementing Cloud accounting techniques, which helps to drive up a startup's valuation. 

1.Impressive Data Flow and Access Management 

Unlike large business and corporations, start-ups lack the necessary IT resources like skilled IT personnel, specialized hardware, and top notch security systems to properly set up and manage an in-house data servers. Without a significant amount of funding, start-ups ...


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