AI for Accounting Automation Will Be Significant

Cybersecurity remains a concern.

By Roman Kepczyk
The Rosenberg MAP Survey

EDITOR’S NOTE: Every year, the Rosenberg MAP Survey asks the industry’s top consultants to share their observations from CPA firms across the country. How do you think the next 12 months will unfold? Also, how would you assess the last 12 months?

Positive Optimism: Barring an even larger international political crisis in the next 12 months, the opportunities within the accounting profession for firms both providing traditional compliance services and those that have expanded into advisory practices will simply be phenomenal! From a technology perspective, the evolution of artificial intelligence capabilities within accounting applications for process automation will be the most significant trend and while there will be a lot of early hype, good solutions will be able to prove themselves out fairly quickly.

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Watch for what Microsoft does with Copilot and integrated virtual assistance within Excel, Outlook, their Edge Browser and, in particular, Microsoft Teams. Then start watching what individual accounting profession applications start integrating virtual assistance tools for tax research and projections, audit work program assistance, and use of tools to acquire and analyze accounting data and reporting, and the breadth of practical opportunities will start to unfold.
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OUTLOOK 2023: Tech Automation Takes Hold

Less time on tech means more time with clients.

By Roman Kepczyk
The Rosenberg MAP Survey: National Study of CPA Firm Statistics

From a technology perspective, we already see firms ramping up to identify and implement automation tools and improved production processes.

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Many realize that may be the only way to deal with the staffing shortages that continue to worsen… even with the expanded efforts made last year.

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Deliver Internal Reports Digitally

Abstract illustration of binary data flowYes, even to the owners.

By Roman H. Kepczyk

Improving firm efficiency means that the owners have to get on board. One of the more obvious opportunities is the delivery of the firm’s own financial reports. Many firms still print a hard copy of the monthly financials and distribute them to each owner, many of whom physically store these documents in a binder or drawer in their office.

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Most firms consider these documents confidential and yet copies are distributed throughout the office, many of which are not secured. A better solution is to set up an “owner’s drawer” on the firm’s portal or document management system and post one copy of the monthly financial statements when they are ready.
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Why Daily T/E Entry Matters

Laughing businesswoman talking on the phone in office in front of four monitorsHow about better cash collection?

By Roman H. Kepczyk

Studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release and post time and expenses on a daily basis. This process allows for daily or “hotel”-type billing that is sent out with the completion of each billable project.

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The next step in the evolution of time and billing systems provided real-time dashboards to report on firm activities and effectively allow firms to generate invoices. This can work only if all time and expenses for all personnel are captured within the system. While most firms have a daily time entry “policy,” the biggest abusers of the policy are often owners and managers, so it is about time for them to get on board and use the system.
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The Case for Digital Auditing

It’s time for some outside help.

By Roman H. Kepczyk

Traditional audit practices use the previous year’s audit programs and processes updated for the current year as their standard operating plan. Eventually this can lead to a significant amount of “overauditing.” Breaking this habit is difficult as every level of staff has been trained in the manual processes and falls back on them when deadlines approach.

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Many firms have rightfully transitioned to digital “document container” applications such as CaseWare, WoltersKluwer/CCH Engagement and Thomson Reuters Engagement CS. Not all of these firms have changed their approach to reviewing progress on the audit and the financial reporting on a computer screen in a digital format.
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Pandemic Highlights Value of Digital Files

Post with two signs, "same" and "change"CPE and training needs are evolving.

By Roman Kepczyk

Last year’s extension to July 15 made for a very drawn-out busy season but did allow firms to shift resources to assist clients with PPP loans and other compliance. Second, the move to remote/cloud was forced rapidly and pointed out the advantage of firms already utilizing cloud vendors and hosting providers as their transition was seamless.

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Third, the difficulty and caution in physically meeting firm members and clients face to face forced adoption of virtual solutions such as Zoom and Microsoft Teams and pointed out the value of having a digital workflow tool as well as the importance of having all files in a digital format accessible remotely.
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What Your Auditors Need in the Field

Three partners, one male and two female, walking and smiling outside a buildingTWAIN compliance dictates some choices.

By Roman H. Kepczyk

The advent of today’s audit “document container” applications has transitioned every aspect of audit production into a digital format. The key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally.

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This includes

  • multiple monitors,
  • image capture equipment and
  • remote communications capabilities.

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The Value of Firm Procedures Manuals

Scrambled thoughts enter man's head, straightened ones come outWhere does the most potential benefit lie?

By Roman H. Kepczyk

Every firm has accountants who are 10 percent, 20 percent or even 50 percent more productive in their departments than other personnel because they have simply “figured it out.”

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Unfortunately, when these people leave the firm, their unique knowledge of specific processes and shortcuts goes with them. It is the responsibility of firms to capture these individuals’ best practices so that that specific knowledge can be shared and accessed by all firm members both now and in the future. This can be accomplished by making a concerted effort to develop a best practices manual within each department.
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