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ARTIFICIAL INTELLIGENCE

Can AI Finally Tame the K-1?

K1x Is Betting $175 Million on It.

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By Seth Fineberg
For CPA Trendlines

K1x is putting $175 million in new investment behind an expansion of its K-1 technology platform, with plans to accelerate product development, broaden its offerings and build a more standardized system for managing partnership tax data.

MORE K1x: K1x Secures $175 Million for Private Markets AI Tax Tech | Private Market Tax Is Heading for a Collision | The 3-Part Framework Firms Are Using to Fix K-1 Chaos | Why the Future of Tax Isn’t Compliance—It’s Timing | AI Tax App Crashes Financial Stocks on Wall Street | MORE A.I. | MORE CPA Trendlines Streaming Network

CEO John LaMancuso says the company is pushing beyond automating individual K-1 tasks. K1x wants to connect K-1 creation and aggregation into a unified platform that can move tax data among CPA firms, investment funds and investors with less manual handling.

“Start with the bottleneck, not the technology,” LaMancuso says.

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PRO Member Exclusive

Wealth Management: Can You Afford Not to Provide It?

Advisory begins with conversations.

By Seth Fineberg
The Holistic Guide to Wealth Management.

Today we are cresting the biggest waves of change that I’ve seen in my 20-plus years of covering the accounting profession. I’m talking about the need for CPAs to go beyond simply being the trusted tax guy (or girl) for their clients and to help them manage all aspects of their wealth. This movement has been building for the better part of a decade, but only recently has it gone from “I’ll think about it” to “Can I afford not to get on board?”

Not to sound the alarm bells here, but CPAs must soon choose between riding the financial planning wave or being swept under it.
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ARTIFICIAL INTELLIGENCE

Kenji Kuramoto: Basis Moves to Close AI’s Biggest Gap

When accountants and AI agents work side-by-side

“The future of the profession is accountants and agents working together,” Kuramoto says.


By Seth Fineberg
For CPA Trendlines

“Managing partner-in-residence” is not a standard role in accounting, and that was the first point of friction when Kenji Kuramoto was asked to explain his new job at Basis, the accounting AI agent company. What does that actually mean?

The answer goes beyond one hire. It points to a shift now underway in accounting: artificial intelligence is moving out of experimentation and into operations, and firms are not yet prepared for what that requires.

MORE Kenji Kuramoto: Behind Sorren’s Roll-Up: $170 Million, 1,000 Employees, 85 Partners | Kenji Kuramoto: Rules? What Rules? | Getting Real: Accounting Tech Decisions You Need to Make Today
MORE CPA Trendlines Streaming Network

Basis, at getbasis.ai, says that Kuramoto, founder of cloud pioneer Acuity, joined full-time to help firms transition to AI-enabled operations, working directly with customers and shaping the product. The company made clear this was not a symbolic role. “Kenji isn’t here to advise from the margins,” CEO Matthew Harpe says. “He’s a full-time member of this team… creating the product with us.” Kuramoto is embedded with the company, not observing from the outside.

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INNOVATION & CHANGE MANAGEMENT

Can AICPA CEO Koziel Deliver what CPAs Want?

Koziel says to look beyond the CPA for new answers.

Koziel: ‘With the variety of skill sets needed in a growing practice, looking outside of those letters seems necessary.’

By Seth Fineberg
At Large

One thing that’s clear from the annual AICPA & CIMA Engage conference (arguably the largest in the profession) is that the association’s new leader, Mark Koziel, has much on his plate.

MORE Mark Koziel: Mark Koziel: The Future of the Profession | Opportunity Awaits Incoming AICPA CEO | Koziel to Succeed Melancon as AICPA CEO

For years, the CPA brand, its value, and the profession it stands for have been challenged, to say the least. In his first year as the Institute’s leader, its membership made its needs abundantly clear to him. More importantly, it appears there is much support behind him to see that they are addressed.

To be fair, it is not on one person or one institutional body to fix all of the profession’s issues. But advocating and addressing the most glaring challenges, especially given membership fees and the seemingly long-standing fact that approximately half of those who hold the CPA credential are either not AICPA members or don’t necessarily support what they do, is no small task. This is where Koziel, a long-standing member, small-firm advocate, and head of the Allinial Global firm association, can shine.

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OUTLOOK & ANALYSIS

Is Practice Management Having Its Moment?

List via Jason Staats

VC-funded Aiwyn and Canopy seek to stand out among over three dozen contenders.

By Seth Fineberg
At Large

Often fraught with issues and features that accountants don’t necessarily use or that don’t sync with what they need, practice management software in tax and accounting has not been the easiest nut to crack.

MORE TECH: Aiwyn Enters Race for the All-in-One Practice Management Platform

MORE FINEBERG: Opportunity Awaits Incoming AICPA CEO | Where Intuit Is at with Accountants | History Could Help Accountant-Vendor Relations | Accounting Needs a ‘Rethink’ Not a ‘Rebrand’ | Big Change Comes with Deep Reflection | Three Ways to Raise the Bar for Your Business

Some, however, have grown in this space and even regained some trust in PM. New investments in Canopy and Aiwyn are great examples.

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