How to create an effective AI website for accounting firms

Key quotes:

• "Prior to the release of AuditMap.ai, machine learning has been applied to risk disclosure documents for various applications such as annual report analysis to assess similarity [21], internal financial controls [22], and IT security [23] [24]."
• "The lag in adoption of natural language processing and machine learning in internal audit, relative to other fields such as law and accounting, could be explained by institutional inertia, a lack of training datasets, the reimbursement model for consultants, the requirement to understand documents in multiple languages, and differing standards for reporting."
• "The findings resulting from document ingestion and automated analysis are made available through the system’s user portal, a web application allowing auditors to perform a technology-assisted review of the contents with role-based access control."
• "When exploring the results of the machine learning processes, auditors can observe trends over time within programs or topics, and can flag specific risks or controls for deeper analysis and paragraph or document-level context, or for relabeling (Fig 1 (c))."

Key quotes:

• "These new tools can make a positive impact on business bottom line, especially for smaller accounting firms, alleviating labor-intensive, data heavy tasks and opening up time for more client interaction and strategy."
• "But before integrating these new tools, it is important to first understand the how and why behind them and how they can help your business."
• "To get you started down the path of integrating this new technology, below are some of your initial questions answered: Blockchain and AI are often referenced together as accounting industry disruptors."
• "Accountants are ready for this new technology, and it’s only a matter of time before the use of blockchain and AI will be a natural part of any accounting firm."
• "Start by evaluating your current workflow to determine where and how AI or blockchain can help you and your team."
• "For example, think of the time saved at year-end if a program could pull, compile, and analyze all the reports, leaving only the final decision making to you and your team."

Key quotes:

• "Many of the remote tools included in this guide are offering free, extended trials to help companies during the pandemic."
• "Visit our COVID-19 Resource Center to access additional guides that help finance and accounting teams navigate the challenges ahead, including a guide for running a Virtual Month-End Close and how to control spend."
• "If you’re trying to make your financial processes remote-friendly, we surveyed a number of different CFOs and asked what tools they recommend for accounting teams."
• "In a recent episode of Procurify’s Spend Culture Podcast, Ryan Lazanis at Future Firm was quick to point out that decentralized finance teams “need to digitize 100% of their workflows.” “When something like COVID-19 comes into play for accounting firms and accounting departments… you won’t be able to collaborate with your team using desktop accounting software."
• "LEARN MORE: Procurify’s platform is able to bridge data between many financial software systems such as QuickBooks, NetSuite, Xero, and a host of other ERP and accounting tools."

Transcript: Building an accounting firm feelslike such hard work in this video I'm going to share with you why it's such hard work and howto overcome that my name is Mark wickersham I am the author of effectivepricing for accountants and many other books teaching the accounting professionhow to master value pricing but in this video I want to look at something that'smaking it feel like we're wading through treacle as we try to grow our accountingfirm out whether you've heard from Accountants CPA's or bookkeepers and thereason why the reason why it often feels such hard work as we're trying to buildthis business is because we're trying to do too much stuff at once we're tryingto chase that new client we're trying to put in some systems we're trying torecruit that new person we've been looking for we're trying to train thatperson up that we've got in the office right now we're wanting to dabble in andplay with social media marketing we want to start doing some YouTube videos wewant to write an e-book we want to launch a brand new service we're tryingto do everything and it's too hard you cannot do everything rome wasn't builtin a day so... See more →

Transcript: Hello and welcome to how Deloitte uses AI to simplify reporting and increase value my name is Chris green AK machine learning segments lead for Amazon Web Services and I'll be your host and moderator for today's presentation when you join today's webinar you selected to join either by phone call or by your computer audio if for any reason you would like to change your audio selection you can do so by accessing the Audio pane in the control panel from this control panel you will also have the opportunity to submit questions to today's presenters by typing your questions into the questions panel we will collect the questions and address as many as we can during the Q&A session at the end of today's presentation also at the end of today's event is a brief survey please stay connected until the end of the broadcast and submit your feedback because your opinions count lastly the PowerPoint presentation will be available through SlideShare along with this recording of the webinar on YouTube via an email that will be sent two to three days after the conclusion of this event so keep your eye out for the follow-up email sent... See more →

Key quotes:

• "Scope is about proposition specificity to demand (typically the level of customer personalization or the specific domain knowledge of the vendor); speed is the availability of the product or service (perhaps best exemplified by Coca Cola’s promise to be available “within arm’s reach of desire”) and scale is the extent to which price can be driven down through economies of scale."
• "They know what data they need to process to optimize their business model — from advertising targeting at Google to consumer viewing preferences at Netflix."
• "In a world with massive returns to data scale, it will no longer be possible for one firm to be best at everything on the value chain."
• "The complexity of providing deeply personalized products means that firms will need to source a huge variety of data-driven expertise from a myriad of sources."
• "Much data is side-tracked in to third-party platforms to help them support the corporate in optimizing one element of its processes (Facebook will help the business create better-targeted advertising, MailChimp better emails)."
• "Rather, competitive speed will come from the ability to mesh these assets together better, to optimize faster and with a greater scale of learning data."

Key quotes:

• "Like many jobs, a career in accounting requires a combination of repetitive and creative tasks."
• "I argue that, in the short term, AI automation will enable accountants to be more efficient rather than replace them."
• "In the long run, AI will not replace accountants due to powerful forces such as entrenched professional jurisdictions, cost/benefit tradeoffs of automation, and nature of the work itself."
• "How AI will impact accountants at the employee level All AI advancement to date has really been classified as Narrow AI — AI that can only solve specific tasks."
• "In the near term, AI will automate certain repetitive tasks for accountants."
• "Robotic Process Automation (RPA) is already automating several tasks such as exporting data, performing reconciliations, and identifying outliers for investigation, while tools such as Tableau, Power BI, and Beautiful.ai help accountants visualize and communicate information quicker and more clearly."