Is AI about to take over accounting?

A robot is going to take your job. Or is it? That's the debate in today's lead story about whether AI will help or harm the accounting industry. Some say artificial intelligence can take over some tasks, but others worry it may go too far. And file this under what not to do: A Kentucky accountant is legal hot water after cooking the books and stealing from her employer. She'll pay $400k in a fraud and identity theft conviction.
-Bianca Prieto, Editor

In Today's Newsletter:

⚫ AI continues to unsettle the accounting profession.
⚫ CIRCOR's former finance director in trouble with SEC.
⚫ Understanding the client's view of private equity acquisitions.

-written by Paul McCormack

Is AI the future of accounting? Depends who you ask

New data from cloud accounting software FreeAgent reveals a disconnect among accountants regarding AI. More than two-thirds of accountants and bookkeepers surveyed agree that certain tasks in accountancy and bookkeeping will be automated within the next five years. Nearly half (46%) expect to continue their current daily tasks in five years, while 16% believe most or all of their work will be automated within that time.

Why is this important? This points to a critical need for accountants to prepare for technological disruption, as automation could reshape the industry faster than many anticipate. (InternationalAccountingBulletin.com)

🎧 Mastering credibility and establishing trust in the accounting profession

With over two decades of experience supporting accounting professionals, Roger Knecht leads a compelling discussion on the importance of being trusted, recognized, and well-liked in the business world, guided by Mitchell Levy, an advocate of professionalism and a credibility expert. (Universal Accounting Podcast)

25%

Pay increase offered to Boeing staff to avoid strike. (BBC News)

• A whole new world for accounting
• Can accounting be 'cool'?
• Former finance director with CIRCOR charged with fraud
• Breaking news: Accountants exist and are here to help
• Marcum Expands: 15 new partners added nationwide

Private equity's impact on clients & advisers

Private equity's growing role in accounting and wealth management firms is poised to transform the financial services industry, accelerating consolidation as larger firms expand and aging advisers seek exit strategies.

However, it's easy to forget about the impact of a private equity acquisition of an accounting firm on clients. Kiplinger takes a look at acquisitions from both owners' and client's perspectives, stressing the importance of staying informed and proactive in addressing how these changes will impact the client-adviser relationship.

Why is this important? As private equity reshapes accounting firms, clients may experience shifts in service quality, making it vital to stay engaged and aware of potential changes to the client-adviser relationship. (Kiplinger.com)

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