Is AI helpful for your practice? 5 ways to use it

Accountants, it might be time to take your side hustle more seriously. Just ask this former CPA who went from number crunching to selling out shows at Madison Square Garden. In the meantime, if you're curious about how AI can transform your accounting practice, we take a look at ways to embrace cutting-edge technologies to streamline operations, improve accuracy and elevate client service.

In today's newsletter:
⚫ Transform your accounting with AI advancements
⚫ Navigating the future of accounting
⚫ Crypto accounting rules: New SEC exceptions
⚫ Ex-Autonomy CFO barred from accounting roles

5 ways AI can transform your accounting practice

AI isn't just a buzzword — it's proving to be a game-changer for accountants. Imagine automating repetitive tasks, enhancing data analysis, and improving accuracy, all while delivering top-notch client service. AI can handle mundane data entry, flag anomalies, and even provide 24/7 support via chatbots, freeing you up to focus on strategic decisions. Learn five ways that AI can help your practice and watch your efficiency, accuracy, and client satisfaction soar. (Wolters Kluwer)

🎙 Navigating the Future of Accounting

"Accountants must embrace digital transformation to stay relevant and deliver greater value to their clients."

In this "Thrivecast" episode, Calvin Harris, CEO of the New York State Society of CPAs, sits down with host Jason Blumer to delve into the evolving landscape of the accounting profession. They discuss regulations impacting CPA mobility, the crucial role of state CPA societies and Harris' career journey. Key topics include the 150-hour rule, private equity's role in modernizing firms, reshaping perceptions of accounting, mentoring and technology-driven career paths. Harris and Blumer offer valuable insights into the future of accounting for professionals at every career stage. (Thrivecast)

Number of employees to be laid off by Intuit, with most labeled as "underperformers." (Fast Company)

📜 SEC grants exceptions to crypto accounting rules

 🚫 Former Autonomy CFO banned from accounting roles

 🔄 FASB finalizes new conceptual framework update

 💸 Accounting firm fined $25M for exam cheating

 📈 New developments in the insurance industry revealed

Low Salaries Bar Entry to Accounting Profession

Despite Ernst & Young’s (EY) newly announced plan to increase starting salaries by 10%, it’s insufficient to compete with other business fields, says Hofstra University assistant professor of accounting Jack Castonguay. To attract students, firms need to offer salaries exceeding those in other fields, ensure work-life balance and support additional education costs for CPA licensure. While firms like EY, KPMG, and PwC have begun addressing the issue, long-term commitment is essential. The perception of uncompetitive salaries is entrenched in the industry, and without sustained higher pay, accounting will struggle to attract talent, perpetuating the pipeline problem. (Bloomberg Tax)

The Net Gains is your one-stop shop for fresh, FREE accounting insights. I'm Bianca Prieto, your editor, and I'm excited to build this community with you.  

We'll be diving deep into industry updates, from tax strategies to the power of technology. What are your thoughts on today's newsletter? Am I missing something? Did you learn something valuable? Let's shape this newsletter together — email me and let me know!

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