Ed Tomczuk

Check out this great episode from Seema Amble and Marc Andrusko at Andreessen Horowitz highlighting two major trends impacting the accounting industry today: 1. More accountants are retiring than are entering the profession with no indication this trend will reverse 2. The demand for quality accounting is increasing with over 3 million current professionals in a $100B+ market The key to solving this disparity will be automation, specifically with modern software and AI. Accounting leaders will need tools like Rillet to provide an army of staff accountants, enabling them to stop doing the work and start reviewing it. Much of this is already possible in Rillet today as our AI automates bank reconciliation and performs flux analysis saving 1,000s of hours every single month. Check out the full conversation in the comments ⬇️

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✨ On the tax side, Mercury claimed a substantial R&D credit, but Christine Andrews, CPA wanted stronger documentation backed by granular data to make her confident the credit would withstand audit. On the accounting side, Mercury needed to start reporting on internally developed software (ASC 350-40) at a detailed level for their first year of audited financials. ✍ Both processes needed input from Mercury’s engineering team, but Christine wanted to improve on the traditional approach of creating separate, mostly redundant processes that wasted engineers’ time. 💡 Learn how Mercury used Neo.Tax to simplify both R&D and ASC in our newest Case Study 👉 https://lnkd.in/gjwAP92J

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FASB's new proposal on software cost accounting is here! From cash flow reporting to simplified capitalization rules, these changes could reshape how tech companies report their financials.

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ICYMI: The PCAOB recently released a report that looks at the impact of generative artificial intelligence (AI) on audits. Read the key takeaways from CFOs here: https://ow.ly/xNYe50SMt40. #accounting #auditing #AI #genAI #tech

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Webinar Recording for CPAs: How the Right Partner Comp System Can Drive Performance & Reduce Agony w/ Kristen Rampe, CPA https://lnkd.in/gMVEsM8S #webinar #partnercomp #cpas #leadership #compensation #cpafirms #recording #livewebinar

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"It's a myth that we [production accountants] as a craft should settle for outdated tools." - S. Brett Gantt, SVP, Accountant Head of Accountant Relations. Many accounting teams still operate with tools that aren’t innovative or nearly as efficient and intuitive as they should or could be. But these days, there are finance managers out there who want to give the accounting teams a say in what software they can use. It’s time to get the production accounting and payroll software you need to work more efficiently. In this article Brett leans into his 20 years of production accounting experience to share 5 proven steps that will help you gain buy-in and equip your team with the best time-saving tools. Those steps are: ✅ Explore options, decide on the tool ✅ Ask for what you need ✅ Identify decision makers ✅ Outline the impact of benefits ✅ Anticipate objections

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To understand how and when to recognize revenue under ASC 606, attend Revenue Recognition: Accounting Guidelines and Application, offered in San Francisco on Dec. 11. Learn how to evaluate, interpret and apply revenue recognition principles. Estimated CPE: 8. Register here: https://ow.ly/ayql50UceBx

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Findings from a recent CFO poll show that more than half of finance chiefs are facing challenges with employee turnover. Check out the full report here: https://lnkd.in/gM4whYmj #CFO #AccountingProfessionals #EmployeeTurnover

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via cpatrendlines.com: How Accounting Staffing Has Changed: And two major drivers of that change. By Marc Rosenberg CPA Firm Staff: Managing Your #1 Asset Go PRO for members-only access to more Marc Rosenberg. http://dlvr.it/TBzTrt #Talent #Management #Staffing

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Join us on this episode of Business Beyond Borders as we explore the importance of high-quality reconciliations in accounting. Shana Cooper, CPA, Founding Director of The AccountAbility Team, LLC shares insights on avoiding common reconciliation errors, standardizing processes for efficiency, leveraging technology, and accessing essential training resources to elevate your accounting team's performance. IN this episode, you will be able to:   1. Understand the Importance of Reconciliation Quality: Learn why high-quality reconciliations are crucial for maintaining accurate financial statements and reducing risk. 2. Identify Common Reconciliation Errors: Discover the most frequent mistakes accounting teams make in the reconciliation process and how to avoid them. 3. Implement Standardized Processes: Gain insights on how to standardize reconciliation procedures to enhance efficiency and consistency across your team. 4. Leverage Technology Effectively: Understand the role of technology in improving reconciliation processes and how to integrate it without compromising quality. 5. Access Resources and Training: Find out about available resources and training programs to help your team master reconciliation best practices and improve overall performance.   Reach out to Shana Cooper, CPA on LinkedIn or visit https://lnkd.in/dBBqgQmy!

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At CPA Trendlines: Accounting ARC: Exploring AI’s Role in Modern Accounting: Stringent ethical oversight and proactive regulation are needed as AI becomes more integrated into daily life. Accounting ARC  With Donny Shimamoto and Liz Mason Center for Accounting Transformation Go PRO for members-only access to more Center for Accounting Transformation. http://dlvr.it/T7CSx1 #CPA #tax #accounting

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