When we talk about AI, the conversation almost inevitably turns toward chatbots that divine what we want, smart speakers that serve up information in a conversational tone, or cars that can see pedestrians and park themselves.
That’s all exciting stuff, no doubt, but for many businesses, reality sets in when they see how their accounting department goes about processing invoices and purchase orders. It’s for the most part still a low-tech world far removed from reaping the benefits of artificial intelligence. Clerks in the AP department rip open envelopes and FedEx pouches filled with paper invoices, purchasing orders and receipts. Others electronically stream into their in-box. They manually enter them, assign the right GL code, and then send them on for approval and payment. A similar “black box experience” awaits partners and vendors who want to find out when they get paid. But look again, and you’ll see that AI is already making inroads into one of the most traditional areas of a company. Done well, expert systems powered by machine learning can ingest invoices at high volume — no matter if they’re in electronic format, printed or just scribbled on a scrappy receipt. Software, in theory, doesn’t care what you put in front of it. It applies rules to decipher amounts, accompanying notes and issuing entities. Read Article: https://www.accountingtoday.com/opinion/ai-self-driving-cars-for-the-accounting-department?tag=0000015a-1e61-d680-a75b-3e7b24750000 As an Entrepreneur, you can maximize five legal tax deductions that will ultimately increase your small business cash flow. For the average taxpayer, a tax return is something they focus on only once a year. In order to leverage the tax incentives provided by the government, an overall tax strategy needs to be a part of your everyday thought process.
To help you save thousands, if not millions, of dollars over the lifespan of your business, here are the five most common deductions overlooked by small businesses. 1. Home office deductionThe number one overlooked tax deduction by small business owners is the home office deduction. Many tax preparers discourage this deduction over concerns that it may raise a “red flag.” If you hear this objection from your accountant, it’s time to find another tax professional. Follow the rules, the IRS will be fine with your legal home office deduction. Read Article: https://www.entrepreneur.com/article/289893 Engineers in upstate New York have invented a folded paper device that looks like a decorated art project. But don’t be fooled. This is actually a paper-based battery. No, it doesn’t look like any of those metal batteries running flashlights or smartphones. This alternative to electronics is based on paper. It represents a step forward in the field of papertronics (short for paper electronics). In these systems, the battery can be printed on a page. Well, most of it can: The battery’s power consists of living bacteria.
Read Article: https://www.sciencenewsforstudents.org/article/germs-power-new-paper-batteries Companies adjusting to accounting-rule changes in the U.S. are running into a problem: There aren’t enough accountants to go around.
Health-products company Johnson & Johnson took six months last year to fill an open position for a junior-level accountant in its financial-compliance department, a delay that annoyed Stephen Rivera, a senior director. “It’s very difficult to find qualified people,” he said. “The big accounting firms are taking them all.” Read Article: https://www.wsj.com/articles/as-regulations-change-companies-grapple-with-accountant-shortage-1488812401 Facebook:
https://www.facebook.com/ScarfoandCompanyCPAs/ Twitter: https://twitter.com/scarfo_and_co LinkedIn: https://www.linkedin.com/in/scarfo-and-company-a18a9a132 Wordpress: https://scarfoandcompany.wordpress.com/ Tumblr: http://scarfo-and-company.tumblr.com/ Weebly: http://scarfoandcompany.weebly.com/ Webpage: http://www.scarfoandco-cpas.com/index.html Humanity has a data storage problem: More data were created in the past 2 years than in all of preceding history. And that torrent of information may soon outstrip the ability of hard drives to capture it. Now, researchers report that they’ve come up with a new way to encode digital data in DNA to create the highest-density large-scale data storage scheme ever invented. Capable of storing 215 petabytes (215 million gigabytes) in a single gram of DNA, the system could, in principle, store every bit of datum ever recorded by humans in a container about the size and weight of a couple of pickup trucks. But whether the technology takes off may depend on its cost.
Read Article: http://www.sciencemag.org/news/2017/03/dna-could-store-all-worlds-data-one-room What if your client was a car? No, not the person who owns the car, but the car itself. Absurd, you say? Not totally.
Internet of Things is old newsFor starters, connecting devices to the Internet of Things (IoT) is getting ridiculously cheap. The Wall Street Journal said that last summer Onion Corp. sold an itty-bitty computer with Wi-Fi connectivity for $5. The drop in production costs means this space is evolving. It’s not just your TV and fridge that can connect to the internet. It’s much more ubiquitous now. Payment of Things is herePlus, things are not just gathering and transmitting data. They are being programmed to link with a financial institution to initiate transactions on your behalf — paying automatically — with or without your help. Read Article: http://goingconcern.com/banking-of-things-technology-accountants/ |
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September 2017
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