Ben Patten’s Post

It's not new information that the accounting profession is losing talent to tech, finance, and banking. But will AI really be able to fill the gap between open positions and qualified candidates? 🤖 The hope of some AI creators is that their tech will streamline and manage tasks like data entry and reconciliations. While this could prove to be a valuable advancement for cash-strapped startups and small businesses, it still won't affect the value of having a live accounting professional to provide strategic guidance and support for your business. Accounting consultants, in particular, are the most cost-efficient way to get the expertise you need for high volumes of work or one-off projects and audits. Tap into the District Partners nationwide network of accounting professionals to maximize resources and improve overall business performance. #accountingprofessionals #accountingjobs #accountingconsultants

💡 Attention Finance Professionals & Recruiters! In today’s evolving financial landscape, accounting is no longer just about numbers—it’s about delivering strategic insights that shape business outcomes. As an accountant with a passion for financial reporting, GL management, I’ve embraced how AI and automation are revolutionizing our field. From automating repetitive tasks to improving accuracy and decision-making, AI is transforming accounting into a more strategic role that drives business growth. 👉 Let’s connect if: • You’re a finance professional interested in leveraging AI for smarter accounting practices. • You’re a recruiter looking for talent with a forward-thinking approach to finance and technology. Excited to discuss how we can use AI to unlock new possibilities in accounting and finance! #Accounting #AIinFinance #FinancialReporting #GLManagement #FinanceCareers #Automation #Recruitment #Networking #BusinessGrowth #CFO #DigitalTransformation #AccountingTech

Why Finance Professionals Must Embrace Tech Skills in 2024 In today’s rapidly evolving business landscape, finance professionals are finding that traditional skills are no longer enough to stay competitive. Technology is fundamentally transforming the way finance functions operate. From automation and artificial intelligence (AI) to advanced data analytics, the future of finance is digital. Here’s why it's crucial for finance professionals to embrace tech skills in 2024: 1. Automation is Redefining Routine Tasks; Tasks like bookkeeping, financial reporting, and expense management are increasingly automated using software like RPA (Robotic Process Automation) and AI-powered tools. While automation handles repetitive tasks, finance professionals must now focus on strategic analysis and decision-making. Learning how to leverage automation tools will be key to increasing productivity and making more data-driven decisions. 2. Data Analytics is Driving Strategic Insights: Gone are the days when finance professionals only relied on historical financial data. Today, data from various sources—market trends, consumer behavior, and even social media sentiment, plays a significant role in forecasting and budgeting. Mastering data analytics tools like Python, SQL, and Power BI enables finance professionals to extract deeper insights, enhance predictive analysis, and provide strategic value to organizations. 3. AI and Machine Learning for Better Forecasting; AI and machine learning can process vast amounts of data far more efficiently than traditional methods. For finance teams, this means more accurate financial forecasting, risk assessment, and fraud detection. Understanding these technologies and their applications will allow finance professionals to enhance their predictive capabilities, identify risks early, and provide more accurate financial advice. 5. Cybersecurity is Non-Negotiable; As finance becomes more digitized, the risk of cyber threats grows. Protecting sensitive financial data is crucial, and finance professionals need to be aware of cybersecurity best practices. This involves understanding how to protect data integrity and learning to work alongside IT teams to prevent breaches. 6. Digital Transformation Leadership Tech-savvy finance professionals will play a critical role in leading digital transformation initiatives within their organizations. CFOs and finance leaders who are well-versed in technology can align financial strategies with technological innovation, driving growth and ensuring that their organizations remain competitive. Conclusion: Upskilling in these areas will not only make finance professionals more efficient but also more valuable to their organizations, enabling them to drive innovation and growth. Start your tech career today to future proof your career!!! #Techtransition #financetotech #Techforanalysis #careerchange

Short insight 😊 :The future of accounting is expected to be shaped by multiple trends: Automation and Technology Integration: Advances in technology, including artificial intelligence and machine learning, will automate routine tasks, allowing accountants to focus more on analysis, strategy, and decision-making. Cloud-based Accounting: Increasing reliance on cloud-based accounting systems enables real-time collaboration, data accessibility, and improved efficiency. It also facilitates remote work and enhances overall flexibility. Data Analytics: Accountants will increasingly leverage data analytics tools to drive accurate data presentation, enabling better financial forecasting, risk management, and strategic planning. Regulatory Changes: Evolving regulatory, leagal frameworks and compliance requirements will shape the profession. Accountants will need to stay updated of changes to ensure adherence to new standards and regulations. Focus on Soft Skills: With rapid changes in technology automates routine tasks, the importance of soft skills like critical thinking, communication, and problem-solving will grow. Accountants will need to complement their technical skills with strong interpersonal and analytical abilities. .#financialreporting #accountingandaccountants #accountinglife

When thinking about #AI and #Automation - think about the tasks in your work life that are repetitive and can easily be replaced with technology. In #Finance, the most manual process is Accounts Payable, so let Tipalti look after the less fun stuff, so you can focus on what matters in your business.

Lack of accounting talent, increasing regulatory demands, and requests for more frequent reporting are causing Controllers to re-evaluate their processes and talent strategy. In response to these issues, CFO Dive reports that Controllers are turning to AI to automate parts of the accounts payable and receivable processes. Additionally, some Controllers are outsourcing accounting talent to meet the needs of increasing workloads. Interim professionals are one solution finance leaders can leverage to fill gaps and support their teams amidst these ongoing issues. Read more here: https://buff.ly/4bfHSdy #accounting #AI #Controller

Dear accounting & finance professionals, I'd like to tap into your expertise on a crucial topic. AI and automation are rapidly integrating into finance and accounting, primarily impacting lower-level, repetitive tasks. These tasks are typically handled by individuals early in their careers as part of their growth and development. Here are some critical questions to consider: - How can entry-level accounting and finance professionals acquire foundational experience when machines are taking over much of the entry-level work? - How will companies address the challenge of filling and nurturing their finance and accounting talent pipeline if there are limited roles for entry-level employees? - What implications will the automation-driven reduction in entry-level roles have on the supply of mid-level talent in the coming years? It would be great to gather some opinions and expertise on this topic. #Accounting #Finance #Automation #AI #FutureOfWork

In the ever-evolving landscape of technology, there's a common concern about the potential impact on jobs. CEO and Founder of Digital Financial Officers, Sean Rogers is here to reassure you that our AI technology is not designed to take away jobs but to enhance the efficiency and capacity of accountants and bookkeepers. With DFO, the technology works with you, not against you. Our AI technology acts as a powerful tool to amplify your capabilities, streamline processes, and provide valuable support in handling complex financial tasks. Learn more about how we can help you shape the success of your businesses by visiting https://lnkd.in/dMjZk2Dh. #DigitalFinancialOfficers #DFO #Bookkeeping #Accounting #BusinessAccounting #BusinessManagement #FinancialReporting #FinancialData #ArtificialTechnology #Innovation #BusinessSupport 

It is no secret that the accounting profession is on the verge of a transformative phase as the field embraces technologies like artificial intelligence, big data, business analytics, and robotic process automation.  With these advancements, CPAs are becoming empowered to enhance their practices and their skills to meet the demands of the evolving workplace. To learn more about how technology is shaping the future of accounting, check out this great article. #DigitalFinancialOfficers #DFO #Bookkeeping #Accounting #BusinessAccounting #BusinessManagement #FinancialReporting #FinancialData #ArtificialIntelligence #Automation #EvolvingWorkplace 

How outsourcing help accounting firms hit 90% lodgement rates ⬇️ 😮 (This strategy doubled their profit) Treat outsourcing and AI like a growth multiplier to your operations: ➡️ Delegate repetitive tasks ➡️ Build a reliable offshore team ➡️ Focus on high-value client services ➡️ Scale without increasing overhead ➡️ Streamline your workflow processes for efficiency and scalability 🫡 Outsourcing isn’t just cost-cutting - It’s profit-boosting. Create capacity to scale without limits with control of your people and training. You’ll only lose if you don’t start now. And everything becomes an upside! P.S. Share this to help your accounting and finance friends scale 📈♻️ If you’re looking to scale, let’s connect 🙌 Follow me Kanji Low for more business, branding, and mindset tips ❤️ 𝗧𝗵𝗲𝗿𝗲 𝗔𝗿𝗲 𝗡𝗼 𝗟𝗶𝗺𝗶𝘁𝘀, 𝗬𝗼𝘂’𝗿𝗲 𝗟𝗶𝗺𝗶𝘁𝗹𝗲𝘀𝘀! 💎 #AI #socialmediamarketing #personaldevelopment #business #marketing