๐ Fieldguide Extends Its Revolutionary AI Platform to Financial Audits! ๐ Weโre thrilled to announce the launch of Fieldguide for Financial Audit, the first end-to-end AI platform specifically designed for financial audits. This groundbreaking technology promises to transform the audit landscape by enhancing efficiency, accuracy, and audit quality. ๐ Addressing the Talent Crisis The accounting industry faces a significant talent shortage, with over 300,000 accountants and auditors leaving their jobs between 2021-2022 (WSJ). Fieldguide for Financial Audit helps firms grow and overcome this challenge by enabling smarter, faster, and better work through AI-driven automation. ๐ Key Features: โบ Smarter: AI-powered risk assessment and task automation improve productivity and thoroughness. โบ Faster: End-to-end audit efficiency, from trial balance mapping to one-click financial statements. โบ Better: Higher quality audits with trusted methodologies and real-time collaboration. Don't miss out on this pivotal moment in the accounting industry! Watch the 5-minute demo here: https://hubs.li/Q02ztSNq0
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๐ฃ๐ฟ๐ฒ๐ฑ๐ถ๐ฐ๐๐ถ๐ผ๐ป #๐ฒ: 1๏ธโฃ ๐๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐ฏ๐ผ๐ ๐น๐ถ๐ธ๐ฒ ๐ง๐๐ฅ๐ฆ ๐ณ๐ฟ๐ผ๐บ ๐๐ป๐๐ฒ๐ฟ๐๐๐ฒ๐น๐น๐ฎ๐ฟ ๐๐ถ๐น๐น ๐ฝ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ ๐๐ฒ๐ฐ๐ต๐ป๐ถ๐ฐ๐ฎ๐น ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐๐ถ๐ป๐ด / ๐ฎ๐๐ฑ๐ถ๐ ๐ฐ๐ผ๐ป๐๐๐น๐๐ฎ๐๐ถ๐ผ๐ป๐ ๐ณ๐ผ๐ฟ ๐๐ต๐ฒ ๐ฒ๐ป๐๐ถ๐ฟ๐ฒ ๐ณ๐ถ๐ฟ๐บ. Do you guys remember those last-minute complex accounting / audit consultations and the frustrating delays in getting answers? I hated the waiting part especially. Well, that will be gone for good in the future! The future of technical expertise will be AI-powered consultation bots like a firm-wide TARS (from Interstellar) for technical accounting and audit questions! Here's what I mean: โ ๐๐ป๐๐๐ฎ๐ป๐ ๐ฒ๐ ๐ฝ๐ฒ๐ฟ๐๐ถ๐๐ฒ: Real-time guidance will be available on any accounting or auditing standard, 24 x 7 x 365. โ ๐๐ผ๐ป๐๐ถ๐๐๐ฒ๐ป๐ฐ๐ & ๐ฎ๐ฐ๐ฐ๐๐ฟ๐ฎ๐ฐ๐: This will help us humans eliminate error and ensure consistent application of standards across the firm. โ ๐๐ผ๐ผ๐๐ ๐ฒ๐ณ๐ณ๐ถ๐ฐ๐ถ๐ฒ๐ป๐ฐ๐: We will be able to free-up valuable time for strategizing and higher-level analysis. โ ๐ ๐ผ๐ฟ๐ฒ ๐ฐ๐น๐ถ๐ฒ๐ป๐-๐๐ฒ๐ฟ๐๐ถ๐ป๐ด ๐๐ฒ๐ฎ๐บ๐: With the technical consultations teams effectively reduced to a single bot, this will open-up human resources for more client service. โ ๐๐ฎ๐๐๐ฒ๐ฟ ๐ฟ๐ฒ๐ด๐๐น๐ฎ๐๐ผ๐ฟ๐ ๐ถ๐ป๐๐ฒ๐ฟ๐ฝ๐ฟ๐ฒ๐๐ฎ๐๐ถ๐ผ๐ป: Any regulatory changes to accounting / audit standards will be speedily analyzed (impact assessment), leading to significantly faster turn-around to clients. But, there will be some challenges / points to consider: ๐ ๐๐ฎ๐๐ฎ ๐๐ฟ๐ฎ๐ถ๐ป๐ถ๐ป๐ด ๐ฎ๐ป๐ฑ ๐ถ๐ป๐๐ฒ๐ด๐ฟ๐ถ๐๐: Feeding the AI the right info is crucial for accurate responses, that can train the bot in making better judgements (think garbage in, garbage out). ๐ ๐๐๐ฑ๐ด๐บ๐ฒ๐ป๐ ๐ฐ๐ฎ๐น๐น๐: Complex consultations will still need more human involvement (extent / quantity) and deeper expertise (quality). ๐ ๐๐๐บ๐ฎ๐ป ๐ฐ๐ผ๐ป๐ป๐ฒ๐ฐ๐๐ถ๐ผ๐ป: We won't likely replace the value of human interaction and client relationships, so people will still do the talking / explaining to clients. The future of technical accounting is definitely intelligent!๐ฅ๐ฅ๐ฅ What are your thoughts on AI consultants in the professional practice department? Share your thoughts in the comments below. That's my 6th prediction for how technology will disrupt our profession. #TheAuditAlchemist
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CMO - Brand & Communications Strategy | Head - Clients & Markets | Corporate Affairs | Sustainability Innovation | Storyteller | Gallup Strengths Coach
The acceleration of AI adoption is redefining the financial reporting and auditing landscape, and auditors play a pivotal role in this transformative era. Iโm pleased to share the findings from KPMGโs latest survey, published in the global report AI in Financial Reporting and Audit: Navigating the New Era. The survey was conducted among 1,800 companies across ten major markets and includes key perspectives and findings from 300 U.S. financial reporting leaders.ย According to the survey, a stunning 83% of financial reporting leaders in the U.S. believe auditors should use AI in their analyses, underscoring the importance of AI in enhancing trust and managing risks. The survey also reveals the significant advantages AI and GenAI bring to financial reporting, such as real-time insights into risks, fraud, and control weaknesses; cost reductions; predictive trends; and improvements in data accuracy. Notably, U.S. companies are investing more of their IT budgets on AI-related activities on average than other countries, and these investments are expected to rise in the coming years. However, this transformation brings its own set of challenges. As companies invest in AI, understanding the interplay between investments in cloud, data, and governance becomes critical. The role of finance functions in business strategy will be significantly influenced by these investment decisions in the next few years. Let's embrace this exciting era and leverage the power of AI to revolutionize financial reporting and auditing.ย To learn more about the findings from our report, click the link below:ย https://lnkd.in/eg5ng-V7
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EY Managing Partner | Americas Financial Services Assurance Leader | Digital Audit, Long Term Value, DEI, AI Innovation, Tech-driven Talent, Changing Status Quo
The assurance sector is in a moment of transition. With the emergence of #AI elevating client expectations and driving quality, audit teams are entering a new era of data-centricity, one which offers greater transparency at every step. Myย EYย colleagueย Cale Whittingtonย sheds light on how auditors can adapt to a tech-first approach by harnessing machine learning capabilities and analytics in identifying risk patterns, streamlining reporting processes, and optimizing the user experience.ย #AuditTransformation #EmergingTech #DigitalAudit
Technology is Elevating the Audit Experience and Driving Quality
financialexecutives.org
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The accounting profession is rapidly evolving, and the value of AI and automation cannot be ignored. These technologies are transforming the industry, allowing accountants to focus on strategic tasks rather than mundane data entry. Yet, many firms struggle to make the most of these advancements, often sacrificing efficiency and accuracy along the way. The #1 mistake? Relying on outdated manual processes not only wastes time but also introduces errors and compliance risks. But it doesnโt have to be this way. There is a better path forward. By leveraging AI, firms can enhance accuracy and efficiency, elevating client service quality and gaining a competitive edge. Automated data entry reduces human errors, predictive analytics enable informed decision-making and automated tax preparation streamlines compliance. Furthermore, fraud detection with AI enhances security, and real-time data access provides quick insights into financial performance. Imagine the benefits: reduced operational costs, increased productivity, and better resource allocation. AI-driven analytics can also offer valuable, data-driven insights to inform decisions, while scalability allows firms to grow effortlessly without extensive restructuring. Embracing these technologies equips your firm with a competitive edge in the accounting landscape. Donโt get left behind. Adapt now and thrive, or else continue to struggle with inefficiencies and missed opportunities. Get in touch with us to see how we can help move your practice forward.
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The accounting profession is rapidly evolving, and the value of AI and automation cannot be ignored. These technologies are transforming the industry, allowing accountants to focus on strategic tasks rather than mundane data entry. Yet, many firms struggle to make the most of these advancements, often sacrificing efficiency and accuracy along the way. The #1 mistake? Relying on outdated manual processes not only wastes time but also introduces errors and compliance risks. But it doesnโt have to be this way. There is a better path forward. By leveraging AI, firms can enhance accuracy and efficiency, elevating client service quality and gaining a competitive edge. Automated data entry reduces human errors, predictive analytics enable informed decision-making and automated tax preparation streamlines compliance. Furthermore, fraud detection with AI enhances security, and real-time data access provides quick insights into financial performance. Imagine the benefits: reduced operational costs, increased productivity, and better resource allocation. AI-driven analytics can also offer valuable, data-driven insights to inform decisions, while scalability allows firms to grow effortlessly without extensive restructuring. Embracing these technologies equips your firm with a competitive edge in the accounting landscape. Donโt get left behind. Adapt now and thrive, or else continue to struggle with inefficiencies and missed opportunities. Get in touch with us to see how we can help move your practice forward.
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Partner at Bessemer Venture Partners. Investor, Board Member, Former CEO. Passionate about building great companies with great people.
Thrilled to lead Fieldguide's $30 million Series B financing and partner with Jin W. Chang, Chris Szymansky, and the entire Fieldguide team on their mission to reshape the advisory and audit industry using AI! ย By automating repetitive tasks in the audit process with AI, Fieldguide enables CPA firms to take on more business without a corresponding increase in headcount, driving margin growth and freeing up professionals to focus on higher-value strategic work. For decades, Bessemer has been at the forefront of investing in vertical software, leading early investments in transformative companies such as Toast, Shopify, Procore, and ServiceTitan. Tomorrowโs vertical software leaders will apply AI to solve industry-specific pain points. Thatโs what inspired our investments in EvenUp, where AI is helping legal professionals comb through hundreds of pages of personal injury case intake documents, and Abridge, where AI is eliminating doctorsโ long hours summarizing their daily patient notes. Fieldguide joins these companies as a beneficiary of AIโs powerful technology, making it easier and faster than ever to implement controls and create reports.ย Excited to partner with Jin and Chris (alongside our co-investors and friends at Floodgate, 8VC and Elad Gil) as they forge ahead in building the next great vertical AI business in advisory and audit! Bessemer Venture Partners Alex Yuditski Aditya Nidmarti
Congrats to the team at Fieldguideย on their Series B! ๐ Fieldguideโs AI-powered platform helps auditors turbocharge their workflows. In just a few clicks, customers can use Fieldguide to send client requests, generate reports, summarize documents, and associate client materials with relevant accounting controls. By automating the mundane side of the audit process, Fieldguide enables CPA firms to take on more business without a corresponding increase in headcount, driving margin growth and freeing up professionals to focus on higher-value strategic work. We are thrilled to back co-foundersย Jin W. Chang and Chris Szymanskyย on their mission to overhaul the advisory and audit sector with AI. Read more here โฌ๏ธ https://lnkd.in/gjWPxdRQ Sameer Dholakia Alex Yuditski Aditya N.
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๐ Last week's poll revealed a clear picture: 67% of you cited โEnsuring Accuracyโ as the biggest challenge in year-end financial reporting, with โLengthy Processโ following at 33%. The path to precise and efficient financial closure is top of mind for many. On Dec. 7th at 2:00pm EST, join John Colthart from MindBridge and Richard Arthurs of MNP to see how leveraging #AI can transform your financial reporting. AI technology not only offers unbiased data analysis and identifies potential fraud and errors but also facilitates up to 90% time savings while covering 100% of financial entries. ๐ Don't miss out on learning how AI can enhance your year-end reporting. Register now: https://lnkd.in/gj84-mbq #AIInFinance #FinancialAccuracy #MindBridgeAI #YearEndClose #FinancialReporting
Are you ready for year-end reporting and audit season?
https://www.mindbridge.ai
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f-ai - AI Accountant and financial Consultant offering Bookkeeping, Accounting, Financial Reporting, Audit & Tax, Payroll, Admin and Compliance Services.
Navigating Change: From Manual Accounting to AI-Powered Efficiency Change is often met with hesitation, especially in the meticulous world of accounting. For years, manual accountants have meticulously combed through data, ensuring every entry is accurate and every balance sheet balances. Yet, as technology evolves, so too must our approach to financial management. Manual accountants face a myriad of challenges: the constant battle against human error, the time-consuming task of reconciling discrepancies, and the pressure to meet deadlines without sacrificing accuracy. These challenges aren't just technical hurdles; they can take a toll on the mental and emotional well-being of those tasked with financial stewardship. Enter AI-powered accounting solutions, designed not to replace human accountants but to empower them. Imagine a world where repetitive tasks are handled swiftly and accurately by AI algorithms, freeing up human accountants to focus on strategic analysis and client relationships. This isn't just about efficiency; it's about reclaiming time and energy to invest in what truly mattersโproviding invaluable insights and guidance to businesses navigating complex financial landscapes. Embracing AI isn't just about embracing technology; it's about embracing a new era of possibility. It's about recognizing that by harnessing the power of AI, we can elevate the role of accountants from number-crunchers to trusted advisors. It's about fostering an environment where creativity and critical thinking thrive alongside technological innovation. The journey from manual accounting to AI-powered efficiency is not without its challenges, but it's a journey worth embarking on. It's a journey towards greater accuracy, efficiency, and ultimately, greater satisfaction in the work we do. Let's embrace this evolution with open arms, knowing that the future of accounting isn't just brightโit's empowering. Join us as we navigate this transformative journey together, redefining what it means to excel in the world of finance with AI by our side. https://lnkd.in/dCPhG446 . . . . . . . . . . #AIaccountant #ArtificialIntelligence #AccountingTech #FutureofAccounting #Automation #TechSavvyAccounting #DigitalTransformation #FinanceTech #SmartAccounting #AIinFinance #Fintech #MachineLearning #FinanceInnovation #AIandFinance #DigitalFinance #CloudAccounting #RoboticAccounting #AIautomation #FinancialTechnology
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f-ai - AI Accountant and financial Consultant offering Bookkeeping, Accounting, Financial Reporting, Audit & Tax, Payroll, Admin and Compliance Services.
Navigating Change: From Manual Accounting to AI-Powered Efficiency Change is often met with hesitation, especially in the meticulous world of accounting. For years, manual accountants have meticulously combed through data, ensuring every entry is accurate and every balance sheet balances. Yet, as technology evolves, so too must our approach to financial management. Manual accountants face a myriad of challenges: the constant battle against human error, the time-consuming task of reconciling discrepancies, and the pressure to meet deadlines without sacrificing accuracy. These challenges aren't just technical hurdles; they can take a toll on the mental and emotional well-being of those tasked with financial stewardship. Enter AI-powered accounting solutions, designed not to replace human accountants but to empower them. Imagine a world where repetitive tasks are handled swiftly and accurately by AI algorithms, freeing up human accountants to focus on strategic analysis and client relationships. This isn't just about efficiency; it's about reclaiming time and energy to invest in what truly mattersโproviding invaluable insights and guidance to businesses navigating complex financial landscapes. Embracing AI isn't just about embracing technology; it's about embracing a new era of possibility. It's about recognizing that by harnessing the power of AI, we can elevate the role of accountants from number-crunchers to trusted advisors. It's about fostering an environment where creativity and critical thinking thrive alongside technological innovation. The journey from manual accounting to AI-powered efficiency is not without its challenges, but it's a journey worth embarking on. It's a journey towards greater accuracy, efficiency, and ultimately, greater satisfaction in the work we do. Let's embrace this evolution with open arms, knowing that the future of accounting isn't just brightโit's empowering. Join us as we navigate this transformative journey together, redefining what it means to excel in the world of finance with AI by our side. https://lnkd.in/dCPhG446 . . . . . . . . . . #AIaccountant #ArtificialIntelligence #AccountingTech #FutureofAccounting #Automation #TechSavvyAccounting #DigitalTransformation #FinanceTech #SmartAccounting #AIinFinance #Fintech #MachineLearning #FinanceInnovation #AIandFinance #DigitalFinance #CloudAccounting #RoboticAccounting #AIautomation #FinancialTechnology
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The focus on reclaiming time during the year-end close process through AI is a game-changer for finance professionals. Joinย John Colthartย andย Richard Arthursย to learn about AI tools and strategies that not only enhance audit accuracy but also significantly improve operational efficiency. This knowledge is vital as we constantly seek ways to refine our financial processes. ๐๏ธ Date: December 7th, 2:00 PM EST Key takeaways include: โถ๏ธ Effective AI strategies for audit accuracy โถ๏ธ Updates on the Three Lines Model for better trust and efficiency โถ๏ธ Transforming risk analysis with advanced AI solutions This isn't just a webinar; it's a step towards revolutionizing our approach to year-end financial reporting. Don't miss out! ๐ Last chance to register:ย http://ow.ly/vNyr1050Lkx #AuditSeasonย #FinancialExcellenceย #AIInFinanceย #MindBridgeAIย #YearEndClose
Are you ready for year-end reporting and audit season?
https://www.mindbridge.ai
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