Fieldguide’s Post

𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝗼𝗻 #𝟲: 1️⃣ 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗯𝗼𝘁 𝗹𝗶𝗸𝗲 𝗧𝗔𝗥𝗦 𝗳𝗿𝗼𝗺 𝗜𝗻𝘁𝗲𝗿𝘀𝘁𝗲𝗹𝗹𝗮𝗿 𝘄𝗶𝗹𝗹 𝗽𝗲𝗿𝗳𝗼𝗿𝗺 𝘁𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 / 𝗮𝘂𝗱𝗶𝘁 𝗰𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗲𝗻𝘁𝗶𝗿𝗲 𝗳𝗶𝗿𝗺. 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: ✅ 𝗜𝗻𝘀𝘁𝗮𝗻𝘁 𝗲𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲: Real-time guidance will be available on any accounting or auditing standard, 24 x 7 x 365. ✅ 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 & 𝗮𝗰𝗰𝘂𝗿𝗮𝗰𝘆: This will help us humans eliminate error and ensure consistent application of standards across the firm. ✅ 𝗕𝗼𝗼𝘀𝘁 𝗲𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆: We will be able to free-up valuable time for strategizing and higher-level analysis. ✅ 𝗠𝗼𝗿𝗲 𝗰𝗹𝗶𝗲𝗻𝘁-𝘀𝗲𝗿𝘃𝗶𝗻𝗴 𝘁𝗲𝗮𝗺𝘀: With the technical consultations teams effectively reduced to a single bot, this will open-up human resources for more client service. ✅ 𝗙𝗮𝘀𝘁𝗲𝗿 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗶𝗻𝘁𝗲𝗿𝗽𝗿𝗲𝘁𝗮𝘁𝗶𝗼𝗻: 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: 🛑 𝗗𝗮𝘁𝗮 𝘁𝗿𝗮𝗶𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗴𝗿𝗶𝘁𝘆: 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). 🛑 𝗝𝘂𝗱𝗴𝗺𝗲𝗻𝘁 𝗰𝗮𝗹𝗹𝘀: Complex consultations will still need more human involvement (extent / quantity) and deeper expertise (quality). 🛑 𝗛𝘂𝗺𝗮𝗻 𝗰𝗼𝗻𝗻𝗲𝗰𝘁𝗶𝗼𝗻: 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!🔥🔥🔥 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

The acceleration of AI adoption is redefining the financial reporting and auditing landscape, and auditors play a pivotal role in this transformative era. I’m pleased to share the findings from KPMG’s 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.  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.  To learn more about the findings from our report, click the link below:  https://lnkd.in/eg5ng-V7

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. My EY colleague Cale Whittington 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. #AuditTransformation #EmergingTech #DigitalAudit

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 doesn’t 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. Don’t 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.

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 doesn’t 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. Don’t 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.

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!   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. Tomorrow’s vertical software leaders will apply AI to solve industry-specific pain points. That’s 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 doctors’ long hours summarizing their daily patient notes. Fieldguide joins these companies as a beneficiary of AI’s powerful technology, making it easier and faster than ever to implement controls and create reports.  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

📊 Last week's poll revealed a clear picture: 67% of you cited ‘Ensuring Accuracy’ as the biggest challenge in year-end financial reporting, with ‘Lengthy Process’ 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. 🔗 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

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 matters—providing 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 bright—it'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

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 matters—providing 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 bright—it'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

The focus on reclaiming time during the year-end close process through AI is a game-changer for finance professionals. Join John Colthart and Richard Arthurs 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. 🗓️ Date: December 7th, 2:00 PM EST Key takeaways include: ▶️ Effective AI strategies for audit accuracy ▶️ Updates on the Three Lines Model for better trust and efficiency ▶️ 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! 🔗 Last chance to register: http://ow.ly/vNyr1050Lkx #AuditSeason #FinancialExcellence #AIInFinance #MindBridgeAI #YearEndClose