Is Your Business Ready to Outsource Accounting?

Technology Driven Accounting: How to Prepare Staff for a New Age in Accounting

CPA evolution. This is aimed at incorporating changing skills and competencies in the accounting field. As a result, this will include a new curriculum and new CPA exams expected to be launched in 2024.

Despite the disruption in the accounting field by technology, it has introduced many new opportunities. Consider this: while automation takes care of repetitive tasks, the accountant can devote more time to planning, organizing, and advising. This enables the accountant to add more value to an organization as they focus on major tasks.

However, this advantage will benefit only those who are well prepared in advance and ready for the new form that accounting is taking.

How to Prepare Your Staff for a New Age in Accounting

Change is not always welcome, but preparing your staff in advance will help ensure a smooth transition. Here is how to prepare your staff:

  • Communicate
    Let your employees know the intended changes in roles as well as new technologies that you plan to implement. Employees also can play a role in selecting technologies best suited to your business operations.
  • Mindset Shift
    Help employees accept the technological changes. They need to shift their mindset and accept the changing digital landscape. This will help with expediency and the ability to take advantage of its benefits.
  • Upskilling and Reskilling
    Give employees a chance to enhance their abilities. They also should learn new things to ensure they have relevant skills to continue working in advanced areas of accounting that require innovation, critical thinking, decision making, etc. Where necessary, they could learn basic programming and even basic automation for more advanced roles like data analysis. Gaining new skills will help your business transition from old systems to new ones, without necessarily hiring new staff.
  • Soft Skills
    Accountants now more than ever need to learn non-technical skills so that they can easily interact with people. If they are expected to take up advisory roles, they should be good at problem-solving, communication, relationship skills, business acumen, etc.
  • Emerging Business Models
    Let your staff be aware of new business models, such as microservices, marketplace platforms, and do-it-yourself models. This especially affects accounting firms whose employees need to be creative on how to leverage these models.
  • Positive Culture
    Develop a culture that enables staff to compete at a new level to keep their morale up so they are not worried about losing their jobs.
  • Stay Updated
    Keep everyone up-to-date with trends even when you don’t intend to implement every new technology that comes up. It helps to stay in the loop of what’s happening in the accounting field.

Keeping up with evolving accounting trends and changes will save you from losing clients. Preparing your staff for the new age of accounting will help your business provide value beyond traditional accounting to your clients. This is because you will be serving as business consultants and strategic partners as opposed to simply accounting experts.

Audits in Accounting: Improving Audit Quality with Data Analytics

AICPA introduced data standards to be used for data requests and to ensure production of standard reports from the ERP systems.

Another challenge is the integrity of data fed into the analytics systems, as this determines the quality of the end results. Systems used should be designed around collecting meaningful data. Auditors must also ensure that the conclusions fed into the systems are accurate and correct.  

Although data analytics reduces the sampling risk, it introduces the challenge of getting numerous exceptions, mostly referred to as outliers, that produce results outside audit expectations. This calls for auditors to investigate the exceptions/outliers to determine if they are errors or misstatements.

Conclusion

Integrating data analytics into the audit process greatly improves audit quality and credibility. With rapid advancements in technology, the capabilities of data analytics will continue to evolve, making auditing work even more efficient while maintaining high quality.

Although the adoption of data analytics is dependent on the size of a business, availability of skilled staff is also crucial. To remain relevant in a fast-changing environment, auditors need to advance their skills to effectively use the data analytics tools.

How to Choose the Right Accounting Software for your Business

E-Invoicing Presents Opportunities for Businesses to Save

Invoicing is an important process in any business. Unfortunately, it’s also a laborious process that requires accuracy. With technology advances, businesses have tried to use various means to ease the invoicing process. Some outfits send scanned invoices; others might transfer PDFs through email; and some still use manual invoices. In this technology age, businesses are choosing to automate functions in a bid to increase overall business productivity and efficiency. E-invoicing is a technology that promises to help entrepreneurs add value to their businesses.

What is E-Invoicing?

E-invoicing is the exchange of an invoice between a buyer and seller using an integrated electronic format. This allows the buyer to pay online through a card payment, direct debit or other option after receiving the e-invoice.

E-invoicing is not a new technology; it’s already used by large scale businesses and governments. Some governments have already mandated the use of e-invoices from their suppliers and even for taxpayers. These programs have been running onsite, making it expensive for small and medium businesses (SMB) to use. Another challenge for SMBs has been dealing with multiple providers who have different platforms and technologies. This is a challenge because it requires a business to support extra business processes when sending or receiving invoices.

However, the rise of cloud computing and Software as a Service (SaaS) technologies has become an enabler for SMBs to implement e-invoicing.

Making e-invoicing available as SaaS eliminates complicated system installations and integrations that have previously been a challenge to SMBs. The SaaS systems come with features that allow you to automate the invoicing process, send reminders, accept online payments and generate reports, among other things.

Benefits of E-Invoicing

Here are some reasons that businesses are moving to e-invoicing:

  • Eliminates the manual process of sending invoices between a buyer and seller.
  • Prevents human error with the use of a template. The automated e-invoice ensures correct data is used with a validation process. This ensures there is no mistyped information, no data entry errors, no double entry, missed details or wrong data. Therefore, it improves accuracy.
  • Low cost of processing, since it helps to cut down on administration costs and printing invoices. It also saves a business from the task of sending emails back and forth concerning an invoice.
  • Maintains a more predictable cashflow as e-invoicing facilitates the seller receiving payment faster.
  • Enables ease of tracking invoices as you can track and trace the entire document journey. This means better accounting.
  • Enhanced convenience. Businesses create a different number of invoices depending on their transactions. E-invoicing provides a convenient way to store the invoices and easily retrieve them when needed.
  • Saves on time so you can concentrate on other business activities. There is no need to waste time looking for client information and entering data every time you need to send an invoice.
  • Improves the accounting process. When a business integrates e-invoicing with an accounting system, the invoicing function is faster and easier to handle.
  • Enhances invoice security and guaranteed delivery. There is no risk of invoices getting lost in the mail or landing in junk email. Encrypted file transfer and digital signatures are used to enhance security.
  • Real-time processing, which allows one to view the live delivery and processing status of an invoice.
  • Remote handling as SaaS can be accessed from anywhere. This makes it possible to send an invoice anytime and from anywhere as there is no need for printers or scanners.

Conclusion

The business environment is becoming increasingly competitive and the adoption of technology that automates processes can only help. E-invoicing provides an opportunity for business owners to effectively use their time on growing their business instead of spending it on a labor-intensive administration process. This service also helps SMBs align themselves with large corporations.

Finally, as with any technology, business owners should take time to research which e-invoicing service provider will best serve their unique business needs.

6506148 B2 Patent: Nervous System Manipulation – Is it Real or Just Paranoia?

Imagine someone manipulating how you feel. Of course, no one wants that. But how about being manipulated unknowingly? This is exactly what is happening to your nervous system every time you switch on your TV or computer.

Well, at least according to the 6506148 B2 Patent.

The patent named “Nervous System Manipulation By Electromagnetic Fields From Monitors” was filed in 2001 and published in 2003. The patent was filed by one Hendricus G. Loss (perceived to be a fictitious person as no information about who he really is can be traced).

Is it Worth Any Attention?

We already know that the content displayed on TVs or even on the internet is created in such a way as to influence decisions, such as when making a purchase or standing behind certain beliefs.

The mind control subject has been a topic of discussion for a long time. Although initially considered a conspiracy theory, its reality has been observed in the content displayed by mainstream media.

But how about manipulation through the nervous system?

Science teaches us that the work of the nervous system is to carry messages throughout the body and control your senses. The nervous system, according to neuroscientists, is controlled by the brain.

Now, the brain is said to be a complex bioelectrical organ that produces electric fields.

That’s why it’s believed that you can rewire your brain through techniques such as listening to binaural beats. Scientists also claim to control brain functions with a technique that uses powerful electromagnetic radiation. This technique, known as Transcranial magnetic stimulation (TMS), can jam or excite particular brain circuits.

Think of how you are not allowed to use cell phones in some areas of a hospital or in an airplane (where some only allow use in airplane mode). This is so that the electromagnetic transmission of the phone does not interfere with critical electrical devices.

So if a brain is a bioelectrical organ, is there a possibility of manipulating it?

How it Happens, According to 6506148 B2 Patent

Here is a short excerpt from the patent abstract:

“Physiological effects have been observed in a human subject in response to stimulation of the skin with weak electromagnetic fields that are pulsed with certain frequencies near ½ Hz or 2.4 Hz, such as to excite a sensory resonance. Many computer monitors and TV tubes, when displaying pulsed images, emit pulsed electromagnetic fields of sufficient amplitudes to cause such excitation.

It is, therefore, possible to manipulate the nervous system of a subject by pulsing images displayed on a nearby computer monitor or TV set. For the latter, the image pulsing may be embedded in the program material, or it may be overlaid by modulating a video stream, either as an RF signal or as a video signal. The image displayed on a computer monitor may be pulsed effectively by a simple computer program. For certain monitors, pulsed electromagnetic fields capable of exciting sensory resonances in nearby subjects may be generated even as the displayed images are pulsed with subliminal intensity.”

The US Patent 6506148 B2 is a confirmation of the possibility to manipulate the nervous system. The patent includes 14 claims including how video can be used to manipulate the nervous system.

Is it just a conspiracy theory?

Well, it’s not easy to tell. But we can’t ignore the concerns raised in regards to electromagnetic fields (EMF). The EMF issue has raised so much concern that in May 2015, 190 scientists from 39 nations submitted an Appeal to the United Nations requesting the World Health Organization (WHO) adopt more EMF exposure protective guidelines.

Such concerns are an indication that the patent should not be ignored. It also goes to show that apart from your electronic devices recording, monitoring and watching everything you are doing, they can also influence living organisms’ feelings, perceptions, thoughts and behavior.

Switch off that Screen

Well, this is practically not possible. The dependence on these electronic devices is so high that we are practically immobilized if they were to be turned off. Electronics have become part of human attachment.

The age of the Internet of Things (IoT) doesn’t make it any better. Now that we are surrounded by electromagnetic emitting devices, the patent serves as an alert to the public of the possibility of what could happen if these technologies were used unethically.

Unfortunately, the technology is here to stay. The only option is to minimize the exposure from your EMF emitting devices. Therefore it’s not a bad idea to try something different: read a book, go hiking, take a walk or simply switch off that screen when you can.